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英国paper代写-Enterprise hedging

2018-09-27 | 来源:51due教员组 | 类别:Paper代写范文

下面为大家整理一篇优秀的paper代写范文- Enterprise hedging,供大家参考学习,这篇论文讨论了企业的套期保值。套期保值,就是指把期货市场当作转移价格风险的场所,利用期货合约作为将来在现货市场上买卖商品的临时替代物,对其现在买进准备以后售出商品或对将来需要买进商品的价格进行保险的交易活动。企业做套期保值,除了制度上的健全,还要做到资金保障。控制保值额度的比例,始终要保证企业现货与期货头寸的对应性。不能过度保值或过低保值,这样都不能做到使企业利益及套期保值保险最大化。

Enterprise hedging,套期保值,英国论文代写,论文代写,paper代写

With the acceleration of economic globalization, the living environment of enterprises is becoming more and more complex. For enterprises mainly engaged in the production of copper products and the purchase of copper raw materials, it is necessary for them to have sufficient competitiveness in the market with drastic changes and ups and downs, avoid market risks and achieve stable and sustainable growth. What effect will corporate participation in hedging eventually have on profits? This paper intends to make a simple analysis of hedging. The purpose of this paper is to clarify the dual meaning of profit and risk in hedging.

First, what is hedging? Hedging refers to the trading activity of taking the futures market as a place to transfer price risk, using the futures contract as a temporary substitute for buying and selling commodities in the spot market in the future, buying and selling commodities now or insuring the prices of commodities in the future. Its essence is to buy or sell futures contracts in different directions from the spot market, but in approximately the same quantity as the spot market, in order to sell or buy futures contracts at some future time in order to compensate for the risk to the actual price caused by fluctuations in the spot market price. Finally, a hedging mechanism is formed between short-term and long-term, "present" and "period", so as to minimize the investment risk caused by price fluctuations.

Second, do hedging shall follow the following principles: principle of trade in the opposite direction: as copper products production and sales units, sales department according to the spot market price of copper products, accordingly by buying or selling futures contracts to set an opposite position, and then select an appropriate time, will be liquidated, futures contracts to hedge their contracts. By taking advantage of the complementary role between spot trading and futures trading, the investment risks caused by market price fluctuations are avoided, so as to ensure that certain benefits can be obtained while locking in costs. The principle of equal quantity of goods: this principle refers to the process of hedging in which the amount of goods acquired through the futures market must be equal to the amount of goods that the trader is about to trade through the spot market. Only by ensuring that the futures market and the spot market are eventually traded in equal quantities can the gap between one market's profit and another's loss be narrowed to the maximum extent, or the equivalence of the two can be ensured, and the profit and loss of the two markets can be effectively complemented. The principle of the same commodity category: the same commodity is used to trade, so that the two markets of spot and futures are closely linked in terms of price, which is conducive to the two markets to maintain the same price trend, so that the reverse trading can be used in the futures market and the spot market to achieve the expected effect. Otherwise, not only can not guarantee hedging trade effectively avoid price risk, but also may increase price risk. In practice, non - futures commodities can also be traded through the above way to do cross hedging. The same or similar principle of the month: this refers to the process of hedging in which the delivery of a futures contract is approximately equal to the time a trader takes to trade a commodity in the future spot market. Because of futures market and spot market price fluctuations, will affect the two market trading profit and loss, the amount of the two markets if trading at the same time, when reached the delivery deadline of futures contracts, to ensure that the spot and futures finished according to the market price of the same trade, thereby promoting can promote both sides close relationship is formed on the market the price mechanism, to strengthen the hedging.

Hedging basically can be divided into buying hedging and selling hedging. Buying futures hedging, also called long hedging, is to buy futures through the futures market, futures market with long to ensure the spot market short phenomenon, to effectively prevent the adverse impact caused by price risk. Hold a long position to protect the spot goods traders will buy on the spot market. The purpose of buying hedging is to guard against the risk of loss arising from future price increases in raw materials or inventories required by enterprises. Instead, if companies are worried about falling prices for the raw materials or products they hold, they can use a sell hedge. Short hedging, also known as short hedging, is a method of dealing in futures markets by first selling contracts equal in number to the spot market in order to prevent the risk that spot prices will fall on delivery.

There is no doubt about the coexistence of risks and hedging: the futures market is a market reconfigured according to risks. Enterprises can effectively transfer uncertain price risks through hedging mainly through the futures market, so as to avoid large price fluctuations and effectively avoid price risks. However, the risk coefficient of the futures market is relatively high. In the process of hedging, the enterprise itself also takes risks. If it is lax, it may bear losses due to hedging risks. Taking such risks seriously will ensure a smooth transaction in the futures market. The author lists the risks encountered by enterprises in the process of hedging as follows: hedging has high requirements on the operators of enterprises. If the operators of enterprises lack relevant knowledge or operational experience of futures hedging, it is easy to cause risks. Enterprises' wrong judgment of the trend of future price changes in the market will also lead to the phenomenon that the profits of one market cannot fully compensate for the losses of another market, and even both the spot and futures markets show losses. In terms of trading, futures hedging and commodity speculation is not big, the differences between certain conditions, the enterprise can obtain high profits in commodities, and most companies can relax our vigilance against the hedging transactions, cause goods operation is hedging on the surface, but actually has been converted to the commodities, once a lapse in judgment, or the market direction change, companies will suffer a huge loss. Therefore, enterprises must realize that hedging transactions are more defensive, but can not rely on this transaction mode to earn additional profits. Hedging is the basic work of hedgers, which is to manage the spot trading after transferring the price risk and obtain the operating profit through reasonable way. Hedging is just like a double-edged sword, which can effectively avoid market risks, but it is also a source of risks. Therefore, enterprises should make full use of this sword from a correct point of view and create profits for them. In order to avoid risks from the root, enterprises should first master the causes of risks. Risks often occur in areas that are often ignored by people, and it is impossible to get out of the passive position to take preventive measures after the occurrence of risks. Therefore, enterprise managers must constantly stress their nerves and constantly strengthen the prevention awareness of hedging.

In theory, hedging can lock in profits and avoid price risk, but how to avoid its own risk in practice, so as to play a real role? First of all, from the information transmission link, the procurement department of copper raw materials should make accurate and timely statistics of the arrival situation, including the metal quantity of the arrival day, the pricing method, the arrival time and so on. The information department shall establish a professional hedging team with futures experts as members to do sufficient homework and make good decisions from the aspects of copper market analysis, confirmation of hedging plans and risk control. At the same time, the enterprise needs to establish and improve the internal supervision management system and risk control system, standardize the operation procedures of decision-making, authorization and trading, improve the risk resistance ability of the enterprise in the futures market, and ensure the normal hedging transactions. The enterprise and the manager of each department should review all internal financial and transaction processes of the enterprise within a certain period of time, find out the problems and take measures to solve them in time. Hedging transactions must be accurate, complete, and true and effective to avoid errors and to prevent illegal or false problems. In addition, it is necessary to establish an emergency treatment mechanism for hedging within enterprises: the copper market moves in a variety of ways, which is one of the factors that are likely to adversely affect the effect of hedging. Hedging mainly aims to maximize profits while effectively avoiding risks, but risks often occur in trading. Therefore, in order to maximize profits, effectively avoid risk, to have a clear judgment standard, and then clear the check points, stop points, because usually, investors cannot determine the poles of hedging transaction price, if the market is bigger, prompted a serious disconnect between the futures price and the market price, then the development trend of whether it is good or bad, the enterprise must be promptly liquidated stop, stop, in this way can effectively avoid risk, profit. Risk control department should carry out marking to market, as long as the profit or stop loss point to strictly supervise the closing of the operator.

Enterprise do hedging, in addition to the system of sound, but also guarantee of funds, an enterprise want to do better hedging work is inseparable from the enterprise internal cash flow management, must guarantee capital source, so as to ensure that work can better complete hedging, to make the drastic fluctuations in the futures market to ensure the safety of corporate hedging positions, and can seize fleeting establish proper position in the market. The success of hedging cannot be achieved without the rational management of enterprise funds and the guaranteed source of funds needed when the market fluctuates. Control the proportion of the value of preservation, and always ensure that the company's cash and futures position of correspondence. Do not overprotect or too low protect, such cannot achieve to make business interest and hedge insurance maximization.

To sum up, starting from the maximization of value, hedging is an inevitable way for enterprises to cope with the changing market, give play to the function of hedging, and truly boost the steady development of enterprises.

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