西部矿业股份公司套期保值管理方案研究

发布时间：2018-07-03 17:34

本文选题：期货 + 基差　；参考：《兰州大学》2013年硕士论文

【摘要】：随着世界经济一体化的深入,中国企业在低附加值的生产分工上越来越难以获得预期的利润,特别是大宗商品原料和成品价格剧烈频繁的波动。原材料价格的频繁不利变动以及资本市场人民币的汇率波动极大地侵蚀着企业的利润。在这种新形势下,企业若不利用资产保值工具来锁定成本或者锁定销售价格,就可能出现生产的越多亏损的越多的局面。企业利用套期保值工具进行锁定成本或者锁定销售价格的前提是在期货套期保值市场上有一个正确的交易思路,即套期保值管理方案。本文以西部矿业股份公司为例对该公司套期保值管理方案进行研究。西部矿业股份公司参与套期保值的有色金属产品有：铜、铝、铅、锌、金、银等品种,西部矿业股份公司的有色金属产品的产业链长,从原矿的采矿、冶炼到成品型材,生产周期长,不但需要对原料进行买期保值以防范原料价格上涨,同时还要对成品进行销售价格锁定的卖期保值,以避免价格下跌带来的风险。套期保值是一个系统工程,不但要对保值数量、保值价位、保值方向考虑,还要考虑经济大环境因素、套期保值入场的基差影响、保值过程中的风险管理以及套期保值结束以后的套期保值后评估。西部矿业的套期保值种类全面,涵盖了有色金属行业套期保值的全部种类,在同行业有借鉴意义。第一章介绍了本文的研究目的、意义,研究内容及框架安排,第二章介绍了期货基本理论、套期保值基本理论以及国内外套期保值的发展历程。第三章介绍了西部矿业股份公司套期保值现状及套期保值中存在的问题。第四章着重设计针对西部矿业股份公司套期保值方案。第五章描述套期保值方案的实施环境和套期保值后评估。第六章是结束语及致谢。
[Abstract]:With the deepening of the world economic integration, it is more and more difficult for Chinese enterprises to obtain the expected profits in the low value-added production division, especially the sharp and frequent fluctuations in the prices of commodities raw materials and finished products. The frequent unfavorable changes in raw material prices and the exchange rate fluctuations in the capital market have greatly eroded the profits of enterprises. In this new situation, if enterprises do not use asset preservation tools to lock in the cost or the sales price, the more losses the production may occur. The premise of a firm using hedging tools to lock in the cost or the selling price is to have a correct trading idea in the futures hedging market, that is, the hedging management scheme. This paper takes the western mining corporation as an example to study the hedging management scheme of the company. The non-ferrous metals products that Western Mining Co. Ltd. participates in hedging include: copper, aluminum, lead, zinc, gold, silver, etc. The industrial chain of non-ferrous metal products of Western Mining Co., Ltd. is long, from the mining of raw ore to smelting to finished profiles. Long production cycle, not only need to buy the raw materials to prevent the price of raw materials to increase, but also to the sale price of finished goods locked in the sale period to avoid the risk of price decline. Hedging is a systematic project. It should not only consider the quantity, price and direction of hedging, but also take into account the economic environmental factors and the effect of the base difference of hedging admission. Risk management in the course of hedging and post-hedging assessment after the end of hedging. The type of hedging in western mining industry is comprehensive, covering all kinds of hedging in non-ferrous metal industry, which has reference significance in the same industry. The first chapter introduces the purpose, significance, research content and framework of this paper. The second chapter introduces the basic theory of futures, the basic theory of hedging and the development of hedging at home and abroad. The third chapter introduces the current situation and problems of hedging in western mining companies. The fourth chapter focuses on the design of the western mining joint-stock company hedging scheme. Chapter 5 describes the implementation environment and post-hedging evaluation of hedging scheme. The sixth chapter is the concluding remarks and thanks.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.1

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