关注金融衍生交易的市场风险向法律风险的转化——对中航油、中信泰富事件的反思

From Market Risk to Legal Risk in Derivative Transactions:Some Reflections on the Fiasco of China Aviation Oil Ltd.and Citic Pacific Co

金融衍生交易的市场风险与法律风险通常被视为两个完全不同的问题,但对于中国企业,特别是具有国资背景的海外上市公司来说,最大的损失源自金融衍生交易的市场风险向法律风险的转化。它显示了传统的国有企业管理体制与现代金融衍生交易的市场规则、法律规则之间的碰撞。中航油事件与中信泰富事件所揭示出的这一风险转化过程,为观察金融衍生交易的法律风险提供了一个新的视角。

Market risk and legal risk in a derivative transaction are generally regarded as two independent issues.However,the fiascos of Chinese companies in OTC derivative market shows that the greatest danger would lie in the transformation of market risk into legal risk.The cases about China Aviation Oil Co.and Citic Pacific Co presents are two examples.A probe into the two cases highlights the conflict between the traditional Chinese governance for state-owned enterprises and the market practice and legal rules for modern financial market.The case study also provides an alternative view on legal risk in financial derivative transaction.