中国能源200年套期保值对冲之教训.doc

中国能源2008年套期保值对冲之教训 ??? 2009-10-28 ? ? 中国玉米信息网 2008年中国部分企业投资金融衍生品市场遭受的巨大损失，暴露了企业在风险管理理念、机制、市场判断以及对衍生品风险特征的了解、套期保值操作技术上的先天不足和经验缺乏本文通过分析中国企业套期保值失利的部分原因，认为中国企业参与能源套期保值应注意几个方面：1)加强产品的定价能力；2)加强风险分析能力，把风险管理带入前台；3)明确套期保值的目的；4)加强风险对；中技术能力；5)建立科学合理的企业对冲基准；6)培养和引进风险管理专业人才建议中国发展自己的原油成品油交易市场，开发相应的风险管理产品，把风险管理的理念提高到一个新层次。 　　一、引言 　　发达国家的大型企业对风险管理十分重视，BP、壳牌、Koch Industrial、Cargill等大型企业的总部都没有风险管理部门，对各子公司的衍生品合约进行风险管理、美国政府设立商品期货监管委员会，与其他机构联合监管商品金融衍生品交易；美国国会正在制定法律以进一步增加衍生品交易的透明度。 　　在现代商品金融市场条件下，中国许多非金融类央企利用商品金融衍生品(如能源能源能源能源能源 stator. Rotor installed in the stator end upper hangers supports or in the end cap oil parts installed special rotor shaft bracket. (Figure 19) in the stator ring shop in turn lower half of the hard steel sheet, rubber mat and curve skateboards on the plate fixed to the four corners of four rope or nylon rope, tie outside the stator on the basis of, respectively. (Figure 20) axial-flow fan blade diameter greater than retaining ring diameter of the rotor at the top, in front of the wear the stator, best to blade removed, preventing scratches and blades should be well marked. Rotor steam-side back wheel below the shaft or parts installed steam-side arc slider and the slider lower sliding surfaces coated with a thin layer of grease. The rotor excitation traction installed end to end by a horizontal pole. Wire ropes lashing shall not damage the rotor surface using soft material wrapping wire rope, and the pad on the rotor surface with hard wood, or aluminum, lashing rope rotor with two points, the distance between two points is generally not less than 500~700mm, lashing wire rope when winding on the rotor and tighten the double baolan slide knot ... rotor wear loaded official hanging up rotor, pendulum are direction Hou will rotor from Reed end level slow wear trance child bore within, wear loaded process stator bore has two people guardianship, and should guarantee steam end guardianship information smooth, ensure rotor surface dont and stator iron core coil co