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一、研究意义随着我国金融市场体制逐渐完善,金融衍生产品的丰富程度亦逐渐提高。为降低市场波动造成的风险,许多企业均选择期权、期货等套期保值工具锁定采购成本价格或者成品销售价格。然而数家企业由于套期保值方案设计缺陷、缺乏套期保值经验、对市场判断失误等原因造成巨额亏损,尤其铜产业的亏损案例不在少数。在此背景下,本文基于2012年末国内首个套期保值巨额亏损案例,通过分析其套保失败的原因,笔者力图为希望使用期货及同类金融衍生工
First, the significance of research With the gradual improvement of China’s financial market system, the abundance of financial derivatives also gradually increased. To reduce the risk posed by market volatility, many companies choose to lock the purchase cost price or the finished product sales price of options, futures and other hedging instruments. However, due to the design defects of hedging programs and the lack of experience of hedging, several enterprises caused huge losses in market judgment errors and other causes, especially in the copper industry. Against this background, based on the first case of large hedging losses in China at the end of 2012, by analyzing the reasons for the failure of hedging, the author tries to find out that he hopes to use futures and similar financial derivatives