本文選題：期貨 + 基差　； 參考：《蘭州大學(xué)》2013年碩士論文

【摘要】：隨著世界經(jīng)濟(jì)一體化的深入,中國(guó)企業(yè)在低附加值的生產(chǎn)分工上越來(lái)越難以獲得預(yù)期的利潤(rùn),特別是大宗商品原料和成品價(jià)格劇烈頻繁的波動(dòng)。原材料價(jià)格的頻繁不利變動(dòng)以及資本市場(chǎng)人民幣的匯率波動(dòng)極大地侵蝕著企業(yè)的利潤(rùn)。在這種新形勢(shì)下,企業(yè)若不利用資產(chǎn)保值工具來(lái)鎖定成本或者鎖定銷(xiāo)售價(jià)格,就可能出現(xiàn)生產(chǎn)的越多虧損的越多的局面。企業(yè)利用套期保值工具進(jìn)行鎖定成本或者鎖定銷(xiāo)售價(jià)格的前提是在期貨套期保值市場(chǎng)上有一個(gè)正確的交易思路,即套期保值管理方案。本文以西部礦業(yè)股份公司為例對(duì)該公司套期保值管理方案進(jìn)行研究。西部礦業(yè)股份公司參與套期保值的有色金屬產(chǎn)品有：銅、鋁、鉛、鋅、金、銀等品種,西部礦業(yè)股份公司的有色金屬產(chǎn)品的產(chǎn)業(yè)鏈長(zhǎng),從原礦的采礦、冶煉到成品型材,生產(chǎn)周期長(zhǎng),不但需要對(duì)原料進(jìn)行買(mǎi)期保值以防范原料價(jià)格上漲,同時(shí)還要對(duì)成品進(jìn)行銷(xiāo)售價(jià)格鎖定的賣(mài)期保值,以避免價(jià)格下跌帶來(lái)的風(fēng)險(xiǎn)。套期保值是一個(gè)系統(tǒng)工程,不但要對(duì)保值數(shù)量、保值價(jià)位、保值方向考慮,還要考慮經(jīng)濟(jì)大環(huán)境因素、套期保值入場(chǎng)的基差影響、保值過(guò)程中的風(fēng)險(xiǎn)管理以及套期保值結(jié)束以后的套期保值后評(píng)估。西部礦業(yè)的套期保值種類(lèi)全面,涵蓋了有色金屬行業(yè)套期保值的全部種類(lèi),在同行業(yè)有借鑒意義。第一章介紹了本文的研究目的、意義,研究?jī)?nèi)容及框架安排,第二章介紹了期貨基本理論、套期保值基本理論以及國(guó)內(nèi)外套期保值的發(fā)展歷程。第三章介紹了西部礦業(yè)股份公司套期保值現(xiàn)狀及套期保值中存在的問(wèn)題。第四章著重設(shè)計(jì)針對(duì)西部礦業(yè)股份公司套期保值方案。第五章描述套期保值方案的實(shí)施環(huán)境和套期保值后評(píng)估。第六章是結(jié)束語(yǔ)及致謝。
[Abstract]:With the deepening of the world economic integration, it is more and more difficult for Chinese enterprises to obtain the expected profits in the low value-added production division, especially the sharp and frequent fluctuations in the prices of commodities raw materials and finished products. The frequent unfavorable changes in raw material prices and the exchange rate fluctuations in the capital market have greatly eroded the profits of enterprises. In this new situation, if enterprises do not use asset preservation tools to lock in the cost or the sales price, the more losses the production may occur. The premise of a firm using hedging tools to lock in the cost or the selling price is to have a correct trading idea in the futures hedging market, that is, the hedging management scheme. This paper takes the western mining corporation as an example to study the hedging management scheme of the company. The non-ferrous metals products that Western Mining Co. Ltd. participates in hedging include: copper, aluminum, lead, zinc, gold, silver, etc. The industrial chain of non-ferrous metal products of Western Mining Co., Ltd. is long, from the mining of raw ore to smelting to finished profiles. Long production cycle, not only need to buy the raw materials to prevent the price of raw materials to increase, but also to the sale price of finished goods locked in the sale period to avoid the risk of price decline. Hedging is a systematic project. It should not only consider the quantity, price and direction of hedging, but also take into account the economic environmental factors and the effect of the base difference of hedging admission. Risk management in the course of hedging and post-hedging assessment after the end of hedging. The type of hedging in western mining industry is comprehensive, covering all kinds of hedging in non-ferrous metal industry, which has reference significance in the same industry. The first chapter introduces the purpose, significance, research content and framework of this paper. The second chapter introduces the basic theory of futures, the basic theory of hedging and the development of hedging at home and abroad. The third chapter introduces the current situation and problems of hedging in western mining companies. The fourth chapter focuses on the design of the western mining joint-stock company hedging scheme. Chapter 5 describes the implementation environment and post-hedging evaluation of hedging scheme. The sixth chapter is the concluding remarks and thanks.
【學(xué)位授予單位】：蘭州大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F426.1

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本文編號(hào)：2094468