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1、首都经济贸易大学硕士学位论文摘要我国期货公司建立风险管理体系问题研究2010 年对期货行业是非常重要的一年，股指期货的上市表明我国期货市场逐渐走向成熟，交易对象已从单一的商品期货向金融衍生品发展，股指期货的推出顺应了中国证券市场的客观需要，有望成为期货公司新的利润增长点，期货公司将如何应对这个机遇和挑战？做好风险管理，建立以风险管理为主要内容的内部控制体系，提高内部控制与风险管理的水平和质量，则是期货公司的主要目标。本文首先对风险进行了理论分析，包括企业风险管理理论、我国期货公司的内、外部风险等。在对风险理论理解的基础上，介绍了我国期货公司的发展现状。长期以来我国期货行业发展滞后，与国外期货行
2、业有着很大的差距，从 2001 年底开始，经过长期治理整顿的国内期货业开始恢复性发展，但是期货公司普遍规模小，业务单一，内部管理松散，风险意识薄弱，缺乏足够的抗风险能力。所以只有做好风险管理，期货公司才具备多元化发展的条件。本文列举了一些重大的风险案例，并深入分析了我国期货公司的风险产生的原因。企业不能因为风险的存在而简单消极地回避风险，也不可能完全地消除风险，风险是可以被管理的。因此，在现代金融市场中决定一家期货公司竞争力高低、决定其经营能力高低的关键和核心，就是能否对风险进行全面有效的管理。本文的核心，即本文的创新点在于将期货公司的风险管理、内部控制和具体风险管理措施相结合，提出建立一套完
3、备的期货公司风险管理体系。首先提出了风险管理体系的构架，指出董事会确定总体的风险管理原则和基本的控制战略，并据此确定风险管理的组织构架和体系。然后提出了风险管理和内部控制的结合，企业内部控制基本规范从多方面确立了我国企业建立和实施内部控制的基础框架，还有效整合了公司治理结构、内部控制与风险管理的关系，将三者归结为风险控制。虽然内部控制不同于风险管理，但是有效完备的内部控制可以控制风险，期货公司应当将风险管理与内部控制相结合，在整体风险管理构架下，采取相应的一些具体措施，防范风险。本文详尽的列举了一些具体的措施办法，并希望这些办法能应用到期货公司当中，完善期货公司的风险管理。本文的研究成果将对我
4、国期货公司风险管理体系的完善提供理论和实践依据。关键词：期货公司风险管理风险控制I首都经济贸易大学硕士学位论文我国期货公司建立风险管理体系问题研究 Abstract2010 is very significant to the industry of futures. The launching of stock indexfutures identifies the Chinese futures market is gradually becoming mature and the tradingobject is developing from the single commodity
5、futures to the financial derivatives. Stockindex futures cater for the objective requirements of Chinese stock market and areexpected to become the new profit-gaining point of futures companies. A question is askedas for how futures companies deal with this opportunity and challenge. Excellent riskm
6、anagement, building up an internal control system with risk management as maincontents and improving the level and quality of internal control and risk management havebecome the main target of futures companies.Author of this paper started with the theoretical analysis on the risks, includingtheorie
7、s of enterprises risk management, internal and external risks faced by Chinesefutures companies, and so on. Basic on the understanding of risk theories, author alsointroduced the development of Chinese futures companies. The Chinese futures industry isfar from the development level of foreign future
8、s industries resulting from the long-termlagging. Starting from the end of 2001, after a long-term rectification, domestic futuresindustry began to recover, but the companies were generally small in scale with singleoperation, loose internal management, poor risk consciousness and insufficient anti-
9、riskcapacity. Thus, only with strong risk management, futures companies would beconditioned to develop diversely.This paper has listed some important cases and analyzed the causes for the risks ofChinese futures companies from further level. Enterprises cant just avoid risks negativelyin simple ways
10、 for the existence of risks and it is also impossible for them to completelystay away from risks as risks can be managed. Therefore, in the modern financial market,the comprehensive and effective risk management is the core and key to determine thecompetitiveness and operational abilities of a futur
11、es company.The core and also the innovative point of this paper lie in combining the riskmanagement, internal control and specific risk management measures of futures companiesinto one and then suggests a set of complete risk management system for futurescompanies. Firstly, author pointed out the fr
12、ame of risk management system whose overallprinciples and fundamental control strategies should be determined by the board ofdirectors and identified the organizational frame and system of risk management; secondly,the combination of risk management and internal control was suggested and theII首都经济贸易
13、大学硕士学位论文我国期货公司建立风险管理体系问题研究“Fundamental Criterion of Enterprises Internal Control” established the basic frame forthe construction and implementation of internal control, and effectively integrated therelations of governance structure, internal control and risk management and summarizedthe three as r
14、isk control. Though internal control is different from risk management, aneffective and comprehensive internal control can manage the risks. Futures companiesshould combine the risk management and internal control and adopt some specificmeasures to prevent the risks under the integral risk managemen
15、t frame.This paper also informatively listed some specific measures and methods hoping thatthese measures will be applied by futures companies to perfect the risk management. Theachievements of this study will serve as the theoretical and practical basics for the riskmanagement system of Chinese fut
16、ures companies.Keywords: futures companies, risk management, risk controlIII独 创 性 声 明本人郑重声明：今所呈交的论文是我个人在导师指导下进行的研究工作及取得的科研成果。尽我所知，文中除了特别加以标注和致谢的地方外，论文中不包含其他人已经发表或撰写的内容及科研成果，也不包含为获得首都经济贸易大学或其它教育机构的学位或证书所使用过的材料。作者签名：日期：年月日关于论文使用授权的说明本人完全了解首都经济贸易大学有关保留、使用学位论文的有关规定，即：学校有权保留送交论文的复印件，允许论文被查阅、借阅或网络索引；学校可以公布论文的全部或部分内容，可以采取影印、缩印或其它复制手段保存论文。（保密的论文在解密后应遵守此规定）作者签名：导师签名：日期：年月日首都经济贸易大学硕士学位论文1绪论我国期货公司建立风险管理体系问题研究1.1研究背景与意义从 2008 年 1 月，黄金期货合约正式在上海期货交易所挂牌交易，到 2009 年度PVC、螺纹钢等新新产品的上市。标志着中国期货市场的规模日趋扩大，国际期货市场
