Research On Risk Management Of Iron And Steel Enterprises Based On Hedging

As the pillar of national economy,iron and steel industry plays an important role in economic construction.As a production and processing enterprise,iron and steel enterprises are faced with two-way price fluctuation risk of raw material end and product end.However,due to the late launch of domestic iron ore futures,the current risk management of iron and steel enterprises can not well avoid the market risk caused by the price change of iron ore,the main raw material.Affected by the fluctuation of iron ore price,the iron and steel industry will even lose money in the whole industry.Hedging is a powerful tool to transfer the risk of price fluctuation.The establishment of risk management based on iron ore hedging can provide new ideas and references for the risk management of iron and steel enterprises,Taking HL steel as an example,this thesis introduces the current situation of its risk management and analyzes the problems existing in its risk management.In order to solve these problems,based on the theory of risk management and hedging,combined with the actual situation of HL steel,on the basis of analyzing the necessity and feasibility,this thesis constructs a risk management system based on iron ore hedging from four aspects:Governance and culture,goal setting,implementation and operation,information communication and monitoring,and puts forward a risk management system based on iron ore hedging Effect evaluation methods and guarantee measures.This thesis intends to build a risk management system of iron ore hedging suitable for iron and steel enterprises,taking HL as a typical example,in order to make a contribution to the risk management of iron and steel in dustry.This thesis consists of six parts:The first part is the introduction,which first puts forward the background and significance of the topic,and then collates and analyzes the relevant domestic and foreign literature,and clarifies the research ideas and content framework of the thesis.The second part is the current situation of HL steel risk management and the existing problems.Based on the analysis of the current situation of HL steel risk management,the existing problems are put forward.The third part is the necessity and feasibility analysis of HL Steel's risk management system based on iron ore hedging.Based on risk management and hedging theory,it fully analyzes the necessity and sufficiency of its risk management system based on iron ore hedging.The fourth part is the construction of HL iron and steel iron ore hedging risk management system,taking the construction principle as the program,the construction idea as the main line,combined with the actual situation of HL iron and steel risk management,to build a risk management system based on iron ore hedging,and to provide the effect evaluation method for it.The fifth part is the safeguard measures,which can guarantee the operation of risk management system based on iron ore hedging.The sixth part is the conclusion and prospect.It summarizes and summarizes the content of this thesis,and looks forward to the future development of the research direction.The innovation of this thesis is as follows:first,based on the characteristics of high price fluctuation risk of iron and steel enterprises,the risk management of iron and steel enterprises focuses on the application of hedging,and creatively constructs a risk management system with the characteristics of iron and steel industry-based on hedging risk management system.Second,due to the late launch of domestic iron ore futures contracts,the former risk management of the iron and steel industry mainly focused on the product side,focusing on the development of screw steel futures.In this thesis,the research direction is turned to the raw material end-iron ore futures,and the risk management based on iron ore hedging is built,which enriches the methods of avoiding the operational risk of iron and steel enterprises as two-way risk exposure enterprises.