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中航油作为中国参与国际资本竞争的中资海外上市公司,因从事衍生品交易不当导致巨亏,被迫清盘。中国国内资本参与国际竞争的失利充分说明:健全国内政策环境、防止国际对冲基金狩猎、约束管理者权力、完善公司治理结构、规范套期保值业务、理顺危机处理机制与严格市场风险监管,是回避衍生品交易风险的有力手段。只有争夺中国商品国际定价权、稳步发展和健全衍生品市场、构建风险监管框架,才能防范和化解衍生品交易的风险。
As a Chinese-funded overseas listed company participating in international capital competition, China Aviation Aviation (CAO) has been forced to liquidate itself because of its huge losses caused by improper trading of derivatives. The failure of China’s domestic capital to participate in international competition has fully demonstrated that: to improve the domestic policy environment, prevent hunting by international hedge funds, restrict the power of managers, improve the corporate governance structure, standardize the business of hedging, rationalize the crisis handling mechanism and strictly regulate market risks, Avoid the risk of derivatives trading a powerful tool. Only by scrambled for the international pricing power of Chinese goods, the steady development and improvement of the derivatives market and the construction of a risk regulatory framework can prevent and mitigate the risks of derivatives transactions.