A discussion on derivative accounting perspective tool for risk analysis of the causes and preventio.docx
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A discussion on derivative accounting perspective tool for risk analysis of the causes and preventio.docx
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Adiscussiononderivativeaccountingperspectivetoolforriskanalysisofthecausesandpreventio
Adiscussiononderivativeaccountingperspectivetoolforriskanalysisofthecausesandpreventionof
[Abstract]Inrecentyears,China’sfinancialmarketsbytheincreasinginfluenceofinternationalfinancialmarkets,derivativesinthedevelopmentofChina’sfinancialmarkethasbecomeincreasinglyimportant,sowemustpayfullattentiontotheriskofderivativesandestablishasoundriskpreventionsystemInthispaper,startingfromthederivativesofaccountingconcepts,typesandcausesofderivativesriskanalysis,andonthisbasis,nevertheperspectiveofpreventionmeasurestoderivativerisk.
[PaperKeywordsderivatives,risk,causes,prevention
Sincethebeginningofthetwenty-firstcentury,withthedeepeningofthedevelopmentofworldeconomyandinternationalfinancialmarkets,thenewderivativevarietiescontinuetoemerge,whichhasbroughthugebenefitstofinancialinstitutionsandenterprisesatthesametimeitalsobringsalotofrisk.causedbythederivativescrisismakespeoplebegantore-examineitsrole,anewsubjecttotherelevantemployees.
AderivativesaccountingconceptsDerivativesinthenativefinancialinstrumentsbasedonthedevelopmentofnewfinancialinstruments.Correspondingly,thederivativesmarketandthenativefinancialmarketsareinextricablylinkedtoderivativeinstrumentsistheproductoffinancialinnovationinthefinancialinstrumentsofthenativehighlydevelopedunderthepremise.
(1)U.S.FinancialAccountingStandardsBoardonthedefinitionofderivatives
TheU.S.FinancialAccountingStandardsBoard(FASBdefinedinSFAS119derivatives,futurescontracts,forwardcontracts,swapsandoptionscontractsandsimilarfinancialinstruments,suchastheupperlimitandlowerlimitoftheinterestrateandfixedrateborrowingsobligations(commitments.
(2)InternationalAccountingStandardsBoardonthedefinitionofderivativesTheInternationalAccountingStandardsCommittee(IASConthedefinitionofderivativesisdeterminedbytheInternationalAccountingStandard39(IAS39,derivativesreferstofinancialinstrumentswiththefollowingcharacteristics:
First,itsvaluewithaspecificinterestrate,exchangeratepriceorinterestrateindex,securitiesprices,commodityprices,creditratingorcreditindexorsimilarvariablechangesandchangesdonotrequireaninitialnetinvestment,orcomparedwithothertypesofcontractsthathaveasimilarresponsetochangesinmarketconditions,requirelessnetinvestmentandissettledatafuturedate.
3thedefinitionofderivatives2006,Chinapromulgatedanewcorporateaccountingstandardsanditsconvergencewithinternationalaccountingstandards,duetotherelativelycloseddomesticcapitalmarkets,derivativesandemergingproducts.Therefore,thedefinitioninthedefinitionofderivativesandtheInternationalAccountingStandards.
Second,theriskofderivatives(AtypeofderivativeriskDerivativesasahedgingtool,whileinitselfthereisariskinnormalcircumstances,theriskofderivativesisdefinedasthedegreeofinstabilityofderivativesoffutureearningssincethe1990s,derivativestradingfailureTheeventsleadingtohugelosseshaveoccurred,resultinginturbulentfinancialmarketsathomeandabroad,theriskofderivativesistheincidentbecameahottopicofdiscussionoftheglobaleconomy,finance,andeventhemedia.
BaselCommitteeonBankingSupervisionpublishedonJuly27,1994>><<derivativesriskmanagementguidelines,risktypesofderivativesclassifiedintofivecategories:
MarketriskMarketriskisduetotheunderlyingfinancialinstruments(suchasstockindices,interestrates,exchangerates,pricechanges,andthentothederivativefinancialtransactionstobringariskoflossofmarketriskisthemostcommonrisk,avarietyofderivativestheexistenceofsuchrisks.Thereasonis:
thederivativesofeachtopredictchangesinthepriceoftheunderlyingfinancialproducts,basedonthepredictionoftheactualpricechangesindirectionorvolatilityandtradingdifferent,withbringmarketrisk.
CreditriskCreditriskistheriskinderivativestransactions,apartytothetransactioncausedbythebreachofcontract.DerivativescreditriskarisesmainlyfromtheOTC,thisisbecauseofthedealforthevenue,duetotheExchangestrictcompliance,hedge,warrantiesandotherinstitutionalconstraints,andthusthereisgenerallynocreditrisktransactionbehavior,OTC,theabsenceofastrictsystemofconstraints,resultinginthepossibilityofcreditrisk.
(3)liquidityrisk.Liquidityriskreferstothederivativesholderscannotfindshippingoropenopportunitiesfortherisksposedbyderivativefinancialmarketliquidityriskofderivativesmainlyincludetwocategories:
oneisrelatedtomarketconditionsandmarketliquidityrisktheriskoflackofcontractualcounterpartiescannotberealizedoropenposition.aclasswiththetotalcapitalpositionofliquidityriskthatthecounterpartiesbecauseofthelackofliquidity,whenthecontractexpires,youcannotfulfillpaymentobligations,forcedtofileforbankruptcyorisunabletocontractrequirements,margincalls,forcedtoopen,resultingintheriskofhugelosses.
OperationalriskOperationalriskistheriskoflossduetointernalmismanagement,failureofthesettlementsystem,operationalerrors,aswellashumanfactorsandotherreasons,thesemistakesisessentiallyamanagementproblem.Thisduetointernalmismanagement,humanTheerrorcausedbytheloss,includingintentionalerrorsorunintentionalmistakestradersmaketradingdecisions,andthustheriskoflosstotheenterprise.
5legalrisk.Legalriskreferstotheriskoflossresultingfromcontractsinthelegaldefectorunabletofulfillthelegalrisksofderivativestoacertainextentduetotheexcessivedevelopmentofthemarket.Atpresent,thegrowthofderivativefinancialtransactionsmuchfasterthanthemarketbuildingotheraspectsofthederivativesarenewfinancialinstruments,lawsandregulationsarenotperfect,nolawsandnocasesfollowoften.
(B)Derivativesriskcauses1derivativesofcharacteristics(1derivativederivativesonthebasisoffinancialinstruments“derived”from,thevalueandbasicfinancialinstrumentsthathaveahighercorrelation,facingtheriskofmarketpricefluctuations,itisbasedonfuturetransactionswiththeunderlyingfinancialinstrumentsarerelativelymoresensitivetopricechanges,thegreatervolatility.
(2leveragedderivativetransactionsdoesnotrequireaninitialnetinvestment,andgenerallyonlyneedtopayasmalldepositorroyaltycanbeenteredintothelargelong-termcontractsorexchangeofdifferentfinancialinstruments.Transactionhasgreatleverage,minorchangesofthepricesofbasictoolsarelikelytocauseahugeloss,especiallythetradingpartytheeventofdefaultoccurs,thehugevolumeoftransactionswillcausetheentiremarketperformancerisk.
(3)speciesdiversityandcomplexityofthestructure.Derivativesinnovation,moreandmorecomplexstructure,difficultoperation,anumberofprofessionaltraders,itsverydifficulttohaveafullunderstandingandknowledgeofordinarytransactionsmoredifficulttocontrol,willundoubtedlyincreasetherisk.
Financialregulatorydifficulties(Asaninnovativeproduct,leadtoregulationofderivativesinnovationislaggingbehind.Derivativefinancialproductscontinuetoincreaseanditisdifficulttodistinguishbetweenliquidityenhancement,blurringtheboundariesoffinancialenterprises,andincreasethedifficultyoffinancialsupervision,itssideeffectsconstitutethefinancialbusinessandthepotentialthreatoftheentirefinancialsystem.Sharethefreepaper
(Witheconomicglobalizationandthegradualopeningupoftheworld’sfinancialmarkets,formingafull-timearea,afullrangeofintegratedinternationalfinancialmarkets,derivativesinvestorsworldwideforinvestmentandspeculation,tochasehigh-yieldandhighliquidityandincreasethedifficultyofthefinancialregulation,tosomeextent.
(Abank’sbalance-sheetbusinessofderivativestransactionsandrelatedbusinesshasnotbeentrueandaccuratereflectionanddisclosure,itcanbypasstherequirementsoftheBaselIIminimumcapitalofbanksdonothavetoincreasetheircapitaltoimprovethebank’sprofitabilityanddoesnotaffectthestatusofthebalancesheet,onthebreedingofspeculationforprofitpurposes,exacerbatedbythepotentialrisksofthemarketasawhole,sothatthetraditionalregulatorymeasuresincreasinglyfacingunprecedentedchallenges.
(3)internalcontrolmechanismsareinadequateRiskofinternalcontrolisgoodorbadfinancialinstrumentsareinseparable.Internalcontrolisgood,comprehensivesupervisionofthederivativestransactions,alossintimetopreventfurtherdeteriorationofthesituation,willbeabletodroptheriskoflossesduetotoaminimum.Onthecontrary,ifthelackofinternalcontrolrelevanttothebehaviorofinvestorsandtraderslackthenecessarysupervision,willresultinveryseriousconsequences.
Third,derivativesriskprevention(Astrengtheningofinternalcontrol
(1)improvetheinternalgovernancemechanismsinthederivativesmarket,theregulatoryobjectofinternalcontrolisthebasisoffinancialregulation,isthemostimportantbasiclineofdefenseinguardingagainstfinancialrisks.Alotofderivativestradinglossincident,thefundamentalThereasonsareinternalcontrolvulnerabilities,suchasinternalcontrolmechanismsstrictinternalcontrolmechanismsineffectiveimplem
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