C公司燃油使用套期保值方案设计与实施

发布时间：2018-03-23 22:20

本文选题：公路运输　切入点：燃油套期保值　出处：《华南理工大学》2013年硕士论文

【摘要】：C公司是一家国内专业的公路运输物流服务企业，公司车辆使用的燃油主要是柴油和汽油两种。燃油费用占公司主营业务成本的比例超过了40%。本文针对C公司受燃油价格的剧烈震荡导致净利润大幅波动的问题，运用财务管理上预测性套期保值理论，设计了C公司燃油使用的套期保值方案并在该公司实施，对于C公司规避燃油价格风险具有一定的现实意义。本文在阐述C公司的概况与燃油使用情况的基础上，将预测性套期保值理论和组合投资型套期保值理论相结合运用，设计了C公司燃油使用套期保值的具体方案。首先，，结合国内油价波动对公司净利润波动的敏感性分析，探讨了C公司规避燃油价格波动风险的方法和对燃油进行套期保值的必要性。其次，根据C公司的特征，确定了以规避燃油价格上涨作为C公司燃油套期保值的目标，并建立相应的组织机构，由该组织收集燃油价格变动趋势相关信息并进行双系统评估以确定合适的建仓和平仓时机和方向，根据C公司计划用油量，结合随机游走模型估算现货敞口风险，确定最大套期保值量与套期保值合约品种。然后，结合C公司的具体运营及资金情况，确定最终套期保值合约的数量，并分析了相关的套期保值风险。最后，将燃油使用套期保值的具体方案在C公司实施，同时设计了相应的风险控制制度。 xO究结果表明：选取C公司这样的中小型公路运输企业的燃油套期保值问题进行了研究，将预测性套期保值理论和组合投资型套期保值理论相结合，设计一套可操作的套期保值方案并实施，对C公司规避燃油价格上涨风险有现实意义，对于其他中小公路运输类企业设计燃油套期保值方案也具有一定的借鉴作用。
[Abstract]:Company C is a domestic professional road transportation logistics service enterprises, The fuel used by the company's vehicles is mainly diesel and gasoline. Fuel costs account for more than 40 percent of the company's main operating costs. Based on the predictive hedging theory of financial management, this paper designs and implements the hedging scheme for C Company fuel, which is of practical significance for C Company to avoid the fuel price risk. On the basis of expounding the general situation of C Company and the use of fuel oil, this paper combines the predictive hedging theory with the portfolio investment hedging theory, and designs the specific scheme of C company fuel hedging. Based on the sensitivity analysis of domestic oil price fluctuation to the company's net profit fluctuation, this paper discusses the methods of avoiding the risk of fuel price fluctuation and the necessity of hedging the fuel in C Company. Secondly, according to the characteristics of C Company, To avoid the increase in fuel price as C company fuel hedging objectives, and set up the corresponding organization, The organization collects information on fuel price trends and conducts double-system assessments to determine the appropriate timing and direction for building and closing positions, and estimates spot exposure risk according to company C's planned oil consumption and combined with random walk model. Determine the maximum amount of hedging and the variety of hedging contracts. Then, according to the specific operation and capital situation of company C, determine the number of final hedging contracts, and analyze the relevant hedging risks. The specific scheme of fuel-use hedging is implemented in C company, and the corresponding risk control system is designed. The XO results show that the fuel hedging problem of small and medium-sized highway transportation enterprises such as C Company is studied, and the predictive hedging theory and the portfolio hedging theory are combined. The design and implementation of an operational hedging scheme is of practical significance for C Company to avoid the risk of fuel price increase, and it is also useful for other small and medium-sized highway transportation enterprises to design fuel hedging schemes.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F542.6

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