Z冶炼厂商品期货套期保值内部控制案例研究

发布时间：2018-06-18 09:50

本文选题：商品期货 + 套期保值　；参考：《中国财政科学研究院》2017年硕士论文

【摘要】：随着我国期货市场的蓬勃发展,越来越多的企业通过期货市场进行套期保值以规避系统性风险。套期保值是一把“双刃剑”,套期保值工具可帮助企业规避风险,但由于企业人员理论以及实践经验不足,可能造成公司利润的波动,引发经营风险和财务风险,部分企业以套期保值之名行投机之实,更是造成了企业利润的大幅度波动。因此,如何合理设置套期保值业务的内部控制,建立有效的套期保值风险管理体系应成为企业关注的重点。本文首先描述商品期货套期保值内部控制框架,结合套期保值业务流程,梳理套期保值内部控制程序。然后选择Z冶炼厂的商品期货套期保值内部控制进行案例研究,通过访谈、调研梳理Z冶炼厂套期保值业务流程,根据业务流程识别风险点,介绍Z冶炼厂的应对策略。通过对现状的分析找出存在问题,并提出改进建议。目前Z冶炼厂套期保值内部控制存在的问题包括未正确认识套期保值目标及风险、未实时监控资金风险、未执行期货止损制度及部分组织及管理职能缺失的问题。为解决这些问题,本文建议,Z冶炼厂应正确认识套期保值的目标及风险、加强套期资金管理、严格按照止损制度交易,构建套期保值内部监察稽核职能、加强业务部门与职能部门的沟通。本文的贡献在于将理论与实践相结合,目前我国对商品期货套期保值内部控制的案例研究并不多,大多集中在对理论的探讨,如套期保值存在风险点,如何搭建风险管理框架等,而企业在执行套期保值业务过程中所面临的大量风险更多实践中的风险,理论搭建的框架如何同实践结合是一个难题。本文立足Z冶炼厂,通过详细梳理业务流程,分析存在问题并提出改进建议,期望能够为我国商品期货套期保值内部控制研究提供案例资源。
[Abstract]:With the rapid development of futures market in China, more and more enterprises hedge through futures market to avoid systemic risk. Hedging is a "double-edged sword". Hedging tools can help enterprises avoid risks. However, due to the lack of theoretical and practical experience of enterprise personnel, it may lead to the fluctuation of company profits and lead to business risks and financial risks. Some enterprises in the name of hedging speculation, but also caused large fluctuations in corporate profits. Therefore, how to reasonably set up the internal control of hedging business and establish an effective hedging risk management system should become the focus of attention. This paper first describes the internal control framework of commodity futures hedging, combing the business process of hedging, combing the internal control procedures of hedging. Then selected Z smelter commodity futures hedging internal control for a case study, through interviews, survey and comb Z smelter hedging business process, according to the business process to identify the risk point, introduce Z smelter strategy. Through the analysis of the current situation to find out the existing problems, and put forward suggestions for improvement. At present, the problems existing in the internal control of hedging in Z smelter include the failure to correctly understand the objectives and risks of hedging, the failure to monitor the risk of funds in real time, the failure to implement the futures stop-loss system and the lack of some organizational and managerial functions. In order to solve these problems, this paper suggests that the smelter should correctly understand the objectives and risks of hedging, strengthen the management of hedging funds, strictly follow the stop loss system, and construct the internal supervision and audit function of hedging. Strengthen communication between business department and functional department. The contribution of this paper lies in the combination of theory and practice. At present, there are not many case studies on the internal control of commodity futures hedging in our country, most of them focus on the discussion of theory, such as the risk point of hedging. How to set up the risk management framework and how to combine the theoretical framework with practice is a difficult problem. Based on Z smelter, this paper analyzes the existing problems and puts forward suggestions for improvement by combing the business process in detail, hoping to provide case resources for the study of the internal control of commodity futures hedging in China.
【学位授予单位】：中国财政科学研究院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F764.2;F724.5

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