【作者】 孙巧霞；

【导师】 贾明琪；

【作者基本信息】 兰州大学 ， 工商管理（专业学位）， 2013， 硕士

【摘要】 随着世界经济一体化的深入,中国企业在低附加值的生产分工上越来越难以获得预期的利润,特别是大宗商品原料和成品价格剧烈频繁的波动。原材料价格的频繁不利变动以及资本市场人民币的汇率波动极大地侵蚀着企业的利润。在这种新形势下,企业若不利用资产保值工具来锁定成本或者锁定销售价格,就可能出现生产的越多亏损的越多的局面。企业利用套期保值工具进行锁定成本或者锁定销售价格的前提是在期货套期保值市场上有一个正确的交易思路,即套期保值管理方案。本文以西部矿业股份公司为例对该公司套期保值管理方案进行研究。西部矿业股份公司参与套期保值的有色金属产品有：铜、铝、铅、锌、金、银等品种,西部矿业股份公司的有色金属产品的产业链长,从原矿的采矿、冶炼到成品型材,生产周期长,不但需要对原料进行买期保值以防范原料价格上涨,同时还要对成品进行销售价格锁定的卖期保值,以避免价格下跌带来的风险。套期保值是一个系统工程,不但要对保值数量、保值价位、保值方向考虑,还要考虑经济大环境因素、套期保值入场的基差影响、保值过程中的风险管理以及套期保值结束以后的套期保值后评估。西部矿业的套期保值种类全面,涵盖了有色金属行业套期保值的全部种类,在同行业有借鉴意义。第一章介绍了本文的研究目的、意义,研究内容及框架安排,第二章介绍了期货基本理论、套期保值基本理论以及国内外套期保值的发展历程。第三章介绍了西部矿业股份公司套期保值现状及套期保值中存在的问题。第四章着重设计针对西部矿业股份公司套期保值方案。第五章描述套期保值方案的实施环境和套期保值后评估。第六章是结束语及致谢。更多还原

【Abstract】 With the deepening of the integration of the global economy, the Chinese enterprises in the industries of low value-added productions meet more and more difficulties to ensure their meager profits, particularly due to the severe frequent fluctuations in commodity raw materials and finished goods prices. Frequently adverse change of prices and the RMB exchange rate fluctuations in the capital market greatly erode the profits of such enterprise. In this new situation, if the enterprises fail to take advantage of the assets hedging as a tool to lock in the cost or lock the sales price, the situation that the more production and the more loss may occur. In order for an enterprise to use hedging tools to lock cost or lock sales price, it has to have clear and correct transaction ideas in futures hedging market, witch is the hedging management program. This thesis takes the Western Mining Co., Ltd. as an example to investigate its hedging management program. Western Mining has several non-ferrous metal products such as copper, aluminum, lead, zinc in its hedging program. This company has not only long industry chain, but also long production cycle, from mining of the ore, smelting to the finished products and profiles. In order to prevent the price rising of raw materials, it needs to store the values of the purchased raw materials; it also needs to preserve the prices of its products in order to avoid the risk of falling prices. Hedging is a systems engineering project, in addition to take the preservation of the volume and the price into consideration, it must also consider the impact of economic environment factors, the entry basis of the hedging, and the risk management against inflation in the hedging process, as well as the assessment after hedging when hedging management ends. The hedge management of Western Mining covers a wide range, thus its plan can be helpful for other enterprises in the same industry. The first chapter of this thesis describes the goals and purpose of this thesis, as well as the significance of this study and its arrangements; the second chapter describes the basic theory of the Futures on goods, basic theory of hedging management, and the development of the domestic and foreign hedge management. The third chapter analyzes and discusses the hedging status and some existing problems in the Western Mining Corporation. The fourth chapter analyzes and investigates the hedging plan of Western Mining Corporation Limited. The fifth chapter depicts the implementation environment of the proposed hedging plan. The sixth chapter is the summary of the thesis and acknowledgement.更多还原