TAP CHi CONG THITKNG
MO HINH PHONG NGl/A
RUI RO BIEN DONG GIA NONG SAN BANG CAC CONG CU PHAI SINH
TCT THI H O A N G LAN
TOM TAT:
Ndng nghiep la nganh kinh te quan trpng cua Viet Nam, nhttng ddi sd'ng cua ngttdi lam nong nghiep ngay cang khd khan, hp thttdng phai dd'i dien vdi diep khuc "dttdc mua mat gia, dttdc gia mat mua". Gia ca ndng san thttdng xuyen bie'n ddng theo chieu httdng bat ldi cho ngttdi dan trong nganh san xua't ndng nghiep. Bai nghien cttu nay de xuat md hinh phdng ngtta rui ro bien ddng gia bang cac cdng cu phai sinh nham giup ngttdi lam ndng nghiep phdng ngtta rui ro do bie'n ddng gia ca ba't ldi tren thi trttdng ndng san.
T«f khoa: Phdng ngtta rui ro, cdng cu phai sinh, ndng san.
1. Gidi thi^u
Trong bao cao tdng ke't 10 nam thttc bien NQTW 7 khda X, Bd Ndng nghiep Phat trie'n Ndng thdn khang dinh ndng nghiep ludn duy tri dttdc tang trttdng va phat trien kha toan dien, chat Ittpng tang trttdng ngay cang dttdc cai thien hdn;
tie'p tuc khang dinh dttdc vi the quan trpng trong nen kinh te. Xuat khau ndng lara thuy san tang nhanh, tie'p tuc ddng vai trd quan trpng trong viec thuc day phat trien ndng nghiep hang hda, tao ngudn thu ngoai te quan trpng, gdp phan giara nhap sieu cho ca nttdc. Tdng kim ngach xua't khau 10 nam (2008 - 2017) dat 261,28 ty USD, tang binh quan 9,24%/nam; rieng nam 2017 dat 36,52 ty USD, tang 20,05 ty so vdi nam 2008 va dtt kien nam 2018 kira ngach xua't khau ndng lara thuy san dat 40 ty USD. Nong san Viet Nam hien cd mat tren 180 qud'c gia va vung lanh thd. Xua't khau ndng san Viet Nam dttng thtt 2 Ddng Nara A va thtt 16 the'gidi.
Tuy nhien, td'c dp tang trttdng tha'p (dat 3 5% - 4%/nam giai doan 2008 2017 mdi' dat 2,66%/nam); ti le lao dpng ndng thdn qua dao tao
dat tren 50% (de'n he't nam 2016 mdi dat 34,14%
va trung binh chi tang 3,1 l%o/nam). Bie'n dpng gia theo httdng bat ldi cho ndng dan, anb httdng den thi phan, sttc canh tranh va td'c dp tang trttdng cua nganh. Ben canh do, chat Ittdng ngudn nhan li/c trong ndng dan Viet Nam cdn rat ye'u kem. Hien cd ttt 80 de'n 90%) lao ddng ndng, lam, ngtt nghiep va nhttng can bd quan ly ndng thdn chtta dttdc dao tao. Stt ye'u kem nay da dan de'n tinh trang san xuat ndng nghiep nttdc ta vln cdn dang trong tinh trang san xuat nhd, raanh raun, san xuat theo kieu truyen thd'ng, hieu qua san xua't tha'p, thie'u kien thttc phdng ngtta rui ro.
Viec xay dttng rapt md hinh phdng ngtta rui ro bien ddng gia phu hdp la he't sttc can thie't cho san pham ndng san xua't khau, tuy nhien ltta chpn loai hdp ddng phai sinh nao de trien khai tbi can co 16 tnnh thich hdp. Vdi hdp ddng ky ban, hdp dong hoan ddi, hdp ddng tttdng lai, ngttdi nong dan co the stt dung de phdng ngtta rui ro khi gia giam, tuy nhien nhttng edng cu nay deu ban che ldi nhuan tiera nang khi gia tang. Vdi hdp ddng quyen chon la mdt edng cu bao ve ngttdi mua trttdc nhttng dao 370 So 13 Thang 10/2018
dpng gia bat ldi trong khi vSn tao cd hdi tira kiem ldi nhuan khi gia thay ddi theo chieu httdng cd ldi.
Do do, hdp ddng quyen chpn ban la cdng cu phai sinh thich hdp nha't raa ngttdi ndng dan cd the stt dung de phdng ngtta rui ro trong giai doan ban dau.
Sau do, phat trien thi trttdng giao dich cac cdng cu phai sinh theo qui luat thi trttdng.
2. Cd sor ly thuye't v l phong ngijfa rui ro bie'n d6ng gia bang cac cong cu phai sinh
2.1. Khdi niem phdng ngda rui ro ve gid
Faruqee et al (1996) dinh nghia phdng ngtta nii ro ve gia la mdt each thttc quan tri rui ro gia ca lien quan viee mua va ban nhttng tai san tai chinh ma gia tri cua nd lien quan de'n thi trttdng hang hda lara cd sd. Karainski (2004), phdng ngtta riii ro ve gia cd the dttdc stt dung bdi nhttng ngttdi tham gia thi trttdng dtt dinh mua hoac ban mpt hang hda tai mdt thdi die'ra trong tttdng lai va mong ddi de bie't vdi gia nao chac chan td't hdn ma hp se tra hay nhan.
Phdng ngtta rui ro ve gia hay cdn gpi la nghiep vu ttt bao hiem rui ro la viec thie't lap rapt vi the' d thi trttdng nay de bu dap va can bang cho rui ro gap phai d thi trttdng khac bang each thie't lap rapt vi the tren thi trttdng dau ttt ngttdc lai. Theo Aretzs va cac cdng stt (2007), phdng ngtta rui ro gia cd the lam giam bdt viec thiet hai ve dau ttt. Muc dich ciia phdng ngtta rui ro la tdi thieu hda bie'n ddng bat Ipi cua gia ca tren thi trttdng raa van cho phep nha dau ttt cd nhttng khoan ldi. Phdng ngtta rui ro ve gia giup cho viec len ke' hoach va quan ly tai chinh td't hdn, va cho phep ngttdi mua va ngttdi ban hang hda bao ve ehinh hp chd'ng lai nhttng rui ro ve gia ma hp khdng mong ddi.
2.2. Cdc cong cu phong ngda rui ro ve gid 2.2.1. Phdng ngda rui ro ve gid bang hpp dong ky han
Patwari D.C. and Bhargava A (2006), hdp ddng ky han la thda thuan gitta hai ngttdi cho viec raua ban mdt loai hang hda hay tai san tai chinh vdi mpt gia xac dinh se dttdc chuyen giao vao mdt ngay xac dinh trong tttdng lai.
Theo Chance (2003), thi trttdng phai sinh ra ddi sdm nha't cho cac giao dich tttdng lai la thi trttdng ky han, trong dd hai ben da thda thuan rapt hdp dong thttc hien, va loai hdp ddng nay dttdc phat then xua't hien vao the ky 17.
Anderson va Danthine (1983); Lapan va
Moschini (1994), cung cbi ra rang phdng ngtta rui ro vdi hdp ddng ky ban se dttdc httdng ldi bdi cac nha san xua't bu dap rui ro ve gia cua hp, tttc la nd bao ve ldi nhuan chd'ng lai stt giara gia dd'i vdi san Ittdng dtt kien. Hdp ddng ky ban dttdc stt dung de phdng ngtta rui ro theo hai vi the raua va ban.
2.2.2. Phdng ngda rui ro ve gid hpp dong tuang lai.
Bums (1979), hdp ddng tttdng lai la mdt thda thuan gitta hai ben, mdt ben mua va mdt ben ban mdt sd' Ittdng da dttdc nhan dinh ve mdt loai hang hda nha't dinh vao rapt ngay trong tttdng lai (hoac trong rapt khoang thdi gian) tai mdt mttc gia quy dinh va tai rapt dia die'ra xac dinh.
Theo Siegel va Siegel (1990), hdp ddng tttdng lai ve cd ban tttdng ttt cac hdp ddng ky ban, trong do hdp ddng cung thie't lap mdt mttc gia ngay hdra nay cho rapt giao dich se dien ra trong tttdng lai.
Phdng ngtta rui ro ve gia bang hdp ddng tttdng lai cho phep nha dau ttt thie't lap rapt ratte gia cd' dinh.
2.2.3. Phdng ngaa rui ro ve gid hpp dong quyen chpn
Frederic S. Mishkin and Stanley G. Eakins (2012), hdp ddng quyen chpn la hdp ddng cung cap cho ngttdi raua stt ltta chpn, hoac quyen de mua hoac quyen de ban cac cdng cu tai chinh cd sd d mdt mttc gia quy dinh, dttdc gpi la gia thttc hien, trong mpt thdi gian nha't dinh (thdi diem dao han).
Hdp ddng quyen chpn cd the dttdc stt dung nhtt mdt cdng cu bao hiem hieu qua dd'i vdi cac rui ro do stt bie'n ddng ve gia ca. Ngttdi nudi trdng, doanh nghiep kinh doanh ndng san phai chiu rui ro ttt mdt stt thay ddi gia theo chieu httdng bat ldi, cd the stt dung quyen chpn de' loai trtt rui ro do.
2.2.4. Phdng ngaa rui ro ve gid bang hpp dong hodn ddi
Frederic S. Mishkin and Stanley G. Eakins (2012), giao dich hoan ddi la hdp ddng bat budc mdi ben trong hdp ddng trao ddi mdt tap hdp cac khoan thanh toan ma nd sd httu cho mdt tap hdp cac khoan thanh toan thupc sd httu cua mdt ben khac. Hdp ddng hoan ddi la mpt thda thuan rang budc mang tinh phap ly gitta hai ben de trao ddi mdt sd' tai san; hoac nghia vu phai tra trong rapt khoang thdi gian cu the vdi mdt ratte lai sua't, ty gia bd'i doai hoac gia ca nha't dinh dttdc quy dinh trong hdp ddng.
John C Hull (1998), hdp ddng hoan dd'i dttdc
So 13 Thang 10/2018 371
TAP CHi C O N G THirUNG
giao dich dau tien nam 1981, sau do thi trttdng nay da dttdc phat trien nhanh chdng. Hoan ddi la binb thttc thdng dung nha't, la hinh thttc ma nd phu thude vao gia tri cua mdt hoac nhieu bie'n sd' cd sd. '
Hdp ddng hoan ddi cung dttdc stt dung nhtt rapt cdng cu phdng ngtta rui ro bie'n ddng gia. Thdng qua hdp ddng hoan ddi, cac ben thara gia cd dttdc bang hda vdi mttc gia raa minh mong mud'n ma khdng can phai thdng qua nhieu giao dich trung gian nen tranh dttdc stt bie'n ddng gia.
3. Thttc trang thi trttdng phong ngufa rui ro bi^'n dong gia bang cac cong cu phai sinh.
Thi trttdng giao dich hang hda phai sinh d Viet Nam cdn kha radi me, cac cdng cu ky ban, hoan ddi, tttdng lai, quyen chpn chi dttdc stt dung d mdt so hang hda nhtt ngoai te bay vang, cdn trong ITnh vttc ndng nghiep ndi chung va nganh Ndng san ndi rieng thi cdn kha nhieu ban che. Nguyen nhan cua bien tttdng tren cd the' xem xet d nhieu khia canh.
Ve khach quan, do thie'u cd sd phap ly ve boat ddng cua cac san giao dich bang hda, van ban httdng din chtta rd rang, cd che quan ly khi xay ra cac tranh cha'p cdn bat cap, cac cdng cu ky thuat bd trd giao dich bien nay cdn thie'u, din de'n ban che stt phat trie'n cua thi trttdng phdng ngtta rui ro bie'n ddng gia bang cac cdng cu phai sinh. Nguyen nhan chu quan la do ca doanh nghiep va ndng dan chtta nhan ra dttdc tam quan trpng cua phdng ngtta rui ro bang cdng cu phai sinh, do vay viec tie'p can vdi cdng cu nay gap nhieu trd ngai. Khoan chi phi bo ra cho cac loai hdp ddng phai sinh la mdt van de khie'n nhieu doanh nghiep e ngai khi stt dung cdng cu nay.
4. Kinh nghiem phong ngiifa rui ro bang quyin chon
4.1. Kinh nghiem phong ngda rui ro bdng quyen chpn cua Brazil
De' phdng ngtta rui ro ve gia ca phe eho eho ndng dan trttdc khi vao nien vu mdi, Chinh phu Brazil dttng ra ban quyen chpn ban ca phe cho ndng dan. Hdp dong nay dttdc Chinh phu phat hanh, xac dinh rd sd Ittdng, chat Ittdng, gia muc tieu va dia diera cung nhtt thdi gian giao hang. 6 day, Chinh phu ban quyen chpn ban va do dd cd nghia vu phai mua san Ittdng vdi mttc gia rauc tieu dinh trttdc. Ngttdi raua trong hdp ddng nay la ndng dan, trong khi Chinh phu cd phai raua thi ngttdi ndng dan cd quyen ban san pham eua ho cho
Chinh phu vdi gia muc tieu dinh trttdc, neu nhitgia thi trttdng khdng ha'p dan trong thdi gian giao hang.
Doi lai, ndng dan tra rapt khoan phi thong qua he thd'ng da'u gia dien ttt tai cac sd giao dich hang h6a trai rdng khap ca nttdc nhara dam bao tinh minh bach. Ve cd ban, dieu nay cung gid'ng nhitviec dam bao mdt mttc gia td'i thieu cho ngttdi san xuat vi ne'u gia cao hdn gia muc tieu, hp vln co the co dttdc ldi nhuan. Hdp ddng nay dttdc stt dung rong rai cho bap, gao, bdng va ca phe tai Brazil va thu dttdc nhieu ke't qua tdt.
4.2. Kinh nghiem phong ngda rdi ro bang quyen chpn cua Mexico
ASERCA (Apoyos y Servicios a la Coraereialization Agropecuaria) trttc thuoc Bo Ndng nghiep Mexico, dttdc thanh lap nam 1991 nhara tao thuan ldi cho viec chuye'n ddi nong nghiep Mexico ttt he thdng thi trttdng vdi sif can thiep cua nha nttdc sang he thd'ng thi trttdng tif do.
ASERCA ed trach nhiem cung cap cac dich vu cho khu vttc ndng nghiep trong nttdc, bao gom mua (cd trd cap) quyen chpn mua va quyen chpn ban cho ndng dan trdng lua, bdng va ca phe, ciing nhtt cho cdng ty che' bie'n gao.
ASERCA tham gia vao quan ly rui ro gia bat dau vao nam 1992/1993, dau tien la cung cap cho ndng dan trdng lua, hat cd dau va bong kha nang ttt bao hie'm, cho chinh rainh trttdc rui ro gia giam;
cdng cu dttdc stt dung la quyen chpn liia mi, bap, dau nanh, bdng tai cae san Chicago va New York Tdm lai, kinh nghiem phdng ngtta rui ro bang quyen chpn cua Brazil, Mexico cho thay neu khdng cd stt hd trd cua nha nttdc thi viec gidi thieu loai cdng cu tai chinh nhtt the' nay se la dieu khong the, dac biet la stt ho trd thdng qua viec thiet lap nhttng quy dinh phap luat rd rang. Ttt kinh nghiem tren, Viet Nam cung can tao ra mdt quy tttdng tii, ndng dan dttdc hd trd bang viec mua quyen chon gia. 6 Brazil khi thttc hien quy nay, bttdc dau Chinh phu cap rapt khoan kinh phi lap quy va giao cho rapt uy ban thttc hien cd che thttc hien quyin chpn gia.
5. De xua't mo hinh phong ngijfa rui ro bi^'n ddng gia bang cdng cu phai sinh.
a) Giai doqn 1, xdy dung tien de de hinh thanh thi trudng phdng ngda rui ro bie'n dpng gid nong sdn xudt khdu bang cong cu phdi sinh.
Md hinh va qui trinh giao dich: Mo hinh su' dung quyen chpn ban cd stt tham gia cua Nha niidc
372 So 13 Thang 10/2018
Hinh 5.1: Mo hinh giao djch quyen chon ban co sif tham gia hS trcf cua Nha nifdc NONG DAN
TRANG TRAI, HOP TAC XA,
DOANH NGHIEP SAN XUAT NONG SAN
(1) *
(2) *
TRUNG TAM GIAO DICH QUYEN
CHQN BAN TRONG Nl/dC
(3)
sd GIAO DICH KY
HAN QUOC TE
de phdng ngtta rui ro bie'n ddng gia cac mat hang nong san xua't khau trong giai doan nay dttdc minh hpa nhtt TTmb 5.1:
(1) Dttdi stt httdng din, tuyen truyen va ttt van ciia Hiep hdi nganh, ndng dan cd nhu cau phdng ngtta rui ro ve gia se de'n Trung tam giao dich quyen chpn ban mua hdp ddng quyen chpn ban.
Mua quyen chpn ban ndng san vdi gia thttc hien nho hdn hoac bang gia ban muc tieu (gia san) thi ngttdi ndng dan khdng phai thanh toan phi mua quyen cho Trung tam giao dich quyen chpn ban, vi Nba nttdc da thanh toan hd ndng dan phi mua quyen chpn ban nay. Ngttdc lai, thi ngttdi ndng dan se phai thanh toan khoan phi tttdng ttng vdi phan chenh lech gitta gia mong mud'n thttc hien va gia muc tieu.
(2) Trang trai, hdp tac xa, doanh nghiep va cac thanh phan kinh te cd nhu cau phdng ngtta rui ro do bie'n ddng gia ban eac mat hang ndng san chu Ittc dttdi stt ttt van cua Hiep hdi nganh raua hdp dong quyen chpn ban ndng san vdi gia thttc hien, thdi ban se dttdc thda thuan tren hdp ddng vdi Tmng tam giao dich quyen chpn ban ndng san va thanh toan phi raua quyen.
(3) Trung tam giao dich quyen chpn ban la mpt td chttc tai chinh phi ldi nhuan, dttdc thanh lap va boat ddng dtta tren ngudn ngan sach cua Nha nttdc cap. Trung tam giao dich quyen chpn ban nong san ngoai viec ban quyen chpn ban cho ndng dan va cac thanh phan kinh te cd nhu cau phdng ngtta rui ro, cung cd the thara gia phdng ngtta rui ro tren thi trttdng qud'c te bang each raua quyen chpn ban tren cac Sd giao dieh ky ban qud'c te.
b) Giai doan 2: Phdt trien Sd giao dich quyen chon
Md hinh phdng ngtta rui ro bie'n ddng gia phu hdp cho thi trttdng cae raat hang ndng san chu Ittc trong giai doan nay la phat trie'n thi trttdng giao dich quyen chpn theo qui luat thi trttdng nhara tao dieu kien cho ndng dan va cae thanh phan kinh te phong ngtta rui ro bie'n ddng gia. TTmb 5.2:
(la): Ndng dan, cac hdp tac xa, trang trai va cac doanh nghiep san xuat cd nhu cau phdng ngtta rui ro gia cac mat hang nay cd the' giara tha'p vao thdi diem thu hoach, hp cd the de'n gap cac cdng ty radi gidi de raua quyen chpn ban ndng san. Trttdc bet, hp phai md rapt tai khoan giao dich quyen chpn tai rapt cdng ty radi gidi, mdt tai khoan thanh toan tai ngan hang va trttdc khi giao dich hp phai nop cho cdng ty mdi gidi chttng chi hang hda do Hiep hdi nganh hang cap, de dara bao nang Ittc giao dich, chat Ittdng va qui rad hang hda giao dich. Sau dd, hp dat lenh cho cdng ty mdi gidi tie'n hanh thttc hien mua quyen chpn ban vdi khdi Ittdng hang hda xac dinh va rapt ratte gia thttc hien nha't dinh hoac gia dang niem yet tren san.
(lb): Doanh nghiep xua't khau, doanh nghiep che bie'n, doanh nghiep thu mua cd nhu cau phdng ngtta rui ro do cac mat hang ndng san tang gia vao thdi diem mua hang. Hp de'n gap cac cdng ty mdi gidi de' mua quyen chpn mua ndng san. Cdng ty radi gidi yeu eau hp phai md rapt tai khoan giao dich quyen chpn, rapt tai khoan thanh toan tai ngan hang. Sau dd, hp dat lenh cho cdng ty mdi gidi tie'n hanh thttc hien raua quyen chpn mua vdi khdi Ittdng hang hda xac dinh va rapt mttc gia thttc hien nha't dinh hoac gia dang niem yet tren san.
(Ic): Cac nha dau ttt, cac cdng ty tai chinh, ngan hang, quy dau ttt cd nhu cau tham gia ban quyen chpn mua hoac chpn ban ndng san, nha dau phai md mdt tai khoan giao dich quyen chpn tai rapt cdng ty radi gidi, tai khoan thanh toan tai ngan hang va trttdc khi giao dich nha dau ttt phai ky quy tttdng ttng, sau dd ra dat lenh cho cdng ty mdi gidi tie'n hanh thttc hien ban quyen chpn mua hoac chpn ban vdi khd'i Ittdng hang hda xac dinh va mdt ratte gia thttc hien nha't dinh hoac gia dang niera yet tren san.
(2a), (2b), (2c): Cac cdng ty mdi gidi sau khi nhan dttdc lenh cua cac chu the phdng ngtta rui ro gia va cac nha dau ttt quyen chpn, se tie'n hanh kiem tra, dd'i chieu vdi so' dtt tai khoan eua nha dau
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TAP CHi C O N G THirUNG
Hinh 5.2: Mo hinh giao dich quyin chon tren san giao dich theo qui ludt thi trUdng
4a
f^hn tho/ r.aii nhnnn nni'la nia fliam:
- Nong dan Trang trai - Hop tac xa
•
1a i
^5a CONG TY MOI Gldl
7a
'
8 /
/ x^'^
s d GIAO DjCH QUYEN CHON
3a
1 '
2c
KET QUA GIAO DjCH (Bang Di$n)
3b
\ r
sd GIAO DICH HANG HOA
1b^
CONG TY MOI Gidi
CONGTY MOI Gidi
t i
Chd the CO nhu cau ohdna naOa q'la tanq- - Doanh nghiep xuat khau
- Doanh nghiep che bien - Doanh nghiep thu mua
^ ^ b
-< - --
•^ 1c
5c
4b
Chu the dau tu:
- Cac nha dau tU - Cong ty tai chinh
- Ngan hang
V
TRIINR TAM THANH TOAN RU TRlT
4c
ttt va ne'u phii hdp vdi cac dieu kien qui dinh thi nhap lenh va chuyen lenh vao he thd'ng giao dich cua Sd giao dich quyen chpn. Cac cdng ty radi gidi cd the tien hanh giao dich trttc tiep tai quay, qua dien thoai hoac giao dich qua internet gidng nhtt giao dich raua ban chttng khoan hien nay.
(3a), (3b): Cac lenh mua ban quyen chpn dttdc cac cdng ty mdi gidi chuyen den may chu cua Sd giao dich quyen chpn se dttdc hien thi tren bang dien. Ke't qua giao dich se dttdc thdng bao ve Trung tara thanh toan bu trtt.
(4a), (4b), (4c): Trung tam thanh toan bu trtt se thanh toan bii trtt tai khoan cua cac cdng ty mdi gidi vdi nhau va chuye'n ke't qua nay ve cho cac cdng ty mdi gidi.
^ (5a), (5b), (5c): Cac cdng ty mdi gidi thdng bao ke't qua giao dich cho khach hang dat mua hoac ban quyen chpn. Cac cdng ty mdi gidi se trtt phi mua^ quyen cua cac khach hang dat lenh mua quyen chpn, chuyen phi ban quyen cho cac khach hang dat ban quyen chpn, ddng thdi thu phi mdi gidi raua ban quyen chpn.
(6): De'n ngay dao ban cua hdp ddng quyen
chpn, neu ngttdi raua quyen quye't dinh thttc hien hdp ddng se thdng bao cho cdng ty moi gidi. Cong ty mdi gidi se thdng bao ngay cho Sd giao dich quyen chpn. Sd giao dich quyen chpn ket hdp vdi Sd giao dich hang hda de tie'n hanh cac thu tuc can thie't nhtt nop tien va giao nhan hang hoa tifdng ttng vdi so Ittdng va gia ca trong hdp ddng.
c) Giai doan 3: TTmb thanh thi trttdng phong ngtta rui ro bie'n ddng gia bang cac cdng cu phai sinh
Hinh thanh thi trttdng phdng ngtta rui ro bien ddng gia bang cac cdng cu phai sinh cho cac mat hang ndng san xua't khau theo qui luat thi tnidng- Ndng dan va cac thanh phan kinh te chu dpng sii dung cae cdng cu phai sinh nhtt: hdp ddng quyen chpn, hdp ddng ky ban, hdp tttdng lai de phong ngtta rui ro.
Md hinh va qui trinh giao dich tttdng ttt nhiimo hinh va qui trinh trong giai doan 2, nhttng cac cong cu dttdc stt dung de giao dich phdng ngtta riii ro trong giai doan nay da dang hdn ngoai hdp dong quyen chpn cdn giao dich hdp ddng ky han, hdp ddng tttdng lai •
374 So 13 Thdng 10/2018
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Ngay nh§n bai: 17/9/2018
Ngay phan bien danh gia va sufa chffa: 27/9/2018 Ngay chap nhan dang bai: 7/10/2018
Thdng tin tdc gid:
TlJ THI HOANG LAN
Trtfcfng Dai hoc Cong nghiep TP. Ho Chi Minh
THE MODEL TO HEDGE RISKS OF AGRICULTURAL PRODUCT'S FLUCTUATED PRICES
BY IMPLEMENTING DERIVATIVES
• TU THI HOANG LAN
Industrial University of Ho Chi Minh City
ABSTRACTS:
Agriculture is an important economic sector of Vietnam. However, the living conditions of people working in the agricultural sector are mereasingly difficuh. They often have to face the decline of agricultural products's price from bumper crops. The fluctuation of agricultural products price usually negatively impacts on farmers. This study is to propose a model to hedge risks of agricultural product's fluctuated prices by implementing derivatives.
Keywords: Hedging, derivatives, agricultural products.
So 13 Thdng 10/2018 375