本文探讨了航空公司管理航煤价格风险的主动和被动方法。对被动管理航煤成本的利弊做了讨论,最后进一步指出运用金融衍生工具进行主动管理,才是符合航空公司长期利益的方法,并且列举了在亚洲能源市场,航空公司普遍采用的保值方案,并且选取航煤/柴油价差(Regrade)和零成本3向(3 way Collar)组合期权策略来讨论金融衍生产品对航空公司的现实意义。 This article explores the airlines’ proactive and reactive methods of managing jet fuel price risk. Discussed the pros and cons of passive management of jet fuel cost, and finally pointed out that the use of financial derivatives for active management is the way to meet the long-term interests of airlines, and lists the hedging programs commonly used by airlines in the Asian energy market, and Select Regrade and 3 way Collar option strategies to discuss the practical significance of financial derivative products to airlines.