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在正常的基差变化情况下,套期保值经营策略具有很强的竞争优势,不仅可以锁定企业的采购成本和销售毛利,还可以使企业实施规模集中采购策略以降低采购成本或把握商机。但如果套期保值失败,这一经营策略也会给企业带来很大亏损。本文以中盛粮油套期保值经营巨额亏损为案例来分析套期保值经营策略所蕴涵的风险,以帮助国内企业充分认识和理解套期保值的作用与风险。
Under the normal change of base difference, the hedging business strategy has a strong competitive advantage. It can not only lock the purchase cost and sales gross profit of the enterprise, but also make the enterprise implement the centralized purchasing strategy to reduce the purchasing cost or grasp the business opportunity. However, if the hedging fails, this business strategy will also bring great losses to the enterprise. This paper analyzes the risks involved in the hedging business strategy in the case of huge losses in the business of hedging grain and oil hedging in order to help domestic enterprises fully understand and understand the role and risks of hedging.