金融衍生工具在我国国际工程承包中的应用研究
发布时间：2018-09-06 15:52
【摘要】：在我国国际工程企业走出国门，参与国际工程项目过程中，普遍存在低价中标，利润率偏低的现象，导致企业的抵御汇率风险能力不足。目前常用的汇率风险管理手段无法满足企业日益增长的抵御汇率风险的需要，急需寻找新的手段加强和提高企业的风险管理水平。 在此背景下，本文研究了金融衍生工具在我国国际工程承包汇率风险控制中的应用这个课题，主要研究内容分为如下四个部分。第一部分，根据项目风险管理理论，对我国国际工程承包中的汇率风险进行了识别，量化和控制。首先，进行汇率风险识别：根据国际工程工期长、国际环境复杂的特点，分析国际工程从投标到保留金收回整个项目周期中，各阶段存在的汇率风险；其次，进行了风险量化：运用VaR（在险值）模型量化了汇率风险；最后，进行风险控制：分析了当前常用的汇率风险管理方法的不足和金融衍生工具管理汇率风险的优越性。第二部分，阐述了金融衍生工具的概念、特征、功能，，并借助我国国际工程承包中的汇率风险案例，分析了直接套期保值和交叉套期保值对汇率风险的作用模式。第三部分，通过建立模型研究了我国国际工程承包企业如何确定金融衍生工具的最佳套期保值率，以及如何选择金融衍生工具来达到管理汇率风险的最佳效果。第四部分，结合具体国际工程案例分析金融衍生工具在我国国际工程承包中的应用。 本文的研究成果，一方面能弥补当前我国国际工程承包企业控制汇率风险方法的不足，另一方面能使金融衍生工具在更高程度上和更大范围发挥其在我国国际工程承包企业防范汇率风险中的作用，为我国国际工程承包企业参与国际竞争保驾护航。
[Abstract]:In the process of our country's international engineering enterprises going abroad and participating in international engineering projects, the phenomenon of winning bids at low prices and low profit margin generally exists, which leads to the insufficiency of enterprises' ability to resist exchange rate risk. The current common exchange rate risk management methods can not meet the increasing need of enterprises to resist the exchange rate risk. It is urgent to find new ways to strengthen and improve the risk management level of enterprises. In this context, this paper studies the application of financial derivatives in China's international project contract exchange rate risk control, the main research contents are as follows. The first part, according to the theory of project risk management, identifies, quantifies and controls the exchange rate risk in China's international project contracting. First, identify the exchange rate risk: according to the characteristics of long construction period and complex international environment, analyze the exchange rate risk in each stage of the whole project cycle from the bidding to the recovery of the reserve money; secondly, Risk quantification: using VaR (in risk value) model to quantify exchange rate risk; finally, carrying out risk control: analyzing the shortcomings of current exchange rate risk management methods and the advantages of financial derivatives in managing exchange rate risk. In the second part, the concept, characteristics and functions of financial derivatives are expounded. With the help of the case of exchange rate risk in China's international engineering contract, the paper analyzes the role of direct hedging and cross-hedging on exchange rate risk. The third part studies how to determine the best hedging rate of financial derivatives and how to select financial derivatives to achieve the best effect of managing exchange rate risk. The fourth part analyzes the application of financial derivatives in China's international engineering contracting. The research results of this paper, on the one hand, can make up for the deficiency of the current method of controlling exchange rate risk of international project contracting enterprises in our country. On the other hand, it can make financial derivatives play its role in preventing exchange rate risk in China's international engineering contracting enterprises to a higher extent and to a larger extent, so as to protect China's international engineering contracting enterprises from participating in international competition.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F752.68;F830.9
[Abstract]:In the process of our country's international engineering enterprises going abroad and participating in international engineering projects, the phenomenon of winning bids at low prices and low profit margin generally exists, which leads to the insufficiency of enterprises' ability to resist exchange rate risk. The current common exchange rate risk management methods can not meet the increasing need of enterprises to resist the exchange rate risk. It is urgent to find new ways to strengthen and improve the risk management level of enterprises. In this context, this paper studies the application of financial derivatives in China's international project contract exchange rate risk control, the main research contents are as follows. The first part, according to the theory of project risk management, identifies, quantifies and controls the exchange rate risk in China's international project contracting. First, identify the exchange rate risk: according to the characteristics of long construction period and complex international environment, analyze the exchange rate risk in each stage of the whole project cycle from the bidding to the recovery of the reserve money; secondly, Risk quantification: using VaR (in risk value) model to quantify exchange rate risk; finally, carrying out risk control: analyzing the shortcomings of current exchange rate risk management methods and the advantages of financial derivatives in managing exchange rate risk. In the second part, the concept, characteristics and functions of financial derivatives are expounded. With the help of the case of exchange rate risk in China's international engineering contract, the paper analyzes the role of direct hedging and cross-hedging on exchange rate risk. The third part studies how to determine the best hedging rate of financial derivatives and how to select financial derivatives to achieve the best effect of managing exchange rate risk. The fourth part analyzes the application of financial derivatives in China's international engineering contracting. The research results of this paper, on the one hand, can make up for the deficiency of the current method of controlling exchange rate risk of international project contracting enterprises in our country. On the other hand, it can make financial derivatives play its role in preventing exchange rate risk in China's international engineering contracting enterprises to a higher extent and to a larger extent, so as to protect China's international engineering contracting enterprises from participating in international competition.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F752.68;F830.9
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