金融衍生工具在公司理财中的应用

作为规避风险和投机套利的工具，金融衍生工具为金融机构、非金融性公司、企业和投资者进行保值、风险管理、资产组合管理提供了有效工具，同时，它以小博大的特性，及在市场博弈中所表现出的较强的获利能力使其成为部分投资者投机获利的最佳选择。随着金融衍生工具交易量在世界范围内迅速扩大，其对宏观金融运行的影响及在微观财务管理中的作用日益体现。然而，目前我国金融市场还处于起步阶段，金融衍生工具发展不足，使用范围也局限于少数金融机构和企业。普通企业和投资者无法接触和了解金融衍生工具，更谈不上在理财过程中有效利用金融衍生工具进行规避风险和获得利润。随着我国金融市场的发展，国家对金融衍生工具限制的逐步放开，金融衍生工具不断发展，在不久的将来会成为企业理财的重要工具，本文以金融衍生工具在公司理财中的运用为目的，期望通过对金融衍生工具基本概念、特征、风险等基本理论的分析，企业如何利用金融衍生工具进行套期保值、投机套利及股票风险管理等理财活动的研究，以及企业理财过程中金融衍生工具风险的控制方法的探讨，为金融衍生工具在更高程度上和更大范围内发挥在公司理财中的作用及其风险管理方面提出一些有价值的建议。
【关键词】金融衍生工具  公司理财 
The application of financial derivative instruments in corporate finance
Abstract
Financial derivative instruments provide a useful tool to hedge, manage kinds of risk and assets for the financial institution, corporation and investors，while it also becomes some investors’ best choice to speculate because of its lever effect and powerful profitability in the market. With the growth of financial derivative instruments transaction in the world wide，its effect increasing reflects in the macroeconomic and corporate finance. But，it was brought into China later than other countries and still in the primary stage now, its use is limited to sever financial institutions and corporations. The common corporations and investors cannot contact with and come to understand the financial derivative instruments，to use it to evade the risk and gain the profit in the finance. With the development of national financial market，financial derivative instruments will be the important tool in corporation financing. The thesis aims at the application of financial derivative instruments in corporate finance，is expected to put forward some valuable proposal about how to use financial derivative instruments in corporate finance，through the analysis of basic theory of financial derivative instruments，the research on how to use financial derivative instruments in corporate finance and the investigate of the control of financial derivative instruments risk.
【Key words】Financial derivative instruments  corporate finance

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