| Presently,our country is going through high speed economic development,the influence of economic globalization is expanding.Commodity prices are influenced by international market,Chinese enterprises have to bear the increasing risk of price,these enterprises urgently need to be involved in futures hedging for risk aversion.Under this background,futures companies,as a service enterprise,can use futures market to avoid the risk of intermediary institutions,the important role of futures companies is increasingly significant,its hedging business also arises at the moment.But,because of China's imperfect futures market,when companies carry out hedging business,they are also facing many institutional,economic and other problems,the systematic research of academic achievement of the development of the futures market is not rich enough both at home and abroad.The effectiveness of hedging in China's futures market,the effect of different varieties of futures hedging,and the optimal hedging ratio model remains to be further tested;the research and practice of hedging solutions of futures companies and institutional clients,evaluation standard of hedging and optimization of hedging effect are inadequate,all above are important task right now.This paper,from the perspective of hedging theory,practice and empirical,puts forward the suitable hedging solutions through the study of the current status of hedging of NZ futures company and analyzing the current existing problems;and through the analysis of the representative varieties of futures hedging effect to find the optimization countermeasures and put forward to provide reasonable suggestions to improve the effect of institutional clients hedging of NZ futures company.This paper firstly concludes and analyzes both the background of the topic selection and the significance of the topic.Besides it,it is also summarized from the development of the futures market hedging at home and abroad,the theory and academic achievements of hedging,which is laying a theoretical foundation for the development of this paper.Secondly,,this paper studies the current situation,organizational structure,institution system,business model and business process of NZ futures company's institutional customer hedging,and also depicts the current situation of the institutional customer hedging program.Thirdly,related study found that in the current program there exist the following problems: the system is not perfect,including that the environment is not mature enough,the organizational structure is not scientific enough,the system is not perfect;model than a single,including a single species,high concentration,the effect is not ideal,business process is too extensive.Besides it,tactical innovation is little,including that the program is not comprehensive,tactical is too traditional and implementation is not in place.Fourthly,the optimizational designment of the program is put forward,which is mainly from the hedging system,the overall system,organizational structure,rules and regulations,operational processes to optimize the client's hedging system,from the service model,hedging range and variety to optimize hedging business model,from the adjustment of the spot operation mode,the rational handling of positions,the use of short-term trends to optimize hedging tactics.In addition,it is also demonstrated through introducing examples to compare the effects between owning hedging programs and selling hedging programs.Finally,some proposal to optimize hedging effect is given from the futures market level,NZ futures company level,the institutional customer level,and it can be concluded that the correct hedging program is the basis for institutional customer control risk,and institutional customers should choose the right hedging case projects,where it is handled by right operation in the right time.NZ Futures Company also needed to plan the standardization and individuation of hedging solutions,and increase the number of institutional clients and hedging business income. |
PDF Full Text Request