中国民航业金融衍生工具现状及其发展

Current Status and Development of Financial Derivatives in China's Civil Aviation Industry

随着20世纪70年代布雷顿森林体系的瓦解,“双挂钩”的国际货币体系成为历史,金融衍生工具应运而生。为了降低经济活动的不确定性和风险,金融衍生工具在国际民航行业迅速发展。相比而言,国内民航企业对金融衍生工具认识范围不全面、风险管控不到位、操作程序不规范、内部审批不严格,致使金融衍生品在中国民航业的交易规模极为有限,且无法充分发挥套期保值作用。本文就金融衍生工具在国内民航业的现状、存在的问题进行分析,并提出相应的缓解措施,以促进形成具有中国特色和符合中国国情的航空金融衍生品市场。

With the collapse of the Bretton Woods system in the 1970s,the"double-linked"international monetary system has become history,and financial derivatives have emerged.In order to reduce the uncertainty and risk of economic activities,financial derivatives have developed rapidly in the international civil aviation industry.In contrast,domestic civil aviation companies have an incomplete understanding of financial derivatives,inadequate risk control,non-standard operating procedures,and lax internal approvals,resulting in an extremely limited and inadequate trading scale of financial derivatives in China’s civil aviation industry,and can't give full play to the role of hedging.This paper analyzes the current situation of financial derivatives in the domestic civil aviation industry,analyzes the existing problems,and puts forward corresponding mitigation measures,so as to promote the formation of the aviation financial derivatives market with Chinese characteristics and in line with China's national conditions.