我国企业套期保值风险规避问题研究

【作者】 陈明；

【导师】 林峰；

【作者基本信息】 华侨大学 ， 企业管理， 2009， 博士

【摘要】 在全球金融危机引发商品价格暴涨暴跌和人民币长期升值的大背景下,我国企业面临巨大威胁,不少企业甚至破产倒闭。为了应对金融危机,在严峻的环境下生存与发展,套期保值成为我国企业规避商品价格剧烈波动风险的明智选择和理想的风险管理工具。企业进行套期保值,摆脱外界无法掌控的被动状态,变被动为主动,锁定利润和控制成本,实现持续经营和稳健发展。可以说,套期保值是企业提高核心竞争力的体现之一,是企业度过金融危机寒冬的避风港。本文以我国企业套期保值规避商品价格风险为中心,研究我国企业套期保值必要性与可行性、现状与问题、成功经验与教训、策略选择和方案实施,探索我国企业套期保值的制度设计,最后进行实证检验。本文共10章内容,其中:第3章探讨风险界定与本质、现代风险管理理论和企业风险管理中的套期保值方法;第4章分析套期保值与风险管理的关系,探讨我国企业套期保值的作用与特征、可行性与必要性;第5章研究我国期货市场的发展历程和企业套期保值现状与存在的问题,通过比较发达国家套期保值特征,获得宝贵的经验借鉴;第6章比较分析我国企业套期保值的成功案例和失败教训,为后来者提供借鉴和启示;第7章研究我国企业套期保值的目标定位、策略选择、方案实施和套期保值效益评价方法;第8章研究我国期货市场制度安排和监管体制,从政府层面和企业层面探讨保障企业套期保值交易的制度设计;第9章运用套期保值模型计算沪铜期货最优套期比,评价方法检验套期保值效益,把计算结果运用于云南铜业套期保值实践中,设计出云南铜业套期保值实务,为其他企业提供借鉴;第10章总结本文的研究成果,并指出有待进一步研究的关键问题。本文研究的特色与创新之处是:①理论服务于实践,为企业应对金融危机寻找良策,解决企业现实难题;②采用跨学科研究方法,运用金融学理论研究企业风险管理和套期保值实践,推动企业风险管理理论的创新和发展;③从制度研究新视角探索企业套期保值实践,提出了我国企业套期保值的政府监管制度安排和企业内部风险控制的制度设计;④有机结合定性和定量、动态和静态、比较和案例分析等多种研究方法。更多还原

【Abstract】 Under the Global Financial Crisis to ignite the commodity price sharp rise or fall and the RMB rate appreciation for years, many Chinese enterprises are facing a great threat or even bankruptcy. For survival in the serious external environment, the hedging becoming a wise choice and ideal risk management ways for Chinese enterprise to avoid commodity price risk. The enterprise hedging can throw off the exterior passive state, turn the passivity to the initiative, lock the profit and control the cost, realize the enterprises sustain running and healthy development. So the hedging can strengthen the enterprise core competence and help the enterprise live through the Global Financial Crisis.Accordingly, around on hedging, the paper researches the necessity and feasibility, status and deficiency, experience and lessons, strategy choice and implementation of hedging scheme, probes hedging system design, and then demonstrates the result of Chinese enterprise hedging.This dissertation falls into ten chapters:Chapter 3 is a study on risk concept and essentiality, the theories of modern risk management, and the hedging method. Chapter 4 deals with the relation of hedging and risk management, discusses the function and character, necessity and feasibility of Chinese enterprise hedging. Chapter 5 treats of the development process of Chinese futures market, analyzes problems of Chinese enterprise hedging, compares the developed countries enterprise hedging and gains valuable experience. Chapter 6 is a case study of Chinese enterprise hedging, offering the help to Chinese enterprise. Chapter 7 focuses on the goal orientation, the strategy choice, the implementation of hedging scheme and the performance evaluation of Chinese enterprise hedging. Chapter 8 researches system and supervision of Chinese futures market, studies the hedging system design of supervisor and enterprise. Chapter 9 uses hedging model to research optimal hedging ratio and resort hedging elevation method to evaluate the hedging performances, then applies the result to Chinese enterprise hedging practice. Chapter 10 presents a summarization of the contribution and regrets in my study and besides, an outlook for potential research on a few key questions to be further studied.The main innovative points of the dissertation are as follows:①theory serves to practice, hunt solution for coping to the Global Financial Crisis and solves problems for Chinese enterprise;②with interdisciplinary views, resorts financial theory to study enterprise risk management;③from the system perspective researches enterprise hedging practice;④synthetic study method.更多还原