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衍生金融工具亦称衍生金融商品,源于基础性金融工具或原生性金融商品,是一种预测股价、利率、汇率等金融工具的未来行情走势,以支付少量保证金签订远期合同或互换不同金融商品的源生交易合约。它包括期权、期货、远期合约、期货期权、互换期权以及互换期货等内容。由于衍生金融工具不仅具有降低风险的功能,而且还有“以小博大”的杠杆作用,所以发展十分迅速,目前已成为规避风险进行套期保值以及寻求投机收益的一个重要手段。但是,当衍生金融工具被过度用于投机时,所带来的风险也是惊人的。如何反映、回避衍生金融工具的风险已是当今金融研究领域内一个重要的课题。笔者在此也谈一点管窥之见。
Derivative financial instruments, also referred to as derivative financial instruments, originate from basic financial instruments or primary financial products. They are a way to predict the future price movements of financial instruments such as stock prices, interest rates and exchange rates, and to sign forward contracts or exchange different ones with a small margin The origination of financial products trading contracts. It includes options, futures, forward contracts, futures options, swap options, and swap futures. Derivative financial instruments are not only risk-reducing but also leveraged in a “small but big” way, so they have developed rapidly and are now an important means of hedging and seeking speculative gains. However, the risks posed when derivatives are used over speculation are staggering. How to reflect and avoid the risk of derivative financial instruments is an important issue in the field of financial research today. I also talk about this point of view.