人民币国际化背景下韩国H公司国际融资管理研究

发布时间：2018-01-17 23:34

本文关键词：人民币国际化背景下韩国H公司国际融资管理研究　出处：《上海交通大学》2015年硕士论文　论文类型：学位论文

【摘要】：本论文通过研究国际融资实际案例,分析在中国设立投资公司并实行中国地区生产法人统合融资管理的韩国H公司对人民币国际化的对策方案。跨国企业的资本费用能够反映出海外事业的财务与危险结构的变化。跨国企业通过统一资产流与负债结构来实现国际融资业务。除此之外,跨国企业通过制定最适合的资本结构,使其能够通过国际金融市场将随着负债增加而增加的纯便利最大化,也可通过衍生金融产品来套期利率、汇率的变动危险。进军海外市场的企业常用的融资方式为增资、与母公司借款、与国内银行借款、与当地金融机构借款等。考虑到不同的融资方式拥有各自的长短点,企业应当根据自身情况来选择最有效率的融资方式。一个国家的货币成为国际化货币需要经过三个国际化阶段。在每个阶段都要考虑到过程中产生的便利与费用。同时,货币国际化需要宏观经济、资本市场、先结算制度等配套环境。中国政府为了实现人民币国际化,正在积极推进人民币国际化政策。人民币成为国际储备货币是指日以待的事情。在这种形势下,韩国也在积极响应人民币国际化政策,并在多地开设人民币-韩币直接交易市场,扩大人民币结算领域。韩国作为中国的主要人民币资产运用地,正在努力成为人民币域外交易中枢。H公司在中国上海设立投资公司,通过现金池等方法来实行中国地区生产法人统合融资管理业务。此外,为了强化全球海外市场资金管理效率性以及监测功能,H公司已导入并开始使用GCMS。H公司利用人民币国际化政策,将公司与中国法人之间的结算方式转换为了人民币结算方式,并将人民币设置为主要储存货币,改善其外汇管理方式。H公司通过CNH实行海外代付业务,并积极推进在中国境内的直接贷款以及点心债券的发行。近期,H公司计划在上海政府实施上海FTZ金融改革的形势下,通过推进国境之间的现金池(cross-border cash pooling)与境外借款(offshore borrowing)来增强自身在海外事业当中的竞争力。
[Abstract]:This paper through the research of international finance case analysis of establishing investment companies in Chinese and Countermeasure for the internationalization of RMB to implement corporate financing management integration production area China Korea H company. Multinational capital cost can reflect the change of financial structure and risk of overseas business. Multinational enterprises to achieve international financing through a unified asset flow and debt structure. In addition, multinational enterprises through the development of capital structure is the most suitable, the maximum can through the international financial market will increase with the increase in liabilities of pure convenience, can also be through derivatives hedging of interest rate risk, exchange rate changes. To enter the overseas market enterprise financing way for the capital the loan, with the parent company, and domestic bank loans, loans with local financial institutions. Taking into account the different financing modes have their own long point The enterprise shall, to choose the most efficient way of financing according to their own situation. The currency of a country to become an international currency need to go through the three stage of internationalization. Should take into account the convenience and cost generated in the process in each stage. At the same time, currency internationalization needs the macro economy, the capital market environment, supporting the first settlement system and other Chinese. In order to realize the government is actively promoting the internationalization of the RMB, RMB internationalization policy. The RMB as an international reserve currency is soon things. In this situation, South Korea is also active in response to the policy of RMB internationalization, and the creation of RMB won direct trading market in many places, the expansion of RMB. As the main field of South Korea Chinese use of RMB assets that is trying to become the central trading company set up.H yuan foreign investment company in Shanghai China, through methods such as cash pool To implement the integration of corporate financing management business China production area. In addition, in order to strengthen the global market overseas fund management efficiency and monitoring function, H company has introduced and began to use GCMS.H's use of RMB internationalization policy, will be between the company and the Chinese legal settlement in order to convert RMB settlement, and will be set as the main reserve currency RMB. Improving the way of foreign exchange administration of.H company to implement overseas payment services through CNH, and actively promote direct loans in Chinese territory and issued bonds. Recently, H company plans to the government of Shanghai to implement the Shanghai FTZ financial reform situation, through the promotion of the border between the cash pool (cross-border cash pooling) and offshore borrowing (overseas borrowing) to enhance its competitiveness in overseas business.

【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F831.6

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