利用期货市场转移南水北调中水价波动的风险

南水北调是缓解北方水资源危机而采取的大规模调水工程。其水资源配置将采用市场机制运作，由供求关系形成水的价格，从而有可能造成水价剧烈波动。水价波动决定了价格风险的存在，水价过高将给企业带来成本的提高或利润的下降。为此，可以利用期货市场的风险转移功能来规避水价波动给企业带来的风险，增强企业的国际竞争力。

To Transfer Risks Caused by Water Charge Fluctuation of the South-to-North Water Transfer Project by Option Market

The South-to-North Water Transfer Project is a large-sized water diversion project to ease water scarcity in Northern China. In order to meet the requirement of socialism market economy, water resources distribution of the Project will adopt market mechanism and water charge will be formed by supply-demand relationship. Fluctuation of water charge determines the existence of price risk. But too expensive water charge will only bring the increase of production cost or decline of profit to enterprises. Therefore, aiming at water supplied to urban industry by the Project, the paper proposes to elude risks brought by water charge fluctuation to enterprises with risk transfer function of option market and increase the international competitiveness of enterprises concerned.