消费信贷的实际用资成本，意识到利率计量与展示宜传的可能差异，避免过度、盲目 消费，强化自身责任意识与诚信意识，树立正确的消费观。 2.基本概念和知识点 ●Cash and carry trade o Reverse cash and carry trade Arbitrage principles ●Equilibrium price ●Financing cost ●Cost of carry Continuous Compounding Equivalent Transformation ●Forward Price Value of a Long Forward Contrac 3.问题与应用（能力要求） What's the condition of equilibrium? o What's the value of a forward contract? 4 General Principles of Hedging With Futures 1.主要内容 Risks Associated with Hedging Short Hedge and Long Hedge HedgingIllustrations ●Perfect Hedge ●Imperfect Hedge ●Cross-Hedging The Role of Futures in Financial Markets Effect of Futures on Volatility of Underlying Asset ·结合“法治、诚信”社会主义核心价值观分析期货套期保值的作用及其与企业风 险管理的关系，把握合理与合规性，树立责任意识，诚信评估，爱岗敬业。 2.基本概念和知识点 ●Hedging ●Cash position ●Price risk ●Basis risk ·Short Hedge 14 14 消费信贷的实际用资成本，意识到利率计量与展示宣传的可能差异，避免过度、盲目 消费，强化自身责任意识与诚信意识，树立正确的消费观。 2. 基本概念和知识点 ⚫ Cash and carry trade ⚫ Reverse cash and carry trade ⚫ Arbitrage principles ⚫ Equilibrium price ⚫ Financing cost ⚫ Cost of carry ⚫ Continuous Compounding ⚫ Equivalent Transformation ⚫ Forward Price ⚫ Value of a Long Forward Contract 3. 问题与应用（能力要求） ⚫ What’s the condition of equilibrium? ⚫ What’s the value of a forward contract? 第 4 节 General Principles of Hedging With Futures 1. 主要内容 ⚫ Risks Associated with Hedging ⚫ Short Hedge and Long Hedge ⚫ Hedging Illustrations ⚫ Perfect Hedge ⚫ Imperfect Hedge ⚫ Cross-Hedging ⚫ The Role of Futures in Financial Markets ⚫ Effect of Futures on Volatility of Underlying Asset ⚫ 结合“法治、诚信”社会主义核心价值观分析期货套期保值的作用及其与企业风 险管理的关系，把握合理与合规性，树立责任意识，诚信评估，爱岗敬业。 2. 基本概念和知识点 ⚫ Hedging ⚫ Cash position ⚫ Price risk ⚫ Basis risk ⚫ Short Hedge