摘要
我国工业原材料的对于铜的消耗量极高，加上国内精通的产量有限，进而多数的工业消耗需求都通过国外进口的方式实现；进口铜就本质属性来看，其既有主业属性，同时也有金融属性，价格受供需关系、市场经济以及国家货币政策等多方面的因素影响，故而通过进口铜的方式虽能满足国内工业生产需要，但同时却要面临进出口贸易过程中的铜价波动风险问题，特别是在金融危机时期，铜的波动价格较大，对于我国工业用铜进口带来了诸多风险问题。
铜价的波动问题对我国相关工业生产活动带来了严重的影响，同时在剧烈价格浮动的背景下，实现对于铜保值有着较大的难度，传统套期保值的方式并不适用，今儿就需要针对现状以及铜市价格特点为基础进行一套新的套期保值方法创新，从而稳定铜价波动所带来的风险问题。经过多年的实践，我国现阶段铜企业套期保值得到了一定的发展，但同时还与国外成熟铜企业有着较大的差距。我国铜企业套期保值现状问题主要展现为三大方面：首先套期保值存在广泛性上的缺陷；其次套期保值存在规范性上的缺陷，具体表现为不规范的套期保值操作往往会对于铜企业带来严重的损失；再次套期保值存在前瞻性上的缺陷。从国内的研究现状来说，国内学者以及专家对于铜期货套期保值的研究视角较为单一，缺乏从系统化的角度分析，无法对于实践活动形成有效的引导。此外，铜企业在对于套期保值的处理上，多采用价格风险控制管理的方法，没有综合宏观经济环境的风险把控，从而无法有效抵御宏观经济环境波动下对于企业形成的价格以及利润冲击，从而导致铜企业的进攻困境。
本文在研究的过程中，以W集团铜期套期保值为研究对象，采用规范研究、实证研究相结合的研究方法，从理论以及实践连个层面对于铜期货的套期保值问题进行全面系统化的研究，结合前人研究成果以及案例资料的分析，找出其中存在的问题，从而提升有效的铜期货套期保值策略，优化提升W集团铜期套期保值操作水平，同时本文的研究还可供我国其他铜企业作为参考，综合推动我国同企业整体风险抵御水平，实现我国铜企业的持续稳定发展。
关键词：铜期货；套期保值；W集团
Abstract
China's industrial raw materials for the consumption of copper is extremely high, limited domestic master production plus, and most of the industrial consumption demand by foreign imports; imported copper is the essential attribute of view, the existing main properties, but also has financial attributes, the price is affected by supply and demand, market economy and national currency the policy factors in many aspects, therefore by way of imported copper can meet the domestic needs of industrial production, but also have to face the risk of fluctuations in copper prices in import and export trade, especially in the financial crisis period, the fluctuation in the price of copper is larger for imports of copper industry in China has brought a lot of risks.
Has a serious impact on China's copper price fluctuations related to industrial production, at the same time in the fierce price fluctuations in the background, implementation is difficult for the traditional copper hedging, hedging is not the way, this need for the status quo and characteristics of the copper price hedging a new method for innovation based on the risk problems caused by fluctuations in copper prices to stabilize. After many years of practice, the hedging of copper enterprises in China has developed a lot, but there is a big gap with the mature copper enterprises abroad. China's copper enterprises hedging problems mainly show in three aspects: first, hedging defects widely on; secondly hedging defects on the existing norms, the specific performance of hedging operations are not standardized will often bring serious loss to the copper enterprises; again hedging defects on the forward-looking. From the domestic research, scholars and experts for the study from the perspective of copper futures hedging is relatively simple, the lack of systematic analysis from the perspective of practice, not to form an effective guide. In addition, copper enterprises in for hedging, the price risk management risk control, no comprehensive macroeconomic environment to control, which can effectively resist the fluctuation of macroeconomic environment for enterprises to form the price and profit impact, resulting in difficulties caused by the attack of copper enterprises.
During this research, the W copper futures hedging group as the research object, using the research methods of empirical research, normative research, the overall system from the theoretical and practical aspects, even in copper futures hedging problem analysis, combined with previous research results and case data, find out the the existing problems, so as to enhance the futures hedging strategy effectively, optimizing W group copper futures hedging level at the same time, this study can also be used for other copper enterprises in our country as a reference, to promote China's comprehensive enterprises with the overall risk level, to achieve sustained and stable development of copper industry in china.
Keywords:copperfutures；hedging；Wgroup
目录
摘要 I
引言 1
第1章绪论 2
1.1研究背景和意义 2
1.1.1研究背景 2
1.1.2研究意义 3
1.2国内外研究现状 4
1.2.1国外研究现状 4
1.2.2国内研究现状 5
1.2.3研究述评 6
1.3铜期货套期保值的动因 6
1.3.1降低经营过程
