By the time of 2011, Taiwan Futures Exchange has issued 8 kinds of stock index futures. By taking a closer look at the transaction of the index futures, we found out that, in terms of trading volume, there is a significant difference among each others. Based on the observation, our research focuses on studying the existence value of the index futures in terms of hedging and speculating functions. The definition of futures¡¦ existence value is that the investors can use the futures to achieve the objectives of hedging and speculating in financial market. The research objects are TX, TE, TF, MTX, XIF, and GTF. The method to measure the hedging function is based on Portfolio and Hedging Theory of Johnson (1959). We estimate the hedging ratio with different data periods to calculate the hedging effectiveness. The method to measure the speculating function is based on the theory of Rutledge (1979) et al. We calculate the speculating trading volume to study the relationship with the basis by using OLS model. The empirical result shows that, in the hedging function, all of the index futures¡¦ hedging ratios are almost less than 1, and all have high hedging effectiveness. There is no significant influence on hedging effectiveness with different data periods and issuing time. In the speculating function, TX, MTX, and GTF will make speculating activities increase when the basis get bigger but TE, TF, and XIF will not. To sum up, TX, MTX, and GTF have higher existence value than TE, TF, and XIF. At last, based on the observation from this study, we propose several policy suggestions for enhancing the existence value of the index futures in financial market.

Cette thèse étudie l’intégration d’entités environnementales pour elles-mêmes (EEPM) dans la comptabilité générale d’entreprise. Nous resituons premièrement les termes de cette question (Q) dans le cadre des rapports Homme/Nature via une analyse de la Modernité. Nous en déduisons 3 approches-types de Q : une Moderne Orthodoxe centrée sur l’objectivation et incluant notamment la valeur d’existence ; une Moderne renvoyant à l’Ethique Environnementale, où les entités non-humaines sont subjectivées via la valeur intrinsèque ; une a-Moderne Ecologique Relationnelle. Nous montrons ensuite que la ligne narrative centrale de la comptabilité financière est celle du maintien d’un capital – Fundiste, Matérialiste ou monétaire. Nous redéfinissons ainsi la notion de capital de manière étendue et construisons un Modèle Comptable Intégratif (MCI), systématisant l’extension des états financiers à tout capital à partir du principe de maintien des capitaux. Nous relions finalement l’intégration d’EEPM selon chaque approche-type au maintien de certains capitaux et appliquons le MCI à ceux-ci pour obtenir des modèles comptables répondant de façon méthodique à Q. / This thesis studies the integration of environmental entities for their own sakes (EEOS) in external corporate accounting. We firstly place our question (Q) in the framework of Human – Nature relationships, through an analysis of Modernity. This leads us to define 3 generic approaches of Q: a Modern Orthodox one, focused on objectification and which includes in particular the existence value; a Modern one which refers to Environmental Ethics, where non-human entities are subjectified through the intrinsic value; an a-Modern Relational Ecological one. Then we prove that the fundamental narrative of financial accounting is the one of the maintenance of a capital – Fundist, Materialist or monetary. Thus we redefine the notion of capital in an extended way and we elaborate an Integrative Accounting Model (IAM), which systematises the expansion of financial statements to every capital from the capital maintenance principle. We finally connect the integration of EEOS, according to the different generic approaches, to the maintenance of some capitals and we apply the IAM to these capitals in order to obtain accounting models which respond to Q in a systematic way.