摘要
锌是除了铜和铝之外世界上第三种最主要的基本金属，锌在各个领域有着广
泛用途，与人类生存和可持续发展有着紧密的联系。在我国锌矿查明资源储量及
基础储量巨大，云南是我国主要铅锌资源分布地，这里涉锌企业众多，对本土经
济做出了突出的贡献。但自 2007 年锌价从高价回落，经历 08 年的金融风暴后锌
价格一直在低位徘徊，在可以预见的未来几年中价格还将继续在低位震荡。锌在
国际期货市场上市交易已有百年历史，2007 年 3 月 26 日上海期货交易所正式上
市,为锌企业提供了新的避险工具和经营思路，为探索锌期货套期保值对企业风
险管理的作用,本论文总结了期货市场套期保值的理论研究的最新成果并结合锌
加工冶炼企业的特点,积极探索锌期货套期保值对企业风险管理的作用。提出全
过程套保，企业价值链管理的思路，通过对企业价格风险的分析、企业特性的分
析等来构建企业的价值链管理模块，并对该体系的效益进行效果评估测算。通过
全过程保值，对锌冶炼加工企业的采购销体系有一定改变，从而更好的发挥金融
工具为实体企业服务、对冲风险的功能。
关键词：锌期货 套期保值 风险管理
Abstract
Zinc is the third most important basic metal in the world in addition to Aluminum and
Copper. Human existence and sustainable development closely integrated with
various fields where Zinc is widely used. China holds huge amount of Zinc ore
resources and has great reserves and reserves base. Zinc-related enterprises make
outstanding contribution to local economy in Yunnan where primary Lead-zinc
mineral resources distribute. Since 2007, price of Zinc dropped to bottom and
remained stagnant state in 2008 during the financial crisis, and this situation will keep
in the next few years. The international futures market has traded commodity futures
of Zinc for nearly a century. From March 26, 2007, Shanghai Futures Exchange listed
Zinc on the official trading. The Zinc futures offers new derivative hedging product
and thoughts for explaining finance management. For researching functions of
hedging of Zinc future in corporate risk management, the dissertation summarizes the
latest research results of hedging in futures markets and integrates the characteristics
of processing and smelting enterprises. Hedge management in the whole production
process and the value chain management are raised. By analyzing price risk and
features of enterprise, the theory establishes the enterprise risk management module,
assess and evaluate the benefit of management system.
Key words: Zinc future；Hedge；Rick management