【摘要】：航空運輸企業(yè)由于其自身特點,具有資金密集、能源依賴、利潤率低的特點。造成了航空公司的成本容易受到航空用油市場波動的影響。據(jù)統(tǒng)計,在航空公司的運營成本中,航空用油成本已經(jīng)占據(jù)很高的比例。隨著近年來石油價格飆升,國際航空用油高位運行,造成航空公司燃油成本高企,利潤下降,甚至造成虧損,從而嚴重影響了航空公司的運營業(yè)績。所以,控制航空用油的成本,成為航空公司經(jīng)營者面前的一個迫切問題。縱觀世界航空業(yè),發(fā)達國家的航空公司大都采用各種金融衍生品,尤其是套期保值的方式來應(yīng)對航空用油價格漲跌,從而實現(xiàn)成本風險控制,以此方式來提高企業(yè)的核心競爭力。隨著我國航空企業(yè)走向市場化和國際化,我國的航空企業(yè)也開始逐步采用各種石油市場的金融衍生品來控制成本,對沖風險。但是,由于政策、體制、經(jīng)驗、人才等各方面的限制,套期保值等交易方式出現(xiàn)了重大問題,給一些航空公司造成了巨額的損失,相關(guān)新聞報道也披露了這一點。在這種情況下,航空公司的經(jīng)營者決不能因噎廢食,而是應(yīng)該從企業(yè)經(jīng)營戰(zhàn)略的高度出發(fā),制定相關(guān)的成本管控措施,監(jiān)管好石油金融衍生品交易市場上的交易手段和行為,從而達到控制成本,提高企業(yè)核心競爭力,促進企業(yè)經(jīng)營業(yè)績的目的。 本文以中國航空公司的航油成本控制策略為研究對象,采用各種研究方法,通過分析中國航空企業(yè)的現(xiàn)狀與不足,在相關(guān)成本控制理論的基礎(chǔ)上,從航油價格風險管理的角度提出企業(yè)應(yīng)當從影響航油價格的航油套期保值策略和影響航油消耗量的航油節(jié)油策略兩方面同時入手,尋求控制航油成本的最佳解決方案。 論文首先采用文獻研究法,對航空公司航油成本控制的相關(guān)文獻與理論進行了綜述。然后結(jié)合國內(nèi)航空公司的實際運營情況,對國內(nèi)航空公司航油成本控制現(xiàn)狀進行了較為全面、深入的調(diào)查分析,并通過考察借鑒發(fā)達國家航空公司的航油成本控制經(jīng)驗,多角度探討解決我國航空公司航油成本控制存在問題的有效手段。最后,本文提出了適合我國航空公司的航油成本控制策略建議。
[Abstract]:Because of its own characteristics, air transport enterprises have the characteristics of capital intensive, energy dependence and low profit margin. The cost of airlines is vulnerable to fluctuations in the aviation oil market. According to statistics, in the airline operating costs, aviation oil costs have occupied a high proportion. With oil prices soaring in recent years and high international aviation oil operating, airlines' fuel costs are high, profits are falling and even losses have been caused, which has seriously affected airline operating performance. Therefore, controlling the cost of aviation oil has become an urgent problem for airline operators. Throughout the world aviation industry, airlines in developed countries mostly adopt various financial derivatives, especially hedging methods to cope with the rise and fall of aviation oil prices, thus achieving cost risk control. This way to improve the core competitiveness of enterprises. With the trend of marketization and internationalization of Chinese aviation enterprises, Chinese aviation enterprises have gradually adopted financial derivatives in various oil markets to control costs and hedge risks. However, due to policy, system, experience, talent and other constraints, hedging and other trading methods have appeared major problems, to some airlines caused huge losses, related news reports also disclosed this point. Under such circumstances, airline operators should not give up food for fear of choking. Instead, they should proceed from the height of the business strategy, formulate relevant cost control measures, and supervise the trading methods and behaviors in the oil financial derivatives trading market. In order to control costs, improve the core competitiveness of enterprises, promote business performance. This paper takes the aviation oil cost control strategy of China Airlines as the research object, adopts various research methods, through the analysis of the current situation and the insufficiency of the Chinese aviation enterprises, on the basis of the related cost control theory. From the point of view of aviation oil price risk management, the paper puts forward that enterprises should seek the best solution to control aviation oil cost from two aspects: aviation oil hedging strategy which affects aviation oil price and aviation oil saving strategy that affects aviation oil consumption. Firstly, the paper summarizes the related literatures and theories of aviation oil cost control by using literature research method. Then combined with the actual operation of domestic airlines, this paper makes a comprehensive and in-depth investigation and analysis on the current situation of aviation oil cost control of domestic airlines, and draws lessons from the experience of aviation oil cost control of airlines in developed countries. This paper discusses the effective means to solve the problem of aviation oil cost control in Chinese airlines. Finally, the paper puts forward some suggestions of aviation oil cost control strategy suitable for Chinese airlines.
【學位授予單位】：大連理工大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F562.6;F562.5;F726

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