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Scheme of the financial impact of futures hedging and Mineral Resources Enterprise Group

Author: WangZuo
Tutor: NaPengJie
School: Yunnan University of Finance
Course: Financial Management
Keywords: futures financial impact hedging speculative Mineral Resources Enterprise Group
CLC: F724.5;F224
Type: Master's thesis
Year: 2011
Downloads: 145
Quote: 2
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Abstract


Risk management has been a hot topic since the financial crisis. With the gradual development of the mining industry, risk management of mineral resources enterprise group is very important. The development of futures market and the distinctive features of mineral resource-based enterprises lead more and more mineral resources enterprises to choose futures trading and hedging to avoid the risk ,and to begin to design the program, but they are limited to non-group single enterprise. This article attempts to design the mineral resource-based enterprise group hedging program on the basis of empirical testing of the financial impact of futures trading on mineral resource-based enterprises.On the basis of relevant literature, this paper focus on the theoretical analysis of futures trading and hedging. First, it analyzed the financial impact of the use of derivative financial instruments studied previously on the enterprises. Followed by it reviews the literature of the management of enterprise risk group, with the lack of the literature specialized in risk management in mineral resources enterprise, and finally it sums up the previous study of hedging program and finds that there are many hedging programs designed for the single enterprise,but the hedging programs of Mineral Resources Enterprise Group are hardly found.Empirical part of the articles lists the data of non-ferrous mineral resources quoted company for 2007-2009,to test the influence of futures trading on company profitability, capital structure, dividend policy, compared with animal husbandry and fishery industries.We find that futures trading had significant effects for return on net assets and asset-liability ratio,while it had no significant effect on the after-tax dividend payout ratio. Regression and packet inspection through logist found that the motivation of non-ferrous mineral resources quoted company is: the expected non-ferrous metals price volatility will lead to the decline in gross margin, so it will take futures trading, to futures investment income by increasing the return on net assets to back the industry average.Based on the results of the empirical study ,this paper takes Yunnan Copper Group,China’s "Nonferrous metals Kingdom" for example, designing hedging program for mineral resource-based enterprise and groups to achieve a reasonable set of Paul, to avoid speculative purposes. The most prominent feature of the program is to combine the inventory of mineral resource-based multi-enterprise groups, resource dependence, chain length, influenced by the economic cycle, with the characteristics of highly targeted for mineral resources, to give reference.for enterprise group.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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