What are the characteristics of risk management of derivative financial instruments? Is it necessary for enterprises to invest in derivative financial instruments? How to determine the management objectives of derivative financial instruments? At present, there are many kinds of derivative financial instruments in the international financial market, and the risk management characteristics of different derivative financial instruments are also different. According to their respective trading characteristics, they can be roughly divided into four categories: financial futures, financial options, financial swaps and forward contracts. 1. The biggest risk feature of financial futures contracts is the complete liberalization of risks and returns. Financial futures are completely standardized, and there is an exchange as an intermediary to supervise the whole trading process, so the performance risk and credit risk are very small. At the same time, due to the standardization of trading contracts, the serialization of operation processes and the scale of the market, traders can make quick replenishment anytime and anywhere, so the liquidity risk is small. The biggest risk of financial futures mainly comes from the low margin ratio. Because the margin ratio is very low, it has a huge leverage on the profit and loss of both parties caused by the price change in the spot market, so that any price fluctuation in the spot market may be clearly reflected in the futures market as a lever, leading to large fluctuations in risks and returns. 2. The asymmetry of risk and return between the two sides of financial option trading is a unique risk feature of financial option investment. For the buyer, due to the one-time lock-in of risk, the biggest loss is only the paid royalties, but the income may be large (in put options) or even unlimited (in call options); On the contrary, for options, the seller's income is determined at one time, and the maximum income is limited to the buyer's royalties, but the losses it bears may be as large as infinity (in put options) (in call options). Of course, the asymmetry of risks and benefits between buyers and sellers is often balanced by the asymmetry of their occurrence probability. Therefore, on the whole, the market risk of option contracts is less than that of futures contracts. As for credit risk and liquidity risk, option contract is similar to futures contract, but option risk may involve more legal risks and more difficult risks. 3. The biggest feature of forward contract investment is that it locks in both risks and benefits. Although this investment method avoids market risks, it is powerless in the face of easy-to-get opportunities and benefits, which is obviously contrary to investors' desire to obtain maximum benefits. In terms of credit risk and liquidity risk, forward contract investment is very prominent. Due to the small scale of forward contract transactions and poor liquidity, even the loss of default is limited to one party. It will not form a chain reaction and will not have a significant impact on the security of the entire financial market system. 4. Financial swap: In the design of the relationship between risk and return, financial swap investment is similar to financial forward investment, that is, both risk and return are locked at one time, but its flexibility is greater than that of forward contract. Compared with other financial derivatives investments, the market risk of financial swap investment is usually the smallest. However, because it is limited to over-the-counter transactions and lacks a large-scale circulation and transfer market, credit risk and liquidity risk are greater. At the same time, it is precisely because of over-the-counter trading that the intermediate links of the exchange are missing and the procedures are relatively simple. There are fewer restrictions, which brings convenience for investors to find trading objects. Therefore, financial swap investment also has the functions of helping to raise low-cost funds, facilitating the choice of monetary financing and avoiding the medium and long-term interest rate and exchange rate risks that other financial derivatives do not have.

The necessity for enterprises to invest in derivative financial instruments: Derivative financial instruments are generated to avoid the price risk of financial markets, and if they are not used properly, they also contain huge risks. However, under the background of increasing internationalization of investment, the biggest risk is not using reasonable financial instruments to hedge and avoid foreign exchange and interest rate risks.

Management objectives of derivative financial instruments:

1. Support the goal of enterprise survival and sustainable development.

2. The goal of risk management and control within an acceptable range.

3. The goal of enhancing the core competitiveness of enterprises

4. The goal of risk and opportunity, cost and benefit optimization.

5. The goal of improving enterprise management uncertainty and adaptability.

6. Support the goal of improving enterprise performance optimization.