Fourth, the solution
Through research and enterprise practice, it is found that to solve the problem of enterprise price risk management, the following problems must be solved:
First, enterprise internal risk exposure management issues, mainly in:
1, the problem of integrated management inside and outside the enterprise, to do a good job in price risk management, we must completely combine the external situation of the market with the internal situation of the enterprise.
2, enterprise risk preference, determine the risk tolerance of enterprises. Different enterprises have different risk preferences and must be managed in different ways.
3. Risk extraction. When analyzing risks, due to the variety of risks, it is necessary to extract the risks that need to be managed most and manage risks with emphasis.
4. Risk control. After the risk is extracted, it is necessary to control it. First, choose the hedging mode. Hedging methods can be divided into mechanical hedging, trend hedging, individual hedging and open rolling hedging. The choice needs to be treated differently according to the product and risk tolerance of the enterprise. Secondly, choose hedging tools. Risk management tools include spot, futures, options, spot management contracts, bank OTC and swaps. Third, the choice of hedging contract. Risk management contracts are divided into forward contracts and recent contracts, and it is necessary to monitor the price difference between the contracts. Finally, the choice of hedging ratio: different prices, different markets, different varieties and different contracts have different hedging ratios.
Second, market situation analysis, it is too difficult to accurately predict the market situation. If there is no information system to monitor the market and analyze the changes in the market outlook, it is impossible to monitor the changes in the market in real time. In order to realize real-time market monitoring, it is necessary to accurately grasp the market stage of the industry in which the company is located, and monitoring indicators are needed to monitor market changes. In the whole process, artificial control is difficult to achieve results, and it must be achieved through a complete information system. A perfect market analysis system consists of macro, market, industry and technology. To establish a complete analysis system, we must first establish a database, collect complex big data to enterprises, integrate and analyze macro data, industry data and price data, then process and analyze the data, arrange the influence of different data on enterprises, and build the data into a calculation model for monitoring. In the whole operation process, it is necessary to access the timely market, carry out trading tips and risk early warning, carry out commodity price risk early warning according to VAR value and volatility, and carry out relevant market risk early warning according to macro and industry data.
Third, the control of financial derivatives trading. To realize the internal control of financial derivatives transactions, the control reason is that there are risks in the financial derivatives themselves and in the transaction process.
Beijing Huarong Qi Ming Consulting Service Co., Ltd. has developed the first enterprise price risk management system in China after two years' efforts.
Our product implementation standards meet the risk management standards of American and central enterprises. Our products have passed the market test and been implemented in three enterprises, and the price risk management effect is remarkable.