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论文编号：	13517
作者编号：	2320200586
上传时间：	2022/12/3 23:46:10
中文题目：	CM公司电解铝期货业务管理优化研究
英文题目：	Research on Optimization of CM Company''''s Electrolytic Aluminum Futures Management
指导老师：	李季
中文关键字：	电解铝期货；套期保值策略；内部控制；套期保值制度；信息化建设
英文关键字：	Electrolytic aluminum futures; Hedging strategy; Internal control; Hedging institutional system; Information construction
中文摘要：	铝是一种有色金属，因密度小、质量轻、稳定性好、易于标准化等特点成为经济发展中的重要原材料，也成为理想的期货交易品种。2006年以来，中国已经成为世界上最大的铝生产国和消费国。随着经济全球化的发展，我国的金融市场逐步与国际接轨，商品价格受国际化因素影响越来越大，国内国际突发事件给铝价带来较大的影响，价格波动风险不断给企业的经营发展带来冲击，运用期货套期保值对冲市场价格波动风险成为企业防控风险、实现稳健经营的重要手段。 随着我国期货业的发展，交易规模不断扩大，交易规则不断完善，期货作为风险对冲工具和一种投资手段被各类企业和个人广泛应用。然而期货作为一种金融衍生品，企业在应用期货工具时，由于套保策略管理不当以及企业内部管理制度、流程的不完善等，由期货引发的金融风险时有发生。随着国务院国资委对金融衍生品的监管力度加大，国有企业对期货业务的管理愈发严格。 本文对国内外期货套期保值理论和内部控制理论进行了回顾和梳理，介绍了电解铝产品市场流通的现状以及贸易商在电解铝贸易中的作用。以CM公司这一国有有色金属贸易公司为案例，分析了CM公司期货业务管理的现状，指出了CM公司在电解铝期货业务管理中存在的问题，包括对套期保值策略的管理、对期货业务内控管理的目标设定、监控、控制环境等方面，分析了问题出现的原因，并从套期保值策略管理以及企业内控角度对CM公司期货业务管理提出相应的优化方案。 本文的贡献在于将企业对期货套期保值策略的管理与对期货业务本身的内控管理作为企业对期货业务管理的重要方面，提出贸易公司的电解铝期货业务管理策略，并针对国资委对国有企业期货套期保值业务严格监管的情况设计出一套管理体系，希望对同类型的企业提供参考。 关键词：电解铝期货；套期保值策略；内部控制；套期保值制度；信息化建设
英文摘要：	Aluminum is a kind of non-ferrous metal. Due to its low density, light weight, good stability and easy standardization, it has become an important raw material in economic development and an ideal futures trading variety. Since 2006, China has become the world's largest producer and consumer of aluminum. With the development of economic globalization, China's financial market is gradually in line with international standards. At the same time various commodity prices are influenced by international factors, a kinds of domestic and international emergencies have a great impact on aluminum prices, and the risk of price fluctuations has continuously impacted the business development of enterprises. Using futures hedging to hedge the risk of market price fluctuations has become an important means for enterprise to prevent and control risks and achieve stable operation. With the development of China's futures industry, the trading scale has continued to expand and the trading rules are constantly improved. As a risk hedging tool and an investment means, futures are widely used by various enterprises and individuals. However, as a financial derivative tool, futures' professional requirements have also become a high entry barrier. When enterprises apply futures tools, due to improper risk management and imperfect internal management system and process, various financial risks caused by futures occur from time to time. As the State-owned Assets Supervision and Administration Commission of the State Council strengthens the supervision of financial derivatives, state-owned enterprises have become increasingly strict in the management of futures business. This thesis reviews and sorts out the domestic and foreign futures hedging theory and internal control theory, and briefly introduces the development status of electrolytic aluminum products and domestic electrolytic aluminum futures and spot market. Taking CM Company, a state-owned non-ferrous metal trading company as an example, this thesis analyzes the value of the existence of the trading company and the necessity of futures hedging. Also, from the perspective of enterprise internal control, this thesis pointed out the problems in the hedging management of electrolytic aluminum futures, including the hedging strategy, target setting, monitoring, control environment, etc., and analyzed the reasons for the problems, proposed corresponding optimization strategies and safeguard measures for implementation. The contribution of this thesis is to combine the hedging strategy with the internal control of the enterprise, propose the futures hedging strategy of electrolytic aluminum trading company, and design a complete set of internal control system in response to the SASAC's strict supervision of futures hedging business of state-owned enterprises. Hope to provide reference for the same type of enterprises. Key words: Electrolytic aluminum futures; Hedging strategy; Internal control; Hedging institutional system; Information construction
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