| In recent years,with the development of global integration,commodity prices,such as copper and crude oil,have been active.For companies,this is both a challenge and an opportunity.On the one hand,frequent fluctuations of commodity prices will lead to greater risks for related enterprises in their operation.On the other hand,active markets provide updated ideas to meet the needs of enterprise development.Since China formed a standardized futures market in 2001,more and more enterprises have started to use futures as one of the means to avoid the risk of enterprise price.Because the futures has the characteristics of the leveraged deals,makes the enterprise can use less money,instead of on the futures market and cash market transaction to achieve risk hedging,and avoid price fluctuations brings the risk of loss.This paper takes A cable company as the research object and introduces the theoretical knowledge of hedging by starting with the concept of hedging.And by using statistical analysis software SPSS to an empirical analysis of the influence factors of fluctuations in copper prices,the use of GARCH Va R model to measure the copper price fluctuations to the enterprise situation,the influence of further expounds the necessity of hedging.Based on the actual operation condition of A cable company,the hedging process and scheme for the development of A cable company are formulated.Finally,it puts forward the guarantee measures in the implementation process so that the hedging can be carried out smoothly.Significance of writing this paper is to,on the one hand,A cable company is analyzed in the process of production and operation risks and gives the solution,the use of copper futures hedging to avoid price risk;For A cable company,on the other hand,the development of A set in its own hedging solutions,help enterprises to use modern financial derivatives to solve problems,make it adapt to the market changing process,and improve enterprise's core competitiveness. |
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