铁矿石期货对我国钢铁企业发展的影响分析

　　摘要

　　中国钢铁企业经历过多年的鼎盛繁荣，长久以来都是中国经济发展的重要支柱。然而，近年来钢铁企业面临着前所未有的困境，钢铁企业长期亏损，其中主要原料铁矿石价格的持续上涨正是钢铁企业长期亏损的重要原因之一。由于三大矿山（淡水河谷、力拓、必和必拓）的垄断，以及中国对铁矿石巨大的需求，导致铁矿石价格一直居高不下。随着国际铁矿石定价机制由长协价向季度价进而再向指数价格的转变，铁矿石期货应运而生。

　　本文通过文献法、逐层分析法以及实地考察法针对铁矿石期货所产生的影响展开研究。首先对国外铁矿石期货情况进行了概述。国外铁矿石期货的蓬勃发展为全球钢铁企业提供了规避风险的方式，然而由于一系列原因，中国钢铁企业无法积极参与其中，在众人期盼中，中国第一个、目前也是唯一一个铁矿石期货一大连商品交易所铁矿石期货应运而生。本文通过中国铁矿石期货价格发现功能、铁矿石期货为钢铁企业带来的机遇、以及其带来的风险三个方面分析中国铁矿石期货上市后带来的主要影响要素。

　　鉴于中国铁矿石期货上述影响，本文展开中国钢铁企业应对铁矿石期货影响策略的论述，由于大钢材类期货市场的丰富，使钢铁企业能够更好的利用金融工具进行套期保值操作。针对铁矿石期货风险，本文提出一系列建议，包括培养专业人才、建立合理资金策略、建立交易制度等。通过利用优势，规避可能产生的风险，实现钢铁企业在风险最小的前提下实现利益最大化。同时由于大钢材类期货品种的完善，使利用上下游不同期货品种构建的“虚拟钢厂”成为可能。

　　通过研究，得出结论：中国推出的大连商品交易所铁矿石期货，由于其合约的设计特点，已经初步显示其价格发现功能特点，容易实现上下游产品的套期保值，可以成为企业风险管理、套期保值、提高经营管理水平的有效工具。

　　本文图12,表10个，参考文献40篇

    关键词：铁矿石期货；钢铁企业；价格发现；套期保值

　　ABSTRACT

　　The steel industry in China experienced years of great prosperity. It has been one of thepillar industries in the economic development of China for long. However, it has beenfacing difficulties in recent years which it never came across before. The business inthis industry has been reporting deficit for a very long period of time. And one of themain factors caused this deficit is the rapid and continuous rising of the price incrediblyfor iron ore which is the principal raw material for the industry. The monopolization ofthe Three Mines （Vale,Rio Tinto and BHP） and the huge demand for iron ore in Chinapushed the price of iron ore staying all the way in high. In pace with the internationalpricing mechanism for iron ore going from Long Agreement to Quarter Pricing then toIndex Pricing, the iron ore futures came into being as the times require.

　　This paper studies on the influence brought by iron ore futures through literature study,step by step analysis and on site investigation. Firstly, this paper summarizes the ironore futures in foreign countries. The flourishing of iron ore futures in foreign countriesopened the gate for global steel enterprises for risk control. Nevertheless, because of aseries of reasons, the Chinese steel enterprises could not participate in this gameactively. As many people looking forward to it, the first and the sole iron ore fixtures tillnow in China - Iron ore fixtures on Dalian Commodity Exchange emerged as the timesrequire. This paper analyses the main influential factors brought by iron ore futures'

　　coming into market in China by applying analysis in the three factors which are: theopportunities and threats in the economic environment the Chinese steel enterprises arefacing, and the strengths and weaknesses of them.

　　In consideration of the above listed influences brought by iron ore futures in China, thispaper starts the arguments on the iron ore futures' influences on the Chinese steelenterprises. The traditional fluctuating rhythm of physical commodities' price wasbroken due to the price influences of iron ore futures on its physical counter-part. As thefunction of price discovery of futures market revealed itself, it would bring beneficialeffects to the line operation of the Chinese steel enterprises. Thanks to the enrichment oflarge steel futures, the steel enterprises could do hedging by using financial instrumentsin a better way. As for the risk of iron ore futures, this paper proposes severalrecommendations, including training professional personels, setting equitable financialpolicies and transaction system. By making use of advantages and enforcing risk control,the maximization of benefit for steel enterprises under the condition of minimum riskwill be realized. Meanwhile, as the perfection of varieties of large steel futures, it willbe possible for the “Virtual steel plants” to be formed consisting of matching futuresvarieties.

　　The study of this paper comes to this conclusion: the Iron ore futures on DalianCommodity Exchange in China has already revealed preliminarily its functionalcharacteristics of price-discovery because of its design features on contract, and it iseasy to bring about hedging of matching products, so as to become an efficientinstrument on risk control, hedging, improving operational management level forenteiprises.

　　This paper contains 12 （twelve） charts and 10 （ten） tables, and references to 40 （forty）documentations.

　　Key Words: Iron Ore Futures, Steel Enterprises, Price Discovery, Hedging
 

　　目录

　　摘要

　　ABSTRACT

　　序言

　　1引言

　　1.1选题背景和研究意义

　　1.2研究方法

　　1.3研究内容

　　1.4研究思路与论文框架

　　2理论基础及文献综述

　　2.1理论基础

　　2.1.1期货市场的作用

　　2.1.2期货价格发现功能

　　2.1.3套期保值理论

　　2.1.4期货市场对钢铁企业的作用

　　2.2国内外研究现状

　　2.2.1国外研究现状

　　2.2.2国内研究现状

　　3铁矿石期货现状

　　3.1国外铁矿石期货

　　3.1.1国外铁矿石期货产生的背景

　　3.1.2国外铁矿石期货品种

　　3.2中国铁矿石期货

　　3.2.1中国推出大连商品交易所铁矿石期货的背景

　　3.2.2大连商品交易所铁矿石期货基本情况

　　3.2.3大连商品交易所铁矿石期货交易力量

　　3.2.4大连商品交易所铁矿石期货特点

　　4中国铁矿石期货影响分析

　　4.1 铁矿石期货为中国钢铁企业带来机遇

　　4.1.1为获取铁矿石国际定价权提供机会

　　4.1.2利用铁矿石期货作为金融工具进行套期保值规避风险

　　4.1.3拓宽进口渠道以打破卖方垄断

　　4.1.4结合钢材期货提前安排生产与销售

　　4.2铁矿石期货为中国钢铁企业带来风险

　　4.2.1资金与人才不足加大钢铁企业在期货交易中风险

　　4.2.2金融资本的进入加大钢铁企业的经营风险

　　4.3铁矿石期货价格对现货价格的影响

　　5中国钢铁企业应对铁矿石期货影响的策略

　　5.1利用铁矿石期货套期保值规避价格风险

　　5.2铁矿石期货交易风险的应对策略

　　5.3建立“虚拟钢厂”

　　5.3.1建立螺纹钢生产模型，为建立“虚拟钢厂”打下基础

　　5.3.2“虚拟钢厂”的运营模式

　　5.3.3“虚拟钢厂”实例验证

　　5.3.4结论

　　6建议和结论

　　6.1中国钢铁企业应对铁矿石期货上市的建议

　　6.1.1积极参与平台竞争

　　6.1.2致力期货人才培养

　　6.2结论

　　参考文献