中国跨国公司汇率风险管理系统的构建研究

发布时间：2018-03-17 21:27

本文选题：汇率风险　切入点：中国跨国公司　出处：《华侨大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着经济的发展和改革开放的深入，我国的企业逐步走向了国际化经营的道路，跨国公司得到了进一步的发展，为我国的经济增长做出了贡献。自我国启动汇率制度改革以来，人民币的汇率形成机制更加具有弹性，人民币汇率波动加剧，给我国的跨国企业经营带来了巨大的汇率风险。汇率风险问题是我国跨国企业在成长中势必要面临和解决的问题，，其对跨国公司的战略运营、财务稳健及风险管理都有重要的影响。对我国企业汇率风险管理的研究具有重要的理论意义和现实意义。本文以我国的跨国企业为研究对象，通过对样本公司的计量分析得出了汇率风险波动对我国跨国企业的影响是显著的。阐述了我国跨国企业汇率风险管理的现状和存在的问题，提出了汇率风险管理是系统工程，从建立汇率风险预警机制、完善汇率风险管理组织层次结构及衍生品的正确使用三个方面来论述了我国跨国公司汇率风险管理系统的构建。提出了汇率风险预警机制流程、汇率风险管理流程，分析探讨了VAR法、净头寸管理在我国跨国企业汇率风险管理中的具体应用，并提出了运用财务工具来完善约束金融衍生品的正确使用，从而确保我国的跨国企业能及时、高效、稳健的进行汇率风险管理工作。最后，本文做出了进一步展望，提出了逐步放开利率市场形成机制、加快金融衍生品市场的建设及实施人民币走出去战略，更好的开展我国跨国企业的汇率风险管理工作，增加企业的国际竞争力。
[Abstract]:With the development of economy and the deepening of reform and opening up, the enterprises of our country have gradually moved to the road of internationalization management, and the multinational corporations have got further development, which has contributed to the economic growth of our country. Since China initiated the reform of the exchange rate system, the exchange rate formation mechanism of the RMB has become more flexible, and the fluctuation of the RMB exchange rate has intensified. It brings huge exchange rate risk to the management of multinational enterprises in our country. The problem of exchange rate risk is bound to be faced and solved in the growth of multinational enterprises in our country, and its strategic operation to multinational corporations. Financial stability and risk management have important influence on the study of exchange rate risk management of Chinese enterprises, which has important theoretical and practical significance. This paper takes the multinational enterprises in China as the research object. Through the econometric analysis of the sample companies, the paper draws a conclusion that the fluctuation of exchange rate risk has a remarkable effect on the multinational enterprises of our country. This paper expounds the present situation and existing problems of the exchange rate risk management of the multinational enterprises in China, and puts forward that the exchange rate risk management is a systematic engineering. This paper discusses the construction of exchange rate risk management system of multinational corporations in China from three aspects: establishing early warning mechanism of exchange rate risk, perfecting the hierarchical structure of exchange rate risk management and the correct use of derivatives, and puts forward the flow of early warning mechanism of exchange rate risk. This paper analyzes the application of VAR method and net position management in the exchange rate risk management of multinational enterprises in China, and puts forward the use of financial tools to perfect the correct use of constrained financial derivatives. In order to ensure that China's multinational enterprises can timely, efficient, robust exchange rate risk management. Finally, this paper makes a further prospect, and puts forward to gradually liberalize the interest rate market formation mechanism, accelerate the construction of financial derivatives market and implement the strategy of RMB going out, so as to better carry out the exchange rate risk management of Chinese multinational enterprises. Increase the international competitiveness of enterprises.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.7;F832.6

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