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套期保值是衍生金融工具的主要功能。但由于衍生金融工具的杠杆性、复杂性和投机性等特点,使其具有高收益性和高风险性并存的天然属性。使用不当,贸然参与或过度投机则很有可能给企业带来巨大损失。株冶期货事件、国储铜期货事件、中航油石油期权事件的惨痛教训还让人们记忆犹新,2007年爆发的次贷危机影响巨大,不禁令监管层和企业都闻“行”色变。但我们不能因个别历史事件就怀疑甚至否定衍生金融工具的积极作用,创造衍生金融工具本来目的是对冲风险,使用效果取决于运用者而非工具本身。所以,针对铺天盖地的运用衍生金融工具导致巨亏的新闻报道,我们需要对企业运用行生工具套期保值的现状和可行性进行冷静地分析和思考。
Hedging is the main function of derivative financial instruments. However, due to the leverage, complexity and speculation of derivative financial instruments, it has the natural attributes of high yield and high risk. Improper use, rash or excessive speculation is likely to cause huge losses to the enterprise. Zhuye Metallurgical futures incident, the State Reserve Copper Futures incident, the painful lessons of the CNAC oil option incident also makes people remember the great impact of the subprime mortgage crisis in 2007 broke out, can not help but regulators and businesses have heard “line ” color change. However, we can not doubt or even deny the positive effects of derivative financial instruments on the basis of individual historical events. The purpose of creating derivative financial instruments is to hedge the risks. The effectiveness depends on the users rather than the tools themselves. Therefore, in light of the overwhelming news coverage of the huge losses caused by the use of derivative financial instruments, we need to conduct a calm analysis and reflection on the status quo and feasibility of enterprises using hedging instruments for hedging.