I 摘要 现如今，在激烈的市场竞争中，全球的商品价格剧烈波动并趋近于常态化。受铝 原材料价格剧烈波动的影响，给以铝型材为原材料的制造企业带来许多经营方面的风 险。套期保值作为一种重要的风险管理手段，可以使企业利用期货价格发出的信号安 排生产，从而减少由于原材料价格的波动给企业带来的影响，使企业的的经营效率得 到提高。到目前为止，世界上众多企业均已参与到了套期保值的领域中。然而在我国， 由于各种因素的阻碍，参与套期保值的企业比例仍旧不是很理想。 本文以C公司为研究对象。首先，论述公司原材料采购的形式和规模，分析C 公司铝型材采购过程中存在的具体风险，而后根据风险管理的相关理论和内容，依据 现阶段C公司的经营管理情况，提出具有针对性和指向性的管理措施。最后通过C 公司使用金融衍生工具之后经营管理的相关数据对比，论述套期保值方案实施的价值 与意义，证明套期保值措施在采购金融风险管理中的重要性和必要性。 本文的研究表明,套期保值的应用可以有效规避铝型材采购中的价格风险，以铝 型材为原料的制造企业应充分利用金融衍生品的金融属性，有效降低市场风险，避免 在生产经营中出现的滞后性和局限性问题，这一措施对于以铝型材为原料的制造企业 的采购风险、市场风险的管理、控制，具有十分显著的作用和意义。 关键词：套期保值采购铝型材风险管理 Abstract II Abstract Nowadays,inthefiercemarketcompetition,theglobalcommoditypricesfluctuate sharplyandtendtobenormalized.Affectedbythesharpfluctuationofthepriceof aluminumrawmaterials,itbringsmanyoperationalriskstothemanufacturingenterprises usingaluminumprofilesasrawmaterials.Asanimportantmeansofriskmanagement, hedgingcanenableenterprisestoarrangeproductionbyusingthesignalssentbyfutures prices,soastoreducetheimpactoffluctuationsinthepriceofrawmaterialson enterprisesandimprovetheoperatingefficiencyofenterprises.Sofar,manyenterprisesin theworldhaveparticipatedinthefieldofhedging.However,inChina,duetovarious factors,theproportionofenterprisesparticipatinginhedgingisstillnotideal. ThispapertakesCcompanyastheresearchobject.Firstofall,thepaperdiscussesthe formandscaleofthecompany'srawmaterialprocurement,analyzesthespecificrisks existingintheprocessofCcompany'saluminumprofileprocurement,andthenputs forwardtargetedanddirectionalmanagementmeasuresaccordingtotherelevanttheory andcontentofriskmanagementandthecurrentoperationandmanagementsituationofC Company.Finally,bycomparingtherelevantdataofoperationandmanagementof companyCafterusingfinancialderivatives,thispaperdiscussesthevalueandsignificance oftheimplementationofhedgingscheme,andprovestheimportanceandnecessityof hedgingmeasuresinpurchasingfinancialriskmanagement. Theresearchshowsthattheapplicationofhedgingcaneffectivelyavoidthepricerisk intheprocurementofaluminumprofiles.Themanufacturingenterprisesusingaluminum profilesasrawmaterialsshouldmakefulluseofthefinancialattributesoffinancial derivatives,effectivelyreducemarketrisk,andavoidthelagandlimitationsinproduction andoperation.Thismeasureisofgreatsignificancetotheprocurementriskof manufacturingenterprisesusingaluminumprofilesasrawmaterialsThemanagementand controlofmarketriskhasaverysignificantroleandsignificance. Keywords:HedgingProcurementAluminumProfileRiskManagement 目录 III 目录 摘要....................................................................................................................................I ABSTRACT.........................................................................................................................II 第1章绪论....................................................................................................................1 1.1研究背景及意义.....................................................................................................1 1.1.1研究背景......................................................................................................1 1.1.2研究意义......................................................................................................2 1.2国内外研究现状.....................................................................................................2 1.2.1国外研究现状分析......................................................................................2 1.2.2国内研究现状分析......................................................................................4 1.2.3国内外研究现状评述..................................................................................5 1.3研究内容和方法.....................................................................................................6 1.3.1研究内容......................................................................................................6 1.3.2研究方法......................................................................................................6 第2章理论基础................................................................................................................7 2.1金融衍生工具创新理论.........................................................................................7 2.1.1金融衍生工具的种类..................................................................................7 2.1.2金融衍生工具的特点..................................................................................7 2.1.3金融衍生工具的功能..................................................................................8 2.2套期保值理论.........................................................................................................9 2.2.1套期保值的含义...........................................................................................9 2.2.2套期保值的原理...........................................................................................9 2.2.3套期保值操作原则....................................................................................10 2.3风险管理理论.......................................................................................................10 2.3.1风险管理的含义........................................................................................10 2.3.2风险管理的流程及方法............................................................................11 2.3.3风险类型....................................................................................................12 第3章C公司铝型材采购风险分析..............................................................................13 3.1C公司铝型材采购现状........................................................................................13 3.1.1C公司概况.................................................................................................13 3.1.2C公司铝型材使用量.................................................................................13 目录 IV 3.1.3C公司铝型材采购规模.............................................................................13 3.2C公司铝型材采购的风险类型............................................................................13 3.2.1原材料价格波动风险................................................................................13 3.2.2库存风险....................................................................................................15 3.2.3资金周转压力............................................................................................15 3.3C公司铝型材采购风险的防范现状....................................................................16 3.3.1通过固定采购途径预防风险....................................................................16 3.3.2通过优化采购方式化解风险....................................................................16 3.3.3通过控制采购成本规避风险....................................................................17 第4章C公司原料铝采购套期保值方案设计..............................................................18 4.1C公司套期保值规避原料铝采购风险的可行性................................................18 4.1.1必要性分析................................................................................................18 4.1.2可行性分析................................................................................................18 4.2C公司原料铝套期保值要素确定........................................................................18 4.2.1品种选择..................