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期货期末考简答题答题

期货期末考简答题答题
期货期末考简答题答题

1现代期货交易的功能

(1)套期保值,回避价格风险

(2)发现价格,形成公正权威价格

(3) 成为现货基准价格

(4)合理利用闲置资金

(5) 促进经济国际化

(6)降低交易成本

(7)提供了新的投资机会

2期货的种类有哪些?

期货种类有两大类,即商品期货和金融期货。

一、商品期货是期货交易的起源种类。国际商品期货交易的品种随期货交易发展而不断变化,交易品种不断增加。从传统的农产品期货,发展到经济作物、畜产品、有色金属和能源等大宗初级产品。

二、金融期货是指交易双方同意在约定的将来某个日期按约定的条件买入或卖出一定标准数量的某种金融工具的标准化合约。金融期货交易是在指定的交易所内以公开叫价的方式来完成的,其交易的期货合约都是标准化的;同时每家期货交易所都有一家结算所来配合,保证买卖双方对合约的履行。包括1、外汇期货2、利率期货3、股票价格指数期货

3期货交易所的组织形式有哪些?

期货交易所的组织形式有公司制和会员制。

1、会员制期货交易所的组织结构是由会员大会、理事会、专业委员会和业务管理部门四部分构成。其中会员大会是期货交易所的最高权力机构,理事会是会员大会的常设机构,专业委员会职责由理事会确定,并对理事会负责。业务管理部门负责交易所的各项日常工作。

2、公司制期货交易所的组织结构由股东大会、董事会、监事会和经理机构四部分构成。其各部分构成和相互制衡关系与一般的公司企业的治理结构类似。

4套期保值的作用

1、回避现货交易价格波动带来的风险

2、是期货市场价格发现的基础之一

3、锁定相关品种的成本,稳定产值、利润

4、减少资金占用

5、提前安排运输和仓储,降低储运成本

6、提供购、销时机的选择性和灵活性

7、能够提高企业的借贷能力

5套期保值交易应遵循的原则

1、数量相等原则

2、时间相同或相近原则

3、方向相反原则

4、品种相同原则

6期货套利的类型

1、套期交易从操作上分类

1)期货合约平仓套利(分为期现套利和期货合约对冲套利)

2)跨市套利

3)跨期套利

4)跨商品套利

2、从操作原理分为价值型套利和趋利型套利

7.会员制和公司制期货交易所的区别

(1)、是否以盈利为目标、会员制期货交易所通常不以盈利为目标;公司制期货交易所通常是以盈利为目标,追求交易所利润最大化。

(2)、适用法律不同。会员期货交易所一般适用于民法的有关规定;公司制期货交易所首先适用公司法的规定,只有在公司法未做规定的情况下,才适用于民法的一般规定。

(3)、决策机构不同。会员制期货交易所的最高权利机构是会员大会,公司制期货交易所的最高权力机构是股东大会。会员制期货交易所最高权利机构的常设机构是理事会,公司制期货交易所最高权利机构的常设机构是董事会。

8.投机与套期保值的区别

(1)交易目的不同。前者赚取价差,后者规避价格波动

(2)交易方式不同。前者单个市场操作、后者两个市场同时操作

(3)交易风险不同。前者主动承担风险,后者规避风险

9套期保值避险效果的影响因素。

①时间差异的影响:对一个品种进行套期保值时,往往有若干不同月份的期货合约可供选择;

期货价格与现货价格的波幅时常不一致。

②地点差异的影响。

③品质规格差异的影响。

④数量差异的影响。

10基本面分析方法主要包括影响期货价格的哪些因素。

⑤商品期货的供给与需求。商品期货的供给包括:前期库存量、期内生产量、期内进口量;

商品期货的需求包括:期内消费量、期内出口量、期末商品结存量。

⑥经济因素。包括货币供应量、利率、贴现率、汇率

⑦政治因素。国内方面如政变、罢工、内战、大选、劳资纠纷;国际方面如战争、冲突、经

济制裁等。

⑧政策因素。政府的期货市场管理政策、贸易政策。

⑨自然因素。气候条件、地理变化和自然灾害等。

⑩投机和心理因素:两者互相印证,互相推动。

?大户操纵因素。

11简述期货交易与现货交易之间的联系与区别

联系:现货交易是指买卖双方根据商定的支付方式与交货方式,采取即时或在较短时间内进行实物商品交收的一种交易方式;期货交易是指在期货交易所内集中买卖期货合约的交易活动。

其交易对象是标准化的期货合约。期货合约是指由期货交易所统一制定的、规定在将来某一特定的时间和地点交割一定数量和质量商品的标准化合约。期货市场是专门买卖标准化期货合约的市场。期货市场是以现货交易为基础,在现货交易发展到一定程度和社会经济发展到一定阶段才形成与发展起来的。期货交易与现货交易互相补充,共同发展。

区别:交割时间、交易对象、交易目的(现货:买卖商品;期货:套利保值)、交易场所(现货:无限制;期货:期货交易所)、结算方式(现货:一次结清;期货:保证金结算)

12期货交易与远期交易的联系与区别

联系:期货交易是指(同题2),远期交易是指买卖双方签订远期合同,规定在未来某一时间进行实物商品交收的一种交易方式。远期交易的基本功能是组织远期商品流通,进行的是未来生产出的、尚未出现在市场上的商品的流通。而现货交易组织的是现有商品的流通,因而远期交易在本质上属于现货交易,是现货交易在时间上的延伸。期货交易与远期交易均为买卖双方约定于未来某一特定时间以约定价格买入或卖出一定数量的商品。

区别:交易对象(远期:非标准化合约;期货:标准化合约)、功能作用(远期:调节供求、

减少价格波动;期货:规避风险、发现价格)、履约方式(远期:实物交割;期货:实物交割和对冲平仓)、信用风险(远期:大;期货:小)、保证金制度(远期:自由商定;期货:特定)

13简述套期保值的利弊

利:能够规避原材料价格上涨所带来的风险、提高了企业资金的使用效率、节省了仓储费用、保险费用和损耗费用、能够促使现货合同的早日签订

弊:买入套期保值交易会失去价格下跌的好处。在买入套期保值操作中,则失去了由于价格下跌而可能获得低价买进商品的好处。

14简述期权与期货的联系和区别

联系:都是在有组织的场所——期货交易所或期权交易所内进行交易。

场内交易都采用标准化合约方式。

都由统一的清算机构负责清算,清算机构对交易起担保作用。

都具有杠杆作用。

区别:期权的标准化合约与期货的标准化合约有所不同。

买卖双方的权利与义务不同。

履约保证金规定不同。

两种交易的风险和收益有所不同

15期货交易的特征有哪些?

1、交易的标的物是金融商品。这种交易对象大多是无形的、虚拟化了的证券,它不包括实际存在的实物商品;

2、金融期货是标准化合约的交易。作为交易对象的金融商品,其收益率和数量都具有同质性、不交性和标准性,如货市币别、交易金额、清算日期、交易时间等都作了标准化规定,唯一不确定是成交价格;

3、金融期货交易采取公开竞价方式决定买卖价格。它不仅可形成高效率的交易市场,而且透明度、可信度高;

4、金融期货交易实行会员制度。非会员要参与金融期货的交易必须通过会员代理,由于直接交易限于会员之同,而会员同时又是结算会员,交纳保征金,因而交易的信用风险较小,安全保障程度较高;

5、交割期限的规格化。金融期货合约的交割期限大多是三个月,六个月,九个月或十二个月,最长的是二年,交割期限内的交割时间随交易对象而定。

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