Risk Management

?????????????????????? ? ? 08??????? ,?????????????????????????????????????????????????????? ,??????????????? ,?????????? ,?????????????????????????????????????? ,????? ,???????????????????? ,???????????????? ??? :?? ;???? ;???? ;?????? The analysis report of oil futures huge losses case of Germany metal company Abstract After the financial crisis, some domestic enterprises participate in the oil giant hedging ,which case reflects our country that lacks of experience in the oil price risk management. In the situation of oil price fluctuations, how to use the financial tools to circumvent the price risk is important to a company .

Chinese companies are not only lack of experience,but also has some disadvantages in the investment strategy. This article through case of the German metal company oil futures huge losses analysis, from hedging, derivatives trading of risk identification and risk management strategy, this paper expounds the reasons behind the huge losses and enlightenment. Keywords:Futures-edging;Risk identification ;Risk management strategy ? ? ? ? 2 Abstract3 1.?? 4 2.???? 5 2. 1?????? –???? 5 2. 1. 1???? 5 2. 1. 2?????? 5 2. 1. 3???? 6 2. 2??????????? 6 2. 2. 1?????? 6 2. 2. 2????????? (???? 6 2. 2. 3??????? 7 2. 2. 4?????? 7 3.???? 8 3. 1 ???? 8 3. 2 ???????? 8 3. 2. 1?????? 8 3. 2. 2???? 9 3. 2. 3??????? 9 3. 2. 4???? 9 3. 3 ???????? 10 3. 3. 1???????? 10 3. 3. 2?????? 10 3. 3. 3?????????? 11 3. 3. 4?????? 11 ???? 11 1.?? ???????? ,???????????????? ,??????????????????? ,???????????????????????? 114?????????? ,????????????????????????????? ,?????????????????? ,?????????? “???? ”????????????????? ,?????????????????????????????????????? ,? “???? ”???????????????? ,???????????? ?????????????????????????????????????????????????? ,??????? ,???????? ,?????????????????????? ????????????????????????? ,??????????????????? ?????????????????????? ,???????????????? ,???????????? ,??????????????????????????? ,??????????????????? 2.???? 2. 1?????? –???? 2. 1. 1???? ?????????? ,???????????????????? ,???????????????????????????????? ,???????????????????? ;??????????????? ,????????????????????? 2. 1. 2?????? ??????????????? ,??????????? ????????? ,????????????? ,?????????????????????? ,?????????? ,????????????? ,??????? ,????????????? ,???????? ,???? ,??????????????????? ,?????????? ,??????? ,?????????? ,???? ,?????????????????????? ,??????????????? ,??????????? ???????? ,?????????? ??????? ,????????? ,?????? ,??????????????? ,?????????????????????????? ,??????????????????? ,??????????? 2. 1. 3???? ??????????? :???????????????????????????.???????????????????????????????? ,??????????????????????.?????? ,???????????????? ,????????????????????????. ????????? (?????? ),????????? ,?????????????????????????????????? ,???????????????? ,???????????????? ????????????????????????????????????????.???????????????????? ,?????????????????????.??????????????????? ,??????????????????? ,??????????. 2. 2??????????? 2. 2. 1?????? ??????????????????????????? ???????????????????????????????????????? ,??????????????????????????? ,????????? ,????????????????? ;????????? ,????????????? 2. 2. 2????????? (???? ) ???????????????? ?? =????????? -?????????? ?????????? ,???? ,???????????? ,???????????????????????????????????????????????????????????????? ,?????? ,?????????????????????????? ,???????????????????????? ,??????????????????????? ,????????????????????????? ?>? ,????????????? ?>? ,????????????? 2. 2. 3??????? ??????????????????? ,???????????? ,?????????? ,?????????? ,????????????????????????? ,????????? ,????????????? ,??????????????????? ????????????? 2. 2. 4?????? ??????????????? ,???????????????????? ,?????????????????? ,??????????? ,???????????? ,?????????? ,????????????????????????????????? ,??????????? ,??????????? ,?????????? ,??????? 3.???? 3. 1 ???? ??????????? 113?????????? ,????????????????????????????? ,?????????????????? ,?????????? “???? ”????????????????? ,?????????????????????????????????????? ,? “???? ”???????????????? ,???????????? 3. 2 ???????? 3. 2. 1?????? ?????????????????? ,???????????????? ,??????????????????? ,???????? ,???? ,??????? 93???????????? ,???????? ,???????????? 3. 2. 2????

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