钢铁企业套期保值风险管理研究

发布时间：2019-01-26 14:17

【摘要】：目前,我国钢铁企业的发展面临着前所未有的困境,在新兴产业急速发展的今天,落后产能标杆之一的钢铁行业无疑成为去库存去产能的主要标的,钢铁企业承受着巨大的经济压力及价格风险,自山西海鑫、黑龙江西林等企业裁员破产,陆续有大型钢铁企业破产倒闭,在此背景之下,亦有部分钢铁企业采取套期保值的方式规避价格风险,而进行套期保值时操作不当可能使企业遭受更大损失。本文以风险管理为出发点,研究我国钢铁企业套期保值的现状与实际操作中的风险问题,并对此进行风险管理框架设计。通过对国内进行套期保值的钢铁企业标杆进行研究,设计适合大型钢铁企业的套期保值业务风险管理框架,为钢铁企业进行套期保值时合理控制风险、提前锁定利润、在供给侧改革的当下获得长足的发展提供有效的建议。本文首先介绍了套期保值理论与风险管理理论的国内外研究综述,论述了套期保值的概念与基本原则、风险管理的概述、流程与方法。在此基础上对我国钢铁企业套期保值的风险进行阐述,并对现状深入探析。作为本文最重要的部分,笔者根据S钢铁企业的套期保值情况,进行了风险管理框架设计,包括套期保值风险管理框架设计以及信息系统框架设计,有效整合了风险控制各个模块。最后一部分,本文提出了主要结论,并对我国钢铁企业进行套期保值的风险管理提出了四点政策性意见。
[Abstract]:At present, the development of China's iron and steel enterprises is facing unprecedented difficulties. With the rapid development of the emerging industries, the steel industry, one of the backward productivity benchmarks, has undoubtedly become the main target of destocking to capacity. Iron and steel enterprises are under enormous economic pressure and price risks. Since Shanxi Haixin, Heilongjiang Xilin and other enterprises have laid off staff and gone bankrupt, one after another large iron and steel enterprises have gone bankrupt. In this context, Some iron and steel enterprises take the way of hedging to avoid the price risk, and the improper operation of hedging may make the enterprises suffer more losses. Taking risk management as the starting point, this paper studies the current situation of the hedging of iron and steel enterprises in our country and the risk problems in the actual operation, and designs the risk management framework. Through the research on the benchmark of the domestic iron and steel enterprises, the paper designs the risk management framework of the hedging business, which is suitable for the large iron and steel enterprises, so as to reasonably control the risks and lock in the profits ahead of time when the iron and steel enterprises carry out the hedging. In the current supply-side reform to achieve considerable development to provide effective advice. This paper first introduces the theory of hedging and the theory of risk management at home and abroad, discusses the concept and basic principles of hedging, risk management overview, process and methods. On the basis of this, the paper expounds the risk of China's iron and steel enterprises hedging, and probes into the present situation. As the most important part of this paper, the author designs the risk management framework, including hedging risk management framework and information system framework, according to the hedging situation of S iron and steel enterprises. Effective integration of each module of risk control. In the last part, the paper puts forward the main conclusions, and puts forward four policy opinions on the risk management of China's iron and steel enterprises.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.31;F272.3

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