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近年来,国际油价跌宕起伏,国内成品油价格变化之快、之迅猛,令众多成品油经营者始料不及。在竞争日益激烈的成品油市场,成品油经营者不仅要把握市场机会,更要关注价格因素带来的风险。尽管按照国际通行做法,利用套期保值可以有效控制价格变动带来的影响,但是国有大型企业在国际衍生品市场进行套期保值折戟的案例,使得我们不得不考虑套期保值是否是价格风险管理的唯一手段。也就是说,能否借助有效的措施来规避价格风险,成为我们关注的焦点。
In recent years, the ups and downs of the international oil prices, the rapid changes in domestic refined oil prices, the rapid, so many oil products operators unexpected. In the increasingly competitive oil product market, refined oil product operators should not only grasp market opportunities but also pay attention to the risks brought by price factors. Although hedging can effectively control the impact of price changes in accordance with internationally accepted practices, the case of large state-owned enterprises hedging in international derivatives markets has forced us to consider whether hedging is a price risk The only means of management. In other words, whether effective measures to avoid price risk has become our focus.