Research On Hedging Purchasing Risk By Futures In K Paper Company

As an important basic raw material industry of national economic construction,paper industry plays an important role in national economic development.China’s paper industry is booming and in the leading position in the world.However,due to the lack of domestic forestry resources,domestic paper enterprises highly rely on foreign wood pulp raw material supply,and are in a weak position in the industrial chain.In recent years,pulp procurement has been carried out The price fluctuates greatly under the influence of the international market.In addition,the purchasing mode of domestic paper mills is single,the strategy is rigid,and the management is still relatively traditional.The purchase of enterprises is faced with greater market price risk and inventory risk.It is very important for enterprises to lock in the purchase cost of raw materials and do a good job in inventory management.The risk aversion function of financial derivatives just meets the reality of enterprises It provides an effective means for enterprises to manage purchasing risk.This paper mainly studies how to use futures tools to avoid the purchase risk of pulp raw materials,taking K paper company as the research object.Firstly,this paper studies the enterprise risk management theory and futures market risk aversion theory,combined with the development status and existing problems of China’s pulp derivatives market,from macro to micro,studies and analyzes K paper company’s risk management theory and futures market risk aversion theory Based on the theory and practice,this paper puts forward the system design of the enterprise’s raw material purchasing and dynamic inventory management,and institutionalizes the hedging strategy of the company,including establishing and perfecting the organizational structure of the futures department and improving the organizational structure of the futures department Improve the company’s decision-making process and internal risk control system,so as to implement the futures hedging strategy into the company’s procurement management.