近幾年來，世界各國政府崇尚理想自由經濟，致力於減少人為干預，增加金融資本的流動性，以市場機制來決定資產價格。然此舉雖然符合古典經濟學家的主流意見，卻也衍生出許多新的挑戰，例如國際資本流動的自由化，投機性的資金到處流竄，使得金融市場的不確定性與風險大為增加，無論金融機構或企業都不得不提高警覺、重視部位避險，以免使機構暴露過高的風險，而承受過大的損失。 離我們最近的一個極端的例子是2007年9月起，全球經濟陷入了史上最大規模的金融海嘯危機。這場世紀的全球金融海嘯，影響所及遍步全球五大洲經濟體，無論是已開發國家至開發中國家，甚至是新興市場國家都無一倖免。此次金融海嘯所造成的影響，除了導致各國財政為了搶救經濟而每況愈下外，對於各金融投資人甚至於由企業倒閉而衍生出的龐大失業潮等，其影響層面所及涵蓋各個階層。然而我們目前已可初略發現到金融海嘯之成因源頭主要還是歸咎於過度的利用財務工程技術包裝出更具誘人且高報酬之衍生性金融投資商品，同時卻忽略了其高報酬背後所隨之帶來的高風險因子，才使得演變出本次金融海嘯產生。 而台灣的企業處於全球自由貿易體之下，受總體經濟及其他政策面影響更甚，該如何妥善的利用衍生性財務工具來幫助企業進行避險的操作，即是本研究的重點，以下將目前市場上企業常見的避險策略及方式依序分為匯率、利率、商品來進行實例的探討。 In recent years, deregulation has become the mainstream in the financial market worldwide. It brings out the liberalization. This mainstream opinion is in line with the opinion of most of the classical economists, however, spawned many new challenges, such as the free flow of capitals. Some capitals are mainly for speculation, which increase the volatilities and hence the risks in financial market whether financial institutions or companies have to be very careful in hedging, as well as avoiding risk exposure. The latest example happened in September 2007. This is one of the largest economic financial crisis. The scale of the financial tsunami is hard to imagine, including developing and developed countries, as well as the emerging economies. The impact of the financial crisis was the deteriorating fiscal situation of the leading governments, the shutdown of the companies and business, which also caused the problem of unemployment. However, we have found the main reason caused the financial crisis are the excessive use of financial engineering and high return of investment in derivatives. Furthermore, they ignored the extremely high risk behind its high-reward package. I would say that this is the core reason which gave rise to this centurial financial tsunami. The economy of Taiwan has been affected by the international macro-economic and other policies. Therefore, how to effectively control the financial operation in order to avoid risk has turned to be a very important task in this issue. The following chapters will introduce the common strategies and methods of hedging in the market. I will devise the products into exchange rates, interest rates and commodities and will be explored in depth.
