关键词: 原油期货, 套期保值, 中国石油企业, 欧美石油企业, 经营绩效

Abstract: Hedging can effectively reduce the volatility of business performance and stabilize corporate profits, but it has not been valued by China's oil companies. We selected 47 domestic oil companies listed on A-share in China and 31 major European and American oil companies listed on U.S. stock market as research objects. By using multiple linear regression model and using relevant data from 2007 to 2016,we compared and analyzed the influence of hedging participation of Chinese and foreign oil companies on their business performance. The results show that the major oil companies listed in the United States can make full use of futures hedging to deal with production and hedge risks,their participation in hedging business improving enterprise performance and stabilizing profits. However, there is no obvious correlation between China's oil companies' participation in hedging and corporate performance. The main reasons for the difference between Chinese and foreign oil companies are the low participation of Chinese oil companies in hedging and the poor effect of hedging practices of Chinese oil companies.

Key words: crude oil futures, hedging, China's petroleum enterprises, European and American petroleum enterprises, operational performance