| Summary: | 碩士 === 國立成功大學 === 資源工程學系 === 84 === The purpose of this paper is to apply the Futures Hedging Theory
and PortfolioSelection Theory to purchasing strategy of copper
metal imports. According to the pratical results, we get several
main conclusions as following:1.The presentpurchasing strategy
is worse and taking hedging transaction blindly is not
entirelybeneficial; contrarily, to take other hedging
transactions, such as strategy X5,can increase returns and
reduce risks. 2.When the futures trading volumns are fixed, to
take hedging transactions in the second and forth seasons at the
sametime is better than only in the forth season; to take
transactions in the forthseason is better than in the second
season. However, to take transactions all theyear will
enormously decrease the mean returns but meanwhile it will
reduse risks.Generally speaking, when the futures transaction
season is fixed, the higher the hedge ratio is, the better the
operating performance is. 3.In pursuing the combinationof
maximum returns and minimum risks, efficient frontier is more
beneficial thanany other purchasing strategies in increasing
returns and reducing risks.
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