金融衍生产品与风险管理

()JOURNALOFQINGHAIJUNIORTEACHERSCOLLEGE(EducationScience)20054No4.2005:2005-03-14:1.(1964-),,,;2.(1962-),,.:1007-0117(2005)04-0112-041,2(1.,101149;2.,710068):,:;;,;,.,,,,,.:;;;;:F830.9:A,.,(),.,,.11.1.,.30,,.1.1.1.,,,,1993,50.1.1.2.,,,,,,.1.1.3..,,;2,,,.1.1.4,.20,211,,3,40%60%.1.2,,.,,,.,,,.,(ISDA),.,,ISDA.,,.,,,,,.,,,.,,.,,.,,,,.,.,,,,.2,.,.2.1,200212159.08,7%,31746.34;200333160.1;2002971.9.,,,.,2002,6207.85,50.18%,527.43,20%,10000.10%2%3%,.,,.,,,,.,,,.,,,.,,.2.21995,,,.19962002,8,8.96%1.98%,.,;;;,,,,,(300)311,:.,,,.,2002,182295.33,139436.56,34267.11,,.,,,.,,,,,.,,,,,.2.3,2003,AB8772.36,38329.13,2002GDP37.84%,,.,.,,199120033,22.13%.,19995,1047,20012242,114%,,200311307,40%,,GDP7%,.,.QFII,,,.,,,,,,,,.,,,.3,,,,.3.1.,.3.2,;,;,,.3.3,;,,,,.3.4,,,.3.5,,.,,,,.3.6411().3.7,,,,.,(),,,,.:[1].[M].:,2003.[2]WTO.WTO[M].:,2002.[3].:,[J].,2004,(1).[4].[J].,2003,(2).FinancialDerivativesandRiskManagementZHANGQi1,LIShaofen2(1DepartmentofEconomicBeijingMaterialsInstitute,Beijing101149,China)(2Departmentof,EconomicShanxiAdministrationCollege,Xi’anShanxi710068,China)Abstract:Commercialbankscanmakeuseoffinancialderivativestoachievetheirobjectives.Theeconomicfunctionsoffinancialderivativesinclude:transferrisks,reducethecostsoftrade,usemorefinancialleverage,improveliquidity,andrealizetheobjectiveassetliabilitystructure.However,transferrisksdoesnotmeaneliminaterisks.Highrisksdoexistinthetradeoffinancialderivatives.Ifwedon’t,doitright,greatlosscouldoccurandfurtherholdupthedevelopmentofthismarket.Keywords:FinancialDerivatives;FunctionsandRisks;Deman;RecommendationsonPolicyMaking.511,: