The use of derivatives among non-financial companies has been developed with the purpose of protecting the firms from unworthy risks, especially those generated by the volatility in the financial markets. However, the hedge can bring consequences that differ from those expected by the higher management.The financial literature identifies at least five benefits from hedge that can be value maximizing: 1) reduction of costs associated with financial distress or bankruptcy, 2) reduction of the expected tax liabilities, 3) reduction of the costs of the stakeholders, 4) reduction of the debt costs or increase the debt capacity and 5) protect the future investment and growth opportunities through administration of the risks associated with the operational cash flow.This dissertation tries to verify throughout a series of non- linear regressions if a set of Brazilian non-financial companies reaches any of the benefits proposed by the financial literature. The conclusion shows that there is evidence that firms in the sample use interest rate hedge to protect the future investment opportunities.