發(fā)布時間：2018-06-07 13:42

  本文選題：內(nèi)部風(fēng)控 + 外部監(jiān)管�。� 參考：《首都經(jīng)濟貿(mào)易大學(xué)》2014年碩士論文

【摘要】：由于我國市場經(jīng)濟體制的逐步完善和資本市場革新發(fā)展的不斷深入，中國的期貨市場經(jīng)過了20多年的摸索，利用金融衍生產(chǎn)品進行套期保值的作用日趨凸顯，在為國民經(jīng)濟和實體工業(yè)服務(wù)的過程具有重大的作用。企業(yè)進行套期保值的目的是對企業(yè)內(nèi)部風(fēng)險敞口的對沖，這樣有利于企業(yè)規(guī)避價格風(fēng)險，降低企業(yè)可能遭受的損失。然而，，近幾年來企業(yè)利用金融衍生工具進行套期保值操作呈現(xiàn)給我們的是巨大虧損事件接二連三地發(fā)生，嚴(yán)重地影響了整個國家的資產(chǎn)安全。通過詳細分析，市場上多半企業(yè)進行套期保值所造成的巨額虧損，除了與企業(yè)自身的內(nèi)部風(fēng)險控制管理能力和內(nèi)部監(jiān)督操作流程不當(dāng)有關(guān)，國內(nèi)的監(jiān)管機構(gòu)對套期保值企業(yè)的風(fēng)險監(jiān)督管理操作缺乏效率，這也是引起巨額損失的重要因素。因此，對參與套期保值企業(yè)的監(jiān)督管理成為企業(yè)對沖現(xiàn)貨市場風(fēng)險成敗的關(guān)鍵，這需要引起我們足夠的重視。 文章主要結(jié)合微觀層面的企業(yè)內(nèi)部風(fēng)險控制和宏觀層面的外部機構(gòu)監(jiān)管及相關(guān)的監(jiān)管法規(guī)兩方面展開。從微觀企業(yè)的角度，企業(yè)利用金融衍生產(chǎn)品進行套期保值的整個過程都應(yīng)該有專業(yè)人員對風(fēng)險進行嚴(yán)格的監(jiān)管，防止套保企業(yè)內(nèi)部在交易過程中可能出現(xiàn)的任何風(fēng)險。同時也要加強內(nèi)部風(fēng)險監(jiān)督管理機制的執(zhí)行力度，不使套期保值寸頭轉(zhuǎn)化成投機頭寸。在宏觀外部監(jiān)管機構(gòu)的層面上，各監(jiān)管機構(gòu)要依照相關(guān)的監(jiān)督管理法律法規(guī)對參與套期保值的企業(yè)進行嚴(yán)密周全的監(jiān)督管理。 本文主要由六個部分構(gòu)成，第一部分主要介紹本文的研究背景，闡述國內(nèi)外研究文獻；第二部分主要介紹我國對參與套期保值企業(yè)的監(jiān)管現(xiàn)狀，包括微觀層面企業(yè)內(nèi)部的風(fēng)險監(jiān)督管理和宏觀層面外部監(jiān)管機構(gòu)及相關(guān)的監(jiān)督管理法律法規(guī)的現(xiàn)狀；第三部分主要介紹參與套期保值企業(yè)在監(jiān)督管理方面存在的問題，主要從兩方面著手：一是套期保值企業(yè)內(nèi)部風(fēng)險控制中存在的問題，如企業(yè)內(nèi)部風(fēng)險監(jiān)督管理機制不健全及內(nèi)部風(fēng)險組織管理架構(gòu)不合理；二是對套期保值企業(yè)的外部監(jiān)管存在的問題，如：關(guān)于套期保值的監(jiān)督管理法律法規(guī)不完善，套期保值的外部監(jiān)管體系不健全等；第四部分主要介紹我國企業(yè)套期保值監(jiān)管問題存在的原因，其中內(nèi)部風(fēng)險控制問題的原因結(jié)合東航套期保值巨虧的案例分析；第五部分主要借鑒國外套期保值監(jiān)管的成功經(jīng)驗，通過介紹美國和日本這些發(fā)達國家的監(jiān)管體制及監(jiān)管法律；第六部分主要針對我國企業(yè)套期保值的監(jiān)管問題及結(jié)合國外先進的監(jiān)管經(jīng)驗，進而提出相關(guān)的政策建議。
[Abstract]:With the gradual improvement of the market economy system and the deepening of the capital market innovation, the futures market in China has been fumbling for more than 20 years, and the role of hedging with financial derivatives has become increasingly prominent. In the process of serving the national economy and physical industry has a significant role. The purpose of hedging is to hedge the internal risk exposure of the enterprise, which is helpful for the enterprise to avoid the price risk and reduce the loss that the enterprise may suffer. However, in recent years, the financial derivatives used by enterprises to hedge operations presented us with a series of huge losses, which seriously affected the asset safety of the whole country. Through detailed analysis, the huge losses caused by the hedging of most enterprises in the market are related not only to the enterprise's own internal risk control management ability and improper internal supervision and operation process. The lack of efficiency of risk supervision and management of hedging enterprises by domestic regulators is also an important factor causing huge losses. Therefore, to participate in the supervision and management of hedging enterprises becomes the key to the success or failure of hedging the spot market risk, which needs our attention. This paper mainly combines micro level internal risk control and macro level external organization supervision and related regulatory regulations. From the point of view of micro enterprises, the whole process of hedging enterprises using financial derivatives should be strictly supervised by professionals to prevent any risks that may occur in the course of trading. At the same time, we should strengthen the implementation of internal risk supervision and management mechanism so as not to convert hedging into speculative positions. At the level of macro-external regulatory agencies, each regulatory body should closely supervise and manage the enterprises involved in hedging according to the relevant supervision and management laws and regulations. This paper consists of six parts. The first part mainly introduces the research background of this paper, describes the domestic and foreign research literature, the second part mainly introduces the regulatory status of China's participation in hedging enterprises. The third part mainly introduces the problems existing in the supervision and management of the hedging enterprises, including the internal risk supervision and management of enterprises at the micro level and the current situation of the relevant laws and regulations on the supervision and management of external regulatory bodies at the macro level; the third part mainly introduces the problems existing in the supervision and management of the hedging enterprises. It mainly starts from two aspects: first, the problems existing in the internal risk control of hedging enterprises, such as the imperfect internal risk supervision and management mechanism and the unreasonable internal risk organization management structure; The second is the problems of the external supervision of hedging enterprises, such as: the supervision and management of hedging laws and regulations are not perfect, the external regulatory system of hedging is not perfect; The fourth part mainly introduces the reasons of the problem of China's enterprise hedging supervision, including the reasons of internal risk control problems combined with the case study of China Eastern Airlines hedging losses; the fifth part mainly draws lessons from the successful experience of foreign hedging supervision. By introducing the regulatory system and laws of the developed countries such as the United States and Japan, the sixth part mainly focuses on the regulatory problems of Chinese enterprises hedging and combines the advanced regulatory experience of foreign countries, and then puts forward relevant policy recommendations.
【學(xué)位授予單位】：首都經(jīng)濟貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F724.5;F272

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