衍生金融工具的发展、演变及其动因分析

Derivative Financial Instruments: Development, Evolution & Reasons

衍生金融工具是由原生金融工具派生出来的、其价格决定于原生金融工具价格的金融创新形式。衍生金融工具的出现 ,可以追溯到 1 2世纪 ,但现代意义上的金融衍生工具却是在 2 0世纪 70年代产生的。此后 ,随着经济、金融全球化的发展 ,衍生金融工具在世界各国迅猛发展 ,并在全球金融市场中发挥着举足轻重的作用。衍生金融工具之所以获得如此大的发展 ,归纳起来有三个方面的原因。首先 ,金融自由化和由此导致的金融风险的加大是衍生金融市场得以迅速发展的直接原因 ;其次 ,金融活动全球化进一步促进了衍生金融交易的发展 ;第三 ,科技的发展和信息革命为衍生金融市场的发展提供了客观物质基础。随着中国经济市场化、国际化进程的加快 ,发展衍生金融工具 ,培育金融衍生市场 。

Derivative instruments are kinds of financial innovati ve forms, which derive and come out from primary financial instruments, and their prices are decided by primary financial instrument. The appearance of the deriva tives, can trace back to the 12th century, but the financial derivatives in the modern meaning emerged in the seventies of the 20th century. After this, with gl obalization of economy and finance, derivatives developed rapidly in the countri es all over the world, and are playing a very important role in the global finan cial markets. The rapid development of derivatives can be sum up to three reason s. First of all, financial liberalization and increasing of financial risks that arise from this cause derivatives transaction develop rapidly; Second, financia l activity globalization has promoted the development of the financial transacti ons; Third, development and information revolution of science and technology off er the objective material base for the development of the financial derivatives markets. With the quickening of economic marketization and internationalized pro cess of China, developing the derivative instruments and cultivating financial d erivatives markets would be our inevitable choice.