衍生工具既是巨大的风险源头,同时也是重要的风险规避工具。随着东航等事件的出现,衍生工具受到了空前的关注,为什么会造成这么多企业的巨额亏损,是套期保值业务出了问题,还是相关的会计核算有失偏颇?本文以东航股份为例,从业务操作和会计处理两个角度对其运用的衍生工具作具体分析,得出其衍生品交易不是套期保值而是投机获利的结论,并提出有效利用衍生工具的相关建议。 Derivatives are both a huge source of risk and an important risk aversion tool. With the emergence of events such as CEA, derivatives have received unprecedented attention. Why do so many enterprises have caused huge losses? Are there any problems with the hedging business or are there any discrepancies in accounting? In this paper, we take China Eastern Airlines as an example , This article makes a concrete analysis of the derivatives used by them from two aspects: business operation and accounting treatment, concludes that the derivatives transaction is not hedging but takes the speculative profits, and puts forward some suggestions on how to make effective use of derivatives.