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ABSTRACT
In a market economy, commodity producers and operators will inevitably encounter a variety in the
production and operation process of risk, such as credit risk, operational risk, price risk, which often face
the risk is the risk of price fluctuations, and
fluctuations in commodity
price risk, if not effectively
transfer, will affect the normal production and business, enterprise benefit is not guaranteed. The enterprise
through the futures hedging can effectively avoid the risk of price fluctuation, locking the production cost,
to achieve the expected profit. Therefore, the commodity futures hedging plays a vital role in enhancing the
economic efficiency of enterprises.
The futures market of our country,
along with the
modern market economic system gradually
perfect and the development of capital market reform unceasingly thorough, after 20 years of development,
has played an increasingly important role in national economy and entity industry service process. In 2009
the Chinese futures market to become the world's largest commodity futures market. In 2011 the total
turnover of futures contracts 1054000000, the total amount of futures trading to 137.51 yuan. The market is
expanding, has been at the forefront of the world. One of the basic functions of the futures market is the use
of futures contracts to hedge, to circumvent the risk of price fluctuation. In the futures markets, hedging
function better, commodity supply and demand in the interests of both sides can get better maintenance.
Industrial and agricultural production will be better, so as to promote the development of the whole national
economy.
This paper is divided into five parts, the first chapter, the main content as the research background
and research significance of hedging in futures. The second chapter, the definition of futures hedging,
hedging and mainly introduces the realization condition. Application of
the third chapter
of hedging, the
main contents of several modes of hedging. The fourth chapter mainly introduces the effect of hedge,
measurement basis and hedging effectiveness. Note the fifth chapter hedging operations, the main content
is need to pay attention to the actual operation of enterprises in the hedging problem in. The sixth chapter,
in the Chinese market, and promote some suggestions for enterprises to use the futures market hedging.
Keywords:
futures
§ risk
目 录
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