我国民航企业金融衍生品风险控制及启示

Risk Control of Financial Derivatives and Enlightenment for China's Civil Aviation

如何对油价波动风险、汇率风险、利率风险等进行管理,已成为民航企业面临的共同问题。民航企业在金融衍生品交易的成功和失败案例表明,其在外汇套期交易中秉承套期保值动机达到其对冲外汇风险的目的,而在燃油期权交易中却不自觉倾向期权投机造成巨额浮亏,文章提出企业风险管理应坚持套保动机、谨慎选择交易对手、慎选金融衍生品。

How to manage the risk of oil price fluctuation,exchange rate risk,interest rate risk,etc.,has become a common problem faced by civil aviation enterprises.In the financial derivatives market,China Eastern Airlines'successful and failed cases show that,the foreign exchange hedging adheringto hedging motive can achieve its purpose of hedging foreign exchange risk,and the fuel option tradingtransaction inclined to speculative speculation is to cause huge loss.The article suggests that businessrisk management should adhere to hedging motive,carefully choose the counterparty,cautiously selectedfinancial derivatives.