中文摘要：

建立水期权交易对于规避水资源供需风险、优化水资源配置和增加市场金融投资品种具有重要意义。对水期权契约在水资源管理和配置领域中的应用、契约内容、激励机制和期权定价模型4个角度进行了综述，并根据对国内外学者研究内容的分析，提出了水期权契约在未来的研究方向。

英文摘要：

Water option exchange will play an important role in avoiding the risk of water supply and demand, optimizing water resources allocation and increasing the number of types of finance derivative security. This paper reviews applications of option contract for water resources management and allocation, contract content, motivation mechanism and valuing model. According to the analysis of these reviews, some questions in water option contract are discussed and some suggestions are made at the end of this paper.