China's Enterprises To Hedge Risk Aversion

Under the Global Financial Crisis to ignite the commodity price sharp rise or fall and the RMB rate appreciation for years, many Chinese enterprises are facing a great threat or even bankruptcy. For survival in the serious external environment, the hedging becoming a wise choice and ideal risk management ways for Chinese enterprise to avoid commodity price risk. The enterprise hedging can throw off the exterior passive state, turn the passivity to the initiative, lock the profit and control the cost, realize the enterprises sustain running and healthy development. So the hedging can strengthen the enterprise core competence and help the enterprise live through the Global Financial Crisis.Accordingly, around on hedging, the paper researches the necessity and feasibility, status and deficiency, experience and lessons, strategy choice and implementation of hedging scheme, probes hedging system design, and then demonstrates the result of Chinese enterprise hedging.This dissertation falls into ten chapters:Chapter 3 is a study on risk concept and essentiality, the theories of modern risk management, and the hedging method. Chapter 4 deals with the relation of hedging and risk management, discusses the function and character, necessity and feasibility of Chinese enterprise hedging. Chapter 5 treats of the development process of Chinese futures market, analyzes problems of Chinese enterprise hedging, compares the developed countries enterprise hedging and gains valuable experience. Chapter 6 is a case study of Chinese enterprise hedging, offering the help to Chinese enterprise. Chapter 7 focuses on the goal orientation, the strategy choice, the implementation of hedging scheme and the performance evaluation of Chinese enterprise hedging. Chapter 8 researches system and supervision of Chinese futures market, studies the hedging system design of supervisor and enterprise. Chapter 9 uses hedging model to research optimal hedging ratio and resort hedging elevation method to evaluate the hedging performances, then applies the result to Chinese enterprise hedging practice. Chapter 10 presents a summarization of the contribution and regrets in my study and besides, an outlook for potential research on a few key questions to be further studied.The main innovative points of the dissertation are as follows:â‘ theory serves to practice, hunt solution for coping to the Global Financial Crisis and solves problems for Chinese enterprise;â‘¡with interdisciplinary views, resorts financial theory to study enterprise risk management;â‘¢from the system perspective researches enterprise hedging practice;â‘£synthetic study method.