摘 要
在经济全球化背景下，我国外贸企业在国际贸易中的份额逐渐增大，对外投资增
长迅猛，大宗原材料采购量与制成品销售量逐年提升。08 年国际金融危机后，大宗
商品价格及主要国际结算货币汇率波动频繁、振幅增大，给我国外向型企业带来了较
大的冲击，主营业务利润空间被压缩，甚至导致企业亏损
为了有效克服上述风险，强化企业在国际贸易中的避险能力，以 A 企业为代表
的国内企业在风险规避上进行了一系列的探索和创新，尤以衍生品策略为代表。然而，
衍生工具在国内市场，特别在生产流通领域属于新鲜事物，很多企业对衍生品的运行
规则、经济属性、应用模式和风险控制尚不熟悉，盲目运用衍生品不仅无法规避国际
贸易的相关风险，反而会给企业带来更大的金融风险
本文选取了具有代表性的钢铁制造企业 A 作为研究对象，尝试通过对其国际贸
易行为相关的内部资源和外部环境进行分析，确定 A 企业的商品价格和汇率波动、以
及贸易融资相关风险的规避机制，并对衍生品应用方案所需的企业配套环境建设进行
了专题研究
A 企业衍生品应用策略具有广泛的应用价值：首先，对指导 A 企业规避国际贸
易中的商品价格和汇率波动风险具有系统的指导作用；其次，对我国外向型企业创新
性地引入衍生品规避同类风险具有借鉴价值；另外，还为先进金融工具在传统产业中
的引入和应用提供了有效的路径。本文的研究内容分为以下几个部分：
第一部分阐述选题背景、意义、国内外衍生品研究现状和本文的创新点
第二部分对 A 企业现状及国际贸易风险进行系统性分析，通过对其风险分类及
所需的规避手段进行评估，明确衍生品应用的必要性
第三部分从国际贸易市场、外汇市场、衍生品市场及国内衍生品政策监管几个方
面，综合分析 A 企业应用衍生品策略的机遇和挑战
第四部分通过分析 A 企业内部资源，综合评估制度规范、组织架构、决策支持、
人力资源及内控方法，以及在开展衍生品策略中的优势与劣势
第五部分借鉴 SWOT 战略分析框架，归纳出 A 企业采用衍生品组合策略的必要
性和可行性，并针对典型业务场景提出了两类相应的解决策略
第六部分为 A 企业推动衍生品策略的实施，提出其需要配套采取的管理保障措
施
第七部分是本文的结论，阐述了衍生品组合方案与企业内部建设相配套的整体策
略，以及本文在国内外向型企业的推广价值
关键词：商品价格风险 汇率风险 衍生品 管理保障
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ABSTRACT
In the background of economic globalization, the share of China foreign trade
company gradually grows in international trade, investment abroad also increases
dramatically. The sales of mass raw materials’ purchase quantity and finish products also
increase yearly. After international financial crisis in 2008, the price of mass raw materials
and the exchange rate of main global settlement currency fluctuate frequently, increase
price amplitude, which have a great impact to China export-oriented enterprise. The main
impact is decreasing profit of main dominant business, or even loss.
To eliminate those risks and increase the risk avoiding ability, domestic enterprise in
China perform some discover and innovation of risk avoiding, e.g. financial derivative
policies. However, financial derivative is fresh in domestic markets, especially in
production. Many enterprises are not familiar with policies, economy attribute, application
mode and risk control of financial derivative. Using financial derivative blindly can not
avoid the risk of international trade, and maybe will lead more financial risks to the
enterprise.
This dissertation chooses a representative steel product company, A, as research
object. The thesis will analyze the internal resources and external environment of Company
A international trade. The risk avoid policy of Company A’s product price and currency
exchange rate fluctuate, and trading finance risk will also be analyzed. The enterprise
environment which can support the financial derivative plan will be researched.
The research of Company A’s financial derivative has a wide application field: firstly,
it will guide Company A to avoid the fluctuation of product price and currency exchange
rate in international trade; secondly, it will guide China export-oriented company to avoid
the risk of financial derivative; lastly, it provides a effective path for introducing advanced
financial tools in traditional industry. The content of this thesis has seven chapters.
Chapter 1 describes the background, meaning, domestic and foreign status of financial
derivative, and the creative point.
Chapter 2 analyze Company A’s current status and international trade risk, assess the
risk category and risk avoid method. Using the financial derivate is necessary.
Chapter 3 analyzes the opportunity and challenge of Company A in the following
aspects: international trade market, foreign exchange market, financial derivative markets
and domestic financial derivative policies.
Chapter 4 assesses the regulation and policy, organization architecture, decision
support solution, human resources, internal control method, advantages and disadvantages首都经济贸易大学硕士学位论文 《A 企业面向国际贸易风险的衍生品策略研究》
III
of financial derivative through Company A’s internal resources.
Chapter 5 derives the necessary and implement of Company A’s using financial
derivative combination by SWOT framework for enterprise information strategy. The
thesis proposes two solution strategy of typical environment.
Chapter 6 proposes the necessary management measures for improving the implement
of CompanyA’s financial derivative.
Chapter 7 concludes the thesis,describes the policy of financial derivative
combination plan and enterprise internal construct, and states the extension value for
domestic export-oriented company.
Key Words: product price risk exchange rate risk inancial derivative
management measure