Banks and companies unfortunately have no control over interest rates. The only real difference between a bank and a company is that a company can plan for their borrowing requirements, whereas banks are at the mercy of the demand for credit. One way to reduce risk is to build flexibility1 into the operation. The other way is through hedging. Hedging is a way of reducing some of the risks involved with borrowing and investing. Generally in a market where interest rates fluctuate occasionally, there is usually little concern about funding risk or the need to consider hedging. This is because the certainty that hedging brings to the borrower also comes at a cosplayt. In simple terms, a company should regard hedging as an insurance policy on their funding rate. One part about hedging that is often misunderstood, is that hedging is to reduce risk; it is not about making money. The main risk to a borrower is that the cosplayt of borrowing may become higher than they can handle. To further illustrate2 this point, if a company made a good profit in one year because interest rates fell by 1%, what may have happened if they went up by 1%??This is where hedging can help.
很不幸，银行和公司没能控制住利率。银行和公司唯一真的区别在于，公司可以为其借款需要作出计划，而银行则完全受申请信贷的支配。减少风险的一个办法是打造操作的灵活性。另一个办法是通过套期保值。套期保值是减少某些与借款和投资有关的风险。通常来讲，在一个利率偶尔波动的市场里，一般不太关心集资风险或考虑套期保值的需要。这是由于套期保值带给借款人的确定性的同时，也需要借款人付出肯定的代价。简单说来，公司应将套期保值看作是其集资利率的一份保单。有关套期保值，常常让人误解的一点就是套期保值可以减少风险；但不可以够赚钱。对借款人来讲，主要的风险就是借款的代价可能比他们可以承受的还要高。为进一步说明这点，假如某公司在一年内因利率降低了1%而获得了丰厚有哪些好处，那样假如利率上涨了1%或许会发生任何事情呢？这就是套期保值可以起用途的地方了。
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