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论文编号：	10637
作者编号：	2120163005
上传时间：	2018/12/7 18:18:57
中文题目：	我国期货风险管理公司业务实践研究——以HY公司为例
英文题目：	Research on the Practice of Futures Risk Management Companies in China -- Taking HY Company as an Example
指导老师：	王永进
中文关键字：	期货 风险管理公司 业务实践
英文关键字：	Futures, Risk management companies, Business practices
中文摘要：	期货市场这一概念最早出现于欧洲。由82位商人于1848年发起的芝加哥期货交易所（CBOT），其组建标志着首家现代意义上期货交易所的成立。相较国外成熟市场，我国期货市场起步较晚，其“空降”式的出现形式，缺少由现货贸易向金融衍生品逐步转变的发展过程。虽然在经过了二十余年的发展之后，无论在市场规模、市场结构，还是业务类别等方面，都有了很大的提升，但仍不能充分满足实体企业多样化的风险管理需求。风险管理公司即在此种环境下，带着弥合场内外衍生品市场，促进期货服务实体经济的使命而产生。自中国期货业协会于2012年发布相关制度以来，经过五年多的发展，期货风险管理公司行业获得了长足发展，但在这一过程中，也暴露出了诸多问题。 本文以HY公司为例，对期货风险管理公司业务实践进行研究和分析：一方面从行业角度，分析HY公司发展的外部环境，并结合与同业标杆企业的成功案例对比，梳理行业发展过程中存在的共性问题，总结成熟企业可借鉴的启示和经验；另一方面，从公司角度，通过对公司背景、发展现状、业务模式等方面的剖析，分析HY公司风险管理业务的实践情况，并总结其缺陷不足和问题成因；最后从发展规划、业务模式、保障措施等方面，研究HY公司业务升级发展路径，提出整体优化提升方案，并进一步对外部环境——即我国期货风险管理公司行业的发展建设提出建议。
英文摘要：	The concept of futures market first appeared in Europe. In 1848, the founding of the Chicago Board of Trade (CBOT), initiated by 82 merchants, marked the establishment of the first modern futures exchange. China's futures market started late compared with mature foreign markets. The "landing from the air" type of emerging caused the lack of the development process of gradual transformation from spot trade to financial derivatives. Although after more than 20 years of development, there has been a significant improvement concerning market size, market structure, and business category, the futures market in China still cannot fully meet the diversified risk management needs of entities and corporations. Under this circumstance, risk management companies came into being with the mission of bridging the market for derivatives within and outside the market, while promoting futures to serve the real economy. Since the China Futures Association established the relevant mechanism in 2012, the industry of futures risk management has made considerable progress after more than five years of development. However, a lot of problems have also exposed in the process. This paper takes HY company as an example to study and analyze the business practices of futures risk management companies: on the one hand, it examines the external environment of HY company’s development from the industrial perspective, and compares it with the successful cases of the industry benchmark enterprises to sort out the common problems during the development of the industry, and also summarizes the enlightenment and experience from mature enterprises worth learning from. On the other hand, from the perspective of the company, this paper analyzes the practice of HY's risk management business and summarizes its shortcomings and the cause of the problem through studying the company's background, development status, business model and other aspects. Finally, from the perspectives of development planning, business model, and safeguard measures, it conducts research on the development path of HY's business upgrade, proposes an overall optimization and improvement plan, and further proposes some suggestions for the development and construction of the external environment, that is, the China's futures risk management industry.
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