中国期货市场于1990年由郑州粮食批发市场引入期货交易机制算起， 至今已经走过30个春秋。得益于我国市场经济的快速发展，中国期货市场 以短短30年的时间，完成了其他国家期货市场上百年的建设进程，成为了 国际大宗商品流通的第一大市场。随着期货及其衍生品市场的发展，期货公 司传统经纪业务之间的竞争越来越激烈，国内整个期货市场的通道服务出 现严重同质化，期货公司的效益也逐年下滑，需继续寻找新的利润增长点。 期货市场运用期货及其衍生品工具进行套值保值，为实体经济对冲价格风 险。但由于场内期权上市品种较少，无法满足实体企业运用衍生品工具进行 风险对冲的需求，因此场外期权应运而生。 本文首先介绍了场外期权业务产品的研究背景、意义、以及理论基础与 国内外文献的研究情况；其次通过对G公司的现状与创新的必要性进行了 分析后，将期货、期权和场外期权分别进行的套期保值展开对比，证明场外 期权可以为实体企业优化在传统套期保值中存在的缺点；然后通过场外期 权运用到“保险+期货”扶贫项目的案例，分析项目的运转如何为农作物的价 格进行保值；最后本文对场外期权业务产品的发展提出建议以及展望。 G公司通过利用场外期权自身的灵活性和策略组合多变的特点，不断 进行场外期权业务产品的设计，响应国家提出的“金融行业服务实体经济， 服务三农”的号召，为实体企业与农作物价格进行保驾护航，助力贫困地区 脱贫摘帽。这表明G公司不断通过业务产品创新，提升期货市场的风险防 范能力，为打造一流的衍生品行业综合服务平台而努力。 关键词：场外期权 套期保值 “保险+期货”项目 II RESEARCH ON PRODUCT INNOVATION OF OTC OPTION OF G COMPANY ABSTRACT Since the introduction of futures trading mechanism in Zhengzhou grain wholesale market in 1990, China's futures market has gone through 30 years. Thanks to the rapid development of China's market economy, China's futures market has completed the 100-year construction process of other countries' futures markets in just 30 years, and has become the largest market for international commodity circulation. With the development of the futures and derivatives market, the competition between the traditional brokerage businesses of futures companies has become more and more fierce, and the channel service of the whole domestic futures market has become seriously homogenized. The benefits of futures companies have also declined year by year, and they continue to seek for new profit growth points. The futures market uses futures and their derivatives to hedge against price risk for the real economy. However, because there are few kinds of OTC options listed on the stock market, they can not meet the demand of risk hedging by using derivatives, so OTC options emerge. This paper first introduces the research background and significance of OTC options products, as well as the theoretical basis and domestic and foreign literature, and then through the analysis of g company's current situation and the necessity of innovation, the comparison of futures, options and OTC hedging shows that OTC options can optimize the traditional hedging for the entity Then through the use of OTC options to "insurance + futures" poverty alleviation project case, analysis of how the operation of the project to preserve the value of crop prices, and finally this paper puts forward suggestions and prospects for the development of OTC options business. By taking advantage of the flexibility of OTC options and the changeful III combination of strategies, G company continuously designs OTC options products and responds to the national call that "the financial industry serves the real economy and agriculture, rural areas and farmers" , for the entity business and the crop price carries on the escort escort, helps the poor area to lift out of poverty the CAP. This shows that G company constantly through business product innovation, improve the futures market risk prevention ability, to build a first- class derivatives industry integrated service platform. KEY WORDS：OTC Option；Hedging；“Insurance + Futures” Project IV 目录 摘要 .................................................................. I ABSTRACT ............................................................... II 第一章 导论 ............................................................. 1 1.1研究背景和意义 ........................................................ 1 1.1.1 研究背景 ............................................................ 1 1.1.2 研究意义 ............................................................ 1 1.2研究内容与方法 ........................................................ 2 1.2.1 研究内容 ............................................................ 2 1.2.2 研究方法 ............................................................ 2 1.3研究思路 .............................................................. 2 1.4可能的创新点 .......................................................... 3 第二章 相关理论基础及文献综述 ........................................... 4 2.1 期货和期权发展理论基础 ................................................ 4 2.1.1期货和期权套期保值理论 .............................................. 4 2.1.2场内期权和场外期权 .................................................. 7 2.1.3商品期货以及场内外期权的对比 ........................................ 9 2.2期货行业现状及国内外研究综述 ......................................... 10 2.2.1期货行业现状 ....................................................... 10 2.2.2 国内期货业务产品创新发展研究综述 ................................... 13 2.2.3 国外期货业务产品创新发展研究综述 ................................... 14 第三章 G公司现状及创新的必要性 ......................................... 16 3.1 G公司现状 ........................................................... 16 3.1.1 G公司简介 ......................................................... 16 3.1.2 G公司经营情况 ..................................................... 17 3.2 G公司期货业务产品创新的必要性 ....................................... 18 3.2.1 衍生品市场推陈出新的大环境的驱动 ................................... 18 V 3.2.2. 服务实体企业、精准扶贫的要求 ...................................... 18 3.2.3. 增加收入来源的需求 ................................................ 19 3.3实现G公司期货业务产品的可持续发展 ................................... 19 3.3.1 G公司的内部优势和劣势 ............................................. 20 3.3.2 G公司的外部环境机会和威胁 ......................................... 21 3.3.3 G公司的发展方向 ................................................... 22 第四章 实体企业在运用传统套期保值存在的不足与创新改进 ................... 24 4.1G公司运用传统与创新业务产品的对比分析 ................................ 24 4.1.1背景资料 ........................................................... 24 4.1.2 运用期货进行传统的套期保值 ......................................... 24 4.1.3运用场外期权进行创新的套期保值 ..................................... 25 4.1.4两种产品在套期保值上的对比 ......................................... 25 4.2传统场内套期保值产品的不足 ........................................... 27 4.2.1期现价格存在基差变动导致风险敞口 ................................... 27 4.2.2期货套保头寸与现货数量不匹配 ....................................... 28 4.2.3非主力合约流动性不高 ............................................... 28 4.2.4期货套保头寸出现亏损，增加大量资金成本 ............................. 28 4.2.5场内期权品种较少，不能满足企业套保需求 ............................. 29 4.3场外期权产品的创新之处 ............................................... 29 4.3.1个性化定制满足不同需求 ............................................. 29 4.3.2资金成本低，收益率高 ............................................... 29 4.3.3交易策略灵活多变 ................................................... 30 第五章 G公司场外期权业务产品创新的应用评价及建议 ...................... 33 5.1 G公司“保险+期货”扶贫项目 .......................................... 33 5.2 G公司应用实例 ....................................................... 34 5.2.1内蒙古玉米“保险+期货”项目 ........................................ 34 5.2.2云南省天然橡胶“保险+期货”项目 .................................... 36 5.3应用评价 .............................................................