The Analysis Of Hedging Effect Of Soybean Squeezing Enterprise Based On Spot Price Cost

Soybean squeezing enterprises of Heilongjiang Province are facing an aspect that the rapid growth of import quantity to soybean, the fierce fluctuation of soybean price and holding market share by foreign capital soybean squeezing enterprises through foreign-owned and joint venture. Many soybean squeezing enterprises are at a loss in these two years; even some soybean squeezing enterprises has been out of production in a large-scale. Therefore, the urgent problems for soybean squeezing enterprises to solve now are choosing reasonable methods to manage the cost and risk of the enterprises and enhancing the effect of hedging.The effect of hedging depends on the changes of basis and the changes of spot price and future price are the main factors which influence the changes of basis. Different soybean squeezing enterprises are very different on spot price cost from each other, the difference of capability for enterprises to gain subsidy and the difference of transportation cost are the main factors to influence the difference of spot price cost. Because of the uncertainly to soybean subsidy policy and the transportation cost is influenced by some factors, it is important for soybean squeezing enterprises to measure the cost of spot price. This thesis sets a hedging ratio estimation model based on spot price cost to guide the soybean squeezing enterprises to hedge using a reasonable ratio.This thesis analyzed the influence of soybean subsidy and transportation cost on spot price cost of hedging. By improving the OLS hedging ratio estimation equation to construct hedging ratio estimation model based on spot price cost. Using the evaluation system of hedging effects to analyze the effect of hedging for soybean squeezing enterprises in Heilongjiang Province and then explain the results of the positive analysis in details. Analyzing influence of spot price cost to the effect of hedging.By analyzing the effect of hedging to soybean squeezing enterprises in Heilongjiang Province, on account of the problems that the uncertainly of soybean subsidy policies and unreasonable hedging methods, this thesis proposes the solutions to improve the effect of hedging from the view of enterprises and nation. The solutions contain decreasing the transportation cost, using dynamic hedging methods, improving the certainly of soybean subsidy policy and enriching the contract.