基于白糖期货套期保值的广西糖料蔗价格风险管理研究  

Research on Price Risk Management of Sugarcane in Guangxi based on Sugar Futures Hedging

作　　者：马聪晟 徐李雨 莫舒薇 Ma Cong-sheng;Xu Li-yu;Mo Shu-wei(College of Economics,Guangxi University,Nanning,Guangxi 530004,China)

机构地区：[1]广西大学经济学院,广西南宁530004

出　　处：《广西农学报》2023年第5期52-62,共11页Journal of Guangxi Agriculture

基　　金：国家自然科学基金项目(72063002);广西自然科学基金研究项目(2020GXNSFAA238029);广西农业农村厅乡村振兴课题(2022XCZX08)。

摘　　要：糖料蔗产业是构筑我国食糖安全的重要屏障,也是推进广西乡村振兴的主要产业之一。为保障糖料蔗产业健康发展,需要构建更加有效的价格风险管理手段。文章分析了白糖现货价格与糖料蔗价格的关联特征,基于2010—2022年的白糖期货价格数据和广西白糖现货价格数据,对四个年度和榨季期间的白糖期现货价格相关性和套期保值效率进行测算,分析期货价格对管理糖料蔗价格风险的作用,并进一步研究分析了白糖期货套期保值对糖料蔗价格风险管理的多主体实现机制。在此基础上,从加强蔗农和糖企风险管理能力、加快培育新型农业经营主体、完善白糖现货市场建设和完善糖料蔗购销体制等方面提出了完善广西糖料蔗市场风险管理的对策建议。Sugarcane industry is an important barrier to build China’s sugar security,and it is also one of the main industries to promote rural revitalization in Guangxi.In order to ensure the healthy development of sugarcane industry,it is necessary to construct more effective price risk management methods.This paper analyzes the correlation characteristics between the spot price of sugar and the price of sugarcane.Based on the sugar futures price data from 2010 to 2022 and the spot price data of sugar in Guangxi,the correlation and hedging efficiency of the spot price of sugar in the four years and the crushing season are calculated.The role of futures price in managing the price risk of sugarcane is analyzed,and the multi-agent realization mechanism of sugar futures hedging on the price risk management of sugarcane is further studied and analyzed.On this basis,the countermeasures and suggestions for improving the risk management of Guangxi sugarcane market were put forward from the aspects of strengthening the risk management ability of sugarcane farmers and sugar enterprises,accelerating the cultivation of new agricultural management entities,improving the construction of sugar spot market and improving the purchase and sale system of sugarcane.

关 键 词：糖料蔗产业 风险管理 期货市场 套期保值效率 

分 类 号：F327[经济管理—产业经济]