金融衍生工具的风险与防范

Analysis of the Risks of Financial Derivative Instruments through Financial Crisis

金融衍生工具作为一种套期保值和获利的金融产品,具有复杂性、灵活性和杠杆性的特征,它既具有促进经济发展的功能,也具有自身的风险,是引起美国房贷次级债危机、引发全球金融危机的直接原因。金融衍生工具的这些特点表明应加强对衍生工具的外部和内部管理:外部管理即从市场制度方面入手建立一个公平透明的市场;内部管理即投资者内部建立起规范的运作系统和合理科学的风险评估体系。对贯穿于衍生工具的每一阶段,从产生到交易乃至新的组合进行全面的监管,尽可能地避免风险,趋利避害,促进金融市场的健康发展。

As the hedging and profitable financial products, financial derivative instruments have flexibility, complexity and leverage. It has the function of promoting economic development, also possesses some natural risks. It is a direct cause of the U. S. subprime mortgage crisis, which caused the global financial crisis. These features of the financial derivative instruments show that we should strengthen internal and external management, and supervise each phase of the derivatives from its birth to trade and even to its new combination as much as possible to avoid the disadvantages and finally promote the healthy development of the financial market.