以国航为代表的航空公司第三季度巨额亏损的主要原因是在国际油价大幅下降的情况下套期保值操作带来了巨额损失,然而,众所周知,套期保值的目的是规避风险,理论上套期保值的结果是不赔不赚。本文主要以国航为例对航空公司进行套期保值却巨额亏损的原因进行了分析并得出了启示。 The major reason for the huge loss of airlines represented by Air China in the third quarter was huge losses caused by the hedging operation under the sharp drop of international oil prices. However, as we all know, the purpose of hedging is to evade risks. Theoretically, The result of the value of the period is not lose not earn. This article mainly takes Air China as an example to analyze the causes of the hedging losses of airlines, and gives some enlightenments.