论文部分内容阅读
我国的期货市场从起初到现在已经走过了20多年的历程,期货市场得到了充分的肯定,越来越多的企业意识到期货套期保值不但具有市场价格发现而且还具有规避风险的作用,而且期货套期保值也已经成为越来越多的企业从事正常生产经营的一部分之一。但是现在我们了解的大多数买入套期保值和卖出套期保值都是传统的套期保值策略。由于我国的期货市场起步较晚,发展还不是很完善,交易品种不能完全满足众多企业的套期保值需求,而且,在同等数量的方面,不是所有需要对冲现货数都是期货合约的整数倍。这就使得传统的期货套期保值策略不能特别理想的实现企业的套期保值目标。本文通过分析期货套期保值原理和作用,在收益与风险比率的视角下,研究套期保值的问题,我们称之为收益与风险比率下的期货套期保值对策,希望企业借助这种期货套期保值对策较好地掌握入市的时机和交易的数量。
China’s futures market has gone through more than 20 years of history from the beginning to the present, the futures market has been fully affirmed, more and more enterprises realize that futures hedging not only has the market price but also has the effect of avoiding risks, And futures hedging has also become part of more and more enterprises engaged in normal production and operation. But most buying hedges and selling hedges we know now are traditional hedging strategies. Due to the late start of China’s futures market, the development is still not very perfect, and the trading varieties can not fully satisfy the hedging needs of many enterprises. In the same amount, not all hedging spot numbers are an integral multiple of futures contracts. This makes the traditional futures hedging strategy can not be particularly ideal for enterprise hedging goals. By analyzing the principle and function of futures hedging, this paper studies the problem of hedging under the perspective of return and risk ratio, which we call the futures hedging strategy under the ratio of return and risk. We hope that with the help of this futures set Preservation measures better grasp the timing of the market and the number of transactions.