L贸易公司玉米商品套期保值业务改进策略研究
Study on the Improvement Strategy of Corn Commodity Hedging Business
of L Trading Company
Abstract
For the past decades, China’s economy has developed rapidly. The bulk commodity
demand has rapidly risen, accompanied by the rapid development of China’s futures market.
The market capacity is expanding day by day, and the influence of the futures market on bulk
commodity trading companies is becoming increasingly apparent. With the increasing number
of companies participating in the commodity hedging business, the disclosure of usage of
hedging market by listed companies has gradually increased. However, due to factors such as
short development time and relatively low acceptance, most domestic companies are currently
looking for improvement to participate in hedging business in the way of future preservation.
L Trading Company, located in Dalian, is mainly engaged in the trading of bulk
commodities, and lays out the commodity market around the three-in-one strategy of business
flow, capital flow and information flow, opens up the core links of the supply chain, and creates
a supply chain value system. While the saturation of the bulk commodity trading market and
intensified competition, the development of L Trading Company on the traditional trading side
has entered a bottleneck period, so a large international trading company has been established
as a benchmark enterprise, learning and developing the use of hedging tools to avoid risks and
develop efficiency better business model. In the development of hedging business in recent
years, L Trading Company found that it is necessary to use financial derivatives as a risk
hedging tool, but the hedging business encountered some difficulties and problems in the
implementation process. Therefore, improving the hedging business to avoid price risks while
increasing corporate profit margins is an important issue to be solved, in order for L Trading
Company to achieve sustainable development goal.
This dissertation takes L trading company’s hedging business of corn commodities as the
research object, combined with the current domestic corn commodity market environment for
in-depth analysis, and analyzes how L trading company uses futures derivatives to avoid risk in
developing corn commodity hedging business. The existing problems are analyzed, and the
current hedging business of L Trading Company has problems such as decision-making
hesitation, basis fluctuations and profit loss. Then, based on the theory of financial derivatives,
countermeasures to solve the above problems are proposed to promote such as improving the
decision-making mode of hedging business, improving the basis risk management
countermeasures, and timely carry out hedging strategies based on options. Thus, L Trading
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大连理工大学专业学位硕士学位论文
Company can establish a scientific and effective combination of spot commodity and future
commodity in a more optimized hedging model, so that future derivatives can effectively avoid
and diversify the risks of corn market price fluctuations, and help the Company break through
the current business development bottlenecks.
Key Words：Hedging; Corn; Futures; Option
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L贸易公司玉米商品套期保值业务改进策略研究
目录
摘 要.............................................................................................................................I
Abstract ............................................................................................................................. II
1 绪论.............................................................................................................................. 1
1.1 研究背景与意义............................................................................................... 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............................................................................................... 3
1.2.1 期货套期保值与期权套期保值............................................................ 3
1.2.2 玉米套期保值........................................................................................ 5
1.2.3 国内外研究评述.................................................................................... 6
1.3 研究内容与方法............................................................................................... 7
1.3.1 研究内容................................................................................................ 7
1.3.2 研究方法................................................................................................ 7
2 理论基础...................................................................................................................... 9
2.1 衍生品工具概述与衍生品市场....................................................................... 9
2.1.1 概念与特征............................................................................................ 9
2.1.2 衍生品市场及其作用.......................................................................... 11
2.2 套期保值理论................................................................................................. 12
2.2.1 套期保值的原理.................................................................................. 12
2.2.2 套期保值的操作原则.......................................................................... 14
2.2.3 基差的概念和影响因素...................................................................... 15
2.3 玉米衍生品市场的发展和分析..................................................................... 17
2.3.1 玉米行业概述...................................................................................... 17
2.3.2 玉米期货与期权.................................................................................. 19
3 L贸易公司经营及套期保值现状分析..................................................................... 23
3.1 公司简介......................................................................................................... 23
3.2 L贸易公司玉米商品套期保值业务现状...................................................... 24
3.3 L贸易公司玉米商品套期保值业务存在的问题.......................................... 27
3.3.1 套期保值决策存在滞后性.................................................................. 27
3.3.2 基差风险管理水平有待提高.............................................................. 29
3.3.3 传统期货套期保值方法难以满足利润目标...................................... 31
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