Research On ZY Company Hedge Fund Management Of White Sugar In Stock Market

White sugar,as one of the necessities in normal daily life,is up to the natural growth law of its raw material sugarcane and the changing supply and demand structure of white sugar at home and abroad.As a result,the price of white sugar fluctuates tremendously and its periodic characteristics are prominently noticeable.As a result,Chinese sugar pressing enterprises are facing a greater risk of exposure.In order to avoid it,enterprises have used various financial derivatives to hedge spot prices and to reduce the negative impact of price fluctuation on enterprises.Futures have the function of price discovery and risk transfer,and its good financial characteristics can be used for the benefit of sugar crushing enterprises.Futures trading belongs to leveraged trading,and its operation technology is advanced.If the strategic decision deviates or the details are not handled properly,it will be difficult to achieve hedging effect,and to bring about even further exacerbate enterprise risk.However,at present,most of the futures operations of sugar crushing enterprises in Western China still remain at the level of operation based on personal experience,less involved in quantitative analysis.Meanwhile,the actual problems existing among different enterprises are different,which separately needs specific analysis.So the author chose ZY Group as the research object,systematically combing the major drawbacks of spot management and futures management in the group at this stage,including the independent operation of futures and spot management team,the operation of futures trading based on experience,and the formulation of operating rules which is too rigid.In view of the above problems,the author chooses ZY Group’s business data and relevant futures market data in recent years to conduct in-depth analysis of the case.In order to avoid the risk of white sugar spot price fluctuation,the author designs the strategy of how to optimize the hedging operation of ZY Group in six steps in turn.Among them,Strategy One to Strategy Four mainly solves the problem of hedging strategy and decision-making.The Strategy Five and Six mainly solves the problem of hedging details management,and points out in detail the specific operation ideas,implementation steps and expected benefits of each strategy compared with the traditional one,aiming at achieving more effective allocation of funds and resources of ZY Group through various combination of strategies.Finally,based on the principle of overall review and quantitative management,the author puts forward specific measures to optimize the ZY group hedging.