套期保值策略与风险管理讲义.ppt

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 保值政策－示例2 NIE Energy Supply 30 April 2009 Hedging Policy Statement 3 Hedging Policy In deciding whether a hedge should be purchased NIE Energy Supply will need to consider the impact on both the likely price and its variability. ? If a hedge both lowers the expected price and reduces variability it is likely to be an efficient purchase unless there is an available alternative product that does so to a greater extent. ? Similarly, if a hedge reduces variability without affecting the expected price it is likely to be an efficient pur