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金融衍生工具作为金融创新最为核心的部分,从其诞生开始到现在,经历了一个迅速发展的过程,已被越来越多的企业所使用。金融衍生工具的出现是为了规避风险,除此之外,金融衍生工具也在降低筹资成本、优化融资结构、提高企业价值等方面做出了巨大贡献,也正因为如此,金融衍生工具能够在如此短的时间内有如此迅猛的发展。一方面,国际金融市场因金融衍生工具的发展而变的异彩纷呈,另一方面,我们也感受到了金融衍生工具因其自身的高杠杆性、高复杂性等特点给金融市场所带来的巨大风险。 本文主要对金融衍生工具的内涵、发展等基础背景知识进行了介绍,分析金融衍生工具在金融危机中的作用以及传导机制;介绍了金融衍生工具的发展给我国经济造成的影响;并就后危机时代金融衍生工具的发展提出建议。

关键词:后危机时代;金融衍生工具; 金融创新

Abstract

Financial derivatives as the most central part of the financial innovation, from its birth to the present, has gone through a process of rapid development, more and more enterprises have been used. The emergence of financial derivatives in order to avoid risks, In addition, financial derivatives are lower financing costs, optimize the financing structure, and enhance enterprise value has made a huge contribution, it is because of this, financial derivatives in such a short such rapid development in the period of time. On one hand, the colorful change of the international financial markets due to the development of financial derivatives, on the other hand, we also feel the financial derivatives for its own high-leverage, high complexity and characteristics of the financial markets of the enormous risk. This paper introduces this article research background and the significance, the research content, method and so on; introduces the mainly part of derivative financial instruments, such as the connotation development of background knowledge are introduced, analysis of the financial derivatives in the role of the financial crisis and the conduction mechanism; introduces the derivative financial instruments development of the impact of China's economy, and give some suggestions about the post-crisis era financial derivatives development proposals.

Key words: Post-crisis era;Financial derivatives;Financial innovation

目 录

一、金融衍生工具概述 …………………………………………… 1 (一)金融衍生品的含义 ………………………………………… 1 (二)金融衍生品的发展历程 …………………………………… 2 (三)金融衍生品在此次金融危机中的角色 …………………… 3 (四)金融衍生品在此次危机传导过程中的作用 …………………… 3 二、金融衍生品发展对中国经济的影响 ………………………… 4 (一)我国金融机构遭受损失 ………………………………………… 4 (二)国内金融市场动荡加剧 ………………………………………… 5 (三)出口增长放缓 …………………………………………………… 5 (四)中国企业投资风险加大…………………………………………… 5 三、后危机时代金融衍生工具的发展建议……………………… 6 (一)增强对金融衍生工具的了解……………………………… 6 (二)企业自身规范化管理……………………………………… 7 (三)加强金融市场监管………………………………………… 8 (四) 加强中国金融产品创新能力…………………………………… 9 (五)完善金融衍生工具市场的基础性制度建设…………… 10

后危机时代金融衍生工具发展分析

在经济不断发展,世界各国的经济联系日益紧密的今天,一个小小的经济动荡就可能引发巨大的经济危机。正如因次级贷款抵押债券起源的美国2007年的次贷危机,在2008年就演变成了全球性的金融危机,它的影响也不仅仅停留在金融层面,而是逐步蔓延到了实体经济,多家国有大中型企业都在金融衍生品投资领域损失惨重,我国金融体制的规范与创新遭遇了挑战。 本文采用跨学科系统研究法将金融学中有关衍生品的内容和财务管理学中有关财务风险的内容有机地结合起来,同时运用经济学与管理学的知识来分析相关问题。同时运用规范分析法、理论与实践相结合、辩证分析法等对一些重要的概念都做出了解释,并利用这些概念进行判断,通过理论阐述对这一问题有了一定的抽象的认识,并通过案例更加具体的说明,同时从正反两面同时来分析问题,使得对问题的理解更加全面。 一 、金融衍生工具概述 (一)金融衍生品的含义 1. 金融衍生品的含义 1994年8月,国际互换和衍生协会(International Swaps and Derivatives Association,ISDA) 在一份报告中对金融衍生品作了如下描述:“衍生品是有关互换现金流量和旨在为交易者转移风险的双边合约。合约到期时,交易者所欠对方的金额由基础商品、证券或指数的价格决定。”随着金融创新的发展,金融衍生品经过衍生再衍生、组合再组合的螺旋式发展,繁衍出了更多的品种。 2.金融衍生品的种类 按照金融工程学的观点,基本的金融衍生品包括四种:远期(forward)、期货 (future)、期权(option)、互换(swap)。 远期合约是在指定的未来时刻以确定的价格交割某物的协议。期货是一种标 准化的远期合约,期货合约的交割日和交割物的数量都是由期货交易所先固定的,期货交易只能在交易所进行,并实行保证金制度。期权是一份选择权的合约, 在此合约中,立权人授给期权的买方在规定的时间内以事先确定的价格从卖方处 购买或卖给卖方一定商品的权利而不是义务。互换是交易双达成的定期交换支付的一项协议。 金融衍生品的共同特征是保证金交易、杠杆效应,即只要支付一定比例的保证金就可以全额交易,不需实际上的本金转移。 (二) 金融衍生品的发展历程 金融衍生品在世界范围内发展的历程各有不同,在这里,我们简单回顾一下 美国和中国的金融衍生品发展之路。 1.美国的金融衍生品发展路径 美国作为金融衍生品的发源地,以及当今世界规模最大、创新最活跃的衍生 品市场,引领了世界各地衍生品的发展趋势。美国金融衍生品走了一条从外汇期 货到利率期货再到股指期货的金融期货起源之路,并相应开发了各种期权互换产品。 1972 年 5 月随着以固定汇率为主要内容的布雷顿森林体系的崩溃,浮动汇率 取而代之,导致汇率不稳定,从而给国际贸易和投资活动带来很大的风险,进而 对利率和股市也产生了剧烈的影响,因此,为适应时代需求,芝加哥商品交易所 (CME)诞生了第一个金融衍生品品种——外汇期货合约,以规避汇率风险。 外汇期货的出现带动了整个衍生工具市场的发展,出现了更多创新金融衍生品,如利率期货、股指期货。1975 年 10 月,CBOT 率先推出第一张利率期货合约(GNMA)——政府国民抵押协会抵押凭证期货合约,不久之后,为满足市场管理 短期利率风险的需要,美国芝加哥商业交易所的国际货币市场(IMM)在 1976 年 1 月 6 日推出了 90 天期的美国国库券期货合约。 20 世纪 70 年代,西方各国受石油危机的影响,经济发展十分不稳定,利率波 动剧烈,导致股票市场价格大幅波动,股票投资者迫切需要一种能够有效规避风 险、实现资产保值的金融工具。于是 1982年2 月,美国堪萨斯期货交易所(KCBT) 开办首支股指期货品种——价值线综合指数期货的交易,这也标志着金融期货三 大类别的结构初步形成。金融期货推出之后,相应的期权、互换陆续推出,到 20 世纪末期,美国金融衍生品市场品种林立,开启了金融衍生品的繁荣。 2. 我国金融衍生品的发展路径 通过对美国金融衍生品的发展路径的比较,可以看出发达国家金融衍生品市 场的发展是以外汇期货为开端,之后沿着金融期货自然演进,而亚洲新兴市场国 家,则以股指期货为首选品种,其次是发展利率衍生品。 从我国 20 世纪 90 年代初开展金融期货交易试点——外汇期货、股票指数期 货、认股权证、可转换债券、国债期货等的经验和教训出发,结合中国目前的经 济环境,不难找出中国发展金融期货的发展道路——以股指期货为突破口,逐渐 发展国债期货、外汇期货以及期权、互换等衍生产品,带动我国现有的认股权证 交易等,从而成就起中国金融衍生品市场的繁荣。 首先推出股指期货,其次,发展国债期货,发展国债期货既有利于拓展国债 的发行空间,又为投资者提供了规避利率风险的有效工具,同时,也有利于中央 银行开展公开市场业务操作。目前我国国债现货市场得到了充分发展,机构投资 者队伍发展壮大,基本涵盖了中国的各类金融机构。第三,发展货币类衍生产品,2005年7月 21 日中国人民银行启动人民币汇率体制改革,将人民币从固定汇率制 度退出,允许每日 0.3%的浮动空间。确实,随着汇率改革的深化,迫切需要一系 列配套改革措施来建立一个有弹性、有深度的外汇市场作为平台来发现均衡汇率。 第四,发展其他相关衍生产品,如期权、互换、权证等在金融期货市场发展到一定程度的时候,对期权、互换的产生要求及条件也 会相应提高。 (三) 金融衍生品在此次金融危机中的角色 金融衍生品能够有效地分散风险,无疑是理想的风险管理工具,比如很多企业涉足套期保值业务,这样可以规避了一部分风险。此外,金融衍生品交易可以用较少成本获取现货市场上需较多资金才能完成的结果,即具有高杠杆性,对于促进资本形成、优化资源配置、活跃资本市场也发挥着积极的作用。 金融衍生品也存在负面影响。复杂金融衍生品无论是定价还是对冲机制都很复杂,一般实体企业甚至机构投资者并不清楚如何估值及控制风险,而由杠 杆效应引发了另一个结果即在复杂金融衍生品交易中,一旦出现问题,损失就会 以成倍速度激增,无法掌控。 (四)金融衍生品在此次金融危机中传导中的作用 新经济时代网络股泡沫破灭后长期过于宽松的利率政策推动了房地产泡沫的形成,而银行对不具备还款能力的人发放大量次级贷款,在风险管理的关键基础 环节埋下了危机爆发的祸根。银行为了减小自身风险,就把这些次贷合约打包成 一种金融产品卖给其他客户,而这一过程随着评级、杠杆效应、担保的三级放大, 风险陡然上升。 投资银行或商业银行,拥有大量专业人才,充分掌握了估值与风险对冲技术。 衍生产品越复杂,国际机构的金融专业知识与定价能力优势就越大,产品设计方 之间的竞争越少,设计者的潜在利润就会越高,买方的风险也会越大。国际投行 就利用复杂金融衍生品的这一特点把自身风险转嫁给客户。 随着违约率的上升和高杠杆的影响,对冲基金难以归还信用放款,进而引起 了金融市场的连锁反应。一个最直观的表现就是金融市场上的流动性出现短缺。 在利率升高的同时,各金融机构为了归还贷款或保住已有的收益而竞相出售有价 证券,促使包括股票、债权、期货和金融衍生品在内的各种有价证券大幅下跌, 使得流动性进一步紧缺,引发资本市场灾难并波及货币市场,造成金融危机。 美国次级抵押贷款问题的暴露并进而在全球范围内引起广泛关注,金融衍生 品无疑在其中起了最关键的作用。市场份额并不大的次级债市场本无力撼动全球 金融市场,之所以造成全球动荡、市场恐慌,金融衍生工具的传导机制不容忽视。 二、金融衍生品发展对中国经济的影响 金融衍生品在我国宏观调控中发挥非常重要的辅助作用,因为金融衍生品既 可以拓展货币政策的传导渠道和提高传导效率,又可以实现回收流动性和引导货币市场利率走势的目的。国际金融衍生产品在我国市场迅速发展,在金融市场体系中居于举足轻重的地位,有力地推动了我国经济与世界经济金融一体化进程, 提高了资源配置效率,为健全我国金融市场体系,维护金融稳定,完善货币政策 传导机制和宏观金融调控体系作出了重要贡献。然而在 2008 出现的美国次贷危机后,中国经济出现的剧烈波动使我们又开始重新审视金融衍生品这把双刃剑的作用。美国次贷危机给中国经济带来的影响是巨大的。 (一)国内金融机构遭受损失 国内一些金融机构或银行购买了部分涉及次贷的金融产品,损失已有明确的 亏损数据,但这些由于我国国内监管部门对金融机构从事境外信用衍生品交易管 制仍然比较严格,这些银行的投资规模并不大,银行涉及次贷的资金金额比重较 小,带来的损失还在在银行可承受的范围内。

表 1 美国金融机构香港公司对 6 家中资银行次级债投资损失的估计值
| |投资美国证券规模 |投资次债估计值(百万 | |投资次债亏损值(百万 |
| |(百万元) |元) | |元) |
|银行 | | |次债占比 | |
|中国银行 |590,266 |29,641 |0.51% |3,853 |
|建设银行 |306,685 |4,433 |0.07% |576 |
|工商银行 |199,870 |930 |0.01% |120 |
|交通银行 |27,583 |1,941 |0.10% |252 |
|招商银行 |34,272 |794 |0.07% |103 |
|中信银行 |24,052 |154 |0.02% |19 |

资料来源:《证券市场周刊》

(二)国内金融市场动荡加剧 随着国内外金融市场联动性的不断增强,发达国家金融市场的持续动荡,必将对我国国内金融市场产生消极的传导作用。一方面,会直接加剧国内金融市场的动荡;另一方面,外部市场的持续动荡会从心理层面影响经济主体对中国市场 的长期预期。 (三)出口增长放缓 由于外贸对目前中国经济增长具有非常重要的作用,而美国又是中国最大的贸易顺差来源之一,因而美国经济放缓和全球信贷紧缩,将使我国整体外部环境 趋紧。次贷危机爆发以来,美国经济增长存在较大的下行风险,消费者信心快速 下滑。尽管中国出口结构的升级和出口市场的多元化可以在一定程度上减轻美国 需求变化对出口的影响,但事实上,中国出口增速从未与美国经济增长脱节。只 要美国经济出现衰退,中国出口就有可能明显放缓。 (四)中国企业投资风险加大 在此次金融危机席卷全球的过程中,不少中国企业由于投资了境外金融衍生 品而遭受重创。2008 年是谈套保而色变的一年。继中信泰富曝出外汇期权交易亏损超过 150 亿港元、深南电因操作石油衍生品合约导致巨亏、中国国航燃油套保合约损失 21 亿元、中国远洋购入远期运费协议(FFA)导致亏损近 40 亿元后,东方航空又发布公告称,据初步测算,该公司航油套期保值合约 2008 年 12 月 31 日浮亏约 62 亿元人民币。一部分中国企业的命运前所未有地与国际市场捆绑在了一起。当金融海啸真的降临,大宗商品价格的一个微小变化,就足以让我们的这些企业感受剧烈动荡。 三、后危机时代金融衍生工具的发展建议 (一)增强对金融衍生工具的了解 对国际衍生品认识的严重缺失是造成中国众多企业在投资领域损失惨重的重要原因。金融衍生品的设计者充分掌握了估值与风险对冲技术,设计出形形色色 的金融产品,其结构极其复杂,甚至将包括金融机构高管在内的多数人挡在认知 之门外。 目前企业投资的此类产品,大多是与投行签署的相关投资合约。但是由于一般的企业对于一些结构较为复杂甚至奇特的金融衍生品并不一定全然了解,也不 一定清楚如何估值,更可能不知道如何计算与控制风险,因此很容易在不明情况 时买入此类产品,却低估了其潜在风险。最终选择了不适合自己企业的金融产品, 金融市场少有波动就会给企业造成损失。 深南电与高盛风波事件已经成了这一领域的经典案例。深南电原本是一家效益稳定、运营情况良好的电力公司,其在2008年与美国高盛集团有限公司全资公司杰润(新加坡)私营公司签订的原油期权合约。 事件的经过是:深南电与杰润签订的协议,有效期从 2008年3月3 日至 2008 年 12月 31 日,当油价浮动价高于 63.5 美元/桶时,深南电每月可获 30 万美元的收益;浮动价介于 62 美元/桶 63.5 美元/桶时,深南电每月可得(浮动价-62 美元/桶)×20 万桶的收益;而浮动价低于 62 美元/桶时,深南电每月需向 杰润支付(62 美元/桶-浮动价)×40 万桶等额的美元。然而从去年 7 月份开始, 原油价格掉头向下,去年最低探至 38 美元。原油价格低于 62 美元之后,每跌1美元,深南电每月就亏损40万美元。 深南电与高盛子公司杰润签署的是一份收益确定但损失不确定的期权合约。 从合约中不难看出,深南电在此协议中第一个时间段的获利条件是浮动价高于 62 美元/桶,但当浮动价高于 63.5 美元/桶时,哪怕油价再高,深南电每月最多获利额 也恒定在30万美元。与深南电不同,杰润公司赌的则是油价的下跌,若未来浮动 价跌入 62 美元/桶下方时,每下跌 1 美元,杰润公司则将多获利 40 万美元。这是完全不对等的协议,深南电并没意识到他们选择的金融产品存在巨大风险,而最终导致巨亏。 另外,创建一个良好的金融衍生工具发展的软环境,离不开一支从事金融衍生工具业务的专业人员队伍。这些人员来自于金融衍生工具的监管机构、中介机构,比如交易所、服务机构,比如行业协会、自律委员会等、还有企业财务部门的相关人员。只有拥有一批具有专业知识和素养的人才,才能够保证金融衍生工具市场的良性发展。 首先,要提高相关从业人员的风险意识,树立风险观。要加强对从业人员的风险教育,明确金融衍生工具的风险,提高对风险的防范意识,预防投机心理和投机行为。相关从业人员风险意识的提高能从根源上抑制金融衍生工具的潜在风险。 其次,要重视相关从业人员的业务素质培养。金融衍生工具的相关从业人员应该对金融衍生工具的基础知识有一个全面深刻的学习和了解。金融衍生工具的复杂性和专业性加剧了其的风险,只有掌握了这些专业技术性的产品知识,才能更好地对其进行管理,更好地防范风险。 (二) 企业自身规范化管理 以东航套保案为例,为避免因油价上涨带来的风险、锁定燃油成本,东航签 下套期保值合约,当时国际油价站上每桶 147 美元的历史最高位,不过国际原油 市场风云突变,油价开始高台跳水。下半年油价在席卷全球的危机中大幅下降,随着全球经济危机的进一步加剧,国际油价继续震荡下行,损失不可挽回。 东航到底是在套保还是投机值得思考。虽然套保交易经过长时间的反复运作, 已经不断创新,但套保交易不论形式如何变化,其经济实质均应严格遵循四个基本原则:交易方向相反、商品种类相同或相近、商品数量相等、交割月份相同或相近,交易的目的是为了冲销风险敞口。违反这四个原则之一,套期保值行为就 将演变为投机行为。 而航油套保亏损的案例中,原本是航空公司平衡风险的财务杠杆,如今却失去了这个作用。忽略外部的风险,根源在于东航交易的原油数量远远大于其实际需求,一旦油价狂跌,损失便不可计算。公司高管违规操作,公司管理缺陷难辞 其咎。 作为一项平衡财务风险的投资手段,国内航空国企对套期保值业务主要负责人员的考核,是以该单项业务年度盈利多少为基准,而并未将航油现货价格涨或跌的因素纳入到考核体系中。单边考核的结果是,负责套期保值的团队必须以业 务盈利为目标。而这已背离了公司航油套期保值风险控制的初衷,使该业务的风 险进一步被放大,这种做法无疑是违规的,其实前面提到的深南电巨亏的案例里 也不乏投机因素。加强企业自身监管能力,形成一套有利于规范企业自身业务的机制,避免由 正常的套期保值转变为投机行为,是企业自身必须解决的问题。 (三) 加强金融市场监管 客场失利却源自主场缺失。在最近以及先前发生的场外衍生品交易亏损案中, 正是合约设计的严重不对等、信息不对称和缺乏止损工具直接了导致我国企业损失惨重。这种国外投行设计的场外衍生品十分复杂,美国次贷危机就是由场外衍生产品泛滥引发的,危机暴露出场外衍生品缺乏监管、交易不透明和风险控制手段乏力等弊端。 1.规范场外市场 深南电、中信泰富还是国航、东航,他们被投行推荐了一大堆场外交易产品,这种金融衍生品的交易并不通过期货交易所进行交易,也不通过清算所进行合约清算。场内市场与场外市场最大的区别在于,场内市场是有标准的合约并被监管,而场外交易往往只是交易双方私下的协定,正是因为不透明,场外市场在本轮金 融危机中成为了众矢之的。中国的金融监管机构应该关注场外市场,并建立一套 行之有效的监管机制,帮助企业规避风险。 中国金融监管机构应加强财务报告信息的披露。财务报告是提高场外市场透 明度的重要措施,理想的金融衍生品的会计处理和披露可以使监管者和投资者充分了解金融衍生品价值、风险水平等信息。虽然我国金融衍生品的应用范围还比较有限,还没有出现对会计处理方法的直接挑战,但是深入分析本次危机中暴露 的会计问题,加强对金融衍生品的会计处理和信息披露的研究,不仅有利于建立透明的金融衍生品市场环境,也有利于实现我国会计准则的国际化水平。 2.加强对企业运用衍生品进行投机的监管 金融监管机构的监管框架应当涵盖衍生交易市场风险的定量、定性信息披露 与前瞻性信息披露。由于企业的衍生品交易有时会涉及商业秘密,形成一个弹性的监管模式以适应公司监管要求十分必要。加强套期保值的信息披露,加强投资者对公司进行套期保值行为与投机行为的甄别性。 3.建立金融衍生工具相关的监管法律法规体系。 市场经济是法制的经济,必须依靠市场的力量进行发展,政府在其中只是起到了调节的作用。我国所实行的市场经济是在一定法律体制下的经济,需要一定的法律制度对其进行约束。我国央行在《2008年中国金融市场发展报告》中也指出,我国需要改变目前政府主导产品创新的模式,建立市场为主导的产品创新模式风险观。政府对金融衍生工具市场的监管,最关键的任务是为金融衍生工具市场创造一个规则性的法律法规,并由专门机构对金融衍生工具市场监督和管理,建立一个公平竞争的市场环境和完善的交易体系,维护交易各方的正当权益,保证交易活动的有序进行,从而促进金融衍生工具市场的发展和稳定。 目前,我国并没有统一的针对金融衍生工具的监管法律法规,更多的是央行发布的行政性指导意见,例如《中国银行间市场金融衍生品交易主协议》以及《金融机构衍生产品交易业务管理暂行办法》等,并没有从法律角度对我国的企业以及金融机构进行约束,因此,越来越多的企业打起了政策的擦边球,为了追求利润,造成了严重的亏损。为了尽快推动金融衍生工具市场的监管立法,我国一定要尽快制定统一的法律法规,保证金融监管框架的稳定性、持续性和一致性。其次,我国应当针对不同种类的金融衍生工具分别制定相应的法规,根据不同工具的特点分别对其进行约束,从而做到法律法规的细分化。再次,在加强立法的同时,我国也应该适时修改现有法律法规中不符合目前发展趋势的条款,使现有法规和将要指定的法规一致。最后,我国在制定法规时也要考虑到金融衍生工具市场的发展,使立法为金融衍生工具市场未来的发展留有余地。 (四)加强中国金融产品创新能力 我国期货市场历经坎坷,逐步平稳快速增长,但很不完善,仍以套期保值为 例,目前国内四家期货交易所仅有19个品种,但主要集中于农产品、有色金属和工业品。缺乏畜产品、黑色金属,能源品种仅有燃料油,工业品刚刚起步,金融期货更是难见踪影。 在上述一系列套保案中,国内没有外汇和原油的期货品种,我国相关企业只能选择陌生的境外衍生品市场。国内对央企从事境外套期保值有严格的规定,中信泰富等企业都不在可利用国外期货市场套期保值的 31 家企业行列,又只能投身于更加陌生的场外衍生产品市场。加之缺乏金融操作经验,因此在保值品种上只能选择国外投行大力推销的 Accumulator 产品。比如,目前除芝加哥商业交易所 集团(CME Group)有关于航空燃料油(jet fuel)与其他关联成品油的价差互换 (swaps)的标准化期货、期权合约交易,国际衍生品市场上仅有航空燃料油的场外非标准化远期合约和期权合约的交易。因此,国航东航们也只能参与透明度远不如受监管期货市场的场外期权交易。 金融衍生品是财务风险管理制度演进历程中产生的先进产物,是理想的风险管理工具。金融衍生品的出现突破了基于现货的风险管理的局限性,带来了二十世纪最伟大的风险管理革命。风险和赌博不同,它不是人为创造出来的,而是客 观存在的。衍生品能够有效地分散风险,管理风险,这是不争的事实,并且起着促进资本形成、优化资源配置、提高社会福利和稳定经济的宏观经济功能。虽然此次金融危机使金融衍生品遭到广泛质疑,但我们不能因此在这一领域裹足不前,和发达市场乃至于很多新兴市场相比,我们缺乏必要的金融工具和完善的市场结构的局面依然非常严峻,只有不断完善、丰富、规范和发展金融市场才能使我国经济立于不败之地。我国的金融现代化之路仍然任重道远,我们应继续努力推动金融衍生品市场的发展。 (五)完善金融衍生工具市场的基础性制度建设 完善的基础性制度建设是金融衍生工具市场健康发展的关键。近年来国际上金融衍生工具发展的经验告诉我们,金融衍生工具的健康快速发展,需要完善的交易制度和交易规则、合理的税收制度、审慎透明的监管体系、快捷有效的支付系统、充分体现公允价值的会计制度安排、高素质的咨询服务和评级机构等。只有具备了这些市场基础设施,市场上的投资者才有长期投资的动力,金融衍生工具才能够稳定发展。因此,大力完善我国金融衍生工具的基础设施建设,活跃市场交易,是我国当前金融改革与发展面临的迫切任务。 首先,加强相关法律法规制度建设,建立一个全国性、规范性的衍生工具交易的法律法规,为建立完善的金融衍生工具交易制度和交易规则打下一个规则基础;其次,积极稳妥地推进金融市场的发展,不断推进利率和汇率的市场化,进一步深化金融改革,为金融衍生品市场发展营造良好的市场环境;再次,加大力度发展基础性金融产品,为衍生工具的发展创造丰富的流动性,并进一步发展场内交易的衍生工具,如股指期货和期权、利率期货和期权、汇率期货和期权等。

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