金杯电工股份有限公司铜期货套期保值分析-工商管理专业论文.docxVIP

II II Abstract With the deepening of global economic integration, our country enterprise inevitably involved in all aspects of international trade, raw materials, products, exchange rate and interest rate risk has become an unavoidable for Chinese enterprises to go into the international market to open problems. Wide swings in prices that afflict, many enterprises in production and business operation caused great distress. How to deal with a risk of price fluctuations, it is the current many enterprises need to solve the problem. Therefore, as for copper enterprises, through the analysis of copper futures operation rule and hedging model building, scientific and reasonable methods of hedging to determine the process and methods, not only for enterprise how to scientific application of hedging in practice is very meaningful, but also hope to be able to hedging to provide reference for non-ferrous metals enterprise. This paper expounds the related theory of hedging and the research status at home and abroad and learn about the hedging principle, function and role. Then, analyze the operation law of copper futures price, study the relationship between the copper futures price and spot price and the factors influencing the fluctuations in the price of copper futures, and then to wade copper enterprises involved in hedging in the current market environment present situation analysis, points out the importance of the hedging to wade copper enterprises. At the same time, through the research on the enterprise, the corporate hedging business, this paper analyzes the main problems existing in the copulas connect - GARCH model is used to calculate hedging ratio so as to guide the copper futures hedging scheme. Finally, on this basis, the combination of model estimation results with the actual production and operation status of Jinbei Electric co., LTD. To design the copper futures hedging programs. Key Words：hedging; Copper futures; Copula-GARCH model; the program of