摘要
衍生工具主要有两个作用:对冲市场风险与投机资产进行定价的活动。前者主要目的是控制所持有的基础资产的波动,以达到风险的最小化;而后者主要持有衍生资产,目的是要寻求收益最大化。以VaR作为风险测量工具,构建了利用期权进行套期保值的均值———VaR模型,以便更有效地控制基础资产的波动状况。
Derivatives are used mainly for two purposes：hedging against market risks, and speculating against asset price movements. The former is to seek to the risk minimum, and the latter is to seek to the return maximum. A mean value-atrisk （VaR） framework for hedging with options is constructed.
出处
《天津大学学报（社会科学版）》
2006年第6期416-419,共4页
Journal of Tianjin University：Social Sciences
