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为了应对干旱频发以及农业水资源短缺的现实问题,建立融合虚拟水贸易与金融工程方法的虚拟水期权契约以规避粮食安全与农业生产的风险。文中对虚拟水期权内涵进行界定,从交易主体、运作模式及损益路径三方面出发设计虚拟水期权交易机制,分析了虚拟水期权对于不确定性干旱的对冲机理。发现虚拟水期权契约不仅能作为对冲干旱风险的应急响应工具,还可以对农产品进行套期保值、引导农业投资。最后,为保障虚拟水期权交易的实施,提出完善农业金融产品体系等政策措施。
In response to the frequent problems of drought and the shortage of agricultural water resources, virtual water option contracts that integrate virtual water trade and financial engineering approaches have been developed to circumvent the risks of food security and agricultural production. In this paper, the connotation of virtual water option is defined. The trading mechanism of virtual water option is designed from three aspects: transaction subject, operation mode and profit and loss path. The hedonic mechanism of virtual water option against uncertainty drought is analyzed. Found that the virtual water option contract can not only serve as an emergency response tool to hedge the risk of drought, but also hedge agricultural products and guide agricultural investment. Finally, in order to ensure the implementation of virtual water option trading, some policy measures such as perfecting agricultural financial product system are put forward.