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商品期貨交易中的套期保值分析

時間:2019-05-17 21:08來源:畢業論文
都需要我們對期貨套期保值進行全方位的思考和認識,重新審視現有的期貨市場風險評價體系,認真掌握期貨工具的使用技巧,提高市場價格變化的把握能力,才能更好的發揮期貨工具

摘要:套期保值本身并不能消除風險,他只是一種風險對沖,是通過期貨市場找到交易對手把風險(或潛在的利潤)轉移出去了。具體就是通過期貨合約進行與手中現貨操作方向相反的交易,這樣只要期貨合約與現貨的價值大體相當,就可以通過期貨市場的贏利去彌補現貨市場的虧損(反之亦成立),從而實現公司的平衡經營。套期保值的核心目標就是“風險對沖”,為了實現這一目標,期貨品種及合約數量除了需要與現貨頭寸的價值相當,方向相反外,還要注意把二者的持有時間對應起來,否則就變成了單方面敞口的投機交易。套期保值操作根據對沖的是現貨價格下跌還是上漲的風險,具體分為賣出套期保值和買入套期保值。隨著近幾年金融危機的肆虐和期貨市場的蓬勃發展,國內很多生產、貿易型企業在套期保值實踐上進行了大膽的實踐。可事與愿違的是,部分企業對套期保值的目標訴求不清晰,功效認識不準確,評價標準片面,并沒有給予套期保值工作應有的尊重。同時,由于內控制度相對并不成熟,尤其是對期貨價格分析缺乏必要的經驗和技巧,導致套期保值工作風險失控,出現了比較大的損失,給企業生產經營帶來十分不利的影響。而這些,都需要我們對期貨套期保值進行全方位的思考和認識,重新審視現有的期貨市場風險評價體系,認真掌握期貨工具的使用技巧,提高市場價格變化的把握能力,才能更好的發揮期貨工具的積極作用。35448
畢業論文關鍵詞:套期保值;期貨;問題;對策
 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.
源¥自%六^^維*論-文+網=www.aftnzs.live

Keywords: hedging; futures; problem; countermeasure
 目  錄
引  言    1
(一)商品期貨套期保值研究背景     2
(二)商品期貨套期保值研究意義     2
(三)文獻綜述    3
二、商品期貨套期保值概述     5 商品期貨交易中的套期保值分析:http://www.aftnzs.live/jingji/20190517/33400.html
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