衍生交易、风险管理与公司治理——中航油事件反思

Derivative transaction, risk management and corporate governance： Rethought on China Aviation Oil event

本文以中航油巨亏事件为例，分析了跨国企业的衍生交易、风险管理与公司治理之间的关系。研究发现，中航油巨亏事件的根本动囚是对衍生金融工具认识不足，以致没能很好遵循国际会计准则惯例并导致投资风险的增加。同时，中航油自身在企业风险管理上的弱化，又逐渐滋生了公司治理的内生性问题，即内控机制和监控机制的缺乏。因此，对企业风险的有效管理和公司治理的有效监督是解决当前跨国企业投资风险的最佳办法。

On the case of CAO great losses, the paper analyzes the relationships of multinational corporation derivative transaction, risk management and corporate governance. Research finds that the main drivers of CAO incident is the insufficient of aerivative financial instrument which doesn＇t meet the international accounting standards and leads to adding investment risk. At the same time, the unstrung enterprise risk management of CAO creates the endogenous issue of corporate governance, which is lack of inside control machinery and supervisory machinery. Therefore, the best method to solute current multinational corporations＇ investment risk is the efficient management to enterprise risk and the efficient supervisory to corporate governance.