中缅管线热轧卷板的原料套期保值项目风险管理研究

发布时间：2018-06-04 15:16

本文选题：铁矿石套期保值 + 风险　；参考：《东北大学》2014年硕士论文

【摘要】：近年来国内石油及天然气管道建设蓬勃发展,也带动了钢材原料的需求,特别是对热轧板卷的需求不断增加。管道项目热卷原料一般采取招标方式采购。在目前的市场环境下,铁矿石作为热轧板卷最重要的原料,价格波动十分剧烈,由于此类中标合同的供货量大、供货周期长,钢厂的盈利在供货时段具有非常大的不确定性。针对此类合同,为规避铁矿石价格大幅波动的风险,钢铁企业为锁定利润可以选择在期货市场上对矿石原料进行套期保值。但套期保值作为规避风险的金融手段,存在着相当大的风险,在进行套期保值的过程中存在诸多不确定因素,论文针对首钢的铁矿石套期保值项目,对开展套期保值项目过程中面临的各种风险进行分析和研究,并找出应对这些风险的措施,这对于钢铁企业进行套期保值的风险管理研究是有实际意义的。针对中缅管线热轧板卷的原料套期保值项目,本文对项目的特点和内容进行了分析研究,运用项目风险管理的基本理论和方法,对项目风险进行了识别。在此基础上,对识别的基差风险、资金管理风险、投机风险、监控和操作资源风险进行了评估,结果显示资金管理风险为该项目的最大风险。最后,根据风险评价的结果,对识别出的风险提出了相应的风险应对措施。论文的研究不仅对首钢应对铁矿石套期保值项目的风险有实际的指导意义,而且对其他类似企业进行套期保值风险管理也有一定的借鉴意义。
[Abstract]:In recent years, the rapid development of domestic oil and gas pipeline construction has also driven the demand of steel raw materials, especially the demand for hot rolled coils. Pipeline project hot-coiled raw materials are generally purchased by tender. In the current market environment, iron ore as the most important raw material of hot rolled coil, the price fluctuation is very sharp, because of the large supply quantity and long supply cycle of this kind of winning contract, the profit of steel mill has great uncertainty in the supply period. For such contracts, to avoid the risk of large fluctuations in iron ore prices, iron and steel companies can choose to hedge ore raw materials in the futures market in order to lock in profits. However, as a financial means of avoiding risks, hedging has considerable risks. There are many uncertain factors in the process of hedging. This paper aims at the iron ore hedging project of Shougang. This paper analyzes and studies the various risks in the course of carrying out hedging projects and finds out the measures to deal with these risks, which is of practical significance to the risk management research of steel enterprises. In view of the raw material hedging project of hot rolled sheet coils of Sino-Myanmar pipeline, this paper analyzes the characteristics and contents of the project, and identifies the project risk by using the basic theory and method of project risk management. On this basis, the identified base risk, capital management risk, speculative risk, monitoring and operating resource risk are evaluated. The results show that the capital management risk is the biggest risk of the project. Finally, according to the result of risk evaluation, the corresponding risk countermeasures are put forward. The research of this paper not only has practical guiding significance for Shougang to deal with the risk of iron ore hedging project, but also has certain reference significance for other similar enterprises to carry on the risk management of hedging.
【学位授予单位】：东北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.31;TG338

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