国有三大航空公司航油套期保值问题研究

采用案例分析方法，对国内航空公司航油套期保值问题进行全方位的研究。研究发现国有三大航空公司航油套期保值出现巨额亏损共性原因是：低估风险，投机趋利；航油套期保值知识掌握不够．交易原则不熟悉、操作技能欠缺，没有及时止损；过量进行航油套期保值，加剧风险；风险控制意识的薄弱，风险管理机制不健全：建议国内航空公司实施航油套期保值策略，加快专业专业人才培养，确定合理航油套期保值比例，以避险为目的，以锁定航油成本为目标，最终实现避险趋利。

Study on Hedge for Jet Fuel Oil of Three Airlines Owned by Chinese Government

The method of case studies was used to analyze hedge for jet fuel oil incurred in Chinese airlines. The author found the common reasons that caused enormous loss of hedge for jet fuel oil in airlines were：the risk was underestimated,the airlines engaged in speculation and profiteering;the airlines did not know knowledge about hedge for jet fuel oil well and weren＇t familiar with the rule of transaction, lacked in experience of operation, did not stop loss immediately;hedging beyond sensible limits increased risk ;consciousness of risk control was incompetent and the system of risk management was not perfect. Strategies about hedge for jet fuel oil should be carried out;training qualified personnel should speed up. To determine the sound portion of hedge for jet fuel oil,with the purpose of risk aversion and the object of fixing cost,and in the end realize earning profit and risk aversion.