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论文编号：	12794
作者编号：	2320190364
上传时间：	2021/12/9 9:45:57
中文题目：	基差贸易在煤炭贸易企业收益风险管理中的应用研究—以BC企业为例
英文题目：	Application of basis trade in income risk management of coal trading enterprises ——Take BC enterprise as an example
指导老师：	王永进教授
中文关键字：	基差贸易；煤炭贸易企业；期货市场；风险管理；套期保值
英文关键字：	Basis trade；Coal trading enterprises；Futures market；risk management；Hedging
中文摘要：	21世纪以来，中国期货市场得到全面发展，市场结构更加完善，定价功能和套期保值功能也大大增强，期货市场已经具备了服务实体经济的能力。在此基础上，传统煤炭贸易企业可以充分利用期货市场开展基差贸易，转变传统贸易方式，综合利用期货市场的定价功能和套期保值功能，来应对碳中和、能源结构转型以及供给侧改革背景下的煤炭市场发展以及价格波动带来的利润风险挑战。 基差贸易改变了定价方式，不再是传统的一口价或者固定价来敲定价格，而是引入期货市场和基差来最终确定货物价格，延长了定价时间，买卖双方从博弈对抗关系转为合作共赢，点价方获得定价权力，能以优于市场的价格采购货物，基差贸易卖方也能提早锁定贸易利润，稳定其生产经营。通过期货市场的套保操作，煤炭贸易企业就能在稳定赚取贸易利润的同时给上下游提供更优惠的采购或者销售价格的机会。 煤炭的产量在中国大宗商品中排名第一，贸易主体众多，如果煤炭贸易中普遍采用基差贸易模式，不仅能扩大影响力（煤炭相关的下游电力、化工、钢铁、建材等行业涉及面极广），还能助力中国实体经济的健康稳定发展。 本文通过参考国内外成熟行业的基差贸易情况，总结出不同情景下煤炭贸易企业如何开展基差贸易的不同方式，并梳理了基差贸易开展的流程，以及每个关键时点的风险考虑因素。通过BC贸易企业的基差贸易实践来做验证，希望能给目前的煤炭贸易企业提供如何考虑并应用基差贸易方式开展生产经营的借鉴，以此达到收益风险管理的目的。
英文摘要：	Since the 21st century, China's futures market has developed in an all-round way, the market structure has been more perfect, the pricing function and hedging function have been greatly enhanced, and the futures market has the ability to serve the real economy. On this basis, traditional coal trading enterprises can use the futures market to carry out basis trade, change the traditional trade mode, and comprehensively use the pricing function and hedging function of the futures market to deal with the profit risk challenges brought by the development of coal market and price fluctuations under the background of carbon neutralization, energy structure transformation and supply side reform. Basis trade has changed the pricing method. It is no longer the traditional buy it now price or fixed price to determine the price, but the futures market and basis are introduced to finally determine the price of goods, which prolongs the pricing time. The buyer and the seller change from game confrontation to win-win cooperation. The pricing party obtains the pricing power and can purchase goods at a price better than the market, Basis trade sellers can also lock in trade profits in advance and stabilize their production and operation. Through the hedging operation of the futures market, coal trading enterprises can stably earn trade profits and provide more favorable purchase or sales prices to the upstream and downstream. The output of coal ranks first among China's bulk commodities and there are many trade subjects. If the basis trade mode is widely used in coal trade, it can not only expand its influence (coal related downstream power, chemical industry, steel, building materials and other industries cover a wide range), but also help the healthy and stable development of China's real economy. By referring to the basis trade of mature industries at home and abroad, this paper summarizes the different ways of coal trading enterprises to carry out basis trade under different scenarios, and combs the process of basis trade and the risk considerations at each key time point. Through the basis trade practice of BC trading enterprises, we hope to provide reference for current coal trading enterprises on how to consider and apply the basis trade mode to carry out production and operation, so as to achieve the purpose of income risk management.
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