基于套期保值的航油价格风险管理和成本控制的研究

发布时间：2018-11-28 11:18

【摘要】：航空运输企业由于其自身特点,具有资金密集、能源依赖、利润率低的特点。造成了航空公司的成本容易受到航空用油市场波动的影响。据统计,在航空公司的运营成本中,航空用油成本已经占据很高的比例。随着近年来石油价格飙升,国际航空用油高位运行,造成航空公司燃油成本高企,利润下降,甚至造成亏损,从而严重影响了航空公司的运营业绩。所以,控制航空用油的成本,成为航空公司经营者面前的一个迫切问题。纵观世界航空业,发达国家的航空公司大都采用各种金融衍生品,尤其是套期保值的方式来应对航空用油价格涨跌,从而实现成本风险控制,以此方式来提高企业的核心竞争力。随着我国航空企业走向市场化和国际化,我国的航空企业也开始逐步采用各种石油市场的金融衍生品来控制成本,对冲风险。但是,由于政策、体制、经验、人才等各方面的限制,套期保值等交易方式出现了重大问题,给一些航空公司造成了巨额的损失,相关新闻报道也披露了这一点。在这种情况下,航空公司的经营者决不能因噎废食,而是应该从企业经营战略的高度出发,制定相关的成本管控措施,监管好石油金融衍生品交易市场上的交易手段和行为,从而达到控制成本,提高企业核心竞争力,促进企业经营业绩的目的。本文以中国航空公司的航油成本控制策略为研究对象,采用各种研究方法,通过分析中国航空企业的现状与不足,在相关成本控制理论的基础上,从航油价格风险管理的角度提出企业应当从影响航油价格的航油套期保值策略和影响航油消耗量的航油节油策略两方面同时入手,寻求控制航油成本的最佳解决方案。论文首先采用文献研究法,对航空公司航油成本控制的相关文献与理论进行了综述。然后结合国内航空公司的实际运营情况,对国内航空公司航油成本控制现状进行了较为全面、深入的调查分析,并通过考察借鉴发达国家航空公司的航油成本控制经验,多角度探讨解决我国航空公司航油成本控制存在问题的有效手段。最后,本文提出了适合我国航空公司的航油成本控制策略建议。
[Abstract]:Because of its own characteristics, air transport enterprises have the characteristics of capital intensive, energy dependence and low profit margin. The cost of airlines is vulnerable to fluctuations in the aviation oil market. According to statistics, in the airline operating costs, aviation oil costs have occupied a high proportion. With oil prices soaring in recent years and high international aviation oil operating, airlines' fuel costs are high, profits are falling and even losses have been caused, which has seriously affected airline operating performance. Therefore, controlling the cost of aviation oil has become an urgent problem for airline operators. Throughout the world aviation industry, airlines in developed countries mostly adopt various financial derivatives, especially hedging methods to cope with the rise and fall of aviation oil prices, thus achieving cost risk control. This way to improve the core competitiveness of enterprises. With the trend of marketization and internationalization of Chinese aviation enterprises, Chinese aviation enterprises have gradually adopted financial derivatives in various oil markets to control costs and hedge risks. However, due to policy, system, experience, talent and other constraints, hedging and other trading methods have appeared major problems, to some airlines caused huge losses, related news reports also disclosed this point. Under such circumstances, airline operators should not give up food for fear of choking. Instead, they should proceed from the height of the business strategy, formulate relevant cost control measures, and supervise the trading methods and behaviors in the oil financial derivatives trading market. In order to control costs, improve the core competitiveness of enterprises, promote business performance. This paper takes the aviation oil cost control strategy of China Airlines as the research object, adopts various research methods, through the analysis of the current situation and the insufficiency of the Chinese aviation enterprises, on the basis of the related cost control theory. From the point of view of aviation oil price risk management, the paper puts forward that enterprises should seek the best solution to control aviation oil cost from two aspects: aviation oil hedging strategy which affects aviation oil price and aviation oil saving strategy that affects aviation oil consumption. Firstly, the paper summarizes the related literatures and theories of aviation oil cost control by using literature research method. Then combined with the actual operation of domestic airlines, this paper makes a comprehensive and in-depth investigation and analysis on the current situation of aviation oil cost control of domestic airlines, and draws lessons from the experience of aviation oil cost control of airlines in developed countries. This paper discusses the effective means to solve the problem of aviation oil cost control in Chinese airlines. Finally, the paper puts forward some suggestions of aviation oil cost control strategy suitable for Chinese airlines.
【学位授予单位】：大连理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F562.6;F562.5;F726

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