互换(swap transaction)兴起于本世纪70年代中期,经过10多年的演变和发展,现已成为国际金融市场的一个重要组成部分,是现代企业重要的理财工具之一。运用互换,可以降低筹资成本,提高资产的收益率,避免利率风险和外汇风险,调整资产负债结构、实施优化管理等。一、互换基本结构互换中两种最基本的形式是“货币互换”(currencyswaps)和“利率互换”(interest rate swaps)。所谓货币互换,是指以一种货币表示的一定数量的本金及其利息支付义务,与另一种货币表示的相应的本金及利息支付义务相互交换。本金币种不同,但价值相等。在期 Swap transaction (swap transaction) emerged in the mid-1970s. After more than 10 years of evolution and development, swap transaction has now become an important part of the international financial market and one of the important financial instruments for modern enterprises. The use of swap can reduce the financing costs, increase the return on assets, to avoid interest rate risk and foreign exchange risk, adjust the asset and liability structure, the implementation of optimal management. I. The Two Basic Types of Interchanges The most basic forms of interchanging are “currencyswaps” and “interest rate swaps.” The so-called currency swap refers to a certain amount of principal denominated in a currency and interest payment obligations, and the corresponding exchange of principal and interest payment obligations expressed in another currency. The principal currency is different, but the value is equal. In the period