把握衍生工具特征 构建有效内控制度

Fully Understand the Characteristics of the Derivatives and Construct an Effective Internal Control System

本文首先从大型企业一再由于衍生工具而造成巨亏说明了建立衍生工具专项内控制度的重要性,然后从内控的角度出发,归纳了衍生工具的五个特征:产品组合的工程性、收益风险的不对称性、契约交易的零和性、以小博大的杠杆性以及风险暴露的滞后性,分析了衍生工具内控的现状以及所面临的公允价值不"公允",越权审批没"越权",监督缺失似"必然"等三大困境。最后从定位和控制环境、风险评估、控制活动、信息沟通和监控等五要素方面对构建有效的衍生工具内控制度提出了建议。

Starting from the analysis on large enterprises that had been suffered from huge losses due to the usage of derivatives, the author demonstrates the importance of constructing a specific internal control system for the derivatives. From the angle of internal control, the author concludes such five characteristics of the derivatives as the engineered product mix, the asymmetrical profit and risk, the zero sum contractual trade, the leverage and the hysteretic nature of risk exposure. Then, the author analyzes the current situation of the internal control of the derivatives and the three dilemmas, such as the not ＂fair＂ fair value, the not ＂beyond one＇s authority＂ examination and approval and the seemed ＂necessary＂ lack of supervision. At last, the author puts forward some suggestions on how to construct an effective internal control system in terms of positioning and such five factors as environment for controlling, risk evaluation, activities involved in controlling, information communication and supervision.