發(fā)布時(shí)間：2018-06-19 00:53

  本文選題：金融衍生工具 + 套期保值　； 參考：《上海交通大學(xué)》2012年碩士論文

【摘要】：金融衍生工具自誕生以來,在全世界范圍內(nèi)取得了飛速發(fā)展,交易量也成倍的增長。雖然2008年國際金融危機(jī)讓人們認(rèn)識(shí)到了金融衍生工具的風(fēng)險(xiǎn)和破壞力,但是,作為套期保值的重要工具,金融衍生工具也為投資者提供了套利保值,風(fēng)險(xiǎn)管理的多元化選擇。金融衍生工具也越來越受到企業(yè)的重視。我國加入WTO以后,越來越多的企業(yè)開始走出國門,國家進(jìn)出口貿(mào)易總額也逐年增長,外匯儲(chǔ)備已經(jīng)突破3萬億美元。在經(jīng)濟(jì)全球化,金融國際化的今天,國家對(duì)衍生金融工具市場也將逐步放開。如何有效利用衍生金融工具為企業(yè)規(guī)避風(fēng)險(xiǎn),保值套利也成為我國企業(yè)必須要面對(duì)的課題。與西方成熟市場相比,我國衍生金融工具的發(fā)展還相對(duì)落后,企業(yè)也缺乏經(jīng)驗(yàn)。因此,本文以如何利用衍生金融工具提高自身的財(cái)務(wù)效益為目的,通過對(duì)衍生金融工具的基本概念、特征和風(fēng)險(xiǎn)等相關(guān)理論的介紹,同時(shí)結(jié)合案例應(yīng)用分析,探討企業(yè)利用衍生金融工具進(jìn)行套期保值,投機(jī)套利,減少稅收,降低成本和價(jià)值發(fā)現(xiàn)等的方法和策略,并對(duì)企業(yè)利用衍生金融工具的風(fēng)險(xiǎn)進(jìn)行分析,提出相應(yīng)的對(duì)策和建議,具體各章安排如下:第一章為緒論,主要介紹選題的目的、背景和意義。同時(shí)對(duì)本論文所涉及的國內(nèi)外理論研究情況進(jìn)行了初步介紹。第二章為衍生金融工具介紹,主要是根據(jù)衍生金融工具的分類,對(duì)不同種類的衍生金融工具的概念和特征和基本理論進(jìn)行介紹。其中著重介紹了匯率衍生工具和利率衍生工具,并對(duì)國際上衍生金融工具的市場和規(guī)模和結(jié)構(gòu)進(jìn)行了分析。第三章為我國企業(yè)利用衍生金融工具現(xiàn)狀分析,主要對(duì)我國金融衍生品市場的發(fā)展和現(xiàn)狀進(jìn)行了分析,并對(duì)我國企業(yè)利用衍生金融工具的現(xiàn)狀進(jìn)行了分析。第四章為企業(yè)實(shí)際應(yīng)用金融衍生工具的案例實(shí)證分析,主要對(duì)企業(yè)利用金融衍生工具的主要功能和操作方法進(jìn)行了分析和說明,主要介紹外匯和利率衍生品的實(shí)際應(yīng)用并結(jié)合案例進(jìn)行了分析。第五章為金融衍生工具的風(fēng)險(xiǎn)分析和防范。主要針對(duì)企業(yè)在實(shí)際利用金融衍生工具過程中可能遇到的風(fēng)險(xiǎn)特征、成因等進(jìn)行了分析,并提出了相應(yīng)的對(duì)應(yīng)策略。衍生金融工具雖然復(fù)雜并且風(fēng)險(xiǎn)較大,但是只要能夠合理利用,科學(xué)管理,系統(tǒng)防控,其風(fēng)險(xiǎn)還是可控的。在全球化競爭的現(xiàn)在,發(fā)展和利用衍生金融工具是無法抵擋的趨勢(shì)。企業(yè)需要做好準(zhǔn)備,迎接挑戰(zhàn),并在最大范圍和程度上發(fā)揮衍生金融工具的優(yōu)點(diǎn),為企業(yè)服務(wù),并提升企業(yè)的財(cái)務(wù)效益和價(jià)值。
[Abstract]:Since the birth of financial derivatives, it has made rapid development in the world, and the volume of transactions has increased exponentially. Although the 2008 international financial crisis has made people realize the risk and damage of financial derivatives, as an important tool of hedging, financial derivatives also provide investors with diversified options for hedging and risk management. Financial derivatives are also getting more and more attention of enterprises. After China's entry into WTO, more and more enterprises begin to go abroad, the total amount of national import and export trade also increases year by year, and the foreign exchange reserve has exceeded 3 trillion US dollars. In the economic globalization, financial internationalization today, the country will gradually liberalize the derivative financial instruments market. How to effectively use derivative financial instruments to avoid risks and hedge becomes a subject that Chinese enterprises must face. Compared with western mature markets, the development of derivative financial instruments in China is relatively backward, and enterprises lack experience. Therefore, this paper aims at how to use derivative financial instruments to improve their own financial benefits, through the introduction of the basic concepts, characteristics and risks of derivative financial instruments, as well as the application of the case study. This paper discusses the methods and strategies for enterprises to use derivative financial instruments for hedging, speculative arbitrage, tax reduction, cost reduction and value discovery, and analyzes the risks of enterprises using derivative financial instruments, and puts forward corresponding countermeasures and suggestions. The specific chapters are arranged as follows: the first chapter is an introduction, mainly introduces the purpose, background and significance of the topic. At the same time, the domestic and foreign theoretical studies involved in this paper are introduced. The second chapter is the introduction of derivative financial instruments, mainly according to the classification of derivative financial instruments, the concept, characteristics and basic theory of different types of derivative financial instruments are introduced. The paper mainly introduces exchange rate derivatives and interest rate derivatives, and analyzes the market, scale and structure of international derivative financial instruments. The third chapter analyzes the status quo of Chinese enterprises using derivative financial instruments, mainly analyzes the development and present situation of Chinese financial derivatives market, and analyzes the present situation of Chinese enterprises using derivative financial instruments. The fourth chapter is an empirical analysis of the practical application of financial derivatives in enterprises, mainly on the main functions and operation methods of financial derivatives. This paper mainly introduces the practical application of foreign exchange and interest rate derivatives and analyzes the case. The fifth chapter is the risk analysis and prevention of financial derivatives. This paper mainly analyzes the risk characteristics and causes of enterprises in the process of using financial derivatives, and puts forward corresponding strategies. Although derivative financial instruments are complex and risky, the risks can be controlled as long as they can be used reasonably, managed scientifically, and prevented and controlled by systems. In the current global competition, the development and use of derivative financial instruments is an irresistible trend. Enterprises need to be prepared to meet the challenges, and to maximize the scope and extent of the advantages of derivative financial instruments, to serve enterprises, and to enhance the financial efficiency and value of enterprises.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.5;F275

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