商品期货交易中的套期保值分析
时间:2019-05-17 21:08 来源:毕业论文 作者:毕业论文 点击:次
| 摘要：套期保值本身并不能消除风险，他只是一种风险对冲，是通过期货市场找到交易对手把风险（或潜在的利润）转移出去了。具体就是通过期货合约进行与手中现货操作方向相反的交易，这样只要期货合约与现货的价值大体相当，就可以通过期货市场的赢利去弥补现货市场的亏损（反之亦成立），从而实现公司的平衡经营。套期保值的核心目标就是“风险对冲”，为了实现这一目标，期货品种及合约数量除了需要与现货头寸的价值相当，方向相反外，还要注意把二者的持有时间对应起来，否则就变成了单方面敞口的投机交易。套期保值操作根据对冲的是现货价格下跌还是上涨的风险，具体分为卖出套期保值和买入套期保值。随着近几年金融危机的肆虐和期货市场的蓬勃发展，国内很多生产、贸易型企业在套期保值实践上进行了大胆的实践。可事与愿违的是，部分企业对套期保值的目标诉求不清晰，功效认识不准确，评价标准片面，并没有给予套期保值工作应有的尊重。同时，由于内控制度相对并不成熟，尤其是对期货价格分析缺乏必要的经验和技巧，导致套期保值工作风险失控，出现了比较大的损失，给企业生产经营带来十分不利的影响。而这些，都需要我们对期货套期保值进行全方位的思考和认识，重新审视现有的期货市场风险评价体系，认真掌握期货工具的使用技巧，提高市场价格变化的把握能力，才能更好的发挥期货工具的积极作用。35448 毕业论文关键词：套期保值；期货；问题；对策 ABSTRACT Abstract：hedging itself does not eliminate risk, he is just a kind of risk hedge, is through the futures market to find the counterparty risk transfer out (or potential profits). Concrete is through futures contracts to trade in the opposite direction from the spot with the hand operation, such as long as the value of the futures and spot the same, you can through the futures market's profit to offset the loss of the spot market (and also set up), so as to realize the balance of company management. The core aim of hedging is to "hedge", in order to achieve this goal, futures varieties and contract number in addition to the value of the stock positions and in the opposite direction, but also pay attention to that of the holding time of the two, otherwise becomes a unilateral exposure of speculative trading. Hedging operations, according to hedge the risk of spot prices fall or rise, concrete can be pided into selling and buying of hedging hedging. As in recent years, the financial crisis raging and the vigorous development of the futures market, many domestic production, trade type enterprise on the hedging practice has carried on the bold practice. Can backfire, part of the enterprise is not clear to target of pursuit of hedging, efficacy understanding is inaccurate and one-sided evaluation standard, did not work for hedging the respect they deserve. Relative is not mature at the same time, due to the internal control system, especially the analysis of the futures price lack the necessary experience and skill, leads to risk hedging is out of control, a larger loss, brings to the enterprise production and operation is very adverse effect. And these, all need us to carry on the omni-directional thinking and understanding of futures hedging, to re-examine the existing futures market risk evaluation system, serious futures tool use skills, improve the grasp of market price changes, to better play the positive role of futures tools. Keywords: hedging; futures; problem; countermeasure 目 录 引 言 1 （一）商品期货套期保值研究背景 2 （二）商品期货套期保值研究意义 2 （三）文献综述 3 二、商品期货套期保值概述 5 (责任编辑：qin) |