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自1997年首笔天气衍生品交易以来,其发展迅猛,尤见于美国芝加哥商品交易所之标准化产品。但其理论研究落后于实务应用,本文整合外文文献,按照研究的逻辑顺序,从引入天气敏感度和天气衍生品名片式介绍入手,结合定价方法研究,进而评述使用天气衍生品对特定行业与企业套期保值的影响分析,落点于均衡市场和套期保值两个角度的福利效应测度。本文最后指出国内相关文献的一些错误和研究方向的局限性,提出天气衍生品的研究空白点。
Since the first weather derivatives transaction in 1997, it has grown rapidly, especially in the standardized products of the Chicago Mercantile Exchange. However, the theoretical research lags behind the practical application. This article integrates the foreign literature, according to the logical sequence of the study, starting with the introduction of weather sensitivity and weather derivative card introduction, combined with pricing research, and then reviews the use of weather derivatives for specific industries and enterprises Hedging impact analysis, landing in a balanced market and hedging two perspectives of the welfare effect measure. At the end of this article, we point out some mistakes in the domestic literature and the limitation of research direction, and put forward the blank of the research on weather derivatives.