套期保值管理的策略.pptVIP

套期保值策略－针对具体资源开发项目的保值 资源开发项目的主要风险之一来自产品价格波动，在市场时机有利时，利用期货市场进行套期保值控制成本、锁定收入，对于控制项目风险、保障项目成功都有积极意义。 这种策略在资源开发项目中比较普遍，企业可以通过保值安排有效降低项目风险，改善融资条件，稳定投资回报。 * 第十五页，共四十三页。 套期保值流程 风险分析 保值政策 方案设计 实施、监控、优化 评估与改进 * 第十六页，共四十三页。 风险分析 总风险与剩余风险 铜冶炼企业的例子 航空公司的例子 * 第十七页，共四十三页。 保值政策 保值政策是企业保值工作的指导方针，对企业保值的目标和原则作出规定。 制定保值政策需要考虑多种因素： 风险分析，收入、成本分析，风险是否可以转移？ 风险偏好、保值的成本与收益、财务目标，保值还是不保值？ 可用于保值的资金规模 保值政策的内容： 保值比例（上下限） 保值时间跨度 保值价格确定的原则 可选择的期货交易工具 保值政策应经过企业高层决策者批准 * 第十八页，共四十三页。 保值政策－示例1 Hedging The Group’s policy is to remain unhedged to the gold price. However, hedges are sometimes undertaken on a project specific basis as follows: to protect cash flows at times of significant expenditure, for specific debt servicing requirements, and to safeguard the viability of higher cost operations. Gold Fields may from time to time establish currency financial instruments to protect underlying cash flows. Gold Fields has various currency and interest rate financial instruments - those remaining are described in the schedule. It has been decided not to account for these instruments under the hedge accounting rules of IFRS 39, except for the debt portion of the interest rate s has been hedge accounted, and accordingly the positions have been marked to market. Gold Fields Limited * 第十九页，共四十三页。 保值政策－示例2 NIE Energy Supply 30 April 2009 Hedging Policy Statement 3 Hedging Policy In deciding whether a hedge should be purchased NIE Energy Supply will need to consider the impact on both the likely price and its variability. ? If a hedge both lowers the expected price and reduces variability it is likely to be an efficient purchase unless there is an available alternative product that does so to a greater extent. ? Similarly, if a hedge reduces variability without affecting the expected price it is likely to be an efficient purchase unless there is a superior product available. ? If a hedge raises the expected price but reduces variability, NIE Energy will need to take a view on t