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一、问题的提出自20世纪70年代起,作为可以有效管理企业金融风险的金融技巧,金融衍生品~①受到了广泛的欢迎。随着美国投资银行对金融衍生品的大量开发,金融衍生品交易市场也得到了快速发展。但是,从20世纪90年代的早期实践到后来全球金融危机中的推波助澜,金融衍生品作为兼具风险管理功能和可创造高额收益的金融商品~②,在享受着相当广泛投资者的“宠爱”的同时,其产生的负面效应也深受诟病。在交易过程中,与销售金融衍生品的金融机构相比,投资者往往处于缺乏相关交易信息的不利地位,即会存在信息
First, the issue raised Since the 1970s, as a financial skill that can effectively manage corporate financial risks, financial derivatives have been widely welcomed. With the U.S. investment bank’s extensive development of financial derivatives, the financial derivatives market has also seen rapid growth. However, from the early practice of the 1990s to the subsequent global financial crisis, as a financial product that combines risk management functions with high returns, financial derivatives enjoy the benefits of a wide range of investors. Pet love "at the same time, its negative effects have also been widely criticized. In the course of the transaction, compared with the financial institutions that sell financial derivatives, investors are often disadvantaged in the lack of relevant transaction information, that is, there will be information