摘 要

半导体封装产业链中的引线框架产品生产商不仅要面对欧亿·体育（中国）有限公司激烈竞

争所造成的价格下跌和成本上升的双重压力,更常常因为铜原材料 LME

(伦敦金属交易所)的价格波动而使到成本大大的超出预算而蒙受亏损。

特别是在 2008 年末及 2009 年初时, 因为美国的两房次贷危机和雷曼兄

弟公司倒闭而引发的全球性金融大海啸, 铜原材料的需求和价格也跟着

的出现剧烈波动。在经历了巨额亏损和囤积过量的铜原材料库存后,许

多引线框架生产商也因此意识到控制或减低因为铜原材料价格大幅度波

动而带来的成本不可控制的经营风险是当务之急。其中探讨和研究如何

通过金融衍生产品的套期保值工具来规避风险的可行性已是大多数的引

线框架生产商视为不可或缺的风险管理手段。本论文将集中讨论铜材料

套期保值执行的可行性和公司企业的内部监管机制。

关键词:套期保值,浮动价格, 伦敦金属交易所, 监管机制

THE RESEARCH OF RISK MANAGEMENT

STRATEGY FOR PINNACLE ELECTRONIC COMPANY COPPER

MATERIAL COST

ABSTRACT

The Lead frame manufacturers of Semiconductor IC assembly

Industry are not only facing tremendous price erosion pressure due

to the fear competition and the increase of overall cost, they were

also suffering huge loses attributed to the LME (London Metal

Exchange) copper price fluctuations. During the late 2008 & early

2009 period of the world-wide financial tsunami which was

triggered by the American Sub-Prime mortgage crisis and The Lehman

Brothers' bankruptcy, the LME copper price fluctuation was

tremendous. At that point in time, the Lead frame manufacturers

were stuck with tons of raw copper inventories and suffered huge

loses. Most Lead frame manufacturers have then started realizing

the importance of mitigating the risks of the LME copper price

fluctuations and started studies on the feasibility of hedging the

copper in risk management. In this thesis, I shall focus the

discussion on the feasibility of implementation and the regulatory

requirement within a Lead frame organization.

KEY WORDS:Hedging, Floating price, LME, Regulatory mechanism