论衍生金融产品与企业风险管理——终端使用者的视角

Financial Derivatives and Corporate Risk Management

从终端使用者的角度探讨了衍生金融产品在企业风险管理中的作用。首先回顾了企业风险管理的历史演变进程,指出衍生金融产品创新是金融市场对企业在利率、汇率和大宗产品国际价格变动加剧的环境下进行风险管理需求的反应。随后研究了衍生金融工具风险管理的内在机制,揭示衍生产品风险管理具有的低成本、高流动性和可靠性的特点。最后运用案例分析了当前金融衍生产品终端用户应注意的问题。

This study examines the functions of financial derivatives in the corporate risk management from the end -users＇standpoint. On the basic research of Steinherr（2003）, we first review the history of risk management and find out that the dramatic development of derivative market is the financial markets＇reaction to the companies＇demand of risk management in a more violent environment. We then manifest that using financial derivatives to manage corporate risk is a more efficient and effective way.