制造业企业基于套期保值的采购策略研究

With the development of global financial markets, manufacturing firms have taken financial hedging as an important tool to control the volatile purchasing costs of raw materials. However, due to the short history of financial market in China, Chinese firms are facing more complicated situation than firms in developed countries. Complicated factors such as basis risks, material inventory, and financial constraints make it not easy for Chinese firms to achieve effective financial hedging to control the volatile purchasing price. Therefore, this research project will investigate the financial-hedging-based procurement strategy for manufacturing firms, with the synergic application of theories and methods in operations management, corporate finance, and financial engineering. A significant feature of the research is that it considers not only the design of the hedging strategy under the firm’s financial constraint, but also the dynamic balance between the hedging position and the inventory level in material procurement. Thus, this research will contribute to the growing literature on operations-finance interface. Moreover, the research project will also develop managerial suggestions to Chinese firms using financial hedging to improve procurement management, reduce risks, and alleviate financial constraints.

随着全球金融市场的发展，套期保值已经成为制造业企业控制原材料采购成本波动的重要手段。然而由于我国金融市场发展时间尚短，我国企业在应用套期保值时往往面临着比西方发达国家企业更加复杂的情况，需要进一步考虑期货基差风险、原材料库存以及企业的融资约束等多重因素的影响。因此，本项目将应用运营管理、公司金融和金融工程等学科的理论和方法，深入研究我国制造业基于套期保值的采购策略。本项目的主要特点是在融资约束条件下探讨企业套期保值的策略，并分析企业套期保值头寸与原材料采购库存水平之间的动态平衡，在此基础上进一步探讨套期保值与采购库存决策之间的协调机制。研究的成果将丰富“运营-金融交叉学科”这一新兴领域的理论，并为我国企业在原材料采购中有效应用套期保值工具，降低企业风险，缓解融资约束问题和提高企业价值提供建议。

本课题探讨了如何将套期保值有机的整合到制造业企业的原材料采购策略，从而有效控制原材料采购成本波动。在我国，优于金融市场发展时间尚短，制造业企业在应用套期保值时往往面临着比西方发达国家企业更加复杂的情况，需要进一步考虑期货基差风险、原材料库存以及企业的融资约束等多重因素的影响。由此本课题综合应用运营管理、公司金融和金融工程等学科的理论和方法，深入研究了我国制造业基于套期保值的采购策略。通过分析企业套期保值头寸与原材料采购库存水平之间的动态平衡，和优化套期保值与采购库存决策之间的协调机制，本项目为我国企业在原材料采购中有效应用套期保值工具，降低企业风险，缓解融资约束问题提供了有力的决策工具。