hedge 规避风险

问题如下：

Tim owns a toys manufacturer limited in England. His company sell toys to customers in the United States. The customer will pay in US dollar (USD) in four months. Tim believes that the USD is more likely to depreciate than GBP. Therefore, he plans to sell four-mounth futures contracts on the USD. When the USD depreciates against the GBP, the seller of such contracts will obtain profits. According to the information, which of the following statements is correct?

选项：

A.

Tim would best be characterized as a hedger.

B.

Tim would best be characterized as an investor.

C.

Tim would best be characterized as an information-motivated trader.

解释：

A is correct.

Tim would best be characterized as a hedger, because he is hedging the risk of possible depreciation of US dollar.

考点：Intermediaries Of Financial Market

hedger和投资者不同，它投资金融资产不是为了赚取利润，而是为了规避风险。通常对冲者手里是已经持有一定的资产的，但是担心手里这些资产未来价格会下跌，所以通过购买衍生产品来规避这些资产日后真的下跌时的风险。比如农名伯伯（hedger）为了规避自己种的粮食未来价格下跌的风险而进入期货交易。

这道题目很明显可以看出Tim是位于英格兰的一家玩具制造商的老板，由于美元贬值的考虑，进入了一个期货合约，因为他是从业务角度为潜在风险进行对冲，所以是hedger。

原版书关于hedger的定义是：In general, hedgers trade to offset or insure against risks that concern them. In addition to forward contracts, they may use futures contracts, option contracts, or insurance contracts to transfer risk to other entities more willing to bear the risks. Often the hedger and the other entity face exactly the opposite risks, so the transfer makes both more secure, as in the grain example.