生产型企业套期保值有效性及其绩效评价

On Hedge Effectiveness of Manufacturing Enterprises and Performance Assessment

本文就生产型企业的套期保值行为做了系统性的研究。首先,明确了生产型企业参与期货市场的目的在于套期保值。其次,针对现有的套期保值理论不适于解释说明生产型企业的套期保值实践这一现状,提出了生产型企业套期保值界定准则。再次,为了强化企业对套期保值风险的规避,提出了套期保值有效性界定准则。最后,从市场评价和内部评价两个维度,建立了套期保值绩效评价体系。

The paper conducts systemic study on hedging behavior of manufacturing enterprises.First,it ascertains that the purpose of manufacturing enterprises in participating in futures market is to hedge.Second,because existing hedging theories are not suitable to explain the hedging of manufacturing enterprises,we propose new criteria to define the hedging of manufacturing enterprises.Again,to strengthen risks aversion in hedging,we propose criteria to define the effectiveness of hedging.Finally,with dimensions of market and internal assessment,we establish a hedging performance assessment system.