徐溧

摘要： 近年来，对于原油价格关联度极高的沥青产品，由于受国际原油价格波动影响，炼厂生产沥青价格暴露风险也日益加剧，给炼厂生产经营效益带来不稳定性。价格发现和回避风险作为当今期货市场的两大重要功能，对企业生产经营的作用越来越明显，因而受到企业普遍关注。炼油企业特别是国有石化企业如何利用资金相对充裕的优势，通过沥青期货市场进行套期保值操作，通过资金有效利用，实现价格发现并规避价格暴露的风险，对于企业自身长久、健康、稳定的发展至关重要。本文通过分析石油沥青期货产生的背景和运行情况，阐述石油沥青期货市场基本经济功能，进而分析国有沥青企业参与沥青期货业务的必要性和可行性，以期给国有沥青企业运用现代化金融创新手段进行营销管理、规避经营风险起到帮助。

Abstract： In recent years， for the asphalt products with high degree of association with price of crude oil， due to fluctuations in international crude oil prices， the price exposure risk of refinery production asphalt is also increasing， which bring instability to the refinery production and operation efficiency. Price discovery and risk avoidance are two important functions of the current futures market， and their role on enterprise production and operation becomes more and more obvious， and thus they have got widespread concern by enterprises. How to use the relatively abundant advantages of the funds to carry out hedging operations through the asphalt futures market and realize the price discovery and price exposure risk through the effective use of funds is vital to the long-term， healthy and stable development of the oil refining enterprises， especially the state-owned petrochemical enterprises. Based on the analysis of the background and operation of petroleum asphalt futures， this paper expounds the basic economic function of petroleum asphalt futures market， and then analyzes the necessity and feasibility of state-owned asphalt enterprises to participate in asphalt futures business， with a view to help state-owned asphalt enterprises conduct marketing management and avoid business risks with modern financial innovation mode.

關键词： 国有企业；石油沥青；期货；套期保值

Key words： state-owned enterprises；petroleum asphalt；futures；hedging

中图分类号：F276.1 文献标识码：A 文章编号：1006-4311（2017）17-0027-04

0 引言

随着期货业在我国的快速发展，期货市场已经成为许多企业选择的风险规避地。由于沥青是原油炼制的下游产品，价格与原油价格息息相关，沥青上中下游企业一般采用在国际市场上利用原油期货进行避险。沥青期货自2013年10月上市以来，为沥青产品相关企业提供了避险工具，吸引了一大批经营者参与其中，也为沥青市场的健康发展起到了保障作用。期货市场所特有的价格发现和风险回避两大功能越来越被在国民经济中扮演支柱角色的国有沥青企业所重视，特别是套期保值的交易对国有沥青企业的持续、健康发展起到了积极的作用。……