2.4. CCCHNGKHONPHISINH 332.4 CcchngkhonphisinhCcchngkhonphi sinh(derivatives)lccchngkhoncsinhratccchngkhonkhc.Trongphnnychngtasimquamtschngkhonphisinhthngdngnhttrnccthtrngtichnh.2.4.1 HpngkhnvhpngtnglaiHnhdungmttnhhungsau:mtcngtyxydngscnnhiuthpchocchpngxydngckttrcnhngcgiaionnnmsaumitrinkhai,vigithnhxydngccnhtronghpng.Cngtyskhngtchtrthptbygi nm sau dng, v lm nh vy s va kt tin va tn cng bo qun. Th nhng,nuinnmsaumimuathpchonhucucanmsau,thscmtrirolgithptrnthtrngcthtngmnh,lmcholinhuncatngtytrnnbpbnh. gim thiu s bp bnh , cng ty c th k mt hp ng vi mt cng ty sn xuthaythngmi thp, muathpchonmsau, nnmsaumi traohngvgitin,nhngcnhgitbygi.Mthpngkiunhvygil mthpngkhn(forwardcontract),haycngilhpngttrc.ivicngtysnxutthp,vickcchpngkhnbnthpcngcli llmobodoanhthu, gimcrirovdoanhthununhgithpgimitrongnmti.Theo ngn ng ti chnh, mt hpngkhn (forward contract) l mt hp ngmuabnmtmthngno,vimtginnhnogilgikhn(forwardprice), vo mt thi im no trong tng lai (k hn ca hp ng), gi l thi imgiaohng (delivery time). Cc hp ng k hn (nu c dng ng n) c tc dnggipchocbnmualnbnbngimthiucrirovbinnggic,kimsotctthntnhhnhtichnh.Hunhmthngnocngcthtrthnhi tngcahpngkhn. Numthnglmtloichngkhon,vdnhcphiucamtcngtyno,thhpngkhntrthnhmtloichngkhonphisinhtcphiu.Cchpngkhnngvaitrquantrngtrongqunltichnh,nhngchngvnikmmtsrironh:- Ri ro v i tc: mt trong hai bn k hp ng k hn c th b ph sn, hay nphngphhpng,gythithichobnkia.-Rirovthanhkhon:khkhntrongvicchuynnhnghpng,nunhi