金融

Vol.5 No.2 (April 2015)

论套期保值中金融工具侧盈亏的性质
On the Nature of Financial Tool Side of Profit and Loss in the Hedge

 

作者:

毕 鹏 :上海期货交易所监查部,上海

 

关键词:

套期保值金融工具侧盈亏性质Hedging Financial Tool Side Nature of Profit and Loss

 

摘要:

在套期保值中,金融工具侧能与现货侧匹配上的盈亏,其性质是风险对冲因子,不直接影响企业的损益,无论是盈是亏,无论盈亏多少,都不应该“大惊小怪”。金融工具侧因基差产生的盈利,其性质类似于财产清理中恰逢相关资产价格走高所获得的非正常收益;而亏损的性质类似于财产保险中投保人所获得的保险赔偿不能完全覆盖其财产损失部分。金融工具侧因套保方案执行不严格所产生的盈亏,其性质属于企业投机所产生的盈亏,应该加强管理,避免发生。

In a hedging, profits and losses made by financial tools can be matched with those made by spot exchanges. The hedging of risk does not directly affect the profit and loss of the enterprise. Re-gardless of its profitability and the amount of profit or loss, one should not fuss. Profits generated by changing of basis in financial tools are similar to the abnormal returns gained by rising of the relevant asset prices in the property liquidation, while losses are similar to those parts of property losses which the insurance cannot cover. Profits and losses of an enterprise caused by a lax ex-ecution of hedging scheme should belong to those profits and losses made by speculation. The en-terprise should strengthen management to avoid this.

文章引用:

毕 鹏 (2015) 论套期保值中金融工具侧盈亏的性质。 金融, 5, 33-37. doi: 10.12677/FIN.2015.52005

 

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