Sanpu Pharmaceutical Analysis Of Commodity Futures Hedging Losses Case

Since the beginning of futures trading in 1990,futures have played a crucial role in stabilizing business operation,improving industrial chain operation mechanism,serving national industrial policies and macroeconomic management.But for now,the volume and quality of the futures market are not commensurate with the scale of the real economy and the international economic status of our country,and the space for further development of the futures market and the service of the real economy is still huge.Enterprises to participate in the loss of the futures market is not uncommon,such as Cao because the futures of huge losses and eventually bankrupt,Eastern Airlines,Air China and China Southern Airlines China three airlines hedging losses in economic losses reached 27 billion 900 million yuan,this one case failed so many companies prohibitive for futures.Then the futures is a risk management market or a speculative market,can speculation in the end be profitable? Why do many companies do not use this tool,what is the problem in risk internal control,professionalism and system regulation? What is the impact of a company's major asset reorganization on its hedging? This is a problem to be solved urgently.Sanpu pharmaceutical in 2010 to achieve a major reorganization of assets,to achieve diversification,the main business to the cable industry,2012 has huge losses in hedging.This paper selected for hedging losses of Sanpu pharmaceutical as a case study,using the literature research method and case analysis method to carry on the system analysis.The main process of hedging and hedging losses losses cause analysis.First,we analyze the hedging deficit process,and introduce the background of the case briefly.Based on the four basic principles of hedging,we conduct a thorough analysis of the hedging process from the amount,timing and location of the hedging,and find that the company has overinsured the business.And then based on the "speculative theorem" and "behavioral finance" of excess hedging Sanpu pharmaceutical in-depth analysis found that enterprise is the irrational speculative losses as a result of speculators disadvantage.Secondly,the reasons for hedging losses are analyzed,and the reasons for corporate hedging losses are summarized from the aspects of company internal supervision,futures regulation system and so on.Finally,on the basis of the problems found in the above analysis,the corresponding suggestions and enlightenment are given.This article through Sanpu pharmaceutical hedging losses case analysis found that: firstly,the company based on the hedging and hedging of excess.Secondly,the reasons for the loss are surface and deep reasons.The surface causes are copper price fluctuation and the "high profit" trap of excess hedging.There are three reasons for it.First,from the institutional point of view,there are loopholes in the system design of hedging,and there are still problems in regulation and investor education.Second,from the perspective of the company,due to the company's high performance commitments and financial pressure,coupled with the 2012 cable industry's sluggish and speculative high leverage profitability,the company has chosen this risky behavior.Third,after the reorganization of major assets,the chairman's rights are too large,the family atmosphere is serious,the risk control and research departments are not perfect,and the position of enterprises in hedging is not accurate.In summary,Sanpu pharmaceutical hedging loss is the enterprise as the inevitable result of irrational disadvantage speculators and enterprise's wrong to judge the trend of the market in a major reorganization of assets.Finally,in view of the reasons for the loss of the above analysis,this paper puts forward some suggestions from the enterprises,the Futures Company and the supervision.