A Research On The Institutional Factors Of Restricting Corporate Hedging Performance And Countermeasures

Corporate hedging is an important field of enterprise risk management research, many scholars on the domestic futures hedging has discussed in research, enriched the theory of corporate hedging, decision-makers for domestic enterprises to provide a basic theory guidance for our business, rapid and healthy development of hedging laid a solid theoretical foundation. However, there are more problems of domestic enterprises of the hedging practice, in-depth study of corporate hedging has high practical value, future theory should always be as a domestic focus of the study.After two decades of exploration, China's futures market has seen rapid development, has been initially carried out with the domestic enterprises to hedge market conditions, and the relative lack of outside supervision, even more than the OTC derivatives business for domestic hedging. However, the development of corporate hedging is relatively slow, particularly by the financial crisis, some enterprises to develop hedging suffered huge loss, exposure some prombles of the market, for example, the concept of risk management, determine mechanism of the market, the low level of understanding of derivatives, hedging operation experience lack of other problems. In the post-crisis era, the beginning of the hedging mechanism has become research focus future theory of management mechanism of domestic enterprises to rethink hedge the first order.Current research focuses on one or more futures hedging performance, the hedging performance of enterprise-specific theoretical and empirical research somewhat thin; the same time, domestic enterprises to hedge on the research system relative lack of urgency we need to set security management system from the perspective of corporate hedging performance to carry out the research, restricting mining companies hedging performance of the system of factors and countermeasures for the issues. This article attempts to present the introduction of enterprise based on the theory of hedging system factor variables, value of the company as a corporate hedging performance evaluation index system factor for businesses trying to tap the hedging performance. Listed company as a leader in similar enterprises, the degree of perfection in the system and other aspects of management have significant representation, so the text using data as the empirical analysis of listed companies sample hedging in order to obtain the data of listed companies, which took 3 months to manually About 1,700 of the Shanghai and Shenzhen A-share listed companies were in order, from the listed company's annual report, quarterly interim reports and public information search and, ultimately, empirical analysis of listed companies required to hedge the sample data of the statistics 126 listed companies launched a derivatives business, which launched 89 futures hedging activities.The empirical study found that sets of institutional factors such as security management system for hedging performance of enterprises played an important role in improvement, but the current system of domestic enterprises, there is a certain set of security flaws, should be to design a rational and effective hedging system. In this paper, based on existing research data presented to hedge business, futures companies holding the CTA, commercial banks, logistics companies based on "four in one" enterprise idea of hedging proxy mechanism, hoping to improve the domestic enterprises to set provide a reference of the hedging mechanism.