X铜业公司套期保值解决方案

发布时间：2018-06-13 14:59

本文选题：铜 + 期货　；参考：《西南财经大学》2013年硕士论文

【摘要】：X铜业公司诞生于改革开放初期,是一家主要资产已经实现整体上市的企业,其主要业务包括了铜矿的开采、精铜矿的冶炼、阴极铜的加工和出售、以及铜杆线等铜制成品的生产和销售,是我国有色金属行业中的一家大型的现代化的企业。在过去几年中,国际国内市场铜价波动频繁,曾经出现过在短时期内,铜价大幅度上涨或下跌的情形。因此,如何有效的管理原材料和产品的价格风险,锁定公司生产成本和经营利润,成为了X铜业公司面临的一个重要课题。本文从X铜业公司套期保值的实际需求出发,结合当前市场实际情况。首先分析X铜业公司的业务流程,在对业务流程进行深入分析的基础上,找到X铜业公司的三个风险敞口,即从国内外采购阴极铜环节风险敞口、阴极铜销售环节风险敞口以及阴极铜库存保值环节风险敞口。针对不同风险敞口的不同特点,为其设计了相应的买入套期保值或卖出套期保值方式。其中第一个风险敞口采用买入套期保值方式,其余两个风险敞口采用卖出套期保值方式。在每种保值方式下,设计了三种具体操作方法,分别为目标价格法、表格分析法和综合法,并对这三种操作方法各自的优缺点及适用条件进行了比较分析,由公司根据自身的经营状况及市场的实际情况加以选择。由于所选题目实践性较强并结合金融硕士专业学位的特点,全文在论述的过程中,尽量避免过于学术化,减少文字性论述的内容和大量复杂公式,而是采用大量图表和平实语言进行说明,再加上选用的数据均为13年最新数据,从而增加了解决方案的实际可操作性,可供X铜业公司和其他有同样套期保值需求的公司借鉴与参考。
[Abstract]:Born in the early stage of reform and opening up, X Copper Co., Ltd. is an enterprise whose main assets have been listed as a whole. Its main businesses include copper mining, smelting of refined copper, processing and selling of cathode copper. The production and sale of copper finished products such as copper rod and wire are a large modern enterprise in China's nonferrous metal industry. Over the past few years, copper prices have fluctuated frequently in the international and domestic markets, and they have experienced a sharp rise or fall in a short period of time. Therefore, how to effectively manage the price risk of raw materials and products, lock the production costs and operating profits, has become an important issue facing X Copper Company. This article starts from the actual demand of X-copper company hedging, combining with the current market situation. First of all, the business process of X Copper Company is analyzed. On the basis of in-depth analysis of the business process, three exposures of X Copper Company are found, that is, procurement of cathode copper link risk exposure from home and abroad. Cathode copper sales link risk exposure and cathode copper inventory risk protection link exposure. According to the different characteristics of different exposures, the corresponding buying and selling hedging methods are designed for them. The first exposure is buy hedging and the other two are sell hedging. In each way, three specific operation methods are designed, which are the target price method, the table analysis method and the synthesis method. The advantages and disadvantages and the applicable conditions of the three operation methods are compared and analyzed. By the company according to their own operating conditions and the actual market situation to choose. Due to the strong practicality of the selected topics and the characteristics of the master's degree in finance, the full text tries to avoid being too academic in the process of discussion, reducing the content of the written discourse and a large number of complex formulas. Instead, they are illustrated in a large number of charts and plain language, together with the latest data of 13 years, which increases the practical operability of the solution. It can be used for reference by X Copper Company and other companies with the same hedging demand.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.32;F832.51

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