Based on the observation data with total 4623 groups of listed manufacturing companies in China during 20072011 period, by using panel data model to conduct empirical analysis, this paper finds that the derivatives usage creates 15% premium for the firm value. In addition, it finds that there are significant differences in the firm value effect for different types of derivatives. The detail is that the effect of foreign exchange derivatives on the firm value is significantly positive, the effect of commodity derivatives is significantly negative and the effect of interest rate derivatives is not significant.