Kodi hedging mu mawu osavuta? CHITSANZO tchinga. kuwombola yachilendo hedging

Mu terminology ano zachuma, mukhoza kukumana kwambiri mawu okongola, koma zovuta kuzimvetsa. Mwachitsanzo, "hedging". Ndi chiyani icho? Mu mawu osavuta funso ili sadzatha kuyankha aliyense. Komabe, tione limasonyeza kuti mawu amenewa akhoza kumatanthauza wotuluka inshuwalansi msika Komabe, achirendo pang'ono.

Hedging - ndi mawu osavuta

Choncho tiyeni kuthana. Mawu a imeneyi anabwera kwa ife ku England (tchinga) ndi kumasulira njira mwachindunji mipanda, ndi monga mneni, ndi ntchito kutanthauza "kudzitchinjiriza," kuti ndi kuyesa kuchepetsa mosavuta imfa kapena kupewa iwo palimodzi. Kodi hedging mu dziko ano? Tikhoza kunena kuti ichi ndi pangano pakati pa wogulitsa ndi wogula kuti athane sisintha m'tsogolo, ndi katundu amazigulitsa pa ena (atathana) mtengo. Choncho, podziwa mtengo yeniyeni imene anthufe anagula, ochita ndikupeleka tchinga mavuto awo zotheka kusinthasintha kusinthitsa ndalama pa ndalama msika ndipo zotsatira zake, kusintha mu mtengo msika wa katunduyo. Market ophunzira chinkhoswe mu hedging wotuluka, mwachitsanzo insuring mavuto awo, amatchedwa hedgers.

Monga izo zimachitika

Ngati ndinu si bwino kwambiri, mungayesere wosalira zambiri. Kumvetsa zimene hedging ndi zovuta chitsanzo yaing'ono. Monga mukudziwa, mtengo wa ulimi m'dziko lililonse zimadalira monga nyengo, ndi mmene bwino zokolola. Choncho, akuchita kufesa yapadera zovuta zinthu zidzakhalire mtengo mankhwala kugwa. Ngati nyengo ndi yabwino, mbewu adzakhala kwambiri, ndi mtengo si kwambiri, koma ngati kudzabwera chilala, kapena, Tikawonetsetsa mvula kwambiri kawirikawiri, gawo la mbewu akhoza kutayika, chifukwa cha zimene mtengo wa mbewu chidzakula kambirimbiri. Kudziteteza ku vagaries zachilengedwe, abwenzi zonse angaone pangano wapadera, kukonza mu mtengo tizitsogoleredwa ndi zinthu msika pa nthawi ya mapeto a mgwirizano. Pamaziko a ndikupeleka izi, mlimi adzafuna kugulitsa ndi makasitomala kugula mbewu pa mtengo umene alembedwa mu mgwirizano ziribe kanthu zimene mtengo limapezeka pa msika pa nthawiyo.

Apa ndi apo pakubwera mfundo pamene n'zoonekeratu kwambiri kuti hedging amenewa. Mu nkhani iyi, Nkosatheka chitukuko cha zinthu ndi zosankha zingapo:

• mtengo wa mbewu pa msika zodula zotchulidwa mu mgwirizano - mu nkhani iyi, Mlengi kumene, osati chifukwa iye akanakhoza kutenga abwino kwambiri;
• mtengo msika ndi zosakwana zafotokozeredwa mgwirizano - mu nkhani iyi, woluza kale wogula, chifukwa amanyamula zina ndalama;
• mtengo zikusonyezedwa pangano pa mlingo wa msika - zimenezo, onse kukhuta.

Iwo likukhalira kuti tchinga - chitsanzo cha momwe ntchito chuma yopindulitsa zisanachitike. Komabe, pamalo Sikuti amapatula imabwera imfa.

Njira ndi zolinga ndalama tchinga

Komano, tikhoza kunena kuti chiopsezo hedging - inshuwalansi ndi zosiyanasiyana kusintha chowawa mu msika kuwombola yachilendo kuchepetsa zomvetsa kugwirizana ndi kusinthasintha kusinthitsa ndalama. Amene hedged mwina osati kukhala mankhwala ena, komanso chuma ndalama monga wogwila ndipo anakonza kugula.

Tiyeneranso kuti zolondola ndalama hedging si umalimbana kupeza pazipita ndalama zina, monga zingaoneke poyamba. ntchito yake yaikulu ndi kuchepetsa mavuto, pamene makampani ambiri mwadala kukana mwayi zina mwamsanga kuonjezera likulu lawo kuti: amagulitsa Mwachitsanzo, zingathandize pa njira Wopanda, ndi Mlengi - kuwonjezera phindu msika wa katunduyo. Koma lolingalira limatiuza kuti ndi bwino kwambiri kutaya phindu owonjezera kuposa ngakhale kutaya zonse.

Pali 3 waukulu njira kukhalabe nkhokwe zake kuwombola achilendo:

1. Ntchito zosiyanasiyana (zam'tsogolo) kwa ogulidwa ndalama. Mu nkhani iyi, kusinthasintha kusinthitsa ndalama adzakhala ndekuti zomvetsa wanu, komanso Sindizakubweretsanso ndalama. Purchase wa ndalama zakunja adzakhala mosamalitsa malinga ndi mgwirizano.
2. Powonjezera mgwirizano Akumakambirananso zozitetezera. zinthu amakhala amgwirizano kutanthauza kuti pamene inu kusintha mlingo kuwombola nthawi ya ndikupeleka zomvetsa Nkosatheka, komanso ubwino zidzasankhidwa mofanana pakati pa zipani. Komabe, nthawi zina zimachitika kuti mzera limatchinjiriza ntchito kokha ku mbali imodzi, pamene winayo amakhalabe mosadziteteza ndi mipanda ndalama anazindikira amaganiza.
3. Kusiyana kwa chidwi banki. Mwachitsanzo, ngati pambuyo pa miyezi 3 inu muyenera ndalama kwa msasawu, koma pa nthawi yomweyo, pali malangizo amene mlingo idzasintha njira yaikulu, kuti zomveka kusinthitsa ndalama pa panopa ndalama posinthana ndi kuziika pa gawo. Ambiri mwina, banki chidwi pa gawo la adzalola kusinthasintha msinkhu, ndipo ngati ulosi samabwera woona, mosakayika kupeza ngakhale pang'ono.

Choncho, tingathe kunena kuti yaminga ya - chitsanzo cha mmene madipoziti anu kutetezedwa zotheka kusinthasintha chiwongola dzanja.

Njira ndi Zipangizo Zake

Nthawi zambiri, njira yomweyo ntchito ntchito ngati hedgers ndi speculators mwachizolowezi, koma sizikusokonezani mfundo ziwirizi.

Patsogolo nkhani zokhudza zida zoimbira zosiyanasiyana, tisaiwale - kumvetsa funso "kodi tchinga" kwenikweni cholinga cha opareshoni, osati njira ntchito. Choncho, hedger amachititsa ndikupeleka kuti asapatsidwe chiopsezo kusintha mtengo wa katundu, ndi speculator ali ndithu chikumbumtima amapita ku chiopsezo zimenezi, pamene nalingilira kuti adzalandira kokha chifukwa yabwino.

Mwina vuto lalikulu ndi kusankha lamanja la chida hedging, sipangakhalenso m'magulu 2 yotakata:

• OTC anapereka swaps ndi patsogolo Mapangano; wotuluka ngati ali pakati pa mbali mwachindunji kapena kudzera katswiri - wogulitsa;
• kuwombola hedging zida, monga zosankha ndi zam'tsogolo; Pankhaniyi malonda kumachitika enawo wapadera - kuphana, ndi zambiri iliyonse, litatha, zotsatira zake zimakhala chapatatu; gulu lina amachita makamaka Kusinthanitsa Kukuwonjezera Vuto House, ndilo guarantor a magulu malonjezo mgwirizanowo;

Onse ali chiopsezo hedging njira ndi ubwino ndi kuipa. Ife kulankhula za iwo.

Zilipo

Lamulo lalikulu ndi katundu pa katundu kuwombola - kukhoza standardize iwo. Awa akhoza kukhala mankhwala a magulu chakudya: shuga, nyama, koko, dzinthu , etc., ndi mafakitale - gasi, zitsulo zamtengo wapatali, mafuta ndi ena ...

Ubwino waukulu wa malonda akhalire ndi:

• pazipita kupezeka - mu m'badwo uno wa luso malonda patsogolo pa katundu kuwombola angathe kuchitidwa kuchokera pafupifupi kulikonse padziko lonse lapansi;
• yokulirapo liquidity - kutsegula ndi maudindo malonda pafupi nthawi iliyonse nzeru zake yekha;
• Kudalirika - izo zipangitsa pamaso pa kumulipiritsa chidwi kuwombola clearinghouse, yomwe imateteza guarantor ndi;
• mtengo wotsika ndithu ndikukhazikitsa zambiri.

N'zoona kuti popanda zolakwa zake - mwina zofunika angatchedwe kutipanikiza kwambiri mawu a malonda: mtundu wa mankhwala, kuchuluka kwake, nthawi yobereka ndi zina zotero - zonse lolamulidwa.

OTC

ziyeneretso za pafupifupi sinkapezeka, ngati muli ochita malonda okha kapena ndi thandizo la ogulitsa. OTC ntchito ngati kuli kotheka kuganizira zofuna za kasitomala, inu nokha angathe kulamulira mtanda kukula ndi yobereka nthawi - mwina ndi lalikulu, koma pafupifupi kuphatikiza yekha.

Tsopano zovuta. Iwo ali, monga mudziwa zambiri:

• mavuto ndi masankhidwe a womanga - m'magazini ino tsopano muyenera kuthana ndi paokha;
• chiopsezo kulephera kwa aliyense wa zipani za kudzipereka kwawo - ukutitsimikizira mu mawonekedwe a akuluakulu a kuwombola mu nkhani iyi, ayi;
• otsika liquidity - kutsirizitsa ndikupeleka kale anamaliza inu kupeza chilichonse ndalama wamakhalidwe ndalama;
• kwambiri lotuluka pamwamba;
• zochita yaitali - zina njira hedging ingayale nyengo zaka zingapo, monga kufunika kwa mmphepete apa sichiri.

Osati kuti kuonedwa ndi kusankha chida hedging, m'pofunika kuchititsa kusanthula zonse za ziyembekezo zambiri ndi peculiarities wa njira ina. Pankhaniyi, muyenera ndithudi kuganizira makhalidwe chuma ndi chiyembekezo cha makampani, komanso zinthu zina zambiri. Tsopano tiyeni tione pa zida wotchuka hedging.

patsogolo

Choncho mfundo wotuluka anasankha kukhala nthawi zina nthawi imene magulu kugwirizana mwa kundipatsako kwa katundu makamaka (amtengo chuma) tsiku lina mwachindunji m'tsogolo, ndi mtengo wa katundu chili pa nthawi ya ndikupeleka. Kodi izi zikutanthauza kuchita?

Mwachitsanzo, ena kampani akufuna kugula banki madola Eurocurrency, koma pa tsiku la kusainira mgwirizanowo, ndi kuti, miyezi 2. Pankhaniyi, kamodzi mapulani kuti mtengo $ 1.2 pa yuro. Ngati pambuyo miyezi iwiri dola kuti yuro kudzakhala 1.3, ndiye olimba mudzalandira ndalama ndithu - masenti 10 pa dola kuti phindu la mgwirizano Mwachitsanzo, milioni, adzapulumutsa $ 100,000. Ngati pa nthawi iyi mlingo idzagwa 1.1, yofanana adzapita imfa ya kampani, ndi kuletsa tagwirizana ndi zosatheka, kuyambira patsogolo mgwirizano ndi lamulo.

Komanso pali ochepa zosasangalatsa mphindi:

• kuyambira ngati mgwirizano sasamalira kuchotsa nyumba kuwombola, limodzi mwa magulu amangokhala amakana kudzapereka pa zosayembekezereka wa zinthu chokhwima kwa izo;
• ngati mgwirizano zachokera kukhulupirirana, amene kwambiri kuchepetsa chiwerengero cha abwenzi angathe;
• ngati patsogolo mgwirizano ndi nawo ndi wogula ena (wogulitsa), izo kwambiri kukula ndalama, pamwamba ndi komishoni.

zam'tsogolo

tagwirizana Izi zikutanthauza kuti Investor undertakes nthawi zina kugula (kugulitsa) nalosa kuchuluka kwa katundu kapena chuma chuma - magawo ndi sheya ena - pa mtengo amodzi m'munsi. Mwachidule - ndi mgwirizano yobereka m'tsogolo, koma zolinga kuwombola ndi mankhwala, kutanthauza kuti zoikamo ake ndi yovomerezeka.

Hedging zam'tsogolo mtengo amaundana yobereka tsogolo la anali wofunika (katundu), pamene ngati malo mtengo (zogulitsa mtengo wa katundu mu msika kwenikweni, ndi ndalama weniweni, ndipo anapereka yobereka yomweyo) adzakhala ndichepe, vuto ndi kulipidwa ndi phindu phindu pa malonda a Mapangano atathana yaitali. Komano, palibe njira ntchito kuwonjezeka mu mtengo banga, phindu zina Pankhaniyi adzakhala zopanda zomvetsa azipereke pa zam'tsogolo.

drawback ina zam'tsogolo hedging amakhala kufunika kusintha malire, zomwe kuthandiza lotseguka yaitali malo mu chikhalidwe ntchito, titero, ndi ngati ina. Pankhani ya kukula mofulumira mtengo banga, mungafunike likulu jakisoni zina.

Mukuuzidwa hedging zam'tsogolo ofanana kwambiri ndi zongopeka mwachizolowezi, koma pali kusiyana pano, ndi lofunika kwambiri.

Hedger ntchito zam'tsogolo wotuluka, hedging ntchito zimenezo zimene imachitika pa msika wa katundu (weniweni). Pakuti pangano speculator zam'tsogolo - ichi ndi chinthu mwayi kupanga ndalama. Pali masewera pa kusiyana mu mtengo osati kugula ndi kugulitsa amtengo, chifukwa cha mankhwala enieni kulibe m'chilengedwe. Choncho, zomvetsa kapena ndalama speculators mu zam'tsogolo msika ndi wina kuposa chifukwa komaliza unathandiza.

Zosintha inshuwalansi

Chimodzi mwa zida yotchuka kwambiri ya chikoka pa chiopsezo zikuluzikulu za mapangano ndi tchinga options, tidzakambirana zambiri za iwo:

Yankho mtundu kuika:

• Chofukizira wa American mtundu njira anamuyika, wakuti kwathunthu (koma osati akuyenera) nthawi iliyonse kukhazikitsa mgwirizano zam'tsogolo pa mtengo zolimbitsa amodzi;
• kugula ndi njira zimenezi, chofunika kakatundu wogulitsa atakhazikitsa osachepera zogulitsa mtengo, pamene nkhokwe ndi ufulu kutenga nawo ntchito yabwino kuti mtengo;
• Kugwa zam'tsogolo mitengo pansipa mtengo wa njira thupi, mwini amagulitsa izo (anachita), potero offsetting imfa ya msika chenicheni;
• ndi kuwonjezeka mu mitengo, iye safuna kusonyeza njira ndi kugulitsa katundu pa mtengo kwambiri okha.

Chachikulu kusiyana kwa mgwirizanowo zam'tsogolo n'chakuti, pamene inu kugula njira yoperekedwa kwa umafunika ena, yotentha zinachitikira si kukwaniritsidwa. Choncho, njira anamuyika angayerekezedwe ndi bwino kuti ife inshuwalansi chikhalidwe - vuto la zochitika akumane (inshuwaransi chochitika) wogwira mwayi wolandira umafunika, ndipo Mwamsanga m'mikhalidwe yachibadwa.

Yankho mtundu kuitanira

• wogwira mwayi ali ndi ufulu (koma osati udindo) kugula chilichonse zam'tsogolo zosakhalitsa mgwirizano pa mtengo zolimbitsa amodzi, ndiye ngati zolinga mtengo pa mapulani mwina akhoza kugwiritsidwa ntchito;
• Wogulitsa onse pa mwake - chifukwa umafunika analandira pa malonda a njira, iye afunika amagulitsa kwa wogula choyamba, mgwirizano zam'tsogolo pa mtengo amenye.

Choncho pali chitetezo gawo zofanana ntchito mu mapangano zam'tsogolo (zam'tsogolo msika). Mbali ya mtundu wa njira kuitana kuti compensates kwa kuchepa kakatundu chofunika mu ndalama osati owonjezera umafunika analandira ndi wogulitsa.

Mitundu ndi njira hedging

Kuyankhula za chotero inshuwalansi chiopsezo, ayenera kumvetsa kuti monga mu ndikupeleka iliyonse pali mbali osachepera awiri, mitundu ya hedging angathe kugawidwa:

• Tchinga Investor (wogula);
• WOPEREKA tchinga (wogulitsa).

Woyamba m'pofunika kuchepetsa Investor mavuto kugwirizana ndi mwina kuwonjezeka mu mtengo wa kugula akufuna. Pankhaniyi, mtengo kusinthasintha bwino hedging options adzakhala:

• kugulitsa kuyika njira;
• ogulidwa mgwirizano zam'tsogolo kapena njira foni.

Ngati chachiwiri, zinthu kosiyana zosiyana - wogulitsa m'pofunika kudziteteza ku kugwa mitengo msika katundu. Choncho, pali njira tchinga n'zosiyana:

• kugulitsa zam'tsogolo;
• kugula kuyika njira;
• kugulitsa losatheka foni.

strategy A ayenera kumvetsa akonzedwa ena a zida zenizeni ndi chikonzero cha ntchito yawo kukwaniritsa chimene mukufuna. Monga ulamuliro, onse hedging njira zochokera chakuti zam'tsogolo ndi mtengo malo a katundu zosiyanasiyana pafupifupi mu kufanana. Izi zimathandiza azilipira zolinga msika zomvetsa anatenga kuchokera kugulitsa katundu weniweni.

Kusiyana pakati pa mtengo anatsimikiza ndi counterparty kuti mankhwala enieni, ndipo mtengo wa mgwirizano zam'tsogolo alandirika monga "maziko". Mtengo wake weniweni anatsimikiza ndi magawo monga kusiyana kwa khalidwe la katundu, mitengo kwenikweni chidwi, mtengo wa katundu ndi zinthu yosungirako. Ngati yosungirako amagwirizana ndi zina ndalama, chifukwa ndi zabwino (mafuta, gasi, si akakhala zitsulo), ndipo nthawi kumene umwini katundu mpaka kulanda ake kuti wogula amabweretsa ndalama zina (mwachitsanzo, zitsulo zamtengo wapatali) adzakhala negative. Iwo ankadziwa kuti phindu lake si nthawi zonse ndipo nthawi zambiri amachepetsa monga njira mawu a mgwirizanowo zam'tsogolo. Komabe, ngati katundu weniweni mwadzidzidzi kuchuluka (zongopeka) kufunika, msika apite okhumudwa, pamene mtengo weniweni adzakhala kwambiri zam'tsogolo.

Choncho, mitala, ngakhale njira yabwino sikuti ntchito - pali mavuto kwenikweni kugwirizana ndi kusintha mwadzidzidzi mu "maziko" imene ili pafupi zosatheka n'chongoletsa mwa hedging.