摘要
Abstract
While the extant literature has predominantly focused on the price relationship between commodity futures and options and their underlying spot markets,there is a notable gap in research directly examining the capacity of commodity futures and options to support the real economy from a corporate perspective.Drawing on public announcements of futures and options transactions by A-share listed companies on the Shanghai and Shenzhen Stock Exchanges,this study manually compiles transaction-specific data,such as instrument types and hedging amounts,and empirically investigates how commodity derivative hedging affects corporate operating performance from the perspectives of cost control and revenue enhancement.The findings are as follows.(1)Buy-side hedging significantly reduces operating costs,and the larger the scale of hedging,the greater the cost reduction.(2)Sell-side hedging effectively enhances operating revenue,and a larger hedging scale significantly drives revenue growth.(3)Proactively using derivatives related to core business to cover multiple risk sources can more effectively improve corporate operating performance.(4)In situations of high commodity price volatility,the combined use of futures and options outperforms single-instrument strategies in optimizing corporate operating performance.This paper provides insights into corporate risk management and offers references for promoting the development of futures and options markets to better serve the real economy.关键词
商品期货/商品期权/套期保值/企业经营绩效Key words
commodity futures/commodity options/hedging/corporate operating performance分类
管理科学
