Advantages and Disadvantages Hedging是套期保值的優(yōu)缺點(diǎn)的意思，在FRM考試中主要包含什么，今天，融躍小編為你說(shuō)說(shuō)！>>>點(diǎn)擊領(lǐng)取2021年FRM備考資料大禮包（戳我免·費(fèi)領(lǐng)?。?/span>

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Hedging（套期保值）：Disadvantages（缺點(diǎn)）

In Theory：理論上

Assume no transaction costs or taxes. The perfect capital markets assumption is not realistic in practice. （假設(shè)沒(méi)有交易成本或稅收，完全資本市場(chǎng)假設(shè)在實(shí)踐中是不現(xiàn)實(shí)的）

In Practice：在實(shí)踐中

Distract management from Its core business. （分散管理層對(duì)其核心業(yè)務(wù)的注意力）

Requires specialized skills, knowledge, infrastructure, and data acquisition and processing effort. （需要專業(yè)技能、知識(shí)、基礎(chǔ)設(shè)施以及數(shù)據(jù)采集和處理工作）

A risk management strategy can drag a firm down even more quickly than the underlying risk. （風(fēng)險(xiǎn)管理策略可能會(huì)比潛在風(fēng)險(xiǎn)更快地拖累公司）

Even a well-developed risk management strategy has compliance costs（即使是一個(gè)完善的風(fēng)險(xiǎn)管理策略也會(huì)帶來(lái)合規(guī)成本）

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Advantages（優(yōu)點(diǎn)）：

In Practice：在實(shí)踐中

Possibility of lowering its cost of capital（降低資本成本的可能性）

Reducing the volatility of its earnings/cash flows Allow management to control its financial（減少其收益/現(xiàn)金流的波動(dòng)性使管理層能夠控制其財(cái)務(wù)狀況）

performance to meet the requirements of the board of directors.（業(yè)績(jī)達(dá)到董事會(huì)要求）

Result in operational improvements within a firm.（導(dǎo)致公司內(nèi)部的運(yùn)營(yíng)改進(jìn)）

Derivatives: cheaper than purchasing an insurance policy（衍生品：比購(gòu)買(mǎi)保險(xiǎn)更便宜）

The existence of progressive tax rates may result in volatile earnings (wrth no hedging).（累進(jìn)稅率的存在可能導(dǎo)致收益波動(dòng)（無(wú)對(duì)沖））