衍生性金融商品

Derivatives also create a daisy-chain risk that is akin to the risk run by insurers or reinsurers that lay off much of their business with others. In both cases, huge receivables from many counterparties tend to build up over time.(At Gen Re Securities, we still have $6.5 billion of receivables, though we've been in a liquidation mode for nearly a year.) A participant may see himself as prudent, believing his large credit exposures to be diversified and therefore not dangerous. Under certain circumstances, though, an exogenous event that causes the receivable from Company A to go bad will also affect those from Companies B through Z. History teaches us that a crisis often causes problems to correlate in a manner undreamed of in more tranquil times.

衍生性金融商品交易也有可能造成骨牌效应的风险，这是因为许多保险业及再保业者习惯将风险分散给其它保险公司，在这类的情况下，钜额的应收款项将随着交易对象的日趋复杂而持续累积，(以通用再保证券来说，虽然已经经过将近一年的清算期，目前仍有高达65亿美元的应收款项流通在外)，交易的一方或许对于自己相当有信心，认为其钜额的信用风险已经经过适度的分散，因此不会发生任何危险，只有等到某种特殊状况下，一个外部事件导致 A 公司的应收帐款发生问题，从而影响 B 公司，乃至于一路到 Z 公司，历史教训告诉我们危机的发生往往是我们在太平盛世时所梦想不到一连串问题串连所导致的。

The need to meet this demand can then throw the company into a liquidity crisis that may, in some cases, trigger still more downgrades. It all becomes a spiral that can lead to a corporate meltdown. Derivatives also create a daisy-chain risk that is akin to the risk run by insurers or reinsurers that lay off much of their business with others. In both cases, huge receivables from many counterparties tend to build up over time.(At Gen Re Securities, we still have $6.5 billion of receivables, though we've been in a liquidation mode for nearly a year.) A participant may see himself as prudent, believing his large credit exposures to be diversified and therefore not dangerous. Under certain circumstances, though, an exogenous event that causes the receivable from Company A to go bad will also affect those from Companies B through Z. History teaches us that a crisis often causes problems to correlate in a manner undreamed of in more tranquil times.

衍生性金融商品交易也有可能造成骨牌效应的风险，这是因为许多保险业及再保业者习惯将风险分散给其它保险公司，在这类的情况下，钜额的应收款项将随着交易对象的日趋复杂而持续累积，(以通用再保证券来说，虽然已经经过将近一年的清算期，目前仍有高达 65 亿美元的应收款项流通在外)，交易的一方或许对于自己相当有信心，认为其钜额的信用风险已经经过适度的分散，因此不会发生任何危险，只有等到某种特殊状况下，一个外部事件导致 A 公司的应收帐款发生问题，从而影响 B 公司，乃至于一路到 Z 公司，历史教训告诉我们危机的发生往往是我们在太平盛世时所梦想不到一连串问题串连所导致的。

"I'd never heard of derivatives,"she says "I cried and she cried."

"我从来也没有听说过衍生性金融商品。我和妈都哭了。"

In this study, we use a sample of 186 firms in Taiwan that have export ratio for at least 10 percent in the sample period to examine their exchange rate exposures and the effect of usage of currency derivatives on currency exposures. In the determinants of exchange rate exposure, we find that exchange rate exposure is positively related to the foreign sales ratio, firm size and quick ratio.

过去相关外汇暴露的文献，主要在讨论国际企业的外汇暴露的大小与其决定因子，受限於企业使用衍生性金融商品交易资料取得不易，过去的模型中通常仅以虚拟变数的方式，来分析公司使用衍生性金融商品避险的影响，而未进一步分析其使用程度对外汇暴露的影响。

Education degree is different the primary variables is bond, savings, fund and Yan's natural disposition financial goods. Manage money matters the tool is to the fund and real estate.

教育程度不同，对债券、储蓄、基金、衍生性金融商品理财工具了解程度有显著差异，理财工具使用对基金、房地产有显著差异。

Since bubble of the network of the second season of 2000 investors' investment psychology has produced some changes, let structural formula bond wait derivative financial goods born because of answering too.

从2000年第二季网路泡沫化以来投资人的投资心态产生了一些变化，因此也让结构式债券等衍生性金融商品因应而生。

In recent years, the financial market had a quick development and the stock, bond and other derivative financial instruments were unceased weeding through the old to bring forth the new, the investors had many opportunities to choose among those portfolios.

近年来金融市场的活络及股票、债券及其他衍生性金融商品不断的推陈出新，投资者有更多投资商品可供选择，却也存在著因股价、利率、汇率等价格波动形成的风险。

The high level cheats of the consuming society recruited the best men to do brain storming, to invent the " derivative financial goods " that even debts can be securitilized; they were roaming around to suck the money, to pay the commissions, rewards and others by the principals, and the break appeared immediately to form the black hole of finance.

消费型社会的高层骗徒则召募最顶尖的人才，挤尽脑汁，发明了所谓的「衍生性金融商品」，连债务都可以证券化；他们飞来飞去吸金，吸入本金用以支付佣金、奖金、其它支出---等等，马上出现缺口，形成一个金融黑洞。

The derivative contracts that Gen Re wrote are not similar to the super cat insurance we're writing. We're reinsuring personal or business risks others don't want to or are unable to bear. In our view, it made no sense to be in the derivatives business.

Gen Re签订的衍生性金融商品合约与超级灾难保险保单并不相同，我们承接的再保业务是个人或企业不想或无法承担的风险，在我们看来，衍生性金融商品业务并没有存在的意义。

If our derivatives experience – and the Freddie Mac shenanigans of mind-blowing size and audacity that were revealed last year – makes you suspicious of accounting in this arena, consider yourself wised up. No matter how financially sophisticated you are, you can't possibly learn from reading the disclosure documents of a derivatives-intensive company what risks lurk in its positions. Indeed, the more you know about derivatives, the less you will feel you can learn from the disclosures normally proffered you. In Darwin's words," Ignorance more frequently begets confidence than does knowledge."

如果在看到我们处理衍生性金融商品的经验，加上Freddie Mac去年被揭发大规模的舞弊行为后，让你开始怀疑这方面的会计原则，这就表示你变聪明了，不管你具备有多丰富的金融知识，你都无法经由阅读这些从事衍生性金融商品公司的相关揭露文件来了解它到底背负了多少潜藏的风险，事实上，你越了解这些衍生性金融商品，你就越知道这些制式文件能够给你的讯息多么地有限，套句达尔文的话，初生之犊不畏虎，越无知胆子越大，越有经验就越怕死。

Plunder melds and run with this jewel!

掠夺melds和运行与此宝石！

My dream is to be a crazy growing tree and extend at the edge between the city and the forest.

此刻，也许正是在通往天国的路上，我体验着这白色的晕旋。