投资与理财——金融衍生工具（上）

投资与理财——金融衍生工具（上）

金融衍生工具的定义及基本特征

衍生金融资产也叫金融衍生工具。金融衍生工具又可称为“金融衍生产品”,是与基础金融产品相对应的一个概念,是指建立在基础产品或基础变量之上，其价格随基础金融产品的价格(或数值)变动的派生金融产品。

Definition and Basic Characteristics of Financial Derivatives

Derivative financial assets are also called financial derivatives. Financial derivatives can also be called "financial derivatives", which is a concept corresponding to basic financial products. Derivative financial products.‍

金融衍生工具具有以下几个基本特征。

( 1)跨期性。金融衍生工具是交易双方通过对利率、汇率、股价等因素变动趋势的预测，约定在未来时间按照一定条件进行交易或选择是否交易的合约。无论是哪种金融衍生工具，都会影响交易者在未来一段时间内或未来某时点上的现金流，跨期交易的特点十分突出。

Financial derivatives have the following basic characteristics.

(1) Intertemporality. Financial derivatives are contracts in which both parties agree to trade or choose whether to trade according to certain conditions in the future by predicting the trend of changes in interest rates, exchange rates, stock prices and other factors. No matter what kind of financial derivatives it is, it will affect the cash flow of traders in the future or at a certain point in the future, and the characteristics of intertemporal transactions are very prominent.‍

(2)杠杆性。金融衍生工具交易一般只需要支付少量保证金或权利金就可以签订远期大额合约或互换不同的金融工具。在收益可能成倍放大的同时，交易者所承担的风险与损失也会成倍放大,基础工具价格的轻微变动也许就会带来交易者的大盈大亏。金融衍生工具的杠杆性效应在一定程度上决定了它的高投机性和高风险性。

(2) Leverage. Financial derivatives transactions generally only need to pay a small amount of margin or premium to sign forward large-value contracts or exchange different financial instruments. While the gains may be multiplied, the risks and losses borne by traders will also be multiplied, and slight changes in the price of the underlying instruments may bring about large profits and losses for traders. The leverage effect of financial derivatives determines its high speculative and high risk to a certain extent.‍

(3)联动性。这是指金融衍生工具的价值与基础产品或基础变量紧密联系。通常，金融衍生工具与基础变量相联系的支付特征由衍生工具合约规定，其联动关系既可以是简单的线性关系，也可以表达为非线性函数或者分段函数。

(3) Linkage. This means that the value of financial derivatives is closely linked to the underlying product or underlying variable. Usually, the payment characteristics associated with the financial derivatives and the underlying variables are specified by the derivative contracts, and the linkage relationship can be either a simple linear relationship, or a nonlinear function or piecewise function.‍

(4)不确定性或高风险性。金融衍生工具的交易后果取决于交易者对基础工具(变量)未来价格(数值)的预测和判断的准确程度。基础工具价格的变幻莫测决定了金融衍生工具交易盈亏的不稳定性，这是金融衍生工具高风险性的重要诱因。基础金融工具价格不确定性仅仅是金融衍生工具风险性的一个方面,金融衍生工具还伴随着以下几种风险:

(4) Uncertainty or high risk. The trading consequences of financial derivatives depend on the accuracy of traders' predictions and judgments on the future prices (values) of the underlying instruments (variables). The unpredictable price of underlying instruments determines the instability of financial derivatives trading profit and loss, which is an important incentive for the high risk of financial derivatives. The price uncertainty of underlying financial instruments is only one aspect of the risk of financial derivatives, and financial derivatives are also accompanied by the following risks:‍

1)交易中对方违约，没有履行承诺造成损失的信用风险;

2)因资产或指数价格不利变动可能带来损失的市场风险;

3)因市场缺乏交易对手而导致投资者不能平仓或变现所带来的流动性风险;

4)因交易对手无法按时付款或交割可能带来的结算风险;

5)因交易或管理人员的人为错误或系统故障、控制失灵而造成的操作风险;

6)因合约不符合所在国法律，无法履行或合约条款遗漏及模糊导致的法律风险。

(5)零和博弈，即合约交易的双方盈亏完全负相关，并且净损益为零，因此称“零和”。

1) The counterparty breaches the contract during the transaction and fails to fulfill the commitment, resulting in credit risk of loss;

2) Market risks that may result in losses due to adverse changes in asset or index prices;

3) The liquidity risk caused by the inability of investors to liquidate or liquidate due to the lack of counterparties in the market;

4) The settlement risk that may be caused by the failure of the counterparty to pay or deliver on time;

5) Operational risks caused by human errors or system failures or control failures of transaction or management personnel;

6) Legal risks caused by the fact that the contract does not comply with the laws of the country where it is located, cannot be performed or the contract terms are omitted and vague.

(5) zero-sum game, that is, the profit and loss of both parties in the contract transaction are completely negatively correlated, and the net profit and loss is zero, so it is called "zero-sum".‍

金融衍生工具的主要类别：

1、按产品形态不同分类

根据产品形态不同，可以分为远期合约、期货合约、期权交易和互换合约；

2、按标的资产不同分类

根据标的资产不同，可以分为股票类衍生工具、利率类衍生工具、汇率类衍生工具和商品类衍生工具；

3、根据交易方法不同，可分为场内交易和场外交易。

Main categories of financial derivatives:

1. According to different product forms

According to different product forms, it can be divided into forward contracts, futures contracts, options transactions and swap contracts;

2. Different classification according to the underlying assets

According to different underlying assets, it can be divided into stock derivatives, interest rate derivatives, exchange rate derivatives and commodity derivatives;

3. According to different trading methods, it can be divided into on-site trading and over-the-counter trading.‍

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素材来源于《投资与理财》——第3版 电子工业出版社

图片来源于百度

翻译来源于谷歌翻译‍