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论文编号：	520
作者编号：	2220060629
上传时间：	2008/6/18 16:40:18
中文题目：	航运企业应用远期运费协议的风险
英文题目：	A Study on Risk Management of
指导老师：	李姝
中文关键字：	远期运费协议 航运企业 风险管
英文关键字：	FFA Shipping Company Risk
中文摘要：	摘 要 国际航运产生于世界经济贸易的派生需求，因此航运企业易受各种因素的影响（如：政治、自然因素、世界经济、国际贸易、军事等），从而导致航运企业的经营产生不确定性，甚至可能导致经营风险。在影响航运企业经营的各因素中，价格波动是最主要的影响因素。今天，中国的航运市场的发展越来越完善，参与国际航运市场的程度越来越深，因此受国际航运价格波动的影响程度也越来越大。在上世纪80年代初，国际航运市场上出现了运费衍生工具，其主要作用是套期保值、规避航运价格波动的风险。远期运费协议（FFA）就是其中一种，由于其进入门槛低、操作简便等优点，很快就被国际航运市场中的经营者所青睐。虽然我国的航运经营者参与运费衍生品交易较晚，但是越来越多的中国企业已开始关注这一新事物。至2006年，我国已有10多家企业参与了FFA的运作。然而运费衍生产品自身具有投资和投机的双重性，如果中国的经营者对运费衍生产品自身风险认识不足而盲目操作，将对企业的经营带来潜在的风险，这与使用运费衍生产品避免价格风险的初衷是背道而驰的。中国企业如何面对FFA投机的诱惑，如何提高自身的风险意识和应对风险的管理能力已成为航运企业管理中的重要内容。因此航运企业应注重合理利用运费衍生产品，通过加强风险管理达到企业稳定经营的目的。 本文在研究COSO风险管理框架的基础上，针对运费衍生产品的主要风险，提出相应的控制与管理措施。并结合我国一家大型航运企业应用FFA的案例分析，总结出使用运费衍生产品为企业规避风险服务的有效管理建议。而且在建议中，首次引入第24号新企业会计准则——套期保值的会计要求，提出运费衍生产品财务核算与控制的建议。 关键词：远期运费协议 航运企业 风险管理 套期保值
英文摘要：	Abstract International shipping is rooting from the derived needs of World Trade, so it is easily influenced by many factors(such as: Politics、Naturalness、Economy、World Trade、Military Affairs etc). These factors above mentioned lead to uncertainty on shipping operation, what is more lead to operating risk. And the unsteady price is deemed to the main factor of operating risk. Today, it is the shipping market in china which has got much more mature and has taken deep part in international shipping market, is deeply influenced by unsteady price of international shipping market. In the early eighty years on last century, a freight derived tool was appeared on international shipping market, which main function is to avoid price risk. And FFA(Forward Freight Agreement) is one of the freight derived tools, which has many benefits such as lower entry request、easy operating and so on. Soon, FFA is got widely attention by international shipping operator. Although late in using FFA, many shipping operators in china are paying more attention on it. Until 2006, there are over ten companies using FFA. But if domestic operators are not familiar to the FFA's rules and inherent risk, then it will get reversed purpose in avoiding price fluctuation. How to resist gambling lure of FFA、how to improve self consciousness and how to manage the FFA's risk become a more important question. So it is becoming a valuable content in shipping operations to study on FFA, the purpose of which is to help domestic companies make good use of FFA and operate stably. In the thesis, it gives some advice on FFA's management by studying on Enterprise Risk Management-Integrated Framework issued by COSO and derived freight's risk. Meanwhile, it concludes on using FFA right to avoid risks by analyzing an example of stated large shipping enterprise. Furthermore, it introduces the new accounting rules' request of hedging numbered twenty-forth, and it gives some advice on FFA's accounting and control based on new enterprise accounting rules. Key Words: FFA Shipping Company Risk Management Hedge
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