在2007—2008年的全球金融危机期间,我国部分国企在金融衍生品交易中损失惨重,其中既有大型国有商业银行,也有著名企业,这对于刚刚涉足金融衍生品投资的中国企业来讲是不小的打击。本文从代表性国企衍生品投资亏损重大案例着手,深入分析衍生品投资亏损过程。研究表明其主要原因包括行业周期失察、内部控制失效和外部监管缺位,而巨额损失主要来自于投机而不是套期保值。因此我国企业金融衍生品的套期保值还应当继续发展。本文从投资内容、企业内控、外部监管、行业指导和人才培养等方面提出了相应建议。
During the world financial crisis from 2007 to 2008, some Chinese state-owned enterprises, including some large commercial banks and famous companies, suffered seriously from investing in financial derivatives. It was not a small shock to Chinese enterprises just newly entering into the financial derivatives markets. Starting with the influential cases of the representative enterprises, the paper analyzes the losing process of investment thoroughly, and then achieves a new primary understanding to the reasons, which includes oversight of the factors of business cycles, invalid internal control and lack of external supervisions. It is especially found that the huge loss mainly came from speculating, rather than hedging. Therefore the financial derivations for hedging should be further developed. We put forward the corresponding proposals on the investment choices, enterprise internal control, external supervision, professional support and personnel training.