套期保值在JT公司中的运用研究.pdfVIP

要 随着全球经济的快速发展和金融衍生品工具越来越广泛的运用，大宗商品的 价格波动十分激烈。企业要实现稳健经营和可持续性发展，规避因价格因素带来 的经营风险，套期保值的运用十分 要，因此，深入系统地研究套期保值在企业 中的实际运用有着非常 要的现实意义。 本文在对套期保值的原理及基本操作原则做了简要论述的基础上， 点研究 了套期保值在企业中的具体运用，利用大量的操作实例论述了该如何规避因基差 变化导致的套期保值的不完美及如何合理利用基差变化来实现无风险套利，结合 JT 公司为例，论述了如何规避两市价差风险，减小甚至消除进口原料及产品为企 业带来的风险，并对如何进行战术性和战略性的优化进行了重点阐述，然后对企 业如何进行风险防范进行了论述。此外，本文还结合案例进行了实证分析，得了 出有意义的结论和相关参考建议，旨在希望能够对我国的企业正 运用套期保值 这个工具来保护自己提供了一些有价值的启示。 关键词：套期保值；基差；保值优化；风险防范 1 Abstract With the rapid development of the global economy and more and more extensive use of financial derivatives instruments, the commodity price fluctuant very sharply. Enterprises want to achieve stable operation and sustainable development, must avoid operational risks due to the price changes, the use of hedging is important, therefore, in-depth systematic study of hedging in the practical application in the enterprise has a very important practical significance . In this article, after briefly discussion of the principle of hedging and the basic operating principles , the focus is on the hedging concrete application in the enterprise, using a large number of operational examples show how to avoid the imperfect hedging because of the changes of basis, and how the rational use of basis changes in the risk-free arbitrage, combined with JTs case, discusses how to avoid the risk of spread between the two markets, reduce or even eliminate import of raw materials and products for the enterprise risks, and on how to conduct tactical and strategic focuses on the optimization carried out, and then how to conduct business risk prevention are discussed. In addition, the article also conduct an empirical analysis with case, get a meaningful conclusions and recommendations for Chinese en