【正文】 我國金融衍生品風(fēng)險(xiǎn)管理及交易案例實(shí)證分析 中文摘要 金融衍生品市場(chǎng)的產(chǎn)生和不斷發(fā)展創(chuàng)新是市場(chǎng)經(jīng)濟(jì)發(fā)展的必然要求,有其深刻的社會(huì)歷史根源和強(qiáng)烈的市場(chǎng)基礎(chǔ)。各種金融衍生品都有明顯的兩重性,作為套期保值的工具,它們可以有效地管理各種金融風(fēng)險(xiǎn),而作為獲利性的投資手段,它們又通常給投資者帶來嚴(yán)重的金融風(fēng)險(xiǎn)。因此,我們既不能片面地否定或反對(duì)金融衍生品的存在,又不能忽視金融衍生品的風(fēng)險(xiǎn)性。雖然金融衍生品市場(chǎng)發(fā)展形成了大量的經(jīng)濟(jì)風(fēng)險(xiǎn),甚至在一些國家造成金融危機(jī)和經(jīng)濟(jì)危機(jī),但是,金融衍生品并不是風(fēng)險(xiǎn)和危機(jī)的源泉。我們應(yīng)通過對(duì)金融衍生品的風(fēng)險(xiǎn)管理使之健康發(fā)展,打破傳統(tǒng)風(fēng)險(xiǎn)管理思維,加快風(fēng)險(xiǎn)管理制度創(chuàng)新,使之適應(yīng)金融衍生品市場(chǎng)創(chuàng)新的速度,同時(shí)也使得金融衍生品市場(chǎng)在經(jīng)濟(jì)發(fā)展過程中起到其應(yīng)有的作用。 近年來,我國企業(yè)客戶越來越多地應(yīng)用金融衍生交易作為企業(yè)內(nèi)部財(cái)務(wù)風(fēng)險(xiǎn)管理手段,不論是在場(chǎng)內(nèi)期貨市場(chǎng)上通過套期保值鎖定原材料、出售產(chǎn)品的遠(yuǎn)期價(jià)格,還是通過場(chǎng)外 OTC市場(chǎng)應(yīng)用金融衍生工具如遠(yuǎn)期類交易、期權(quán)類交易或貨幣利率互換類交易鎖定企業(yè)融資或財(cái)務(wù)成本,都面臨著企業(yè)內(nèi)部對(duì)金融衍生交易的風(fēng)險(xiǎn)管理方法,同時(shí),隨著金融衍生品的不斷創(chuàng)新與發(fā)展,企業(yè)客戶參與的日漸增多,我國對(duì)于金融衍生交易監(jiān)管政策與風(fēng)險(xiǎn)管理的重要性和急迫性也日漸突顯。 本文介紹了金融衍生品定義、發(fā)展、特征及風(fēng)險(xiǎn),并結(jié)合我國實(shí)際情況,交易案例和市場(chǎng)現(xiàn)狀分別從我國金融監(jiān)管,企業(yè)和商業(yè)銀行敘做金融衍生品管理三個(gè)方面提出對(duì)我國金融衍生品的風(fēng)險(xiǎn)管理對(duì)策,以期對(duì)中國發(fā)展金融衍生品起到一定指導(dǎo)作用。在我國金融分業(yè)監(jiān)管的現(xiàn)狀下,應(yīng)加強(qiáng)市場(chǎng)監(jiān)管法律法規(guī)體系建設(shè)。建立監(jiān)管協(xié)調(diào)機(jī)制,提高政府監(jiān)管的效率和水平。發(fā)揮行業(yè)協(xié)會(huì)的自律作用和交易所的一線監(jiān)管職能。建立健全信息披露制度,保證市場(chǎng)公平。企業(yè)敘做金融衍生交易應(yīng)實(shí)施針對(duì)性的市場(chǎng)準(zhǔn)入制度。建立有效的信息披露制度。完善風(fēng)險(xiǎn)監(jiān)控制度。健全內(nèi)部控制制度。改革考核薪酬制度。商業(yè)銀行敘做金融衍生交易應(yīng)培育內(nèi)部控制先行理念。促使內(nèi)部控制活動(dòng)安全有效。建立和完善信息系統(tǒng)及有效的交流渠道,規(guī)范信息披露制度。建立健全風(fēng)險(xiǎn)評(píng)估與預(yù)警制度。完善專業(yè)的監(jiān)督檢查制度。 本文共分 5 章。第 1 章為引言,主要介紹了本文的研究意義、內(nèi)容、框架結(jié)構(gòu)以及本文的創(chuàng)新與不足。第 2 章在介紹了金融衍生品的定義、發(fā)展及特征的基礎(chǔ)上,對(duì)各類金融衍生品面臨的風(fēng)險(xiǎn)分別進(jìn)行了分析,并探討金融衍生品在我國企業(yè)客戶中的應(yīng)用及在應(yīng)用過程中存在的風(fēng)險(xiǎn)。第 3 章闡述了我國金融衍生品風(fēng)險(xiǎn)管理的對(duì)策。第 4 章分別通過 3 個(gè)對(duì)我國企業(yè)客戶應(yīng)用金融衍生品案例的深層剖析,探討我國金融衍生品風(fēng)險(xiǎn)管理要點(diǎn),以及給我們的經(jīng)驗(yàn)和啟示。第 5章結(jié)合我國實(shí)際情況和研究現(xiàn)狀對(duì)全文進(jìn)行了總結(jié)。關(guān)鍵詞:金融衍生品。風(fēng)險(xiǎn)管理。監(jiān)管Abstract The innovation and development of financial derivative market is the inevitability of market economy development, it has profound social and historical roots and strong market’s fundamentals. Financial derivative instrument is just like a doubleedged sword,one hand,they could manage financial risks effectively as hedging tools,the other hand, they also give investors lots of serious financial risks as a profitable , Our enterprises increasingly usded financial derivative instrument as a means of internal financial risk management. We need to find out the methods of risk management of financial derivatives not only to lock the forward prices of raw and semifinished meterials or selling products through hedging tools in future market,but also to lock enterprises’s loan and financial cost through financial derivatives such as forward,option or cross currency interest rate swap in overthecounter marketIn this article, introducing the definition, development, features and risks of financial derivative instrument, bining with actual market conditions and real trade cases in China, also giving some consideration from financial supervision,the risk management of enterprise and mercial bank ,in order to play a certain instructional role for developing financial derivative instrument in ChinaUnder the current discriminative trade supervision,we should enhance legal system。bulid harmony mechanism, improve efficiency and level of supervision, consummate information published,to maintain a fair market and make it function properly. enterprise should put the enter trade into force, provide effective information published institution,improve risk supervision, plete the internal regulations and reform its salary systemmercial bank should breed internal control perceptions,make internal activities safe and effective,build and improve information system and channel of munications, build risk appraisement and alarm system, standardize the effective information publishing instruction and enhance the regulations Keywords:financial derivatives。 risk management。 financial supervision目 錄 第 1 章 引 言1 研究背景與意義 1 研究背景1 研究意義1 研究框架結(jié)構(gòu)與主要觀點(diǎn)2 本文的創(chuàng)新與不足3 第 2 章 金融衍生品的風(fēng)險(xiǎn)分析 4 金融衍生品概述 4 金融衍生品的定義. 4 金融衍生品的發(fā)展. 5 金融衍生品的特征. 6 金融衍生品市場(chǎng)風(fēng)險(xiǎn)概述6 金融衍生品的各類金