套期保值策略與風險管理ppt-文庫吧
2025-02-05 15:24 本頁面
【正文】 目的。 ? 在生產(chǎn)和消費企業(yè)中比較多見。 14 套期保值策略－針對具體資源開發(fā)項目的保值 ? 資源開發(fā)項目的主要風險之一來自產(chǎn)品價格波動，在市場時機有利時，利用期貨市場進行套期保值控制成本、鎖定收入，對于控制項目風險、保障項目成功都有積極意義。 ? 這種策略在資源開發(fā)項目中比較普遍，企業(yè)可以通過保值安排有效降低項目風險，改善融資條件，穩(wěn)定投資回報。 15 套期保值流程 ? 風險分析 ? 保值政策 ? 方案設計 ? 實施、監(jiān)控、優(yōu)化 ? 評估與改進 16 風險分析 ? 總風險與剩余風險 ? 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)保值工作的指導方針，對企業(yè)保值的目標和原則作出規(guī)定。 ? 制定保值政策需要考慮多種因素： 風險分析，收入、成本分析，風險是否可以轉移？ 風險偏好、保值的成本與收益、財務目標，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） 保值時間跨度 保值價格確定的原則 可選擇的期貨交易工具 ? 保值政策應經(jīng)過企業(yè)高層決策者批準 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 varia
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