TH公司期货套期保值策略研究

发布时间：2017-12-28 05:30

本文关键词：TH公司期货套期保值策略研究　出处：《沈阳大学》2017年硕士论文　论文类型：学位论文

【摘要】：动力煤期货自2013年郑州商品交易所上市后经过3年的发展,已逐步趋于成熟稳定,为国内动力煤企业提供了正规的规避风险场所。但从2014-2015年的煤焦钢产业链危机涉煤企业盈利严重下滑来看,真正参与到期货套期保值且达到保值效果的企业很少。随着经济全球化的加速,重大突发事件和金融危机都可能引发大宗商品价格的暴涨暴跌,TH公司作为煤炭开采销售企业,为了增强抗风险能力,增强企业竞争力从而稳定经营发展,参与期货进行套期保值是大势所趋。期货市场具有价格发现和风险规避两大功能,利用期货这种金融衍生工具可以更好地达到合理配置资源的目的。为此,怎样更好地理解并运用期货市场,控制风险,使动力煤行业相关企业走上稳定发展的道路,具有非常重要的实践意义。首先,本文从风险管理理论的角度入手研究分析期货市场功能和作用,提出TH公司参与套保能够规避风险的理论基础。然后,开始具体分析动力煤行业背景和现状、动力煤期货的相关情况、TH公司的概况及风险敞口,目的是通过分析市场来明确其参与套保的必要性、可行性。同时,揭示出TH公司参与套期保值的意义、可能存在的问题与风险。最后,结合TH公司具体的生产经营状况与面临的风险,以动力煤价格行情为依据,制定出相应套保策略,并对其进行效果预估,且提出超预期状况相关对策,形成一套操作性强的详细套期保值策略。本文写作的意义除了为TH公司乃至所有动力煤企业提供一套具有可操作性的套期保值方案,更重要的是使大宗商品相关企业了解并熟悉金融衍生品对风险防范的积极作用,把企业从望经济周期“脸色”行事的被动经营中解放出来。
[Abstract]:Since the 2013 Zhengzhou Mercantile Exchange was listed, the development of steam coal futures has gradually become mature and stable after 3 years of development. It provides a formal risk avoidance place for domestic steam coal enterprises. But from 2014-2015 years of coal coke and steel industry chain crisis to the serious decline of coal enterprises' profits, there are few enterprises who really participate in futures hedging and achieve the effect of preserving value. With the acceleration of economic globalization, major events and financial crisis may lead to commodity price spike, TH company as sales of coal mining enterprises, in order to enhance the anti risk ability, enhance the competitiveness of enterprises and stable business development, participate in the futures hedging is to represent the general trend. The futures market has two functions of price discovery and risk aversion. The use of futures as a financial derivative can better achieve the purpose of rational allocation of resources. Therefore, how to better understand and use futures market and control risks and make the relevant enterprises of the power coal industry go on the road of stable development is of great practical significance. First of all, from the perspective of risk management theory, this paper studies and analyzes the function and role of futures market, and puts forward the theoretical basis of TH company's participation in hedging to avoid risks. Then, we start to analyze the background and current situation of the power coal industry, the related situation of the power coal futures, the general situation and risk exposure of TH company. The purpose is to clarify the necessity and feasibility of its participation in the hedging through the analysis of the market. At the same time, it reveals the significance, possible problems and risks involved in the TH company's participation in hedging. Finally, combined with the specific production and operation status and risks faced by TH, based on the price quotas of steam coal, the corresponding hedging strategy is formulated, and the effect is predicted, and the relevant countermeasures for exceeding expectations are put forward, so as to form a set of detailed detailed hedging strategies. The significance of this paper is in addition to provide a hedging program of TH company and all coal enterprises, it is more important that the commodity related companies understand and familiar with the positive role of risk prevention of financial derivatives, freeing enterprises from passive at the economic cycle "face" to act in.
【学位授予单位】：沈阳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.21;F724.5

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