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提要
本文對財(cái)務(wù)風(fēng)險(xiǎn)涵義及其屬性進(jìn)行了概括，對中國石油天然氣股份有限公司
（以下簡稱中國石油）面臨的主要財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行了分析。在分析面臨的財(cái)務(wù)風(fēng)險(xiǎn)
基礎(chǔ)上，本文提出了中國石油如何加強(qiáng)財(cái)務(wù)風(fēng)險(xiǎn)管理的建議，最后得出結(jié)論。
一、財(cái)務(wù)風(fēng)險(xiǎn)。本文認(rèn)為財(cái)務(wù)風(fēng)險(xiǎn)是客觀存在的，是可以控制的。其實(shí)質(zhì)是
一種微觀經(jīng)濟(jì)風(fēng)險(xiǎn)，是企業(yè)理財(cái)活動風(fēng)險(xiǎn)的集中體現(xiàn)。狹義的財(cái)務(wù)風(fēng)險(xiǎn)是指籌資
風(fēng)險(xiǎn)，廣義的財(cái)務(wù)風(fēng)險(xiǎn)包括籌資風(fēng)險(xiǎn)、投資風(fēng)險(xiǎn)、現(xiàn)金流量風(fēng)險(xiǎn)、利率風(fēng)險(xiǎn)和匯
率風(fēng)險(xiǎn)。
二、中國石油面臨的主要財(cái)務(wù)風(fēng)險(xiǎn)。中國石油已于2000年4月在紐約和香港
上市，完成了海外籌資計(jì)劃，所以本文沒有詳細(xì)分析它的籌資風(fēng)險(xiǎn)。價(jià)格風(fēng)險(xiǎn)雖
然沒有出現(xiàn)在財(cái)務(wù)風(fēng)險(xiǎn)管理的書籍中，但本文認(rèn)為由于它對中國石油經(jīng)濟(jì)效益的
影響很大，所以本文將其列為中國石油的財(cái)務(wù)風(fēng)險(xiǎn)來分析。目前，中國石油面臨
的主要財(cái)務(wù)風(fēng)險(xiǎn)有：價(jià)格風(fēng)險(xiǎn)、匯率風(fēng)險(xiǎn)、利率風(fēng)險(xiǎn)、現(xiàn)金流量風(fēng)險(xiǎn)和投資風(fēng)險(xiǎn)。
三、加強(qiáng)財(cái)務(wù)風(fēng)險(xiǎn)管理的建議。本文從以下幾個(gè)方面對中國石油提出了建議：
1．建立財(cái)務(wù)風(fēng)險(xiǎn)衡量和預(yù)警系統(tǒng)；
2．完善內(nèi)部控制制度；
3．應(yīng)用衍生金融工具規(guī)避風(fēng)險(xiǎn)；
4．加強(qiáng)投資風(fēng)險(xiǎn)管理；
5．建立風(fēng)險(xiǎn)基金；
6．建立財(cái)務(wù)風(fēng)險(xiǎn)管理的組織系統(tǒng)；
7．注重財(cái)務(wù)風(fēng)險(xiǎn)管理人才的培養(yǎng)。
本文最后指出了不足，并將衍生金融工具與風(fēng)險(xiǎn)管理、內(nèi)部控制體系建設(shè)作
為自己今后繼續(xù)學(xué)習(xí)和研究的方向。2
ABSTRACT
In this thesis,the author summarizes the definition and characters of financial risks,
analyzes the major financial risks that face PetroChina,and proposes to PetroChina how
to strengthen the management of financial risk.Consequently he reaches the conclusion
of the thesis.
Financial risk.Financial risk is one kind of microeconomic risks in substance
resulting from companies’financing activity.It is objective but controllable.To a narrow
sense,it refers to only financing risk;to a broad sense,it includes the risk of financing,
investing,cash flow,interest rate and exchange rate,etc.
The major financial risks confronting PetroChina.As a major oil company,
Petrochina bears both the common characters as other company and the unique
characters in oil and gas industry.Because PetroChina has been listed on the New York
Stock Exchange,Inc.and the Stock Exchange of Hong Kong,and has fulfilled its goal to
finance overseas,the thesis focus on more about the risks of price,exchange rate,interest
rate,cash flow and investing instead of mentioning too much of the financing risk.
Suggestion to strengthen the management of financial risk.It is a new and critical
issue for Petrochina to consider how to strengthen the control and management of
financial risk when facing emerging competition market.In the end,the article came to
suggestion to Petrochina in terms of following aspects:
1．Establish the measurement and alarming system of financial risk;
2．Improve internal control;
3．Minimize risks by using financial derivatives;
4．Strengthen the management of investing risk;
5．Establish risk fund；
6．Establish the management system of financial risk;
7．Pay attention to the training of financial risk management experts.
The author draw the conclusion based on the analyzing and point out the
shortcomings of the thesis.He plans to make further study regarding to the derivatives
and risk management,and the internal control system.3
目錄
前言…………………………………………………………………………………………1
一、引言………………………………………………………………………………2
二、財(cái)務(wù)風(fēng)險(xiǎn)及其屬性………………………………………3
（一）風(fēng)險(xiǎn)………………………………………………3
（二）財(cái)務(wù)風(fēng)險(xiǎn)……………………………………………………………………3
（三）財(cái)務(wù)風(fēng)險(xiǎn)種類………………………………………………………………4
1．籌資風(fēng)險(xiǎn)…………………………………………………………………5
2．投資風(fēng)險(xiǎn)…………………………………………………………………5
3．現(xiàn)金流量風(fēng)險(xiǎn)……………………………………………………………6
4．利率風(fēng)險(xiǎn)…………………………………………………………………6
5．匯率風(fēng)險(xiǎn)…………………………………………………………………7
（四）財(cái)務(wù)風(fēng)險(xiǎn)屬性………………………………………………………………7
三、中國石油面臨的主要財(cái)務(wù)風(fēng)險(xiǎn)分析………………………………………………8
（一）價(jià)格風(fēng)險(xiǎn)……………………………………………………………………9
1．國際油價(jià)影響…………………………………………………………9
2．國內(nèi)價(jià)格影響……………………………………………………………1 0
（二）匯率風(fēng)險(xiǎn)……………………………………………………………………12
（三）利率風(fēng)險(xiǎn)……………………………………………………………………14
（四）現(xiàn)金流量風(fēng)險(xiǎn)………………………………………………………………16
1．現(xiàn)金收付風(fēng)險(xiǎn)……………………………………………………………1 6
2．信用風(fēng)險(xiǎn)…………………………………………………………………1 9
3．存貨占用資金風(fēng)險(xiǎn)…………………………………………………………21
（五）投資風(fēng)險(xiǎn)……………………………………………………………………23
1．短期投資風(fēng)險(xiǎn)……………………………………………………………2 3
2．長期投資風(fēng)險(xiǎn)……………………………………………………………2 4
四、加強(qiáng)財(cái)務(wù)風(fēng)險(xiǎn)管理的建..