期权在财务管理中的运用【30页】.docVIP

期权在财务管理中的运用 摘要 随着经济的飞速发展，期权已越来越多的被人们所熟识并运用到现在的生活。目前期权交易已成为世界衍生品市场的重要组成部分。从期权交易的品种分布情况看，无论是国际性期货交易所如芝加哥期货交易所、芝加哥商业交易所，还是日本、巴西、阿根廷等许多国家的区域性期货交易所，绝大多数商品期货合约都开展了期权交易，期权合约基本上已经成为相关期货合约的配套合约，具备一定交易规模的期货合约都有相应的期权合约。以美国为例，美国6家期货交易所上市了62个商品期货合约，上市相关期权合约52个，期权合约数量为期货合约数量的84％，其中农产品期货合约27个，相关期权合约23个，占85％，其他种类商品期货合约和期权合约的情况也基本如此。期权交易对于形成完善的期货市场体系和风险管理体系具有重要意义，因此开展期权交易是十分必要的。期权交易作为期货交易的风险管理工具，不会在期货交易之外产生新的风险，期权卖方面临的最大风险就是进行期货交易的风险，不会放大风险。目前国际商品期货市场期权合约非常普遍，期权交易呈现出不断增长的态势，充分体现出市场存在旺盛需求，显示出期权交易的生命力。我国期货市场的发展已经产生和存在对期权交易的客观需求，目前大豆、铜等期货品种已经具备了开展期货期权交易的市场基础，大豆、铜等品种的期权交易呼之欲出。关键词 Abstract With the rapid economic development, and options have been more and more people are familiar with and apply to the present life. At present, options trading has become an important component of the derivatives market. From the options to see the distribution of the species, whether it is an international futures exchanges such as the Chicago Board of Trade, Chicago Mercantile Exchange, or Japan, Brazil, Argentina and many other countries of the regional futures exchanges, the vast majority of commodity futures contracts are carried out options , options contracts primarily related to futures contracts has become a supporting contracts with certain transactions in futures contracts are the size of the corresponding options contracts. In the United States, the United States Futures Exchange listed six of the 62 commodity futures contracts, listed options contracts related to 52, the number of options contracts the number of futures contracts for 84 percent, of which 27 agricultural futures contracts, options contracts related to 23, accounting for 85%, other types of commodity futures contracts and options contracts is also essential so. ???? Options trading for the formation of a sound system of futures markets and risk management system is of great significance, therefore the option to carry out transactions is very necessary. Futures options trading as a risk management tool, not in addition t