Study of the necessity for the temperature risk hedge in area and firm

公司盈利受到异常天气的影响。为了带来稳定的收益，有必要规避天气风险。虽然被认为是规避风险最有效的天气衍生品于1999年引入日本，市场逐步扩大，但成交量并不算旺盛。本研究调查了异常天气与企业的关系，了解到夏季受异常天气影响的企业较多。此外，从天气衍生品的补偿和价格分析来看，有必要为每个地区设计冬季而不是夏季的天气衍生品。

The corporate earnings are influenced of abnormal weather. In order to bring stable earnings, it is necessary to avoid the weather risk. Although the weather derivatives which considered most effective to avoid the risk are introduced into Japan in 1999 and the market is expanded gradually, it cannot be said that transaction volume is briskly. This study investigated the relationship between abnormal weather and the enterprise, and was understood that there are more enterprises influenced of abnormal weather in summer. Moreover, from analysis of the compensation and price of weather derivatives, it turned out that it is necessary to design the weather derivatives for each area in winter rather than summer.