金融衍生工具（金融衍生工具心得体会）

投资与理财——金融衍生工具（下）

金融衍生产品的作用

金融衍生产品主要可分为利率产品、外汇产品和股指期货产品。从这三类产品的产生背景和发展历程看，其产生和壮大的根本原因在于其能满足企业规避风险的需求。经过几十余年的发展，金融衍生产品对经济和金融的促进作用，更主要地表现为风险管理。

The role of financial derivatives

Financial derivative products can be mainly divided into interest rate products, foreign exchange products and stock index futures products. From the background and development of these three types of products, the fundamental reason for their emergence and growth is that they can meet the needs of enterprises to avoid risks. After decades of development, the promotion of financial derivatives on the economy and finance is mainly manifested in risk management.?

1、规避和管理系统性金融风险

据统计，发达国家金融市场投资风险中，系统性风险占50%左右，防范系统性风险成为金融机构风险管理的重中之重。传统风险管理工具如保险、资产负债管理和证券投资组合等均无法防范系统性风险,金融衍生产品却能以其特有的对冲和套期保值功能，有效规避利率、汇率或股市等基础产品市场价格发生不利变动所带来的系统性风险。

1. Avoid and manage systemic financial risks

According to statistics, systemic risks account for about 50% of the investment risks in the financial markets of developed countries. Preventing systemic risks has become the top priority of risk management for financial institutions. Traditional risk management tools such as insurance, asset-liability management and securities investment portfolios cannot prevent systemic risks, but financial derivatives can effectively avoid interest rates, exchange rates or the market prices of basic products such as stock markets with their unique hedging and hedging functions. Systemic risk arising from adverse changes.?

2、增强金融体系整体抗风险能力

金融衍生产品具有规避和转移风险功能，可将风险由承受能力较弱的个体转移至承受能力较强的个体，将金融风险对承受力较弱企业的强大冲击，转化为对承受力较强的企业或投机者的较小或适当冲击，有的甚至转化为投机者的赢利机会，强化了金融体系的整体抗风险能力，增加了金融体系的稳健性。

2. Enhance the overall anti-risk capability of the financial system

Financial derivatives have the function of avoiding and transferring risks, which can transfer risks from individuals with weak tolerance to individuals with stronger tolerance, and transform the strong impact of financial risks on enterprises with weak tolerance into those with stronger tolerance. Small or appropriate shocks from enterprises or speculators can even be transformed into profit opportunities for speculators, which strengthens the overall anti-risk capability of the financial system and increases the stability of the financial system.?

3、提高经济效率

这主要是指提高企业经营效率和金融市场效率。前者体现为给企业提供了更好的规避金融风险的工具，降低了筹资成本，提高了经济效益;后者体现为，多达2万余种的金融衍生产品极大地丰富和完善了金融市场体系,减少了信息不对称,实现了风险的合理分配，提高了定价效率。

3. Improve economic efficiency

This mainly refers to improving the operational efficiency of enterprises and the efficiency of financial markets. The former is reflected in providing enterprises with better tools to avoid financial risks, reducing financing costs and improving economic benefits; the latter is reflected in that more than 20,000 kinds of financial derivatives have greatly enriched and improved the financial market system. , reduce the information asymmetry, realize the reasonable distribution of risks, and improve the pricing efficiency.

4、拓展金融机构服务范围，创造新的利润增长点

在过去几十年中，国际活跃的金融机构大幅度提高了衍生工具利润在其利润总额中的比重，目前全球每天的交易总额近3万亿美元，西方发达国家商业银行表外业务收入已占总收入的40%~ 60%。

4. Expand the service scope of financial institutions and create new profit growth points

In the past few decades, internationally active financial institutions have greatly increased the proportion of derivatives profits in their total profits. At present, the total daily transaction volume in the world is nearly 3 trillion US dollars, and the off-balance sheet business income of commercial banks in western developed countries has been 40% to 60% of the total revenue.?

一、期货类金融衍生工具

1、定义及特点

期货合约是期货交易所为期货交易而制定发行的一种交易双方在将来约定时间、地点按当前确定的价格买卖一定 数量的某种商品或指标的标准化合同，是期货交易的买卖对象或标的物。

Definition and Characteristics of Futures Financial Derivatives

A futures contract is a standardized contract formulated and issued by a futures exchange for futures trading in which both parties buy and sell a certain amount of a certain commodity or indicator at a currently determined price at an agreed time and place in the future. It is the trading object or subject matter of futures trading.

2.期货合约的基本要素

(1)交易品种;

(2)交易数量和单位，即期货合约单位;

(3)最小变动价位，报价须是最小变动价位的整倍数;

(4)每日价格最大波动限制，即涨跌停板;

(5)合约月份;

(6)交易时间;

(7)最后交易日;

(8)交割时间和交收地点的标准化，包括交割月份及第-个通知日(交割月份的第-一个交易日); .

(9)交割标准和等级。等级标准的制定，交割检查部;其他等级的交易，等级差价的规定和调整;

(10)保证金;

(11)交易手续费等。

2. Basic elements of futures contracts

(1) Trading varieties;

(2) The transaction quantity and unit, that is, the futures contract unit;

(3) The minimum price change, the quotation must be an integral multiple of the minimum change price;

(4) The maximum daily price fluctuation limit, that is, the price limit;

(5) Contract month;

(6) Trading hours;

(7) the last trading day;

(8) Standardization of delivery time and delivery location, including the delivery month and the first notice day (the first trading day of the delivery month); .

(9) Delivery standards and grades. The formulation of grade standards, the delivery inspection department; the transactions of other grades, the regulation and adjustment of grade differences;

(10) Security deposit;

(11) Transaction fees, etc.?

二、期权类衍生金融工具概述

1、期权的含义

期权是一种选择权，期权的买方(多头)向卖方(空头)支付一定数额的期权费后，就获得了这种权利，即拥有在一定时间内以一定的价格(执行价格)出售或购买一定数量的标的物(实物商品、证券或期货合约)的权利。

Overview of Option Derivative Financial Instruments

Meaning of options

Option is an option, the buyer (long) of the option, after paying a certain amount of premium to the seller (short), obtains this right, that is, has the right to sell or buy at a certain price (exercise price) within a certain period of time A right to a certain amount of an underlying (physical commodity, security or futures contract).?

2、期权合约的基本要素

(1)期权费。期权买卖双方购买或出售期权的价格。权利金(或期权价格)是期权合约中唯一的变量，是由买卖双方在公开竞价时形成的。

(2)执行价格(施权价)。期权合同中规定的购入或售出某种资产的价格，称为期权的施权价，也称协议价格。

(3)履约保证金。期权卖方必须存入交易所用于履约的财力担保。

(4)履行和指派。履行是指期权买方执行其按预定价格买进或卖出标的物的权利。指派是指期权卖方被要求完成按预定价格买进或卖出标的物的义务,一般发生在期权溢价时。(5)未平仓权益。交易所市场上未平仓的期权合约的数量，也指某-一种类或系列中未平仓的期权合约的数量。

(6)期权的合约尺寸。该合约所包括的标的物的数额。

(7)合约到期日(施权日)。期权合同规定的期权的最后有效日期,即合约必须履行的最后日期。

2. Basic elements of options contracts

(1) Option premium. The price at which an option buyer or seller buys or sells an option. The premium (or option price) is the only variable in an options contract and is formed by buyers and sellers during an open auction.

(2) The execution price (the exercise price). The price at which the buyer or seller of an asset specified in the option contract is called the strike price of the option, also known as the agreement price.

(3) Performance bond. Option sellers must deposit financial guarantees with the exchange for performance.

(4) Fulfillment and assignment. Fulfillment is the exercise of the option buyer's right to buy or sell the underlying at a predetermined price. Assignment means that the option seller is required to complete the obligation to buy or sell the subject matter at a predetermined price, which generally occurs when the option is at a premium. (5) Open interest. The number of open options contracts on the exchange market, also refers to the number of open options contracts in a class or series.

(6) The contract size of the option. The amount of the subject matter covered by the contract.

(7) The contract expiry date (the date of entitlement). The last effective date of the option stipulated in the option contract, that is, the last date on which the contract must be performed. .?

本文由learningyard新学苑原创，如有侵权请联系沟通~

素材来源于《投资与理财》——第3版 电子工业出版社

图片来源于百度

翻译来源于谷歌翻译?