衍生金融工具在企业理财中的应用外文翻译资料

Application of derivative financial instruments in enterprise financial management

This year, with the continuous development of economy and international financial markets, financial instruments with constantly expanding, from the traditional credit lending relationship on financial instruments, constantly derived form of financial derivatives. It can provide investors with effective hedging strategies, risk management and asset management services to help investors gain good benefits in the investment process. Derivative financial instruments can effectively promote the development of the financial market efficiency in the background of economic information transmission of information will continue to improve, make reasonable allocation of resources, to achieve the national financial good regulation. Not only has the function of financing, transfer and distribution but also the risk, enables individuals, enterprises and the state obtained good investment returns will reduce investment, financial risk, has been widely used in the modern enterprise in the field of investment, is an effective financial risk management tools.

I. overview of financial instruments

Financial instruments can be defined as management activities that meet the needs of investment and risk management through the formation of an enterprises financial assets and financial liabilities or equity relationships with other enterprises. Financial instruments can be divided into mobile financial instruments and restricted financial instruments. The first one refers to credit money, and the second one refers to various certificates, bills, stocks and various derivatives. The main features of financial instruments is the following four aspects: one is that the financial tool has a certain period of time; two is the financial tool can convert money, has certain liquidity; three are financial instruments will not suffer huge losses in investment; four are financial instruments can provide capital gains or individual enterprises. Financial instruments can be well used to finance capital, transfer and distribute risks, and achieve good returns.

As a derivative tool, it develops with the development of the financial industry. It can well adapt to the needs of the market, effectively reduce the financing pressure of banks, and bring considerable profits and benefits for banks. In the wave of financial liberalization, derivative financial instruments have been more widely used. It is based on forward transactions, futures contracts, swaps and options, and there is one or more combinations of tools between the three. Derivative financial instrument is developed with the development of risk investment and management, different from the general cash transactions, mainly to achieve the hedging and speculation, which has the following functions: the long-term risk of financial assets can be restricted within the scope of the regulations, the transfer option transfer way take the risk, making the investment to maximize profitability; financial derivatives market is very attractive to investors, breaking the barriers between regions, the regional and global economy between the exchange of information on the market; interest rate, price volatility and price forecasts, through virtualization of financial instruments, the parties to the transaction data the exchange of new, accurate price forecasting of financial assets and real assets; financial instruments with good leverage function, when prices change It can be embodied in the financial market, avoiding the huge risk of investment and improving the financial income.

Two, the application of derivative financial instruments in the field of investment

Derivative financial instruments can also have the function of investment, and they play an important role in the field of investment. Derivatives with financial investment function are characterized by forward, futures and options. The derivative financial instruments can maximize the interests of enterprises and individuals in the process of investment through leverage, and can be done through interest rate swaps, futures and combination tools.

(1) managing venture capital through derivative financial instruments;

In the process of enterprise investment, because of the influence of many factors, the risk and income exist simultaneously. Generally speaking, enterprises want to maximize profits, must bear great risks. Through the introduction of derivative financial instruments in the process of investment, the risk in the investment process can be effectively controlled. In the process of investment, through this tool, the risk of investment will be transferred and dispersed, and the risks that investors need to undertake will be transferred to the market, which will reduce the risk of enterprises. For example, hedging this way can effectively avoid all kinds of financial risks, to achieve investment value; in the option, when enterprises buy bond price changes in the tool will fall under the effect of loss of lock option under this condition, which can guarantee the enterprise in to pay a small amount of funds, ensure that enterprises sold bonds at a specified time the minimum loss guarantee enterprise. Using derivative financial instruments is not only convenient and quick, but also minimizes the risk in the process of investment, and enterprises obtain a certain profit.

(two) the use of derivative financial instruments can increase investment efficiency

Has the very good leverage of derivative financial instruments, in the process of investment transactions, the need to pay the contractual amount of deposit to the asset management contract, in this case to obtain benefits provides an opportunity. Buying low and selling high is the essence of investment. The way to obtain income is to obtain the income of the investment in such a way. In the futures market can buy and sell by t

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衍生金融工具在企业理财中的应用

今年来，随着经济与国际金融市场的不断发展，金融工具也随着不断地扩大，已经从以信用借贷关系这种传统上的金融工具，不断地进行衍生，形成了衍生金融工具。它可以为投资者提供有效地保值策略，风险管理以及资产管理的服务，为投资者在投资过程中获得良好的利益提供帮助。衍生金融工具可以有效的推动金融市场的发展，在经济信息化背景下的信息传递的效率将不断的提高，使得资源得到合理的配置，实现对国家的金融进行良好的调控。不仅具有融资的功能，而且还可以进行风险的转移与分配，可以使得个人、企业、国家获取得到很好的投资会回报，降低投资的金融风险，在现代企业投资领域中得到了广泛的运用，是一种有效的进行金融风险管理的工具。

　　一、金融工具概述

　　金融工具可以定义为为了满足投资与风险管理的需求，通过形成一个企业的金融资产以及与其他企业之间的金融负债或者权益关系而进行的管理活动。金融工具可以分为流动性的金融工具与限制流动的金融工具，第一种指的是信用货币，第二种可以指的是各种凭证、票据、股票以及各种衍生工具。金融工具的主要特征是以下四个方面：一是金融工具都有一定的期限性；二是金融工具可以进行货币转换，具有一定的流动性；三是金融工具在投资中不会遭受巨大的损失；四是金融工具可以为企业或者个人提供资本收益。金融工具可以很好的进资本的融资以及风险的转移与分配，实现良好的收益。

　　而作为衍生工具是伴随着金融业地发展而发展起来，可以很好的适应市场的需求，有效地减轻银行的融资压力，为银行带来相当丰厚的利润与收益。在金融自由化的浪潮中，衍生的金融工具得到了更加广泛的应用。它是以远期交易，期货合同，互换与期权以及三者之间存在一种或者多种组合的工具。衍生金融工具是随着风险投资与管理而发展起来的，不同于一般的现金交易，主要实现保值与投机的目的，其具有以下功能：可以将远期的金融资产的风险制约在规定的范围之内，采取期权转移的方式进行风险的转移，使得投资获取最大的盈利；衍生金融工具市场对投资者有着很强的吸引力，打破了区域间的隔阂，实现了区域间与全球间的经济信息的交流；可以对市场的上的利率、价格波动等进行价格预测，通过金融工具的虚拟化，使得交易双方进行新的数据信息交流，对金融资产与实物资产进行准确的价格预测；金融工具具有很好的杠杆功能，当价格发生变化时可以在金融市场中体现，避开因为投资出现巨大的风险，提高金融收益。

　　二、衍生金融工具在投资领域的应用

　　衍生的金融工具也可以具有投资的功能，其在投资领域具有重要的作用，具有金融投资功能的衍生工具是具有远期、期货以及期权的特性。衍生金融工具可以通过杠杆作用使得企业与个人在投资过程中利益的最大化，可以通过利率互换，期货以及结合工具等方式。

　　（一）通过衍生金融工具对风险投资进行管理

　　在企业的投资过程中，由于受到诸多因素的影响，风险与收益是同时存在的。一般来说，企业想获取的收益最大化，必定要承担大的风险。通过在投资过程中引入衍生金融工具，可以有效的对投资过程中的风险进行很好的制约。在投资过程中，通过此工具将投资的风险进行转移与分散，将投资者需要承担的风险转移到市场中，使得企业的风险承担减少。例如套期保值这种方式可以有效的回避各种金融风险，实现投资的保值；在期权中，当企业买入的债券价格出现变化，在工具的作用下将跌期权损失锁定，在此条件下可以保证企业在付出少量的资金下，确保企业在规定的时间内进行债券的抛出，保证企业最小的损失。采用衍生金融工具不仅方便快捷，而且在投资过程中将风险降至最低，企业获取一定的利润。

　　（二）利用衍生金融工具可以增加投资效益

　　衍生金融工具具有很好的杠杆的作用，在投资交易的过程中，需要支付契约中规定数量的保证金，来管理整个的契约资产，在这种情况下就给获取利益提供了机会。低买高卖是投资的本质，获取收益的方式就是通过这样的方式来获取投资的收益。在期货市场上可以通过对商品在不同日期内的价格的差异进行买入与卖出，当价格上涨时候抛出，下跌时候买入，从而获取利益；也可以针对多种相关产品之间的套利活动。同时当企业掌握了某种商品的经济信息，了解其在不同交易所的发布的价格的不同，通过此发那个是也可以实现跨所获利。在投资过程中，企业通过衍生金融工具获取利益的方式是一致的，只是每种方式遇到的理由与风险度都是不同的，可以利用衍生金融工具实现小的投资获取大的收益，在企业的风险投资方面具有重要的作用。

　　三、结束语

　　在金融领域，衍生金融工具在企业投资领域具有重要的作用，通过衍生金融工具可以有效的对投资过程中的风险进行制约，将企业损失降至最低，实现企业的利益。在投资环节，将风险纳入到投资考虑中，对风险投资进行有效地措施管理与制约，从而实现企业利益的最大化。

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