买方套期保值策略与风险控制研究——以东方航空燃油套保浮亏事件为例

Research on Buyer Hedging Strategies and the Risk Control——The Case of Fair-Value Loss in China Eastern Airlines' Kerosene Hedging

套期保值是企业规避市场价格风险、稳定现金流进而创造稳定收益的必要措施。以东方航空为例,分析其运用衍生工具进行风险管理的策略和存在的问题,并对国际航空套期保值的策略和风险控制进行对比,结合政策环境,提出中国企业参与衍生品市场交易进行风险管理的政策建议。

Hedging is an effective measure to evade price fluctuation risks so as to create stable cash flow and earnings. This paper take the case of China Eastern Airlines＇ kerosene hedging in 2008 to analyze its hedging strategy, and compared with international airliners ＇ hedging performances at the same period and ideal hedging strategies using futures, options and their combinations. Suggestions are provided for supervision departments and firms to make better use of hedging instruments.