我国企业套期保值的监管问题研究

发布时间：2018-06-07 13:42

本文选题：内部风控 + 外部监管　；参考：《首都经济贸易大学》2014年硕士论文

【摘要】：由于我国市场经济体制的逐步完善和资本市场革新发展的不断深入，中国的期货市场经过了20多年的摸索，利用金融衍生产品进行套期保值的作用日趋凸显，在为国民经济和实体工业服务的过程具有重大的作用。企业进行套期保值的目的是对企业内部风险敞口的对冲，这样有利于企业规避价格风险，降低企业可能遭受的损失。然而，，近几年来企业利用金融衍生工具进行套期保值操作呈现给我们的是巨大亏损事件接二连三地发生，严重地影响了整个国家的资产安全。通过详细分析，市场上多半企业进行套期保值所造成的巨额亏损，除了与企业自身的内部风险控制管理能力和内部监督操作流程不当有关，国内的监管机构对套期保值企业的风险监督管理操作缺乏效率，这也是引起巨额损失的重要因素。因此，对参与套期保值企业的监督管理成为企业对冲现货市场风险成败的关键，这需要引起我们足够的重视。文章主要结合微观层面的企业内部风险控制和宏观层面的外部机构监管及相关的监管法规两方面展开。从微观企业的角度，企业利用金融衍生产品进行套期保值的整个过程都应该有专业人员对风险进行严格的监管，防止套保企业内部在交易过程中可能出现的任何风险。同时也要加强内部风险监督管理机制的执行力度，不使套期保值寸头转化成投机头寸。在宏观外部监管机构的层面上，各监管机构要依照相关的监督管理法律法规对参与套期保值的企业进行严密周全的监督管理。本文主要由六个部分构成，第一部分主要介绍本文的研究背景，阐述国内外研究文献；第二部分主要介绍我国对参与套期保值企业的监管现状，包括微观层面企业内部的风险监督管理和宏观层面外部监管机构及相关的监督管理法律法规的现状；第三部分主要介绍参与套期保值企业在监督管理方面存在的问题，主要从两方面着手：一是套期保值企业内部风险控制中存在的问题，如企业内部风险监督管理机制不健全及内部风险组织管理架构不合理；二是对套期保值企业的外部监管存在的问题，如：关于套期保值的监督管理法律法规不完善，套期保值的外部监管体系不健全等；第四部分主要介绍我国企业套期保值监管问题存在的原因，其中内部风险控制问题的原因结合东航套期保值巨亏的案例分析；第五部分主要借鉴国外套期保值监管的成功经验，通过介绍美国和日本这些发达国家的监管体制及监管法律；第六部分主要针对我国企业套期保值的监管问题及结合国外先进的监管经验，进而提出相关的政策建议。
[Abstract]:With the gradual improvement of the market economy system and the deepening of the capital market innovation, the futures market in China has been fumbling for more than 20 years, and the role of hedging with financial derivatives has become increasingly prominent. In the process of serving the national economy and physical industry has a significant role. The purpose of hedging is to hedge the internal risk exposure of the enterprise, which is helpful for the enterprise to avoid the price risk and reduce the loss that the enterprise may suffer. However, in recent years, the financial derivatives used by enterprises to hedge operations presented us with a series of huge losses, which seriously affected the asset safety of the whole country. Through detailed analysis, the huge losses caused by the hedging of most enterprises in the market are related not only to the enterprise's own internal risk control management ability and improper internal supervision and operation process. The lack of efficiency of risk supervision and management of hedging enterprises by domestic regulators is also an important factor causing huge losses. Therefore, to participate in the supervision and management of hedging enterprises becomes the key to the success or failure of hedging the spot market risk, which needs our attention. This paper mainly combines micro level internal risk control and macro level external organization supervision and related regulatory regulations. From the point of view of micro enterprises, the whole process of hedging enterprises using financial derivatives should be strictly supervised by professionals to prevent any risks that may occur in the course of trading. At the same time, we should strengthen the implementation of internal risk supervision and management mechanism so as not to convert hedging into speculative positions. At the level of macro-external regulatory agencies, each regulatory body should closely supervise and manage the enterprises involved in hedging according to the relevant supervision and management laws and regulations. This paper consists of six parts. The first part mainly introduces the research background of this paper, describes the domestic and foreign research literature, the second part mainly introduces the regulatory status of China's participation in hedging enterprises. The third part mainly introduces the problems existing in the supervision and management of the hedging enterprises, including the internal risk supervision and management of enterprises at the micro level and the current situation of the relevant laws and regulations on the supervision and management of external regulatory bodies at the macro level; the third part mainly introduces the problems existing in the supervision and management of the hedging enterprises. It mainly starts from two aspects: first, the problems existing in the internal risk control of hedging enterprises, such as the imperfect internal risk supervision and management mechanism and the unreasonable internal risk organization management structure; The second is the problems of the external supervision of hedging enterprises, such as: the supervision and management of hedging laws and regulations are not perfect, the external regulatory system of hedging is not perfect; The fourth part mainly introduces the reasons of the problem of China's enterprise hedging supervision, including the reasons of internal risk control problems combined with the case study of China Eastern Airlines hedging losses; the fifth part mainly draws lessons from the successful experience of foreign hedging supervision. By introducing the regulatory system and laws of the developed countries such as the United States and Japan, the sixth part mainly focuses on the regulatory problems of Chinese enterprises hedging and combines the advanced regulatory experience of foreign countries, and then puts forward relevant policy recommendations.
【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】：2014
【分类号】：F724.5;F272

【参考文献】