导　　师： 王学武

学科专业： 1251

授予学位： 硕士

作　　者： ;

机构地区： 广东财经大学

摘　　要： 自从2008年全球金融危机发生后，期货、期权交易和套期保值这些过去在计划经济体制下被认为是很高端的金融和风险管理工具逐渐走进人们的视野。尽管这些东西对大多数中国人或中国企业来说还比较陌生，它反映了一种必然的趋势，就是现实经济活动越来越离不开这些东西了。 当今世界经济充满机遇和挑战。日益全球化的中国企业面临来自外部世界的各种风险挑战，特别是国际市场商品和资产价格波动风险。经济的全球化、国际化和世界再生产过程的全球化，导致了经济和价格波动的风险也全球化、同步化。因此，企业要在日益全球化的生产格局中实现稳定发展，就无法回避对全球市场风险和价格风险的防范，而这仅靠传统的经营管理思维和手段巳经无法有效解决问题。 在经济发达国家，利用金融工具开展套期保值和风险管理，早巳成为企业构建核心竞争力的重要手段，这些工具主要有期货、期权、互换等。我国企业对套期保值工具和技术的认识与应用还存在很大差距。我国企业在融入全球化和现代化进程中，需要培育以套期保值为代表的现代风险管理理念，开辟企业风险管理新境界。 本文将以实际案例为研究背景，通过对A公司实际运用情况的分析，发现加工企业在运用套期保值过程中遇到的各种问题并总结应用的得失，为我国加工企业运用期货、期权进行套期保值提供借鉴意义。 After the2008financial meltdown， futures, options trading and hedging whichwere considered high-end financial tools and risk management tools under thePlanned Economic system are gradually into our horizons. Although most Chineseor Chinese enterprises are still not familiar with these tools，it reflects an inevitabletrend that economic activities increasingly contact with these financial tools. The world economy is full of opportunities and challenges today. For theinternational competition become fiercer day by day, Chinese enterprises are facinga various risks and challenges from the outside world, especially the risk ofinternational commodity markets and asset price volatility. Economic globalization,internationalization and the globalization of the process of reproduction leads to theglobalization of the risk of price fluctuations synchronously. Facing this newsituation， the development of enterprises can not be avoided the prevention of theglobal market risks and price risk in order to achieve a favorable situation and stabledevelopment. However, the traditional management thinking patterns and tools cannot effectively and satisfactorily solve the problem. In developed countries，the use of futures, options trading and hedging has becameimportant ways to control hedging and risk and build the core competitiveness ofenterprises. Compared with foreign enterprises, there is a big gap for Chineseenterprises to use the application of hedging tools and techniques. In the process ofglobalization and modernization, we need to cultivate the advanced managementconcepts and open a new realm of enterprise risk management. Through the practical application of the case of A company's analysis，this paperfinds that processing enterprises encounter various problems in the process ofhedging and summarizes the pros and cons applications for our processingenterprises using futures，providing references for our processing enterprises usingfutures, options trading and hedging.

关 键 词： 期货 期权 套期保值 加工企业

分 类 号： [F724.5 F426.32]

领　　域： [经济管理] [经济管理]