期权在财务管理中的运用

辽宁科技大学毕业设计（论文）第I页期权在财务管理中的运用摘要随着经济的飞速发展，期权已越来越多的被人们所熟识并运用到现在的生活。目前，期权交易已成为世界衍生品市场的重要组成部分。从期权交易的品种分布情况看，无论是国际性期货交易所如芝加哥期货交易所、芝加哥商业交易所，还是日本、巴西、阿根廷等许多国家的区域性期货交易所，绝大多数商品期货合约都开展了期权交易，期权合约基本上已经成为相关期货合约的配套合约，具备一定交易规模的期货合约都有相应的期权合约。以美国为例，美国6家期货交易所上市了62个商品期货合约，上市相关期权合约52个，期权合约数量为期货合约数量的84％，其中农产品期货合约27个，相关期权合约23个，占85％，其他种类商品期货合约和期权合约的情况也基本如此。期权交易对于形成完善的期货市场体系和风险管理体系具有重要意义，因此开展期权交易是十分必要的。期权交易作为期货交易的风险管理工具，不会在期货交易之外产生新的风险，期权卖方面临的最大风险就是进行期货交易的风险，不会放大风险。目前国际商品期货市场期权合约非常普遍，期权交易呈现出不断增长的态势，充分体现出市场存在旺盛需求，显示出期权交易的生命力。我国期货市场的发展已经产生和存在对期权交易的客观需求，目前大豆、铜等期货品种已经具备了开展期货期权交易的市场基础，大豆、铜等品种的期权交易呼之欲出。关键词期权；期权交易；财务；运用辽宁科技大学毕业设计（论文）第II页AbstractWiththerapideconomicdevelopment,andoptionshavebeenmoreandmorepeoplearefamiliarwithandapplytothepresentlife.Atpresent,optionstradinghasbecomeanimportantcomponentofthederivativesmarket.Fromtheoptionstoseethedistributionofthespecies,whetheritisaninternationalfuturesexchangessuchastheChicagoBoardofTrade,ChicagoMercantileExchange,orJapan,Brazil,Argentinaandmanyothercountriesoftheregionalfuturesexchanges,thevastmajorityofcommodityfuturescontractsarecarriedoutoptions,optionscontractsprimarilyrelatedtofuturescontractshasbecomeasupportingcontractswithcertaintransactionsinfuturescontractsarethesizeofthecorrespondingoptionscontracts.IntheUnitedStates,theUnitedStatesFuturesExchangelistedsixofthe62commodityfuturescontracts,listedoptionscontractsrelatedto52,thenumberofoptionscontractsthenumberoffuturescontractsfor84percent,ofwhich27agriculturalfuturescontracts,optionscontractsrelatedto23,accountingfor85%,othertypesofcommodityfuturescontractsandoptionscontractsisalsoessentialso.Optionstradingfortheformationofasoundsystemoffuturesmarketsandriskmanagementsystemisofgreatsignificance,thereforetheoptiontocarryouttransactionsisverynecessary.Futuresoptionstradingasariskmanagementtool,notinadditiontoanewfuturesexchangerisk,theoptionseller,thebiggestriskfacingtheriskoffuturestradingisconductedandwillnotenlargetherisks.Atpresent,internationalcommodityfuturesmarketsareverycommonoptionscontracts,optionstradingshowsthegrowingtrendtogivefullexpressiontotheexistenceofstrongmarketdemandforoptionstradingshowsvitality.ThedevelopmentofChina'sfuturesmarkethasbeentheemergenceandexistenceofanobjectivedemandforoptionstrading,thecurrentsoybeanandcopperfutureshavebeencarriedoutwiththefuturesmarket-basedoptionstrading,soybeans,copperandotheremergingvarietiesofoptionstrading.Keywords:options;options;Finance;use辽宁科技大学毕业设计（论文）第III页目录摘要..........................................................................................................................................................IAbstract...................................................................................................................................................II第1章绪论..........................................................................................................................................11.1期权的涵义.............................................................................................................................11.2我国期权的发展史...............................................................................................................1第2章期权在财务管理中的具体运用........................................................................................32.1期权特征分析........................................................................................................................32.1.1企业投资决策管理中的期权特征分析................................................................32.1.2企业筹资决策管理中的期权特征分析................................................................52.1.3企业价值评估中的期权特征分析..........................................................................62.1.4企业融资风险控制中的期权特征分析................................................................72.2期权在财务管理中运用的意义.........................................................................................82.2.1直接作为企业理财的工具方面的意义................................................................82.2.2期权理论在定价方面的意义...................................................................................92.2.3期权作为激励手段方面的意义..............................................................................92.2.4辅助长期投资决策方面的意义...........................................................................10第3章现阶段的期权所面临的问题及解决方法...................................................................123.1现阶段期权的形势............................................................................................................123.2现在期权政策存在的问题..............................................................................................133.3解决问题的方法.................................................................................................................14结论.......................................................................................................................................................17致谢.......................................................................................................................................................19参考文献.............