金融衍生工具的发展和借鉴.pdf

摘 要 20 世纪70 年代在传统金融工具的基础上发展起来的金融衍生工具，由于其具 有套期保值和投资的双重功能，经过数十年的发展，已经成为当今国际金融市场上 的主要交易品种之一。 金融衍生工具市场对一国或一地区的金融市场的金融创新和发展有着重要的 作用和意义。它不仅有助于金融主体规避风险，保证市场的安全性、流动性和盈利 性，同时也是建立国际金融中心的必备条件。充分发挥金融衍生工具的风险管理和 价格发现功能，将有助于资源配置效率的提高和经济稳定，也有助于政府掌握准确 的经济动态信息，丰富宏观调控手段。 因此，发展金融衍生工具市场，深化金融创新，建立起一道保障国民经济发展 的安全屏障，有利于减缓加入WTO 给我国金融稳定带来的巨大冲击，解决当前我 国金融领域内一些深层次矛盾，提高我国金融市场的综合竞争力。 本文首先简要概述了金融创新的含义、分类和我国金融创新的现状；接下来介 绍了金融衍生工具的定义、特点并分析了其交易行为；再下来对金融衍生工具的风 险特征和风险评价进行了深入的研究；然后分析了金融创新对发展金融衍生工具的 效应，论证了我国发展衍生金融市场的必要性和可行性；最后，借鉴了香港金融衍 生工具市场发展的经验，并提出了发展我国衍生工具市场的政策建议。 关键词：衍生工具，金融创新，风险管理，效应分析 I ABSTRACT Based on traditional financial tools, financial derivative instruments came into existence in 1970s. Because of their double-function of hedging and investment, they have become one of the main transactional tools in international financial markets. Financial derivative instruments are very important for the innovation and development of a country’s or a region’s financial market. They help to hedge investment risks and guarantee the security, liquidity and profitability of markets. They are also a necessary condition to establish an international financial center. By means of the function of risk management and price discover of derivative instruments, it will improve the efficiency of resource allocation, helps the government master the economic information and enriches the means of macro-adjustment. Therefore, developing the market of financial derivative instruments and deepening financial innovation is a way to establish a secure barrier for national economic development. It will alleviate the concussion induced by China’