Tire companies thinking of the establishment of strategic procurement and implementation of the

Chinese tire industry led to the rapid expansion of domestic tire factory in recent years of very rapid expansion of production capacity, with the rapid expansion of the tire industry, tire plants in the present and future profits will continue to be compressed in the face of increasingly difficult operating environment, raw materials procurement The slightly careless, it is highly possible that only eat up the profits of enterprises. Natural rubber, Synthetic, carbon black, tire cord, the rapid development of Chinese enterprises in the future will inevitably face a growing need for raw material supply bottlenecks, how to set up a scientific and rational, security procurement system for businesses in the future appears to be a growing competition The more important. To natural rubber, for example, many enterprises the number of annual consumption of natural rubber from the tens of thousands of tons to 100,000 tons more than the expansion, many companies are on consumption of thousands of tons, in the face of the world's natural rubber supply is becoming increasingly clear that the bottleneck of resources, In the face of natural rubber price fluctuations in the path of uncertainty, business aspects of procurement risk is growing.

First, natural rubber procurement strategy has become an important part of business

For large-scale domestic tire plants, natural rubber on the assumption that the use of 7,000 tons, the rubber price fluctuations in every 1,000 yuan / ton, the impact on business aspects of procurement for the amount of profits 7,000,000. From the traditional mode of procurement, the corporate response to the risk of price fluctuations by virtue of more decision-making and procurement departments of the market's understanding and experience of pure cash through the channel inventory adjustment to avoid. Here involved in funding the cost of warehousing and domestic enterprises of the current financing environment has gradually show a contradiction, if the business two months of inventory accumulation, or on the use of 7,000 tons of plant, if 13000 / Tons of natural rubber prices, the need to occupy the capital of 182 million, take up such a fund to lock in the risk of fluctuations in the prices of raw materials, is very unscientific.

From the Hainan Land Reclamation of natural rubber price trend of history, the price remained at 10000-15000 yuan / ton range, price fluctuations are frequent fluctuations in the past two years under the tracks on the move, to raise the price range of 11500-14500 , From the early 2005's point of view, natural rubber producing areas face a more uncertain environment, weather, the international market price fluctuations more intense, with Dong Jingjiao, for example, has given way to price fluctuations in the market can not afford to feel that, fortunately, Dong Jingjiao is the only representative of the price of RSS3, 20 S, 1 GB are such a price, the companies on how to deal with? Even though they are sufficient funds can be locked part of the inventory levels, but if the price continues to rise, after the procurement of raw materials it? To the situation in the country this year, for example, it should be said that some domestic enterprises still a very good grasp of the law of the rubber price volatility, the end of last year in the build-up low-priced stocks, and part of the business in May in 13,000 yuan / ton following the procurement of inventory, To allow enterprises to avoid the risk of price volatility in the near future. However, some businesses are less fortunate, and the recent emergence of the domestic part of the business inventory shortages, the business has brought great difficulties faced in the procurement environment, the passive situation is clear, there is no more of the procurement strategy Model in which enterprise can avoid these risks, enterprises need to seriously consider the issue.

Second, how to create a strategic procurement system

The establishment of strategic procurement system must be a precondition for a few, first, the need for hedging tools, enterprises have access to legal channels; Second, the need for scientific decision-making mechanism, reasonable arrangements for the procurement targets, and the corresponding level of Stock Hedge mode; Thirdly, the need for long-term cooperation with trading partners, information and advisory service platform, the conditions of the plant with raw materials, traders, an advisory body set up multi-level strategic and cooperative relations.

(1) to enter the futures market, the necessity and feasibility of

Chinese futures markets to the development of domestic enterprises to provide a very good tool for hedging risk, in particular the Chinese natural rubber futures, after more than a decade of development, a lot of lessons in the development of the experience and lessons, the stable operation of the keynote Has been formed, the Shanghai rubber from the second half of 2004, its price fluctuations in the spot market with a high degree of the law related to the participation of domestic investors in Shanghai rubber trade structure more reasonable to traders and speculators for the common market of the market structure has been formed . Chinese futures market has gone through 10 years years of development, and Jian Guanceng been gradually recognized by the government, enterprises to participate in legitimate hedging not only compliance, but also by the regulatory authorities and the government to encourage and promote China's development of futures markets for the purpose of business Hedge provide a tool for enterprises in the market should become an important part in the force.

Through years of practice and exploration companies in the financial accounting system has created a scientific and reasonable way to hedge accounting to do accounts, accounts and a new "deferred hedging gains and losses," subjects, in hedging arising from the operation The profit, loss, fee income, the cost of delivery records of all subjects in the raw materials procurement in accordance with the subject is still open by physical delivery of the amount of value-added tax invoices record in the delivery of the two subjects after the completion of the adjustment will be "deferred hedging gains and losses "Subject to the adjustment of the balance of" raw materials subjects ", sets of security gains and losses recorded in the certificate for the settlement of futures brokerage firm alone, the subjects of raw materials accounted for the value-added tax invoices certificate, the end of the two-course adjustments. Can be financially very clear manifestation of the hedging process and the overall outlook, but also the entire cost and effectiveness of hedging at a glance. The formation of a scientific accounting system is simple, rational enterprise in the futures market to hedge against inflation and the real-time assessment of the program provides a scientific basis.

(2) how to build strategic procurement system

The establishment of strategic procurement system must have the overall operation of the goals and ideas in order to run the company for the sound operation of the goal, as far as possible to maintain the smoothness of the company's profits, market analysis and corporate cost control goal of combining to form a scientific decision-making mechanism.

To a tire plant as an example

On consume 7,000 tons of natural rubber

Of which 2,000 tons of processing raw materials procurement

Dedicated radial tire rubber (TSR20) procurement of 2,000 tons

Or adhesive on the 5th China-made standard purchase 3,000 tons of rubber

First, materials and special radial tire rubber mainly depend on import of procurement, enterprises can extend the current pricing model, with foreign traders under the Singapore Mercantile Exchange, the price of the benchmark for pricing in the past month the average price of the set next month Price, the current Singapore Exchange on the 20th little rubber price fluctuations, the overall volatility of the U.S. in the 1200-1300 range, from the current view, such a pricing model is feasible. As the business is not for the time being in the international market through the futures hedging, so if Jiaojia judge entered a bear market, the pricing of the buyer will be relatively disadvantaged.

Second, with the adhesive glue made in the current environment, with domestic trade irreplaceable, both prices are highly comparable, under normal circumstances, if the domestic rubber adhesive lower than the 300-500 yuan / ton or so, Enterprises tend to purchase China-made plastic. If the reference to the Shanghai Rubber futures prices and domestic prices of rubber between the strong correlation, enterprises can share this type of procurement and the futures market to hedge effectively combine the use of the futures market hedging function to avoid a reasonable price Risks.

Each of the futures business has a wide range of different interpretations. Some companies that futures speculation is a great tool for risk and can not touch; some companies to the futures market as a pure product sales channels (or procurement channels), the spot market will not sell finished products to go "to sell futures," or in the spot market On when to buy raw materials purchasing the futures market, in fact, understand these are biased, and did not realize that the futures market for enterprises, the most important value is the price of futures management functions. At present, we recognize that there are a number of hedge errors, for example, that some enterprises in the futures market in the process of preserving and increasing the market positions of the blind, there is no scientific analysis and forecast mechanism. We put forward the concept of strategic hedge against inflation, corresponding to the overall corporate strategic procurement strategy, scientific analysis and a strong force in R & D enterprise is able to get a good hedge against inflation results in support of an important, so enterprises must not be blind Hedging, and to With the best of futures companies to form strategic cooperation in the Analysis and Forecast on market access to more powerful.

The main business of hedging strategies based on trends to determine, Jiaojia fluctuations will always be in the low-cost areas, prices in the area, back and forth between the conversion price, preserve and increase the tire companies to buy from the security point of view, as far as possible The stock market at a low price point region, if the market price in the area in, you need to use the strategy positions in batches to avoid the risk of falling prices. For example, a monthly business procurement adhesive (or made of plastic) the number of 3,000 tons per month, based on the enterprise market to judge in the futures market to determine the strategy to hedge against inflation. At present, in accordance with the market to determine, in 2005 Jiaojia range of fluctuation is likely to be maintained at between 12500-14500 (for example), the enterprise can choose to around 12,500 for the whole year of the amount of hedging (radical-strategy hedge against inflation), that is, In the long-term contract to buy 3,000 tons per month, can also choose to 12,500 in the vicinity of half of the year for preserving and increasing the amount, that is, in the long-term contract to buy 1,500 tons per month, we are in the preliminary analysis is very clear that the price forecast The rise, but the real business of preserving and increasing small business and therefore did not use the futures market to adjust procurement strategy, from the current run is a great pity.

In general, there are two ways to preserve and increase the futures, that is, "preserve and increase the delivery" and "hedge against inflation." "Preserve and increase the delivery" is the color of domestic enterprises preserve and increase the use of the method used for the plastic business, you can determine the purchase price in advance to ensure supply to the total contract amount is less than 10% of the funds will be able to control the future of raw materials, At the same time, can also operate in the future goals will help enterprises to repay the loan scheme to achieve that delivery hedge against inflation compared with China's existing futures market characteristics. "Hedge against inflation," the price as a management tool have great flexibility to the enterprise through product cost and reasonable profit, as well as expected on the market factors of supply and demand, there is always some time in the considers a market price is a "Ideal price" in this "ideal price", the enterprise can be certain of the forward contracts sold on futures positions, according to the original plan is still raw in the spot market purchases until delivery business, while futures Hedge market positions. This is not only to achieve the "ideal price", without affecting the stock purchase plan, the price can be carried out in advance, no longer blindly Suihangjiushi enterprises can better the average purchase price. For enterprises in particular with plastic, if the business away from the delivery location of the warehouse, do not have to afford the transport costs and the cost of a library, as well as delivery avoided when they take up much of the money will help fund the working capital.