本文選題：銅 + 期貨��； 參考：《西南財經(jīng)大學(xué)》2013年碩士論文

【摘要】：X銅業(yè)公司誕生于改革開放初期,是一家主要資產(chǎn)已經(jīng)實現(xiàn)整體上市的企業(yè),其主要業(yè)務(wù)包括了銅礦的開采、精銅礦的冶煉、陰極銅的加工和出售、以及銅桿線等銅制成品的生產(chǎn)和銷售,是我國有色金屬行業(yè)中的一家大型的現(xiàn)代化的企業(yè)。在過去幾年中,國際國內(nèi)市場銅價波動頻繁,曾經(jīng)出現(xiàn)過在短時期內(nèi),銅價大幅度上漲或下跌的情形。因此,如何有效的管理原材料和產(chǎn)品的價格風(fēng)險,鎖定公司生產(chǎn)成本和經(jīng)營利潤,成為了X銅業(yè)公司面臨的一個重要課題。 本文從X銅業(yè)公司套期保值的實際需求出發(fā),結(jié)合當前市場實際情況。首先分析X銅業(yè)公司的業(yè)務(wù)流程,在對業(yè)務(wù)流程進行深入分析的基礎(chǔ)上,找到X銅業(yè)公司的三個風(fēng)險敞口,即從國內(nèi)外采購陰極銅環(huán)節(jié)風(fēng)險敞口、陰極銅銷售環(huán)節(jié)風(fēng)險敞口以及陰極銅庫存保值環(huán)節(jié)風(fēng)險敞口。針對不同風(fēng)險敞口的不同特點,為其設(shè)計了相應(yīng)的買入套期保值或賣出套期保值方式。其中第一個風(fēng)險敞口采用買入套期保值方式,其余兩個風(fēng)險敞口采用賣出套期保值方式。在每種保值方式下,設(shè)計了三種具體操作方法,分別為目標價格法、表格分析法和綜合法,并對這三種操作方法各自的優(yōu)缺點及適用條件進行了比較分析,由公司根據(jù)自身的經(jīng)營狀況及市場的實際情況加以選擇。 由于所選題目實踐性較強并結(jié)合金融碩士專業(yè)學(xué)位的特點,全文在論述的過程中,盡量避免過于學(xué)術(shù)化,減少文字性論述的內(nèi)容和大量復(fù)雜公式,而是采用大量圖表和平實語言進行說明,再加上選用的數(shù)據(jù)均為13年最新數(shù)據(jù),從而增加了解決方案的實際可操作性,可供X銅業(yè)公司和其他有同樣套期保值需求的公司借鑒與參考。
[Abstract]:Born in the early stage of reform and opening up, X Copper Co., Ltd. is an enterprise whose main assets have been listed as a whole. Its main businesses include copper mining, smelting of refined copper, processing and selling of cathode copper. The production and sale of copper finished products such as copper rod and wire are a large modern enterprise in China's nonferrous metal industry. Over the past few years, copper prices have fluctuated frequently in the international and domestic markets, and they have experienced a sharp rise or fall in a short period of time. Therefore, how to effectively manage the price risk of raw materials and products, lock the production costs and operating profits, has become an important issue facing X Copper Company. This article starts from the actual demand of X-copper company hedging, combining with the current market situation. First of all, the business process of X Copper Company is analyzed. On the basis of in-depth analysis of the business process, three exposures of X Copper Company are found, that is, procurement of cathode copper link risk exposure from home and abroad. Cathode copper sales link risk exposure and cathode copper inventory risk protection link exposure. According to the different characteristics of different exposures, the corresponding buying and selling hedging methods are designed for them. The first exposure is buy hedging and the other two are sell hedging. In each way, three specific operation methods are designed, which are the target price method, the table analysis method and the synthesis method. The advantages and disadvantages and the applicable conditions of the three operation methods are compared and analyzed. By the company according to their own operating conditions and the actual market situation to choose. Due to the strong practicality of the selected topics and the characteristics of the master's degree in finance, the full text tries to avoid being too academic in the process of discussion, reducing the content of the written discourse and a large number of complex formulas. Instead, they are illustrated in a large number of charts and plain language, together with the latest data of 13 years, which increases the practical operability of the solution. It can be used for reference by X Copper Company and other companies with the same hedging demand.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F426.32;F832.51

【參考文獻】

相關(guān)期刊論文 前4條

1 林孝貴;一重套期保值、二重套期保值和貢獻率[J];系統(tǒng)工程;2002年06期

2 黃瑞慶,何曉彬;我國期貨市場套期保值比率的估計方法[J];統(tǒng)計與決策;2005年14期

3 梁朝暉;;期貨套期保值理論及模型的研究進展[J];西安電子科技大學(xué)學(xué)報(社會科學(xué)版);2007年03期

4 花俊洲,吳沖鋒,劉海龍,鄒炎;期銅套期保值有效性實證研究[J];系統(tǒng)工程理論方法應(yīng)用;2003年03期

，

本文編號：2014412