Study On The Price Risk Of The Central Grain Reserves Take Turns The Business Based The Hedge Theory

Our government is concerned about the supply and demand of the wheat very much. The wheat,as a sort of important commodity in the food's security,is the focus of the national micromanagement.Wheat reserves can be divided into two parts,according to its functions,the strategic reserves and the temporary,reserves.In this paper,we will describe the former which is used to deal with the problem of the sudden short-term conflicts,or mitigate the serious imbalance between supply and demand.The strategic reserves,usually, do not enter the circulation of commodities market,and belong to the strategic materials.National Grain Department assigns that the grain circulation memoir should be reported to national development and the reform committee,and the State Council should carry on the examination and approval.The Chinese Grain Reserves Management Corporation is responsible for the grain reserves management plan which was assigned by the State Council Development and Planning Commission.The central grain reserves take turns the business management work in the way of implementing the graduation responsibility system which is under the unified leadership of the Reserves Management Corporation.They exercise the right as the investment person to the respective enterprise's state asset,and also carry on the management and the surveillance to its state asset,and correspondingly undertake the responsibility to Guarantees price the increment.Facing the market condition,the price undulation of the wheat proposes a stern test that how to Guarantees price the increment in the process of taking turns for the heir apparent.Because the sole stock market operation is basically unable to safeguard guarantees price the increment goal,only can drift with the current along with the market price rising and falling,the compression turn storehouse time-gap,reduces in the cycle the price undulation scope,although can reduce the market risk,but still the stopgap measures does not effect a permanent cure,should with difficulty the price undulation which causes contradictory to the sharp-edged quotation or the extreme supply and demand.As a result of the futures market,which gives on-hand merchandise management enterprise to provide a bidirectional management channel,not only the futures market may solve the time span problem which on-hand merchandise enterprise manages,also may solve in the time span price reverse undulation risk,has provided the haven for the enterprise long-term on-hand merchandise management,causes the market price risk controllable degree to enhance greatly.The hedge service is one method for on-hand merchandise enterprise to control the price undulation risk,we carry on the price undulation risk by the base difference form the expression,the hedge service guarantee price the increment goal on to be closely linked with the base bad risk.Should equate according to the conventional theory hedge proportion in on-hand merchandise quantity,this article conducts the analysis research through many kinds of international front hedge experience and the theory,obtains one to suit in the wheat hedge operation gross data,and carries on the theory development to the present most suitable hedge model,further has consummated the international hedge model insufficiency,causes the hedge model even more to tally in the practical application guarantees price the increment goal,and will operate the period possibly to face the base difference risk and fall lowly.The hedge model consummates in any event,all needs the iron general to carry out dynamics,this is the hedge operation premise.Only then in under the perfect hedge plan instruction,the strict hedge carries out under dynamics restraint,the hedge can display the market effect which manages regarding the enterprise.