铜陵市铜产业套期保值研究  

A Study of Copper Industry Hedging in Tongling

作　　者：谢瑜 Xie Yu(Tongling University,Tongling Anhui 244061,China)

机构地区：[1]铜陵学院金融学院,安徽铜陵244061

出　　处：《铜陵学院学报》2020年第1期96-99,共4页Journal of Tongling University

摘　　要：2018年8月份以来,随着国际经济环境的剧烈变化,特别是中美贸易关系的持续恶化,经济周期的变化对大宗商品的价格影响愈发明显,国际铜价呈现出更加复杂的价格波动特征。上海期货交易所相关铜期货合约价格下行压力加大的同时,其未来变化趋势更加复杂,铜企业运用常规性的套期保值方法规避风险的效果越来越差。作为中国古铜都和重要的铜工业城市,铜陵市拥有大量生产加工铜产品的企业,在此背景下,很多铜企业生产经营陷入困境。为此,有必要提出新的套期保值思路及方法解决铜陵市铜企业所面临的这一新的问题。本文将运用基于Delta对冲的动态套期保值理论,依据铜陵市铜产业套期保值业务发展的实际现状,分析并试图找出影响铜陵市铜产业套期保值业务发展的主要根源,以上海期货交易所铜期货合约数据分析为前提,给出适合铜陵市铜产业套期保值的策略安排。Since August 2018, with the dramatic changes in the international economic environment, especially the continuous deterioration of China-U.S. trade relations, the impact of the changes in the economic cycle on the price of bulk commodities has become increasingly obvious, and the international copper price has shown a more complex price fluctuation. When the downward pressure on the price of copper futures contracts related to Shanghai Futures Exchange is increasing, its future trend is more complex, and many copper companies have begun to use conventional hedging methods to avoid risks, which caused worse and worse results. As an ancient copper capital and an important copper industrial city in China, Tongling has a large number of enterprises that produce and process copper products. In this context, many copper enterprises are in trouble in production and operation. Therefore, it is necessary to put forward new hedging ideas and methods to solve this new problem faced by Tongling Copper enterprises. This paper will use the dynamic hedging theory based on Delta hedging, according to the actual situation of the development of copper industry hedging business in Tongling, to analyze and try to find out the main causes that affect the development of copper industry hedging business in Tongling. Based on the analysis of copper futures contract data of Shanghai Futures Exchange, the author give the strategic arrangements suitable for copper industry hedging in Tongling.

关 键 词：铜产业 预期增长率 动态套期保值 

分 类 号：F724.5[经济管理—产业经济]