衍生金融工具在市场风险管理中的运用——基于石油贸易企业

Use of derivative financial instruments in market risk management——Based on petroleum trade enterprises

风险管理能力是石油贸易公司发展的关键能力。面对油价、运价、汇率和利率等各类市场风险,国际大型石油公司广泛运用期货、期权、远期、互换等衍生金融工具对现货贸易进行套期保值。我国石油贸易公司受政府管制等因素影响,参与境外衍生金融交易起步较晚,目前相关管制已经逐步放开,为企业运用衍生金融工具管理市场风险创造了条件。本文运用VaR方法定量分析了衍生金融工具的保值效果,证明了运用衍生金融工具管理市场风险的有效性;并基于对国际石油企业运用衍生金融工具管理市场风险和我国监管机构对国有企业境外衍生金融交易的监管历程的介绍,对推动我国石油贸易企业运用衍生金融工具进行风险管理提出建议:1)转变理念,扩展衍生金融的运用范围;2)提高企业风险管理人员素质;3)提高风险意识,充分认识衍生金融工具的两面性;4)建立健全企业内部衍生金融工具交易管理制度;5)分散交易对手,严控风险敞口,实现风险量化管理。

Risk management ability is the key to the development of oil trading company. In the face of all kinds of market risks such as oil prices, freight, exchange rates and interest rates, the large-scale international oil companies widely harness futures, options, forwards, swaps and other derivative financial instruments to hedge spot trades. China＇s oil trade companies affected by the factors such as government regulation, started late on participating in foreign derivative financial transactions. But the gradually deregulation would create condition for enterprises to manage market risk by using derivative financial instruments. This paper quantitatively analyzes the effect of hedging through derivative financial instruments by using the VaR model, proves the effectiveness of using derivative financial instruments to manage enterprises＇ market risks, and proposes the advices to promote China＇s oil trading companies to manage the market risks by using derivative financial instruments on the base of the introductions of international oil enterprises＇ experience and state-owned enterprises＇ overseas derivative financial trades regulation process implemented by China＇s regulation departments as follows： 1） changing concept and expanding the application range of derivative financial instrturlents; 2） improving the quality of the ERM people; 3） enhancing the consciousness of risk and fully understanding of the two sides of derivative financial instrtmaents; 4） establishing and perfecting the internal derivatives transaction management system; 5） decentralizing counterparties, controlling risk exposure, and realizing quantitative management of risks