黄金生产企业对黄金价格波动风险管理策略研究

发布时间：2018-04-01 16:23

本文选题：黄金生产企业　切入点：黄金价格波动风险　出处：《青岛理工大学》2014年硕士论文

【摘要】：马克思说过“金银天然不是货币,但货币天然是金银”，作为货币和财富载体的黄金，是价值的尺度。在信用货币时代，黄金是货币的尺度。黄金不同于一般商品的地方在于，其不仅仅拥有普通商品所具有的商品属性更有其独特的货币和金融投资属性，黄金价格的形成机制也因此比一般商品复杂。论文首先对影响黄金价格的地缘政治、经济形势、金融形势、美元指数进行阐述，对黄金价格形成机制进行总结，得出黄金价格的走势受多种因数共同影响，价格走势判断较一般商品复杂。随后，论文重点对近40年来黄金价格走势进行回顾，1973年布雷顿森林体系瓦解之前，每盎司黄金相当于35美元，价格非常稳定，但随着布雷顿森林体系的解体，黄金出现了了四轮相当大幅度的涨跌，每一次的涨跌幅度都非常大，甚至超过20倍。黄金价格的剧烈波动对黄金生产企业造成了极大的困扰，黄金生产企业对黄金价格波动风险的管控不仅牵扯到企业的利润增加与减少，甚至还影响到企业是否生存。在黄金下跌过程中，如果黄金生产企业不对黄金价格波动风险进行管控，黄金生产企业很有可能会破产倒闭。但如果在黄金价格上涨的牛市，黄金生产企业进行卖出套期保值就会丧失黄金价格上涨带来的利润。如何才能管控好黄金价格的波动风险成为企业家们思考的问题。在此背景下本文从黄金生产企业进行黄金价格波动风险的管控方面进行研究，进而对黄金价格波动风险的管理策略提出建议。在对黄金价格波动风险管控方面阐述的过程中，论文主要分四个方面对如何对黄金价格波动风险进行阐述：一是建立健全的组织架构体系、二是建立完善的风险管控体系、三是提高价格趋势的研判水平、四是制定合理的套期保值方案并加以实施。在阐述的同时文章还通过具体的案例进行再次说明。最后文章就我国目前黄金生产企业在进行套期保值交易中存在的障碍给出建议。通过文章的阐述，，明确了黄金生产企业在生产经营过程中必须通过套期保值方式对黄金价格波动风险进行管控，并让企业了解到在具体管控过程中应该从哪些方面进行努力。这对目前刚刚经历了黄金价格暴跌的黄金生产企业提供了很好的参考。
[Abstract]:Marx said that "the nature of gold and silver is not money, but the nature of money is gold and silver." as a carrier of money and wealth, gold is the measure of value.In the age of credit money, gold is the measure of money.Gold is different from ordinary commodities in that it has not only the commodity attributes of ordinary commodities, but also its unique monetary and financial investment attributes. Therefore, the formation mechanism of gold price is more complicated than that of general commodities.Firstly, the paper expounds the geopolitical, economic situation, financial situation and dollar index that affect the gold price, summarizes the forming mechanism of gold price, and concludes that the trend of gold price is influenced by various factors.Judgement of price trend is more complicated than general commodity.Then, the paper focuses on reviewing the trend of gold prices over the past 40 years. Before the collapse of the Bretton Woods system in 1973, gold was equivalent to US $35 per ounce, and the price was very stable, but with the disintegration of the Bretton Woods system,Gold has seen four rounds of considerable gains and losses, each of which has been very large, or more than 20 times.The sharp fluctuation of gold price has caused great trouble to gold production enterprises. The risk control of gold price fluctuation not only involves the increase and decrease of profits, but also affects the survival of enterprises.Gold producers are likely to fail if gold producers do not manage the risk of gold price volatility during the fall.But in a bull market where gold prices are rising, gold producers will lose profits from rising gold prices by hedging their sales.How to manage the risk of gold price volatility has become a problem for entrepreneurs.In this context, this paper studies the risk control of gold price volatility in gold production enterprises, and then puts forward some suggestions on the management strategy of gold price volatility risk.In the course of elaborating on the risk control of gold price fluctuation, the paper mainly expounds how to deal with the risk of gold price fluctuation in four aspects: first, establish a sound organizational structure system; second, establish a sound risk control system.The third is to improve the research level of price trend, and the fourth is to make reasonable hedging plan and implement it.At the same time, the article through specific cases to explain again.Finally, the paper gives some suggestions on the obstacles in the hedging of gold production enterprises in China.Through the elaboration of the article, it is clear that gold production enterprises must control the risk of gold price fluctuation through hedging in the process of production and operation, and let enterprises know which aspects should be taken into account in the process of specific management and control.This has just experienced a sharp fall in gold prices to provide a good reference for gold producers.
【学位授予单位】：青岛理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.1;F764;F272.3

【共引文献】