-------------------------------------------------- ------------------------------ http://finance.sina.com.cn December 08, 2004 09:10 Shanghai Securities News Network version of China Airlines oil futures trading is 550 million US dollars, this listing company in Singapore is highly praised.
Compared to operating risks, futures speculative transaction risks may be - sudden death. Therefore, all countries have strict control on such transactions, and the China Securities Regulatory Commission has also introduced the "Administrative Measures for the Overseas Futures Cost of State - owned Enterprises" (hereinafter referred to as the approval), the solution stipulates that companies can use overseas futures trading. The value is preserved, and the speculative business is strictly prohibited. But in a tempting futures market, the company can act as a skeptical. According to experts, China Aviation oil is wrong in crude oil futures trading, but it reflects more than a company's casual behavior, but a group of universal problems in the company's control, the uncomfortable governance structure, and China Aviation oil is just These disadvantages were suddenly enlarged in the futures market.
At present, there are 26 companies that have approved the overseas futures business, including 7 listed companies, which are all pushed in China, and how deep, risk control, investors cannot be Do not care, because no one can afford to have a situation similar to sudden death.
China Aviation oil losses, is this risk to transfer to domestic listed companies?
Up to now, there are 26 state-owned enterprises that have approved overseas futures trading, 7 of which are listed companies.
How deep foreign futures trading is involved?
Among these 26 companies, according to the reporter, there is a company in China, and the company is doing overseas futures business, Jiaozu Wanfang, Zhuzhou Smelting Group, Yunnan Copper, etc. There are some procedures, so it is not substantially launched. Futures transactions; In addition, Huludao Nonferrous Metals Group has the qualifications of this business, but due to the comprehensive market considering the pace.
In the non-ferrous metal industry, China Golden Lingnan is an earlier exposure to overseas futures, and the company said that it has always been more prudent in this regard. The secret of Jiangxi copper, told reporters: The qualification of the company's overseas futures trading is taken last year, and there is no overseas transaction through foreign brokerage companies, but contact suppliers, through Shanghai Futures Exchange to London The transaction is processed; this is less risk. Prior to this, the company's futures trading has always been praised by the Shanghai Folk Trade Center in the territory of futures trading.
The Huludao Nonferrous Metals Group with Zinc Co., Ltd. currently has basically no operational futures trading. The secret secret of the Zinc Co., Ltd. told reporters that from the current situation of the company, it is not much significant, using futures to make the hedge value. The people of Huludao Nonferrous Metallic Group import and export company said that the current market situation is integrated, and it is possible to do in stock.
So how do these companies' futures trading do?
For this, the data provided by the Yunnan Copper and Jiangxi Copper industry is relatively similar. Dong Dong Dongfeng in Jiangxi Copper, told reporters that the company has only 30% of the total production volume, while overseas futures business is only related to the purchased raw materials. Chen Yong, Manager of Yunnan Copper Sales Company, also revealed that there is basically only 1/3, 1/4 of production in the business company, not reaching 1/2, from the risk control angle of futures trading, this One range is still safe.
Guardment and speculation boundaries
Almost all companies are in an interview that they will strictly control speculative behavior when they are engaged in overseas futures trading, and they only use futures mechanisms to make a settlement. This is also in line with the relevant state regulations. The current state-owned enterprise overseas settlement period preserved in the current CSRC has clearly stipulated that foreign futures transactions in state-owned enterprises can only assure the value, but cannot speculate. However, according to Chen Yong, Yunnan Copper, the boundaries between hedges and speculations are sometimes difficult to grasp. In a transaction, the motivation starting may be a hedging value, but the subsequent situation is favorable, this process It is difficult to distinguish between the two, but also further temptation traders go deep into.
If there is a risk, there are some company's securities representatives to tell reporters: risks are essentially the characteristics of futures trading, and some people are profitable, and some people fall, the risk is always latent; China Aviation oil It does not mean that only the dangerous speculation is engaged in dangerous speculation, and there is no incident, and there is a huge risk. This risk is a certain extent because the trader is caused by the greed in the temptation of huge interests. According to the reporter, there are some domestic companies that can conduct futures trading abroad even use the domestic and foreign exchanges to combat domestic competitors, which obviously has overrides the requirements of the insurance preserves in the state.
For China's aviation oil, most companies believe that originating from the company's control and governance. Futures trading, such as speculative, risk is quite huge, a strict control and management system is considered necessary by many companies.
However, the company's management personnel pointed out: risk prevention is necessary, but can be implemented but must be tortured. At the same time, the implementation of the monitoring system is a matter, whether it can continue to implement another thing.
During the interview, the reporter found that some company executives did not understand the Chinese oil events. There was no heard of the overseas futures trading business, and there was no clear answer for future specific monitoring measures.
Do not do the risk of futures
The futures trading has been a big risk, not a bigger risk, this kind of economically predecessors say deep long, in the interview of today's reporter, it is confirmed.
Chen Yong of Yunnan Copper Industry said: Without futures trading to make a settlement, once the price of raw materials purchased dramatically, the company will suffer heavy losses. In the event of increasingly frequent domestic and foreign trade, domestic companies must use the overseas futures market to avoid risks.
In July last year, there was a brokerage research report pointed out that the listed companies such as Yun Aluminum shares conducted a hedging business. After the different ways of integrated these companies, the research report considered that the business will be in the future business of listed companies. Play an increasingly important role.
The futures market has developed to today, has become an important mechanism for price discovery, avoiding risks. In recent years, experts have always called for the full development of the futures market from national interests and economic powers, and believe that it will be conducive to China after China, my country in agriculture, energy, Financial development.
Learn in the waves
In the case of gradually open in the international domestic market, Chinese companies have been involved in overseas transactions. At the same time, they also stand in a more dramatic peak tip, a company's securities affairs repeatedly reminded reporters to be from Thinking about the angle of internationalization.
In this circle, many people in this circle see that participating in international financial transactions is the potential. In the process of going out in Chinese companies, abroad can sometimes provide more mature, systematic trading systems and services. For example, there is currently no collection of futures products in the country, domestic enterprises should be guaranteed to choose the London futures exchange.
However, it corresponds to this more complex situation and a more intense risk. Companies that are familiar with the futures business are reflected, and the scale of futures trading in the international market is much larger than domestic, and many traders and industrial giants are doing speculative transactions. Some fund movements are speculating at one or two billion US dollars. In this case, it means that it means to turn the boat. From this, is there a full response to the Chinese ship that drives to the international traffic?
China Aviation oil has aroused some of the overseas institutions to question some domestic corporate governance and monitoring. From this point, domestic enterprises have deeply understand the international market situation, better strengthen risk control, which not only means avoiding traps and investment The high responsibility of the person, but also means that Chinese companies are highly valued by the international reputation and image. (Reporter Tianlu)
Information link:
The DPRC approved the domestic company that can engage in overseas futures trading, the name of the company is listed in the company 1 China Chemical Import and Export Corporation 1 China International Petrochemical Joint Company 1 China United Petroleum Co., Ltd. 1 China Ocean Transportation (Group) Corporation 1 China Wu Mine Colored Metal Co., Ltd. 1 China Grain and Oil Food Import and Export (Group) Co., Ltd. 1 Zhonggu Grain Group Corporation 2 China Aluminum Company 2 Tongling Nonferrous Metal Company 2 Jiangxi Culture Co., Ltd. is 2 Shenzhen Zhongjinling South Metal Co., Ltd. is 2 Henan Yu Guangjin Lead Co., Ltd. is 2 Qingtongxia Aluminum Group Co., Ltd. 2 Jinchuan Group Co., Ltd. 2 China Aviation Oil Group Corporation 2 SME Group Ocean Co., Ltd. 2 Jilin Grain Group Import and Export Co., Ltd. 3 China Petrochemical International Co., Ltd. 3 Lanzhou Aluminum Co., Ltd. is 3 Yunnan Copper (Group) Co., Ltd. 3 Yunnan Aluminum Co., Ltd. is 3 Jiaozuo Wanfang Aluminum Co., Ltd. is 3 Yunnan Siye Co., Ltd. 3 Zhuzhou Smelting Group Co., Ltd. 3 Huludao Nonferrous Metal Group Co., Ltd. 3 Shuokou Mountain Nonferrous Metal Co., Ltd.
Major futures risk events at home and abroad
In 1995, Bahrain Bank Singapore Futures Company implemented manager Ricsen, in the case of unstrial control of the risks, the high-risk Nikkei futures trading, resulting in the loss of $ 1.4 billion in Bahrain, is all capital of Bahrain Bank And the reserve is 1.2 times, Ridden is so jail. Bahrain Bank also bankrupt.
In 1996, Live Business Society, Zhongtai, did not authorize the participation of copper transactions, led to a huge amount of $ 1.9 billion in Sumitomo Trading Co., Ltd. Copper prices fell by 24 hours a ton of $ 2165 to $ 1860 per ton of $ 1860 for two years. The incoming panic is blowing, making Sumitomo Business Co., Ltd. have expanded a long position loss to $ 4 billion.
