金融衍生品的风险管理

Risk Management of Financial Instruments

摘要: 党的第十八届中央委员会第五次全体会议提出了“十三五”时期新的发展理念，金融创新作为一个重要的发展方向却仍受到许多限制，主要原因是该领域存在的高风险和监管缺失等因素。以“高盛事件”为例可以看出在金融工具的交易当中存在着巨大的道德风险，使得金融精英们在利益的驱动下铤而走险。这让我们意识到，企业、监管者都应分别采取必要的手段，如调整薪酬设置、更新会计准则等，来降低甚至避免金融机构的道德风险、提高市场透明度；而个人投资者可以通过基金等机构投资者参与到交易中。

Abstract: A new development idea was proposed on the fifth meeting of the Central Committee of the Communist Party of China, encouraging innovations in different aspects. Financial innovations, however, are still under strict restrictions, mainly because of the high risk and lack of effective control in this field. Take the fraud committed by GoldmanSachs as an example, we can see that there is significant ethical risk involved in the transactions of financial instruments, and many brokers violate laws, driven by financial interest. This helps us realize that both companies and authorities should take necessary actions, such as changing management remuneration package and introducing revised accounting standards, to lower or even avoid ethical risks, while individual investors can turn to institute investors, like funds, for help when participating in market activities.