套期保值管理的策略-文庫(kù)吧
2025-02-05 14:59 本頁(yè)面
【正文】 。 ? 在生產(chǎn)和消費(fèi)企業(yè)中比較多見(jiàn)。 14 套期保值策略－針對(duì)具體資源開(kāi)發(fā)項(xiàng)目的保值 ? 資源開(kāi)發(fā)項(xiàng)目的主要風(fēng)險(xiǎn)之一來(lái)自產(chǎn)品價(jià)格波動(dòng)，在市場(chǎng)時(shí)機(jī)有利時(shí)，利用期貨市場(chǎng)進(jìn)行套期保值控制成本、鎖定收入，對(duì)于控制項(xiàng)目風(fēng)險(xiǎn)、保障項(xiàng)目成功都有積極意義。 ? 這種策略在資源開(kāi)發(fā)項(xiàng)目中比較普遍，企業(yè)可以通過(guò)保值安排有效降低項(xiàng)目風(fēng)險(xiǎn)，改善融資條件，穩(wěn)定投資回報(bào)。 15 套期保值流程 ? 風(fēng)險(xiǎn)分析 ? 保值政策 ? 方案設(shè)計(jì) ? 實(shí)施、監(jiān)控、優(yōu)化 ? 評(píng)估與改進(jìn) 16 風(fēng)險(xiǎn)分析 ? 總風(fēng)險(xiǎn)與剩余風(fēng)險(xiǎn) ? 銅冶煉企業(yè)的例子 ? 航空公司的例子 17 保值政策 ? 保值政策是企業(yè)保值工作的指導(dǎo)方針，對(duì)企業(yè)保值的目標(biāo)和原則作出規(guī)定。 ? 制定保值政策需要考慮多種因素： 風(fēng)險(xiǎn)分析，收入、成本分析，風(fēng)險(xiǎn)是否可以轉(zhuǎn)移？ 風(fēng)險(xiǎn)偏好、保值的成本與收益、財(cái)務(wù)目標(biāo)，保值還是不保值？ 可用于保值的資金規(guī)模 ? 保值政策的內(nèi)容： 保值比例（上下限） 保值時(shí)間跨度 保值價(jià)格確定的原則 可選擇的期貨交易工具 ? 保值政策應(yīng)經(jīng)過(guò)企業(yè)高層決策者批準(zhǔn) 18 保值政策－示例 1 Hedging ? The Group’s policy is to remain unhedged to the gold price. However, hedges are sometimes undertaken on a project specific basis as follows: – to protect cash flows at times of significant expenditure, – for specific debt servicing requirements, and – to safeguard the viability of higher cost operations. – Gold Fields may from time to time establish currency financial instruments to protect underlying cash flows. ? Gold Fields has various currency and interest rate financial instruments those remaining are described in the schedule. It has been decided not to account for these instruments under the hedge accounting rules of IFRS 39, except for the debt portion of the interest rate swap which has been hedge accounted, and accordingly the positions have been marked to market. Gold Fields Limited 19 保值政策－示例 2 NIE Energy Supply 30 April 2023 Hedging Policy Statement 3 Hedging Policy In deciding whether a hedge should be purchased NIE Energy Supply will need to consider the impact on both the likely price and its variability. ? If a hedge both lowers the expected price and reduces variability it is likely to be an efficient purchase unless there is an available alternative product that does so to a greater extent. ? Similarly, if a hedge reduces variability without affecting the expected price it is likely to be an efficient purchase unless there is a superior product available. ? If a hedge raises the expected price but reduces variability, NIE Energy will need to take a view on the relative values of those impacts. In doing so it will be guided by its view of its customers’ preferences. In assessing the likely price level, NIE Energy will model the cost of SEM purchases, hedge costs and other costs in the circumstances of one or more sets of customer demand and pool price projections. In assessing the variability of the price level, NIE Energy will consider the likely variabili
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