卖出套期保值适用范围分析

Study on the Applicative Scope of Short Hedges

如果交易者未来有买入或卖出现货商品的需求,但担心价格趋势对自己不利,则可通过在期货市场建立套期保值头寸的方式,将未来交易现货的价格锁定在目前较为满意的价格水平上,达到规避现货价格风险的目的。文章认为,采用套期保值策略规避现货价格风险具有严格的原则和依据,但目前部分教材和分析师撰写的研究报告,关于卖出套期保值策略适用情况的介绍存在一定的问题,可能造成参与者的错误决策,文章提出以上问题并进行分析探讨,以使参与者正确理解和选择套期保值策略。

If a trader has demand for buying or selling spot goods in the future, but has a concern on the disadvantage of price tendency. Then, he may avoid the risk of spot price through establishing hedge position in the futures market, and locking the future spot price on a satisfied level. Using the hedge strategy to avoid risk requires a strict principle and basis. Since at present, the introduction on the applicative scope of hedge selling exist problems among some of the research reports written by analysts, which may lead to a wrong decision for those participant. We＇ 11 point these problems out and analyze them in order to help participant make a right choice.