Give full play to the risk management role of futures markets to help listed companies stabilize and far away

Give full play to the risk management role of futures markets to help listed companies stabilize and far away

Our reporter Chen Zhisheng

In order to implement the "Futures and Derivative Methods" "encourage the use of risk management activities such as futures and derivatives markets to engage in risk management activities such as hedging" and enhance the awareness and ability of listed companies' risk management, on June 30, Zhengzhou Commodity Exchange (hereinafter referred to as: Zheng Shang Institute) and Shenzhen Stock Exchange (hereinafter referred to as the Shenzhen Stock Exchange) jointly carried out the launching ceremony and first training of the "Shenzhen Listed Company Futures Business Series Training". The reporter learned that this series of training will continue to carry out in the second half of the year, covering the futures derivatives market supervision system, the construction of the internal control framework of derivatives business, the periodic accounting processing, information disclosure, off -site derivative risk management strategies, and case case sharing case sharing Wait, we invite well -known experts in the industry to give lectures to guide listed companies to participate in the futures market compliantly and orderly to help listed companies achieve higher quality development.

Copy external uncertainty Listed companies to improve their anti -risk capabilities

Li Mingzhong, deputy general manager of the Shenzhen Stock Exchange, said in his speech that in October 2020, the State Council issued the "Opinions on Further Improve the Quality of Listed Companies", and local governments successively introduced special documents to support the development of the capital market and improve the quality of listed companies. Mentioned that listed companies should be guided to focus on the main business of the main business and carefully use the futures market and carry out risk management. This training is to help listed companies in all aspects to improve the level of understanding and practical ability of futures markets and futures tools, and help the company's risk management capabilities to a new level.

At present, the economic development of my country's economic development is facing multiple factors such as shrinkage, impact on supply, and weakening, and due to the multiple factors such as epidemic disturbances, Russia and Ukraine conflicts, and the Federal Reserve's interest rate hikes, the commodity market fluctuations have intensified.

"The Russian and Ukraine crisis hit the global economy, and the growth of many countries is expected to be repaired." Zhu Jianfang, chief economist of CITIC Securities Securities, said that it has become a common challenge for overseas economies to deal with stagflation and avoid recession. For emerging and developing countries, the economic momentum after the epidemic is weak, and the possibility of stagnation is equally high. The impact of the energy crisis and the food crisis may exceed the economic level, intensify globalization, deteriorate financial order, and block trade and supply chain. "The financial risks under global liquidity are gradually exposed, and the market needs to be alert to overseas financial market risks and debt crises."

In order to better cope with external uncertainty and improve the ability of anti -risk, more and more listed companies have begun to use futures derivatives to manage production and operation risks.

"At present, nearly seven of the 2,647 listed companies in Shenzhen City have become manufacturing companies, and a quarter of the company's overseas business revenue accounts for more than 20%. The impact of factors such as exchange rate fluctuations is also greater. "Li Mingzhong said that the use of futures markets to set up periods of duration has gradually become a market consensus. More and more companies have begun to use futures and derivatives to respond The risks of finished price decline, exchange rate fluctuations.

The reporter learned that at present, the number of listed companies in terms of duration preservation business is growing rapidly, and the scale of funds of the setting business limit has continued to increase. From the side, when the external uncertain factors are intertwined, the risk management function of the futures market is increasingly prominent.

According to incomplete statistics, since 2022, the hedging announcement issued by A -share listed companies has involved in the total funds that are intended to participate in futures transactions.

It is worth mentioning that the way listed companies participated in the futures market showed the diversified development trend of collaborative interior and out -of -field and out -of -field and out -of -the -market, futures options, and upstream and downstream linkage in the industry.

According to the participating guests, at present, a number of listed companies actively explore the fusion of the hedging and the basis of the basis of trade, and the risk of hedging price fluctuations by carried out the duration preservation business in the field; Participate in the basis of the base customer to promote the transformation and upgrading of spot trade. On the other hand, through futures option combination strategies, we will further optimize the value preservation plan for enterprise setting, save capital costs, increase operating profits, and improve anti -risk capabilities. In addition, many listed companies have exerted the advantages of the industrial chain. With the help of futures tools in the field, cooperation sets are carried out to provide risk management solutions for small and medium -sized enterprises, which improves the stickiness of upstream and downstream customers in the industrial chain, and promotes the stable development of supply chain.

Realize the role of stable development of futures market risk management.

外部环境越是不确定，期货市场就越能发挥“避风港”和“指南针”的作用，通过期货交割、期货转现货、仓单交易等“转换”途径，帮助企业盘活库存，实现套期保值和Risk control, stable and healthy development.

"The price formed by the futures market is the supply and demand relationship of economic operation." At the training meeting, the professor of the Chinese Agricultural University and Bo Director Chang Qing said that the price of commodities, especially the price index, is very important for enterprises. Use this to make good use of this. The indicator can judge the cycle of economic fluctuations. In recent years, my country's futures market has developed rapidly. More and more companies participating in the preservation and risk management are increasing. Listed companies should not be limited to the risk management of the hedging preservation. Then improve business management capabilities.

Hu Yuyue, director of the Securities and Futures Research Institute of Beijing University of Technology and Industry, said that during the unscrupulous situation of a century, the trend of against the globalization intensified, coupled with emergencies such as the new crown epidemic and the Russian and Ukraine conflict, the international commodity market continued to have extreme market conditions, which endangered that endangered that, endangering, endangering that, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering, endangering. The supply guarantee of primary products in my country and the commodity safety system will affect the profound changes in international geopolitics and economic patterns. "Being a good price for primary commodities has become an important foundation for my country to respond to a long -term change and accelerate the construction of a new development pattern for a long time and for a long time in the future." He said. On April 20 this year, the Standing Committee of the National People's Congress voted through the "Futures and Derivation Methods of the People's Republic of China", which came into effect on August 1. The "Futures and Derivative Models" revolves around the main line of serving the high -quality development of the real economy, and has made a series of institutional arrangements on promoting the function of the futures market. The "Futures and Derivative Models" opens the Mingyi "the country supports the healthy development of the futures market, and the function of discovering price, management risks, and allocation of resources" is the purpose of serving the stability of the national economy and the development of the real economy.

In Hu Yuyue's view, the "Futures and Derivation Method Law" clearly encourages physical enterprises to use the futures market to engage in risk management activities such as hedging, and clearly allows enterprises to apply for a set of dating value -preserving and holding limits. The supply chain is safe and maintains the major institutional arrangements made by the stable operation of the national economy.

"Listed companies can use the future market price trend and market demand to improve the scientific and planned production of production. It can also use the futures market to lock the procurement costs of raw materials and product sales prices to achieve expected profits. In addition, the futures market can also use it. Let's avoid the risks of foreign exchange and interest rate fluctuations, reduce losses caused by changes in exchange rates and interest rates, and help enterprises to establish a new type of business model. "Hu Yuyue said that with the continuous enrichment of futures varieties and the continuous improvement of product structure, the risk management role of futures market risk will be Further prominent, serving the real economy function will be further enhanced.

Pay attention to the issue of compliance with multiple measures and improve the effectiveness of the corporate set insurance

The reporter learned that although the proportion of Chinese companies participating in futures setting value preservation increased year by year, when a small number of listed companies launch the hedging business, they have insufficient risk control and improper operation. In addition, the additional deposit has not been reviewed and disclosed, the traders have completed decision -making and transactions, inadequate information disclosure, and inadequate procedure performance, etc. These are prompting that listed companies should pay attention to the issue of synthetic regulations when carrying out futures business.

"In the past ten years, there have been about 500 companies in Shenzhen Municipal City to carry out a over -set value -preserving business. Among them, companies that have continuously carried out the hedging business have been higher than their peers." Li Mingzhong said. Guide listed companies to carry out futures and derivatives. In January 2022, the Shenzhen Stock Exchange issued the "Guidelines for Self -Regulatory Supervision of Listed Companies No. 7 -Transactions and Related Transactions", which specializes in the section of "securities investment and derivatives transactions" to internal control, quota review, progress of derivatives transactions Refined requirements such as disclosure.

In this regard, the supervisors of the management department of the Shenzhen Stock Exchange stated that for listed companies, the first disclosure should be strictly in accordance with the announcement format, combined with its own production and operation conditions, fully disclose the necessity of reinviting the value preservation and the connection with the company's daily operations, and fully disclose the connection with the company's daily operation. Analyze the price risk and response and response capabilities facing the analysis. In the regular report, when summarizing the investment profit or loss of derivatives, the essence of the hedging business is needed to combine the comprehensive quantitative analysis of the profit and loss status of the project period.

Tian Xueyan, a professional business partner of Anyong Huaming Accounting Firm, said that for the preservation of the enterprise, in principle, the spot and derivatives should be matched in the type, scale and time of derivatives, and formulated a practical emergency treatment plan to, thereby Can respond to major emergencies that may occur during the transaction. The effect of judging the value preservation of the set period should not only look at the derivative business, but should be combined with accounting. For listed companies, information disclosure is important, and to do a good job of accounting, it can help companies better manage risk management To realize compliant operations, help enterprises' long -term stable development. "

"Listed companies are the" Basic Set "of my country's real economy, and they have a pillar position in the national economy." Wang Xiaoming, deputy general manager of Zheng Shang Institute, said that after 32 years of development, my country's futures market has the scale and capabilities of serving the real economy. Provide a wealth of futures and derivatives for listed companies to manage production and operation risks. From a global perspective, about 94%of the world's Fortune 500 companies use futures derivative tool management risks. Compared with the international market, my country's listed companies have insufficient management risks to manage futures derivatives. It is necessary to form a joint force to jointly create a good ecology of the use of futures and derivatives.

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