中航油公司案例分析.doc

CAO Singapore Case Study of Internal Control B4 YAN XIAODI 工商4班 闫晓迪 China Aviation Oil Co., Ltd. was established in 1993, is a large state-owned enterprises directly under central government of China Aviation Oil Holding Companys overseas subsidiaries in 2001, listed on the Singapore Stock Exchange, becoming Chinas first self-owned assets abroad by overseas listed Chinese enterprises. Chen Jiulin, under the leadership of the president, CAO Singapores trade from the brink of bankruptcy enterprises into corporate entities Trade and Industry, the business expanded from a single procurement of imported jet fuel to the international oil trade, the net assets starting from 1997 when the $ 219,000 increase for 2003 of 1 billion U.S. dollars, the total assets of nearly 30 million, has been bought an oil empire, the incident became the star of the capital market. CAO Singapore, National University of Singapore companies have been selected as the MBA teaching cases, Chen Jiulin was the World Economic Forum, was named Asias economic leader, and appeared in the Beijing University Distinguished Alumni list. However, despite drastic changes since 2004, China Aviation Oil Singapore companies in high-risk options trading in oil derivatives suffer huge losses and bankruptcy, becoming the biggest bankruptcy of Barings Bank scandal speculation. The first quarter of 2004, oil prices, the company hidden losses $ 5,800,000, Chen Jiulin can expect oil prices fell back, decided to defer delivery of the contract, trading volume also increased. In the second quarter as oil prices continue to rise, the company increased the carrying amount of the loss of 3 000 million dollars, after Chen Jiulin kept putting the decision to delivery in 2005 and 2006, trading volume increased again. October oil prices high, and the company has reached 5 200 million barrels of trading bets. Additional d