本文選題：商品期貨 + 套期保值��； 參考：《中國財政科學(xué)研究院》2017年碩士論文

【摘要】：隨著我國期貨市場的蓬勃發(fā)展,越來越多的企業(yè)通過期貨市場進行套期保值以規(guī)避系統(tǒng)性風(fēng)險。套期保值是一把“雙刃劍”,套期保值工具可幫助企業(yè)規(guī)避風(fēng)險,但由于企業(yè)人員理論以及實踐經(jīng)驗不足,可能造成公司利潤的波動,引發(fā)經(jīng)營風(fēng)險和財務(wù)風(fēng)險,部分企業(yè)以套期保值之名行投機之實,更是造成了企業(yè)利潤的大幅度波動。因此,如何合理設(shè)置套期保值業(yè)務(wù)的內(nèi)部控制,建立有效的套期保值風(fēng)險管理體系應(yīng)成為企業(yè)關(guān)注的重點。本文首先描述商品期貨套期保值內(nèi)部控制框架,結(jié)合套期保值業(yè)務(wù)流程,梳理套期保值內(nèi)部控制程序。然后選擇Z冶煉廠的商品期貨套期保值內(nèi)部控制進行案例研究,通過訪談、調(diào)研梳理Z冶煉廠套期保值業(yè)務(wù)流程,根據(jù)業(yè)務(wù)流程識別風(fēng)險點,介紹Z冶煉廠的應(yīng)對策略。通過對現(xiàn)狀的分析找出存在問題,并提出改進建議。目前Z冶煉廠套期保值內(nèi)部控制存在的問題包括未正確認(rèn)識套期保值目標(biāo)及風(fēng)險、未實時監(jiān)控資金風(fēng)險、未執(zhí)行期貨止損制度及部分組織及管理職能缺失的問題。為解決這些問題,本文建議,Z冶煉廠應(yīng)正確認(rèn)識套期保值的目標(biāo)及風(fēng)險、加強套期資金管理、嚴(yán)格按照止損制度交易,構(gòu)建套期保值內(nèi)部監(jiān)察稽核職能、加強業(yè)務(wù)部門與職能部門的溝通。本文的貢獻在于將理論與實踐相結(jié)合,目前我國對商品期貨套期保值內(nèi)部控制的案例研究并不多,大多集中在對理論的探討,如套期保值存在風(fēng)險點,如何搭建風(fēng)險管理框架等,而企業(yè)在執(zhí)行套期保值業(yè)務(wù)過程中所面臨的大量風(fēng)險更多實踐中的風(fēng)險,理論搭建的框架如何同實踐結(jié)合是一個難題。本文立足Z冶煉廠,通過詳細(xì)梳理業(yè)務(wù)流程,分析存在問題并提出改進建議,期望能夠為我國商品期貨套期保值內(nèi)部控制研究提供案例資源。
[Abstract]:With the rapid development of futures market in China, more and more enterprises hedge through futures market to avoid systemic risk. Hedging is a "double-edged sword". Hedging tools can help enterprises avoid risks. However, due to the lack of theoretical and practical experience of enterprise personnel, it may lead to the fluctuation of company profits and lead to business risks and financial risks. Some enterprises in the name of hedging speculation, but also caused large fluctuations in corporate profits. Therefore, how to reasonably set up the internal control of hedging business and establish an effective hedging risk management system should become the focus of attention. This paper first describes the internal control framework of commodity futures hedging, combing the business process of hedging, combing the internal control procedures of hedging. Then selected Z smelter commodity futures hedging internal control for a case study, through interviews, survey and comb Z smelter hedging business process, according to the business process to identify the risk point, introduce Z smelter strategy. Through the analysis of the current situation to find out the existing problems, and put forward suggestions for improvement. At present, the problems existing in the internal control of hedging in Z smelter include the failure to correctly understand the objectives and risks of hedging, the failure to monitor the risk of funds in real time, the failure to implement the futures stop-loss system and the lack of some organizational and managerial functions. In order to solve these problems, this paper suggests that the smelter should correctly understand the objectives and risks of hedging, strengthen the management of hedging funds, strictly follow the stop loss system, and construct the internal supervision and audit function of hedging. Strengthen communication between business department and functional department. The contribution of this paper lies in the combination of theory and practice. At present, there are not many case studies on the internal control of commodity futures hedging in our country, most of them focus on the discussion of theory, such as the risk point of hedging. How to set up the risk management framework and how to combine the theoretical framework with practice is a difficult problem. Based on Z smelter, this paper analyzes the existing problems and puts forward suggestions for improvement by combing the business process in detail, hoping to provide case resources for the study of the internal control of commodity futures hedging in China.
【學(xué)位授予單位】：中國財政科學(xué)研究院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F764.2;F724.5

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本文編號：2035056