The Analysis of Exchange Qualification of Derivational Methods of Financial Options in China
|School||Beijing University of Chemical Technology|
|Keywords||Financial derivative products Financial Options Options derivatives Industry Life Cycle Risk Management|
China's accession to the WTO , China's enterprises in the process of international operations , and feel more and more the lack of hedging tools to circumvent interest rate and exchange rate risks arising in the process of financing and investment . Domestic theorists more reason for the failure of the pilot have appeared in the history of our country 's foreign exchange futures , stock index futures and Treasury futures trading attributed to derivative products out of line with the development of the spot market , financial markets lose hedging functions , the rigid administrative supervision leading to speculation prevalent reasons ...... ten flies , China 's financial market environment has greatly improved, can not explore the development of China 's financial derivatives market stagnation and abandoned because of the failure of a decade ago . In this paper, drawn by comparing and analyzing financial transactions pilot decade ago failed core problem is that the design of financial derivative products unreasonable and inappropriate development path . By comparing the major financial derivative varieties found that option and its derivatives do not have the advantage of high flexibility , low risk , moderate income other financial derivative products , so this article is that our country should vigorously carry out the options and their derivatives trading ; through research and analysis , and to use the method of mathematical statistics , randomly selected sample shares of listed companies in China , come to the Black-Scholes option pricing model able to meet their application conditions in our markets , which China already has development options trading external conditions ; Finally, the application of the financial industry life cycle theory model of the options product development path , summarized and analyzed the various stages in the development of financial markets should be taken options products , come to China's financial industry by the introduction of the period of transition to a growth stage , suitable for development of commodity options first follow a gradual transition to the progressive development road rights - based replacement type options .