Research On R Company Asphalt Marketing Hedging Strategy

In recent years,the domestic macroeconomic situation and infrastructure investment have been steadily improving,and the scale of expressways and national and provincial roads has also reached new highs,promoting the continuous growth of the total domestic demand for asphalt.However,with the promotion and implementation of supply-side reform,the policy advantages of traditional asphalt production enterprises are gradually weakened.Therefore,new models and directions are urgently needed in the exploration of deepening market-oriented reform routes,innovating product marketing ideas and integrating new market fields.Through the "literature + case" research method.Based on the research of asphalt futures,hedging theory and the application of relevant strategies,according to the development status of the domestic asphalt market and R company’s marketing background,the necessity of futures hedging for spot marketing of asphalt is briefly analyzed.This paper studies the basis of the average spot price of asphalt in China and the closing price of the main futures contract from 2018 to 2021,and combines the physical inventory data of R Company for four years to carry out qualitative and quantitative analysis and the research method of combining traditional OLS model with modern basis theory to explore the hedging timing and ratio.By Comparing with R company’s actual operation,six problems in hedging are summarized;Targeted research R company’s asphalt hedging strategy design,direction formulation,ratio optimization,timing and other seven aspects of strategy optimization scheme;Carry out the comparison of data back test effect in 2021,analyze,summarize,study,and sort the asphalt hedging business of R Company in the whole process,and lay a foundation for the asphalt hedging strategy research of the next cycle.At the same time,it also enriches the basic research of futures market and hedging theory and provides a more diversified application scheme of asphalt futures,contributing to the realization of high-quality development of the domestic asphalt market.