浅谈金融衍生产品 毕业论文.doc

浅谈金融衍生产品 摘要：金融衍生产品是在一定的客观背景和特定因素促动下诞生的,现代金融衍生产品诞生于20世纪7O年代。它的价值是从其他的基础证券和基础变量的价值衍生而来的，基本种类包括远期、期货、掉期和期权。随着世界金融衍生产品市场的蓬勃发展，金融衍生产品的定价问题研究给我国金融界提出了一个全新的课题。期权理论发展日新月异，期权的定价模型无疑是期权应用研究的一个主要方面。这篇文章在对金融衍生产品定价的研究方面首先对较为常见的两种期权定价模型进行了阐述、解析、应用和比较。其次，对其他金融衍生产品（期货、远期、掉期）的定价做了理论及其应用的研究。21世纪是金融全球化和自由化的时代，在全球金融危机的大背景下，中国政府毅然决定要大力发展金融衍生产品,文章后半部分简述了金融衍生产品的产生与发展以及其在中国的现状与趋势，就尚存在的问题及其解决办法进行了讨论。 关键词：期货 期权 掉期 定价 Discussion Of financial derivatives Abstract: Financial derivatives are born in some objective factors in the background and motivated by a particular , the modern financial derivatives are born in 70years of the 20th century. Its value is the foundation from other securities and the value of the underlying variables derived from the basic types, including forwards, futures, swaps and options. With the world financial derivatives market booming, the pricing of financial derivatives research to our financial sector presents a new topic. The rapid development of option theory, option pricing models option is undoubtedly one of the main aspects of applied research. In this paper, the pricing of financial derivatives research first two more common option pricing models were introduced, analysis, application and comparison. Secondly, on the other financial derivative products (futures, forwards, swaps) pricing theory and its application to do the research. The 21st century is the era of financial globalization and liberalization in the background of the global financial crisis, the Chinese Government resolutely decided to develop financial derivatives, the latter part of the article outlined the emergence of financial derivatives and development, and its Status and Trends of China, discussing the remaining problems and their solutions. Keywords: Futures; Options; Forward ;Development 前言：金融衍生产品已经有很长的历史，过去的25年当中，在金融领域衍生产品变得越来越重要Chicago Board Options Exchange (CBOE) 大大带动了期权的交易。1975年看跌期权开始在CBOE挂牌交易。在对金融衍生产品定价的研究过程中，期权定价理论是最成熟也是最重要的金融衍生产品定价理论。最早的期权定价理论可以追溯到1900年Bachelier (1900) Samu