我国企业套期保值运作模式研究

发布时间：2018-03-12 12:47

本文选题：套期保值　切入点：运作模式　出处：《首都经济贸易大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着我国经济的蓬勃发展和当今世界的全球化不断深入，套期保值作为一种抹平企业利润大幅波动、实现企业稳定经营的有效工具成为了越来越多企业的必然选择。对于想走出国门的中国企业来说，，目前面临的关键问题早已不是是否需要进行套期保值，而是如何进行套期保值，怎样建立适合自身的套期保值模式。本文对我国企业套期保值运作模式的进行了系统的研究，旨在解决如何实现企业套期保值的有效运作的问题。本文共分为6章。第1章通过对选题背景的分析，引出了本文研究的核心问题：企业如何建立套期保值运作模式。接着对相关理论进行了梳理，并阐述了本文的主要研究方法及创新之处。第2章重点介绍了我国期货市场发展的现状、存在的主要问题及原因分析，并说明了企业建立套期保值运作模式的可行性和必要性。第3章是根据本文的设计思路及假设条件，对我国企业套期保值运作的权责体系、流程制度、模型选择和操作思路做了具体设计和说明。第4章，重点介绍企业在套期保值运作中的产品价格分析、风险评估和效果评估等关键节点的控制，并对Black-Scholes期权定价模型和VaR风险价值模型的具体应用做了详细介绍。第5章通过对株冶集团套期保值亏损案例和成功套期保值案例的分析，论证了方案设计的有效性。并对我国企业参与套期保值的政策建议。本章针对政府监管和提高期货市场效率提出了作者的观点。第6章对本文中的套期保值运作模式设计方案得出结论，对本文的研究成果做了综述，并对有待完善和进一步研究的地方做了讨论。本文的创新之处，首先在于理论服务实践，其设计方案具有较强的可操作性，为企业套期保值运作模式提供参考。其次是运用跨学科理论研究方法。把金融学和管理学的理论与方法有机融合在一起，运用金融学领域的金融期货知识和套期保值知识研究企业管理领域实践，推动企业管理理论的创新和发展。最后本文借助案例分析与模型等分析方法，把规范研究与实证研究有机结合在一起，在前人的研究基础上，综合运用定性、定量、静态、动态和比较等多种研究方法，扩展了企业套期保值的研究工具。
[Abstract]:With the vigorous development of China's economy and the deepening of globalization in the world today, hedging as a means of smoothing the profits of enterprises fluctuates substantially. The effective tool to realize the stable operation of enterprises has become an inevitable choice for more and more enterprises. For Chinese enterprises that want to go abroad, the key issue is no longer whether they need to hedge. This paper makes a systematic study on the operation mode of Chinese enterprises hedging, aiming at solving the problem of how to realize the effective operation of enterprise hedging. This paper is divided into six chapters. Chapter 1, through the analysis of the background of the topic, leads to the core problem of this paper: how to establish the operation mode of hedging. The main research methods and innovations of this paper are expounded. Chapter 2 focuses on the present situation of the futures market development in China, the main problems and the reasons for the development of the futures market. It also explains the feasibility and necessity of establishing the operation mode of hedging in enterprises. Chapter 3, according to the design ideas and hypothetical conditions of this paper, analyzes the system of authority and responsibility and the flow system of the hedging operation of enterprises in China. Chapter 4 focuses on the control of key nodes, such as product price analysis, risk assessment and effect evaluation, in the hedging operation of enterprises. The paper also introduces the application of Black-Scholes option pricing model and VaR risk value model in detail. Chapter 5 analyzes the hedging losses and successful hedging cases of Zhuye Group. The paper demonstrates the effectiveness of the scheme design, and puts forward the author's views on the government supervision and improving the efficiency of futures market. Chapter 6 gives the hedging operation in this paper. The pattern design scheme comes to the conclusion, The research results of this paper are summarized, and the places to be improved and further studied are discussed. The innovation of this paper lies in the theory service practice, and its design scheme has strong maneuverability. To provide a reference for the operation mode of enterprise hedging. Secondly, to use interdisciplinary theoretical research methods. To combine the theories and methods of finance and management. In order to promote the innovation and development of enterprise management theory, this paper uses financial futures knowledge and hedging knowledge to study the practice of enterprise management. Finally, this paper makes use of case analysis and model analysis methods. Combining normative research with empirical research, on the basis of previous studies, this paper comprehensively applies qualitative, quantitative, static, dynamic and comparative research methods to expand the research tools of enterprise hedging.
【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】：2013
【分类号】：F275;F832.51

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