从中航油、中信泰富看金融衍生工具的风险对冲

Financial Derivatives Risk Hedge of China Aviation Oil and CITIC Pacific

在中国企业国际化的进程中,金融衍生工具的出现和运用为企业投机和套期保值提供了有效的途径,但同时也存在两面性。中航油、中信泰富两家企业在衍生工具操作中的失误,暴露了中国企业对衍生工具认识上的不足。为了加强与完善企业对金融衍生工具的操作与运用,通过对中航油与中信泰富事件原因的定性分析和深入剖析,旨在全方位的归纳和总结企业在金融衍生工具方面的问题所在,以提出合理和有效的政策建议,使金融衍生工具真正成为企业投资和避险的有效工具。

In the process of internationalization of Chinese enterprises, the appearance and the use of financial derivatives risk hedge provides the effective way for Chinese enterprises, but it also has two sides. The errors of its use in China Avia- tion Oil and CITIC Pacific exposed the lack of awareness of derivatives in Chinese enterprises. In order to strengthen and improve the operation and use of the financial derivative instrument, the paper aims to sum up and anlayzes the problems in financial derivatives in Chinese enterprises with the qualitative analysis and in - depth analysis, and to put forward reasona- ble and effective policy suggestions so that the derivative financial instruments will become an effective tool in enterprise in- vestment hedging operation.