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2.3 Hedging Employee Stock Options 对冲员工股票期权
2.4 Hedging fuel consumption 对冲燃油消耗
3. Types of hedging 套期保值的类型
3.1 Hedging strategies 对冲策略
3.1.1 Financial derivatives such as call and put options 金融衍生工具如看涨和看跌期权
4. Natural hedges 自然对冲
5. Categories of hedgeable risk 可对冲风险的分类
6. Hedging equity and equity futures 对冲股权和股权期货
6.1 Futures hedging 期货套期保值
6.2 Contract for difference 价差合约
7. Related concepts 相关概念
8. See also 另见
8.1 Accountant views 会计师观点
9. References 参考文献
10 External links 外部链接
Etymology 词源
Hedging is the practice of taking a position in one market to offset and balance against the risk adopted by assuming a position in a contrary or opposing market or investment. The word hedge is from Old English hecg, originally any fence, living or artificial. The use of the word as a verb in the sense of “dodge, evade” is first recorded in the 1590s; that of insure oneself against loss, as in a bet, is from 1670s.
对冲交易的做法是在一个市场中采取一种立场去抵消和平衡风险，在一个相反或对立的市场或投资中扮演某一个角色。对冲这个词出自旧式英语hecg，原本是指任何天然或人工的围栏。这个当作“躲闪，回避”来用的动词首度在1590年代有记载，在赌注中保证自己不受损失的意思则出自1670年代。
Examples 例子
Agricultural commodity price hedging 农业商品价格的对冲
A typical hedger might be a commercial farmer. The market values of wheat and other crops fluctuate constantly as supply and demand for them vary, with occasional large moves in either direction. Based on current prices and forecast levels at harvest time, the farmer might decide that planting wheat is a good idea one season, but the forecast prices are only that — forecasts. Once the farmer plants wheat, he is committed to it for an entire growing season. If the actual price of wheat rises greatly between planting and harvest, the farmer stands to make a lot of unexpected money, but if the actual price drops by harvest time, he could be ruined.
一个典型的对冲者可能是一个农商。小麦和其他作物的市场价值因为供应和需求各不相同而不断波动，偶尔在某一个方向有大幅度动作。根据目前的价格和在收割时的预测水平不一定准确，因为农民可能半途决定在某一个季节改种小麦是一个好主意，因此预测价格就只是一个预测。农民一旦开始种小麦，他就必须为整个生长季节付出努力。如果小麦的实际价格在种植与收成之间大幅度上涨，农民就会赚到很多意想不到的钱，但是，如果实际价格在收成时下降，他可能要倒贴。
If at planting time the farmer sells a number of wheat futures contracts equivalent to his anticipated crop size, he effectively locks in the price of wheat at that time: the contract is an agreement to deliver a certain number of bushels of wheat to a specified place on a certain date in the future for a certain fixed price. The farmer has hedged his exposure to wheat prices; he no longer cares whether the current price rises or falls, because he is guaranteed a price by the contract. He no longer needs to worry about being ruined by a low wheat price at harvest time, but he also gives up the chance at making extra money from a high wheat price at harvest times.
如果在播种期间，农民出售的小麦期货合约相当于他预计的农作物规模的数量，他就有效地锁定了当时的小麦价格：合同是一种要把一定数量的小麦在未来的固定日期以固定定价交付到指定的地点的协议。农民自己以小麦价格公开对冲，他就不必再关心目前的价格上升或下降，因为他已经得到合同的价格保证。他不必再担心小麦价格在收成时会被拉低，但他也放弃了在收成时小麦价格升高能赚到更多钱的机会。
Hedging a stock price 对冲股票价格
A stock trader believes that the stock price of Company A will rise over the next month, due to the company’s new and efficient method of producing widgets. He wants to buy Company A shares to profit from their expected price increase. But Company A is part of the highly volatile widget industry. If the trader simply bought the shares based on his belief that the Company A shares were underpriced, the trade would be a speculation.
一名股票交易员相信A公司的股票价格将会在下个月上涨，那是因为该公司刚开发出新的和有效生产部件的方法。他想购买A公司的股票，从他们预计的价格上涨中获利。但是A公司只是极不稳定的部件行业中的一部份。如果交易员只是相信A公司的股票被低估而买入，这种交易就是一种炒作。
Since the trader is interested in the company, rather than the industry, he wants to hedge out the industry risk by short selling an equal value (number of shares × price) of the shares of Company A’s direct competitor, Company B.
由于交易员只对公司而不是整个工业感兴趣，他要通过对冲去抛空A公司的最大竞争对手B公司同等价值的股份（股数×价格）。
The first day the trader’s portfolio is:
交易员第一天的投资组合是：
(Notice that the trader has sold short the same value of shares)
(请注意交易员卖空的股值相等)
If the trader was able to short sell an asset whose price had a mathematically defined relation with Company A’s stock price (for example a put option on Company A shares), the trade might be essentially riskless. In this case, the risk would be limited to the put option’s premium.
如果交易员能够抛空一个在数学定义与上A公司的股票价格有关（例如对A公司股票的看跌期权）的资产，就可能是一个没有基本风险的交易。在这种情况下，风险将只限于看跌期权的溢价。
On the second day, a favorable news story about the widgets industry is published and the value of all widgets stock goes up. Company A, however, because it is a stronger company, increases by 10%, while Company B increases by just 5%:
第二天，一个有利于部件行业的新闻报道刊登，所有部件的股票价值都上涨。但是，A公司是一个比较强大的公司，股值上涨了10％，而B公司只涨了5％，投资组合的变动如下：
长盘的A公司那一千股每股值1.10元，获利100元
短盘的B公司那五百股每股值2.10元，损失50元
(In a short position, the investor loses money when the price goes up.)
(在短盘卖空的部份，价格上涨时投资者就亏损)
The trader might regret the hedge on day two, since it reduced the profits on the Company A position. But on the third day, an unfavorable news story is published about the health effects of widgets, and all widgets stocks crash: 50% is wiped off the value of the widgets industry in the course of a few hours. Nevertheless, since Company A is the better company, it suffers less than Company B:
交易员可能会后悔第二天的对冲，因为短盘这一边减少了A公司那一边的利润。到了第三天，一个不利的新闻报道发表了相关部件对健康的不良影响，所有跟部件有关的股市崩溃：50％部件行业的市值在几个小时内被刮掉。不过，因为A公司是更好的公司，遭受的损失就比B公司来得少，投资组合的变动如下：
Value of long position (Company A):
长盘部的价值（A公司）：
第1天：$ 1,000
第2天：$ 1,100
第3天：$ 550 =>（$ 1,000 – $ 550）= $450的损失
Value of short position (Company B):
短盘部的价值（B公司）：
第1天： – $ 1,000
第2天： – $ 1,050
第3天： – $ 525 =>（$ 1,000 – $ 525）= $475元的利润
Without the hedge, the trader would have lost $450 (or $900 if the trader took the $1,000 he has used in short selling Company B’s shares to buy Company A’s shares as well). But the hedge – the short sale of Company B – gives a profit of $475, for a net profit of $25 during a dramatic market collapse.
没有对冲的话，交易员就会损失450元（或$900，如果交易员用卖空B公司股份的一千元去买A公司的股份）。但对冲卖空B公司的获利是475元，在一个戏剧性的市场崩盘中净赚了25元。
Hedging Employee Stock Options 对冲员工股票期权
Employee Stock Options are securities issued by the company generally to executives and employees. These securities are more volatile than stock and should encourage the holders to manage those positions with a view to reducing that risk. There is only one efficient way to manage the risk of holding employee stock options and that is by use of sales of exchange traded calls and to a lesser degree by buying puts. Companies discourage hedging versus ESOs but have no prohibitions in their contracts.
员工股票期权是由该公司发行给一般管理人员和员工的证券。这些证券比股市更为波动，应该鼓励持有人以减少这种风险的观点来管理。只有一个有效的方式来管理控股员工股票期权的风险，那就是使用交易所买卖的呼叫销售，较低程度地购买看跌期权。大部份公司都不鼓励与ESOs对冲，但是在合约中并没有禁止。
Hedging fuel consumption 对冲燃油消耗
Airlines use futures contracts and derivatives to hedge their exposure to the price of jet fuel. They know that they must purchase jet fuel for as long as they want to stay in business, and fuel prices are notoriously volatile. By using crude oil futures contracts to hedge their fuel requirements (and engaging in similar but more complex derivatives transactions), Southwest Airlines was able to save a large amount of money when buying fuel as compared to rival airlines when fuel prices in the U.S. rose dramatically after the 2003 Iraq war and Hurricane Katrina.
航空公司使用期货合约和衍生工具去对冲燃油价格的风险。他们知道，只要他们想要继续营业，就必须购买喷射机燃料，而燃油价格的波动性是出了名的。通过使用原油期货合约去对冲对燃油的需求（和从事类似但更复杂的衍生产品交易），比起竞争对手的航空公司，美国的燃料价格在2003年的伊拉克战争和“卡特里娜”飓风过后大幅度上涨，西南航空公司就能够节省大量的资金来购买燃油。
Types of hedging 套期保值的类型
Hedging can be used in many different ways including foreign exchange trading.[3] The stock example above is a “classic” sort of hedge, known in the industry as a pairs trade due to the trading on a pair of related securities. As investors became more sophisticated, along with the mathematical tools used to calculate values (known as models), the types of hedges have increased greatly.
套期保值可以用在许多不同地方，包括外汇交易。上述股票的例子是“经典”的对冲，在业内被称为双贸易，因为是在一对相关的证券上进行交易。由于投资者变得更有技巧，加上用来计算价值(成为模式)的数学工具，对冲类型也大大地增加。
Hedging strategies 对冲策略
Examples of hedging include:
套期保值的例子有：
This is a list of hedging strategies, grouped by category.
这是一个按照类别分组的对冲策略的列表。
Financial derivatives such as call and put options
金融衍生工具如看涨和看跌期权的有：
风险逆转 ： 同时购买看涨期权和卖出看跌期权，这么做有模拟股票或商品的长 盘部的效果。