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在職研究生論文:W集團銅期貨套期保值策略研究

論文編號:lw201901221647564292 所屬欄目:在職研究生論文 發布日期:2019年01月22日 論文作者:論文網

摘要
我國工業原材料的對于銅的消耗量極高,加上國內精通的產量有限,進而多數的工業消耗需求都通過國外進口的方式實現;進口銅就本質屬性來看,其既有主業屬性,同時也有金融屬性,價格受供需關系、市場經濟以及國家貨幣政策等多方面的因素影響,故而通過進口銅的方式雖能滿足國內工業生產需要,但同時卻要面臨進出口貿易過程中的銅價波動風險問題,特別是在金融危機時期,銅的波動價格較大,對于我國工業用銅進口帶來了諸多風險問題。
銅價的波動問題對我國相關工業生產活動帶來了嚴重的影響,同時在劇烈價格浮動的背景下,實現對于銅保值有著較大的難度,傳統套期保值的方式并不適用,今兒就需要針對現狀以及銅市價格特點為基礎進行一套新的套期保值方法創新,從而穩定銅價波動所帶來的風險問題。經過多年的實踐,我國現階段銅企業套期保值得到了一定的發展,但同時還與國外成熟銅企業有著較大的差距。我國銅企業套期保值現狀問題主要展現為三大方面:首先套期保值存在廣泛性上的缺陷;其次套期保值存在規范性上的缺陷,具體表現為不規范的套期保值操作往往會對于銅企業帶來嚴重的損失;再次套期保值存在前瞻性上的缺陷。從國內的研究現狀來說,國內學者以及專家對于銅期貨套期保值的研究視角較為單一,缺乏從系統化的角度分析,無法對于實踐活動形成有效的引導。此外,銅企業在對于套期保值的處理上,多采用價格風險控制管理的方法,沒有綜合宏觀經濟環境的風險把控,從而無法有效抵御宏觀經濟環境波動下對于企業形成的價格以及利潤沖擊,從而導致銅企業的進攻困境。
本文在研究的過程中,以W集團銅期套期保值為研究對象,采用規范研究、實證研究相結合的研究方法,從理論以及實踐連個層面對于銅期貨的套期保值問題進行全面系統化的研究,結合前人研究成果以及案例資料的分析,找出其中存在的問題,從而提升有效的銅期貨套期保值策略,優化提升W集團銅期套期保值操作水平,同時本文的研究還可供我國其他銅企業作為參考,綜合推動我國同企業整體風險抵御水平,實現我國銅企業的持續穩定發展。
關鍵詞:銅期貨;套期保值;W集團
Abstract
China's industrial raw materials for the consumption of copper is extremely high, limited domestic master production plus, and most of the industrial consumption demand by foreign imports; imported copper is the essential attribute of view, the existing main properties, but also has financial attributes, the price is affected by supply and demand, market economy and national currency the policy factors in many aspects, therefore by way of imported copper can meet the domestic needs of industrial production, but also have to face the risk of fluctuations in copper prices in import and export trade, especially in the financial crisis period, the fluctuation in the price of copper is larger for imports of copper industry in China has brought a lot of risks.
Has a serious impact on China's copper price fluctuations related to industrial production, at the same time in the fierce price fluctuations in the background, implementation is difficult for the traditional copper hedging, hedging is not the way, this need for the status quo and characteristics of the copper price hedging a new method for innovation based on the risk problems caused by fluctuations in copper prices to stabilize. After many years of practice, the hedging of copper enterprises in China has developed a lot, but there is a big gap with the mature copper enterprises abroad. China's copper enterprises hedging problems mainly show in three aspects: first, hedging defects widely on; secondly hedging defects on the existing norms, the specific performance of hedging operations are not standardized will often bring serious loss to the copper enterprises; again hedging defects on the forward-looking. From the domestic research, scholars and experts for the study from the perspective of copper futures hedging is relatively simple, the lack of systematic analysis from the perspective of practice, not to form an effective guide. In addition, copper enterprises in for hedging, the price risk management risk control, no comprehensive macroeconomic environment to control, which can effectively resist the fluctuation of macroeconomic environment for enterprises to form the price and profit impact, resulting in difficulties caused by the attack of copper enterprises.
During this research, the W copper futures hedging group as the research object, using the research methods of empirical research, normative research, the overall system from the theoretical and practical aspects, even in copper futures hedging problem analysis, combined with previous research results and case data, find out the the existing problems, so as to enhance the futures hedging strategy effectively, optimizing W group copper futures hedging level at the same time, this study can also be used for other copper enterprises in our country as a reference, to promote China's comprehensive enterprises with the overall risk level, to achieve sustained and stable development of copper industry in china.
Keywords:copperfutures;hedging;Wgroup
目錄

摘要 I


ABSTRACT II
引言 1
第1章緒論 2
1.1研究背景和意義 2
1.1.1研究背景 2
1.1.2研究意義 3
1.2國內外研究現狀 4
1.2.1國外研究現狀 4
1.2.2國內研究現狀 5
1.2.3研究述評 6
1.3銅期貨套期保值的動因 6
1.3.1降低經營過程

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