衍生品交易巨亏事件的思考

上世纪90年代末至今,全球发生了多起因衍生产品交易而产生的巨亏事件。巴林银行、长期资本管理公司等国际机构纷纷倒下,国内一些涉足衍生产品交易的大型企业损失惨重。通过对这些巨亏事件交易机制的分析,可以发现监管缺失等共同具有的问题,进而思考国内企业应当如何从外部监管和内部控制两方面避免此类事件再次发生的途径。最后指出应当正确对待衍生品及其交易,同时培养相关的风险管理人才已是迫在眉睫。

On Thinking the Events of Huge Loss on Derivatives Trading

Since the late 1990s,there were several huge loss incidents caused by derivatives trading.Barings, Long-Term Capital Management and many other international institutions have collapsed;some large domestic enterprises have also been reported huge loss due to involving in derivatives trading.In this paper,we first analyze trading mechanism of such events.Through the analysis,we can find something in common to the problem,such as lacking supervision,and then thinking of the solution on how to prevent the recur...