受全球金融危机影响,2008年以来中资企业因所谓海外“套期保值”而遭受巨亏的事件此起彼伏(表1)。套期保值,顾名思义,是在现货和衍生品市场进行等量反向的交易,其亏损和盈利额度都是可控的。既然如此,那么目前的一系列巨亏表明,这些企业在进行套期保值的过程中一定进行了不当操作。 Affected by the global financial crisis, the huge losses suffered by Chinese-funded enterprises since 2008 due to the so-called overseas “hedging” have come one after another (Table 1). Hedging, as its name implies, is the same amount of reverse trades in the spot and derivatives markets, where losses and profitability are manageable. In that case, the current series of huge losses shows that these enterprises must have done improper operations during the process of hedging.