金融衍生工具在企业管理中的应用研究

发布时间：2018-06-19 00:53

本文选题：金融衍生工具 + 套期保值　；参考：《上海交通大学》2012年硕士论文

【摘要】：金融衍生工具自诞生以来,在全世界范围内取得了飞速发展,交易量也成倍的增长。虽然2008年国际金融危机让人们认识到了金融衍生工具的风险和破坏力,但是,作为套期保值的重要工具,金融衍生工具也为投资者提供了套利保值,风险管理的多元化选择。金融衍生工具也越来越受到企业的重视。我国加入WTO以后,越来越多的企业开始走出国门,国家进出口贸易总额也逐年增长,外汇储备已经突破3万亿美元。在经济全球化,金融国际化的今天,国家对衍生金融工具市场也将逐步放开。如何有效利用衍生金融工具为企业规避风险,保值套利也成为我国企业必须要面对的课题。与西方成熟市场相比,我国衍生金融工具的发展还相对落后,企业也缺乏经验。因此,本文以如何利用衍生金融工具提高自身的财务效益为目的,通过对衍生金融工具的基本概念、特征和风险等相关理论的介绍,同时结合案例应用分析,探讨企业利用衍生金融工具进行套期保值,投机套利,减少税收,降低成本和价值发现等的方法和策略,并对企业利用衍生金融工具的风险进行分析,提出相应的对策和建议,具体各章安排如下:第一章为绪论,主要介绍选题的目的、背景和意义。同时对本论文所涉及的国内外理论研究情况进行了初步介绍。第二章为衍生金融工具介绍,主要是根据衍生金融工具的分类,对不同种类的衍生金融工具的概念和特征和基本理论进行介绍。其中着重介绍了汇率衍生工具和利率衍生工具,并对国际上衍生金融工具的市场和规模和结构进行了分析。第三章为我国企业利用衍生金融工具现状分析,主要对我国金融衍生品市场的发展和现状进行了分析,并对我国企业利用衍生金融工具的现状进行了分析。第四章为企业实际应用金融衍生工具的案例实证分析,主要对企业利用金融衍生工具的主要功能和操作方法进行了分析和说明,主要介绍外汇和利率衍生品的实际应用并结合案例进行了分析。第五章为金融衍生工具的风险分析和防范。主要针对企业在实际利用金融衍生工具过程中可能遇到的风险特征、成因等进行了分析,并提出了相应的对应策略。衍生金融工具虽然复杂并且风险较大,但是只要能够合理利用,科学管理,系统防控,其风险还是可控的。在全球化竞争的现在,发展和利用衍生金融工具是无法抵挡的趋势。企业需要做好准备,迎接挑战,并在最大范围和程度上发挥衍生金融工具的优点,为企业服务,并提升企业的财务效益和价值。
[Abstract]:Since the birth of financial derivatives, it has made rapid development in the world, and the volume of transactions has increased exponentially. Although the 2008 international financial crisis has made people realize the risk and damage of financial derivatives, as an important tool of hedging, financial derivatives also provide investors with diversified options for hedging and risk management. Financial derivatives are also getting more and more attention of enterprises. After China's entry into WTO, more and more enterprises begin to go abroad, the total amount of national import and export trade also increases year by year, and the foreign exchange reserve has exceeded 3 trillion US dollars. In the economic globalization, financial internationalization today, the country will gradually liberalize the derivative financial instruments market. How to effectively use derivative financial instruments to avoid risks and hedge becomes a subject that Chinese enterprises must face. Compared with western mature markets, the development of derivative financial instruments in China is relatively backward, and enterprises lack experience. Therefore, this paper aims at how to use derivative financial instruments to improve their own financial benefits, through the introduction of the basic concepts, characteristics and risks of derivative financial instruments, as well as the application of the case study. This paper discusses the methods and strategies for enterprises to use derivative financial instruments for hedging, speculative arbitrage, tax reduction, cost reduction and value discovery, and analyzes the risks of enterprises using derivative financial instruments, and puts forward corresponding countermeasures and suggestions. The specific chapters are arranged as follows: the first chapter is an introduction, mainly introduces the purpose, background and significance of the topic. At the same time, the domestic and foreign theoretical studies involved in this paper are introduced. The second chapter is the introduction of derivative financial instruments, mainly according to the classification of derivative financial instruments, the concept, characteristics and basic theory of different types of derivative financial instruments are introduced. The paper mainly introduces exchange rate derivatives and interest rate derivatives, and analyzes the market, scale and structure of international derivative financial instruments. The third chapter analyzes the status quo of Chinese enterprises using derivative financial instruments, mainly analyzes the development and present situation of Chinese financial derivatives market, and analyzes the present situation of Chinese enterprises using derivative financial instruments. The fourth chapter is an empirical analysis of the practical application of financial derivatives in enterprises, mainly on the main functions and operation methods of financial derivatives. This paper mainly introduces the practical application of foreign exchange and interest rate derivatives and analyzes the case. The fifth chapter is the risk analysis and prevention of financial derivatives. This paper mainly analyzes the risk characteristics and causes of enterprises in the process of using financial derivatives, and puts forward corresponding strategies. Although derivative financial instruments are complex and risky, the risks can be controlled as long as they can be used reasonably, managed scientifically, and prevented and controlled by systems. In the current global competition, the development and use of derivative financial instruments is an irresistible trend. Enterprises need to be prepared to meet the challenges, and to maximize the scope and extent of the advantages of derivative financial instruments, to serve enterprises, and to enhance the financial efficiency and value of enterprises.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.5;F275

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