钢铁企业价格风险分析与套期保值策略.pdf

对外经济贸易大学
硕士学位论文
钢铁企业价格风险分析与套期保值策略
姓名:甘卫萍
申请学位级别:硕士
专业:工商管理硕士
指导教师:李自杰
2010-11
摘要

在市场化、全球化条件下,企业生产经营活动面对各种外部不确定因素的影
响,其中很多因素都会通过市场价格波动风险来体现。本世纪以来国际市场大宗
商品价格持续暴涨和2008年全球金融危机引爆的价格全面暴跌,使我国企业付出
了缺乏价格风险管理手段的沉重代价。
本文以A钢铁公司企业为例,阐述了钢铁生产型企业参与期货市场套期保值
的解决方案。并且通过深入分析企业在生产经营中由价格波动造成的亏损问题,
结合目前建筑钢材正在积聚的价格下跌风险,提出通过期货市场进行螺纹钢期货
卖出套期保值的一揽子解决方案。从而保证企业在不同的市场状态及不同的现货
销售地域的条件下都能获得稳定的经营利润。
本文主要从企业风险管理的角度出发,对业面临的原材料和产品价格波动的
风险进行了全面分析,通过理论结合实践得出中国钢材生产企业利用期货进行风
险管理的一般方法。


















关键词: 钢铁企业,风险管理,套期保值
Abstract

Under marketability, globalized condition, enterprise production and
operating activities facing each kind of exterior element of certainty influence,
many factors can manifest through the market price fluctuation risk. Since this
century the international market modity price has continued to rise
suddenly the price which the global people of our time crisis detonates with 2008
to fall prehensively, caused our country enterprise to pay lacked
the price risk management method the serious price.
This article take A steel and pany as an example, Elaborated the
steel and iron production configuration enterprise participates in the futures
market hedge the solution. And creates through the thorough analysis enterprise
in the production operation by the price fluctuations loss question, the union
present building steel is agglomerating recession in price risk, carries on the steel
stock hedge through the futures market the solution. The enterprise can obtain
the operating profit stably .
This article mainly from business risk management angle embarking, The
enterprise faces raw material and the product price fluctuation's risk has carried
on the overall analysis, obtains the Chinese steel products Production enterprise
through the theory union practice to carry on the risk management using the
stock the general method.














Keywords