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论文编号：	1781
作者编号：	2220080654
上传时间：	2010/6/8 14:33:23
中文题目：	航运企业远期运费协议套期保值应用研究
英文题目：	The Application for the hedging of Forward Freight Agreements
指导老师：	周晓苏
中文关键字：	衍生金融工具;远期运费协议;现金流量套期保值;公允价值套期保值
英文关键字：	Derivatives;Forward Freight Agreements;Hedging of Cash Flow;Fair Value Hedging
中文摘要：	随着世界经济贸易的发展，世界海运量呈现不断增长的态势。在过去的几年中，对世界经济贸易有着重要作用的海运业在国际运输体系中承担了90%的份额。尤其是国际干散货运输，在中国市场需求的带动下，在海运市场占有的份额越来越大。中国市场每年超过4.5亿吨的铁矿石进口量，给中国及世界其他干散货运输企业带来巨大商机。国际干散货航运市场近似完全竞争市场的特性，运价影响因素供需、国际经济贸易、政治、自然环境等一旦发生变化，很快就会引起运价的波动，给干散货运输企业带来巨大经营风险。 航运界早已关注运价波动风险，2008年的金融危机引起的运价巨幅波动，更让航运界企业应对运价波动带来的风险。自1985年出现的波罗地海运费指数期货到今天活跃于航运市场的远期运费协议（FFA），都是规避运价波动风险有效的运费衍生品。FFA依靠自身准入门槛低、操作简便的特点，受到国际航运企业的青睐。FFA市场的活跃度和流通性不断加强，其套利行为也初露端倪，吸引更多的参与者进入市场。对FFA市场的炒作影响即期航运市场，即期运价的虚高和波动使航运企业面临更多的挑战和机遇。如何正确认识和有效使用远期运费协议来规避运价风险对航运企业有着重要意义。 本文通过对衍生金融工具风险管理的介绍，在分析航运业衍生金融工具风险因素的基础上，就远期运费协议提出风险管理建议。结合案例公司FFA合约操作，对航运企业如何运用套期会计计量FFA合约提出建议。在建议中应用新企业会计准则-套期保值会计的要求，对衍生品提出风险管理建议。
英文摘要：	Under the developing of the world trade and economics, the marine transport is growing fast. In the past few years, the marine transport, which is important to the world economic trade, has taken 90% of the transportation volume in the international transportation. Especially in the marine bulk, the market share of the marine transportation is still growing under the demand of Chinese market. There are big opportunities that China needs to import 4.5 hundred million of ironstone every year. The market of the international marine bulk is almost competitive. The freight tariff is affected by the supply and demand, the international trade and economics, the politic and the natural environment. In case of their changes it would soon lead to the volatility of freight rates, and then bring significant business risk to the bulk transport business. The marine transportation has concerned about the volatility of the freight. The financial crisis in the 2008 caused the huge volatility of the freight. The marine transportation has to take preventive actions to the volatility risk of the freight. In 1985, the freight index futures were dealt in the Baltic Exchange. Nowadays the FFA has been used widely. They are all effective a derivative of freight.FFA has low barriers to enter and is easy to operate, favored by the international shipping business. FFA’s degree of market activity and liquidity were continued to strengthen. Its arbitrage also been created. So the FFA has attracted more players to enter the market. The speculation on the FFA market affects the prompt shipping market, the bubble price of the prompt freight and its volatility causes the shipping companies to face more challenges and opportunities. How to correctly understand and effectively use the forward freight agreements to avoid the price risk, it’s on great significance for shipping companies. Based on introduction of the risk management of derivatives, this paper analysis the risk factors of derivative financial instruments of the shipping industry, and then makes recommendations on the forward freight agreements on risk management. In the analysis of the case on the company's operations with the FFA contract, this paper makes proposal to the shipping companies on how to use hedge accounting measurement on the FFA contract. According to the application of new accounting standards - the requirements of hedge accounting, this paper makes recommendations on the risk management for derivatives.
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