本文選題：航運企業(yè) + 運價衍生品�。� 參考：《大連海事大學》2013年碩士論文

【摘要】：近幾年來,除了不樂觀的全球經(jīng)濟環(huán)境給海運帶來不確定因素以外,持續(xù)加劇的船舶運力過剩以及航運市場供需的不匹配使航運業(yè)前景依然困難,我國航運企業(yè)為了在如此嚴酷的環(huán)境下生存下來,保證運費收入或者鎖定租船成本顯得更為重要。由于運價衍生品具有套期保值、價格發(fā)現(xiàn)、投機等功能,與航運企業(yè)運營航線相適應,可以結(jié)合運輸行為進行操作,因此成為國際航運市場上比較受歡迎的一種工具。之前我國參與衍生品市場的公司大多鎩羽而歸,因此造成了許多企業(yè)對運價衍生品持觀望態(tài)度,但是如果不能深入了解運價衍生品和研究其操作策略,我國航運企業(yè)就要被動接受運價波動的沖擊。 目前運價衍生品市場上對于干散貨和油輪來講遠期運價協(xié)議(FFA)和期權產(chǎn)品交易量比較大,而集裝箱運價衍生產(chǎn)品是運價指數(shù)期貨,其中干、濕散貨的FFA交易是國際上最為盛行的工具。運價實際操作中影響因素很多,但是在套期保值的情況下有著事先可以計算出損益的優(yōu)勢,合理的投資組合能夠有效降低航運企業(yè)的運費收入與租金成本波動風險,本文從這點入手,結(jié)合實際案例進一步研究。 本文對衍生產(chǎn)品中的FFA、期貨和期權定義、操作方式和基本原理進行了闡述,對航運市場情況和航運企業(yè)面臨的風險以及避險方法做了梳理,通過分析國內(nèi)外企業(yè)參與運價衍生品市場的實例,最后綜合分析,對航運企業(yè)參與運價衍生品市場的策略提出了幾點建議。
[Abstract]:In recent years, in addition to the uncertainties that the global economic environment has brought to maritime transport in recent years, the growing excess capacity of ships and the mismatch between supply and demand in the shipping market have made the prospects of the shipping industry still difficult. In order to survive in such a harsh environment, it is more important for Chinese shipping enterprises to guarantee freight revenue or lock in the cost of chartering ships. Because the freight derivatives have the functions of hedging, price discovery, speculation and so on, they can be operated in combination with the transportation behavior, so they have become a popular tool in the international shipping market. Most of the companies involved in the derivatives market in our country have failed in the past, which has caused many enterprises to take a wait-and-see attitude towards the freight derivatives, but if they cannot deeply understand the freight derivatives and study their operational strategies, China's shipping enterprises will be passively subject to the impact of price fluctuations. At present, for dry bulk cargo and oil tankers, the volume of forward freight agreement (FFAA) and option products in the freight rate derivatives market is relatively large, while the container freight derivative products are freight rate index futures, among which they are dry. Wet bulk FFA trading is the most popular tool in the world. There are many influencing factors in the actual operation of freight rate, but in the case of hedging, it has the advantage of calculating the profit and loss in advance. A reasonable portfolio can effectively reduce the fluctuation risk of freight revenue and rental cost of shipping enterprises. This article starts from this point, unifies the actual case to study further. In this paper, the definition, operation mode and basic principle of FFA, futures and options in derivative products are expounded, and the shipping market situation, the risks faced by shipping enterprises and the methods of avoiding risk are combed out. By analyzing the examples of domestic and foreign enterprises participating in the market of freight rate derivatives, the paper puts forward some suggestions on the strategy of shipping enterprises' participation in the market of freight rate derivatives.
【學位授予單位】：大連海事大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F551;F831.55

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本文編號：1794347