如何理解“金融衍生工具是一把双刃剑”？

一、如何理解“金融衍生工具是一把双刃剑”？

金融衍生工具是指通过原生金融工具衍生出来的金融合约，我们普通人接触最多的主要是期货和期权，同时期货和期权也是衍生金融工具中最主要的品种，

金融衍生工具是一把双刃剑，顾名思义就是说金融衍生工具用好了是积极作用，用不好是负作用，下面具体拿期货期权说事，

期货和期权的积极作用，

第一，套期保值，对于大宗商品和股票，外汇，债券等金融产品，最大的风险就是价格波动风险，有太多的因素会影响价格走势，让预测价格非常困难，不过期货和期权可以通过套期保值，锁定价格风险，假设投资者购买了大笔股票，为了防止股票价格下跌，就可以通过做空同等金额的股指期货，或者买入同等金额的股指看跌期权，这样如果股票价格下跌，在股指期货上的盈利或者股指期权上的盈利就可以弥补股票价格下跌损失，

第二，价格发现，因为期货期权成交量巨大，参与方众多，有生产者，购买者，使用者等等，这样客观上会形成一个合理的市场价格，因此期货期权，尤其是期货就有了定价功能，比如美国只是大豆生产国之一，还不是产量最大的国家，但是大豆国际贸易价格却由美国决定，因为美国金融市场发达，芝加哥商品交易所的大豆期货影响力巨大，还有原油同样如此，美国只是原油生产国之一，但是纽约原油期货却可以决定国际油价，因此中国也大力发展期货市场，争夺商品定价权，

但是期货和期权因为杠杆大，容易造成投机，如果操作不好会造成很大的副作用，甚至可以酿成金融危机，比如1997年亚洲金融危机就是有做空期货引发，索罗斯做空泰国和香港的股指期货，让股指暴跌，引起连锁反应，08年次贷危机同样属于最多次级债券期货，而且是高杠杆，因为债券价格下跌，让许多投资者巨亏，引发次贷危机，

从期货期权的两面性可以看出，既要大力发展，也要加强监管，

二、如何提升商业银行金融衍生品风险管理水平

建立完善的风险监管制度与监管体系。提升商业银行金融衍生品风险管理水平，就是指提高商业的安全性，最好的办法就是建立完善的风险监管制度与监管体系，也是最直接有效的。

三、一段金融学文字，求大神翻译，在线等，不要用翻译器，谢谢

Since the 1970 s, financial liberalization, financial derivatives become an important avoid risk, to reduce the transaction costs, the hedging of financial instruments. While the financial derivatives was only 30 years, but it has maintained rapid development, not only to expand market share, also reflected in the financial derivatives innovation.

Since China's accession to the WTO to further open the domestic financial market, competition is very cruel, financial firewall system in our country and has not been set up, set up with the international business need to seek some simple and effective tools to enterprise organization in risk aversion. So the good development of financial derivatives market is an indispensable part of China towards the internationalization. But in the complex derivatives market, how to develop good suitable for the situation of our country's financial derivatives, how to carry on the reasonable and effective regulation, always is the focus of the enterprise and government research institutions, academia.

Key words: financial derivatives; Financial markets; The development of derivatives

Abstract: since the nineteen seventies financial liberalization, financial derivatives become risk, avoid important to reduce transaction costs, hedging instruments. Although the financial derivatives was just only thirty years, but it has maintained a rapid development, not only to expand the market share, is also reflected in the innovation of financial products. Since China's accession to the WTO to further open the domestic financial market, the competition is very cruel, China's financial firewall system has not been established, established with the international business needs to seek some simple and effective tool for enterprises to carry out risk aversion. Therefore the development of financial derivatives market good is China to the international essential part. But in complex derivatives market, how to develop the suitable for China's financial derivatives, how to carry out effective supervision on them, has been the focus of academics and government organizations, the. Keywords: financial derivatives; financial market; the development of derivatives

Analysis on current development situation and countermeasures of China's financial derivatives

Abstract

Financial derivatives have become a kind of important financial tools to avoid risk, redece transaction costs and hedge since financial liberalization in 1970s.Although the financial derivatives have come our for only more than thirty years, but they has maintained a rapid development not only in the expansion of the market share, but also in the innovation of financial products.

Since China's accession to the WTO, domestic financial market is facing cruel competition and

should be further opened. China's financial firewall system has not been established. So enterprises need to seek some simple and effective tool to carry out risk aversion in international business process. Therefore, the development of financial derivatives market is an essential part for China to move towards the internationalization.

However, in complex derivatives market, how to develop the financial derivatives that fit into our national conditions and how to carry out effective supervision on them in such a complex derivatives market has been the focus of enterprises, academics and government.

Keywords:financial derivatives; financial market; the development of derivatives

Abstract

SInce financial liberalization launched in 1970s, financial derivative instruments has become important tools used for mitigating risks, lowering transaction costs and hedging. Although financial derivative instruments has come out for nearly 30 years, they has maintained a rapid development both in expansion of market shares and innovation of their products.

With China's entry into WTO, the domestic financial market must be further developed. In the presence of fierce market competition while China's financial firewall system has not been established, business enterprise need some simple and effective tools to mitigate risks when developing international business. To nuture a sound financial derivative market is an integral part for China to become internationalised. However, how to develop financial derivatives which fit China's national conditions, how to supervise them reasonably and effectively in such a complex derivative market has been the research focus of the enterprises, academic circles and the governments.

Keyword: financial derivative instruments; financial market; the development of the derivatives