摘要
2008年中国部分企业投资金融衍生品市场遭受的巨大损失,暴露了企业在风险管理理念、机制、市场判断以及对衍生品风险特征的了解、套期保值操作技术上的先天不足和经验缺乏。本文通过分析中国企业套期保值失利的部分原因,认为中国企业参与能源套期保值应注意几个方面:1)加强产品的定价能力;2)加强风险分析能力,把风险管理带入前台;3)明确套期保值的目的;4)加强风险对冲技术能力;5)建立科学合理的企业对冲基准;6)培养和引进风险管理专业人才。建议中国发展自己的原油成品油交易市场,开发相应的风险管理产品,把风险管理的理念提高到一个新层次。
The huge loss suffered by a part of Chinese enterprises in investing the market for financial derivatives in 2008 reveals their inherent defect and experience deficiency in terms of risk control concept and mechanism,market evaluation and understanding the characteristics of the derivative risk and hedging operation technology.Based on the analysis against partial causes for the loss of Chinese enterprises in hedging,this paper considers that Chinese enterprises shall watch following aspects when participating in energy hedging:1) improving the competence for product pricing;2) strengthening the ability for risk analysis and bringing risk control into the front;3) making the hedging objective clear;4) strengthening the hedging ability;5) establishing scientific and rational enterprise hedging benchmark;and 6) cultivating and introducing professional risk control talents.It is recommended that China should develop its own crude oil and oil product trade market,develop relevant risk control products and bring the concept of risk control for derivatives to a higher level.
出处
《国际石油经济》
2009年第8期25-30,共6页
International Petroleum Economics
