Research On Enterprise Hedging Risk Management

Under the background of economic globalization,enterprises 'production and operation activities are faced with various uncertain factors,many of which will be reflected by the risk of market price fluctuations.In order to avoid risks,enterprises participate in hedging is the most commonly used means.However,at present,China's research on the participation of enterprises in hedging mainly focuses on the technical issues of hedging,such as measuring the performance level of hedging and how to determine the best hedging ratio,but few scholars combine the actual operating conditions of enterprises.Research on risk management for hedging.Practice has shown that the benefits to the enterprise from optimizing the hedging ratio alone are limited and,in most cases,can be based on the application of measurement models.The efficiency of hedging is improved by strengthening the control of non-technical risks in the enterprise.Therefore,on the basis of using the measurement model to analyze the hedging ratio,and from the perspective of the enterprise,the article regards the enterprise as a whole and analyzes how to effectively use the enterprise integrated risk management theory in the enterprise's hedging practice.So that the enterprise's hedging risk can be effectively controlled,so that the hedging can better play a role in providing the theoretical basis for the enterprise hedging risk.Based on theoretical analysis,measurement model analysis and case analysis,this paper studies the risk management of Chinese enterprises hedging.Firstly,it expounds the background and significance of the research,introduces the current situation of domestic and foreign research,and briefly introduces the content,methods and innovation points of the research.Then the basic theory of hedging is expounded.Then,on the concept of enterprise hedging risk,the measurement model of enterprise risk management is described,and the hedging ratio is established by the least-squares method(OLS),and the ADF test is used.The error correction model(ECM)is established to estimate the optimal hedging ratio,and static and dynamic methods for evaluating hedging performance are given.Then,the COSO model is introduced,the enterprise risk management system is designed,and the case of hedging failure is given and the reason is analyzed.The paper also makes a practical analysis of hedging of Shanghai Huaye Iron and Steel Group,and studies the design and measurement models of enterprise risk management systems,andintroduces the technical analysis theory in the hedging scheme to create hedging schemes for enterprises.Provide guidance for its production and operation.Finally,the conclusion of this paper is given,and the direction of further research is pointed out.hedging.