Research On The Price Risk And Control Of The Soybean Processing Enterprise Our Country

With the rapid development of our economy and speed up the pace of urbanization, urban and rural residents for the cooking oil, food protein and protein feed demand has increased year by year, but domestic soybean production can not to meet the growing demand, so the gap between domestic soybean supply and domestic soybean formatted and the soybean imports increased year by year. In2010, soybean imports has reached54.8million tons, soybean import dependence was more than80%. In recent years, domestic soybean processing industry expanded radically, at the same time, large-scale foreign capital entered to the Chinese soybean crushing and even the entire industry chain upstream and downstream industry link. By the end of2010, there was140soybean processing enterprise whose capacity was up500tons per day in our country, day crushing capacity was315000tons and soybean processing ability was in close to95million tons per year, once again, a record. With the global economy integration and the liberalization of trade further deepen, in the face of the domestic soybean imports is increasing year by year, industry capacity excess seriously, international pricing of global soybean loss, the penetration and impact of international soybean highly volatile prices, China’s soybean processing enterprise’s survival and development met with unprecedented challenges. As soybean processing enterprise, whether a lower price buys soybeans, can avoid the risk of market price fluctuations, in an invincible position in the industry to a problem of the main problems of soybean processing enterprise. At the same time, domestic soybean processing enterprise’s prosperity and decline success or failure also directly relates to the whole soybean industry safety or not, when a wholly control China’s soybean industry, soybeans and other agricultural products industry chain to planting down to the processing industry and terminal consumption will be disciplined by others. Therefore, in the soybean industry increasingly international background, China’s soybean processing enterprise’s price risk and avoid problems become urgent subject, in-depth study this topic has important theoretical significance and application value.In view of this, this study in the related theory and it.this based on the achievement of research, based on enterprise perspective, the integrated use of economics, financial engineering, econometrics, agricultural economics of related principles, in risk management theory, hedging theory, demand and supply theory and law of value and related guidance, use normative analysis and empirical analysis, combining quantitative analysis and qualitative analysis such as combination of research method, the system to build our country soybean processing enterprise price risk and avoid the general idea of problems. This article discussed "the soybean processing enterprise in our country faces price risk and its prevention and control status ","our country soybean processing enterprise price risk assessment","lead to China’s soybean processing enterprises are facing huge price risk causes" and "how to soybean processing enterprise in China price risk to avoid" four major problem.First of all, this study in China’s soybean processing the connotation of enterprise as the breakthrough point, definition and analyzes the related concept, summarizes the connotation of risk aversion, classes and methods, this paper discusses the basic theory and the related theory for the further research of the full text strengthen theoretical basis. On this basis, the objective analysis of our soybean processing enterprises face price risk and its prevention and control the status quo. Capacity, layout and respectively from the features of the development of the three aspects of domestic soybean processing enterprise development present situation, has analyzed our country soybean processing enterprises face price risk, introduced in soybean processing enterprise price risk prevention and control the status quo.The second part is the related concept definition and theoretical basis. To our country soybean processing enterprise of the connotation and function position defined and analyzed, summarized the price risk related concepts, summarizes the connotation of risk aversion, classes and methods, this part of this paper also probes into the basic theory and the related theories, the full text for the further research of the strengthen theoretical basis.Secondly, this research to our country soybean processing enterprises face price risk degree evaluation.tThrough the select2008-2011domestic ports soybean import price distribution of the average price, domestic soybean prices around the average price of domestic soybean meal and soybean oil average price, on the same date squeeze profits calculated, using VaR model method, different confidence levels calculated value and relevant index VaR and completing the soybean processing enterprise in our country faces price risk degree of evaluation, the conclusion that soybean processing enterprise in our country faced huge price risk evaluation results.Thirdly, this research system analysis our soybean processing enterprises are facing huge price risk causes. As the global economy trade integration development, our country soybean processing the scale of further expand, soybean processing enterprises are facing growing unrest external environment. In this context, this study summarized and puts forward the soybean prices fluctuated violently, our country soybean increasing external dependency, foreign capital impact soybean industry in China and soybean pricing is resulted in loss of soybean processing enterprises are facing huge price risk factors.Lastly, This study in China to avoid soybean processing enterprise price risk strategy and policy measures are discussed. Avoid soybean processing enterprise in our country the basic thought of the price risk from soybean processing enterprise itself and government two main body start. Starting from the Angle of enterprises, this study analyzes how to use futures market in our country of soybean processing enterprise evade price risk, and in the light of the imported raw materials price risk, domestic raw material price risk and product price risk, concrete price risk put forward specific strategies that imported raw materials hedging strategies, domestic raw material hedging strategy, product hedging strategies and arbitrage trading strategy; Analyzes how to use options market of our country soybean processing enterprise evade price risk, in view of China’s soybean processing enterprise’s raw material prices risk puts forward options, sold put options and futures and options combination strategy hedging strategies, in view of China’s soybean processing enterprise products fall risk puts forward buy put options, selling call options and futures and options combination strategy hedging strategy. From a government perspective, this study in China for avoiding the soybean processing enterprise price risk puts forward relevant policy Suggestions. Put forward the support domestic soybean planting, reduce the external dependence; Strengthening macro regulation and control limit foreign soybean and related industrial chain; Support folk soybean processing enterprise bigger and stronger, improve bargaining power; To improve the information service system, authority to establish information service platform; Play an active futures market function, establish options market price risk and avoid concrete measures for enterprise managers hedge provide favorable external conditions.