风险管理案例分析德国金属公司石油期货交易巨_.pdfVIP

德国金属公司石油期货交易巨额亏损案例分析报告 摘 要 08年金融危机之后，国内部分企业参与石油套保发生巨亏的 案例反映出我国在石油价格风险管理方面的手段不足。在石油价 格大幅波动的情况下，如何通过金融工具来规避价格风险，中国 企业不仅缺少经验，在投资策略上也存在不足。本文通过对德国 金属公司石油期货交易巨额亏损案例的分析，从套期保值，衍生 品交易的风险识别以及风险管理策略角度，阐述巨额亏损背后的 原因以及启示。 关键词：期货；套期保值；风险识别；风险管理策略 1 The analysis report of oil futures huge losses case of Germany metal company Abstract After the financial crisis, some domestic enterprises participate in the oil giant hedging ,which case reflects our country that lacks of experiencein the oil price risk management. In the situation of oil price fluctuations, how to use the financial tools to circumvent the price risk is important to a company .Chinese companies are not only lack of experience,but also has some disadvantages in the investment strategy. This article through case of the German metal company oil futures huge losses analysis, from hedging, derivatives trading of risk identification and risk management strategy, this paper expounds the reasons behind the huge losses and enlightenment. Keywords:Futures-edging;Riskidentification ;Risk management strategy 2 目录 摘要1 Abstract2 1.引言4 2.理论综述4 2.1金融衍生工具--期货简介 ..4 2.1.1期货概念 4 2.1.2期货投资原理 5 2.1.3期货交易 5 2.2期货套期保值的技术风险 ..6 2.2.1行情误判风险 6 2.2.2期现货价格严重背离 （基差风险）