J钢铁公司套期保值策略研究

发布时间：2018-03-31 08:56

本文选题：J钢铁公司　切入点：套期保值　出处：《山东大学》2014年硕士论文

【摘要】：套期保值是规避市场价格波动风险的工具之一,在发达国家利用期货开展套期保值进行风险管理,早已备受企业重视并得到有效利用,成为企业稳定发展的重要手段。在我国套期保值是一项蓬勃发展的新事物,虽然一些企业开始利用期货市场进行风险对冲并取得了一定效果,但是相当一部分企业对套期保值的认识还存在偏颇,操作技术上尚不成熟,这些短板都导致了在实践过程中有时通过套期保值不但没有规避风险,反而发生了不应有的损失。钢材是世界第一大金属材料,其价格变动性较大,无论是钢材生产企业还是钢材需求企业和行业都面临着巨大的价格风险,我国是最大的钢材生产国和消费国,如何有效利用套期保值对冲现货市场上的价格波动风险是一项重要课题。本文选取了J钢铁公司中所采用的套期保值策略进行研究,根据风险管理的理论以及套期保值管理的理论基础,进而运用案例分析法、因素分析法、比较分析法、实地调研法等多种研究方法进行分析,总结了J钢铁公司套期保值业务现状与问题,进而探讨了问题根源与解决思路,最后设计了J钢铁公司套期保值策略。随着我国期货市场的蓬勃发展,套期保值必将成为助力我国企业增强核心竞争力的重要工具,而具备明确的套期保值目标、有效的制度保证、合理的组织结构、切实可行的套期保值运作方案等特点的科学务实的新型套期保值将成为今后企业参与期货市场进行套期保值的主流。
[Abstract]:Hedging is one of the tools to avoid the risk of market price fluctuation. In developed countries, hedging is used to carry out risk management, which has been attached great importance to and effectively utilized by enterprises. Hedging is a booming new thing in our country, although some enterprises begin to use the futures market to hedge risks and have achieved certain results. However, quite a number of enterprises still have a biased understanding of hedging, and the operation technology is not yet mature. These shortcuts have resulted in not only not avoiding risks, but also undeserved losses in the course of practice. Steel is the largest metal material in the world, and its price change is great. Both steel production enterprises and steel demand enterprises and industries are facing huge price risks. China is the largest producer and consumer of steel products. How to effectively use hedging to hedge the risk of price fluctuation in the spot market is an important subject. According to the theory of risk management and the theoretical basis of hedging management, this paper selects the hedge strategy adopted in J Iron and Steel Company, and then uses case analysis, factor analysis and comparative analysis. This paper analyzes various research methods such as field investigation, summarizes the current situation and problems of hedging business in J Iron and Steel Company, and then discusses the root causes and solutions of the problems, and finally designs the hedging strategy of J Iron and Steel Company. With the vigorous development of China's futures market, hedging will become an important tool to help Chinese enterprises to enhance their core competitiveness. The scientific and practical new hedging, which is characterized by feasible hedging operation scheme, will become the mainstream for enterprises to take part in the futures market in the future.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.31;F406.7

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