我国制造业企业外汇风险管理的实证研究

发布时间：2018-04-29 01:38

本文选题：风险管理 + 外汇风险　；参考：《东北师范大学》2012年硕士论文

【摘要】：本文以我国制造业企业为样本，用实证的方法度量企业外汇风险暴露并试图找出影响企业外汇风险的因素，有针对性地对我国制造业企业提出外汇风险管理建议。随着我国经济越来越开放，我国企业的进出口额也飞速增长，制造业作为我国进出口贸易中的主力军，占据着重要的位置。汇改后，由于人民币弹性增强，，人民币汇率波动幅度和变动频率显著加大、加快，导致制造业企业不可避免地面临越来越大的外汇风险。近年来，如何规避外汇风险以降低汇率波动对企业的影响受到越来越多学者的关注。本文将首先对国内外外汇风险的研究进行梳理总结，然后分别对风险和外汇风险的相关理论进行陈述介绍，综合前人文献和理论提出本文的三个假设。在实证部分，本文首先根据我国2010年进出口贸易数据选出我国主要贸易伙伴，并对其货币的汇率进行因子分析；然后根据因子分析结果，选择出测量样本企业外汇风险暴露的自变量，进行外汇风险暴露的度量，根据本文实证研究结果，我国制造业企业存在外汇风险暴露的比例在10%-30%之间；最后再对影响制造业企业外汇风险暴露的因素进行回归分析。本文试图通过这个方法找到影响我国制造业企业外汇风险暴露的主要因素并提出有针对性的外汇风险管理建议。
[Abstract]:This paper takes the manufacturing enterprises of our country as the sample, measures the foreign exchange risk exposure of the enterprises by the empirical method, and tries to find out the factors that affect the foreign exchange risk of the enterprises, and puts forward some suggestions for the foreign exchange risk management of the manufacturing enterprises of our country. With the opening up of our country's economy, the import and export volume of our country's enterprises is increasing rapidly. As the main force of our country's import and export trade, the manufacturing industry occupies an important position. After the exchange rate reform, due to the increase of RMB elasticity, the fluctuation range and frequency of RMB exchange rate increased significantly, which accelerated, leading manufacturing enterprises inevitably to face more and more foreign exchange risks. In recent years, more and more scholars pay attention to how to avoid foreign exchange risk in order to reduce the impact of exchange rate fluctuations on enterprises. In this paper, the research on foreign exchange risk at home and abroad is firstly summarized, then the related theories of risk and foreign exchange risk are introduced, and the three hypotheses of this paper are put forward based on previous literatures and theories. In the empirical part, this paper firstly selects our main trading partners according to the import and export trade data of our country in 2010, and carries on the factor analysis to its currency exchange rate, then according to the factor analysis result, According to the empirical results of this paper, the proportion of foreign exchange risk exposure in manufacturing enterprises in China is between 10% and 30%. Finally, the factors affecting foreign exchange risk exposure of manufacturing enterprises are analyzed by regression analysis. This paper tries to find out the main factors that affect the foreign exchange risk exposure of manufacturing enterprises in China by this method, and puts forward some pertinent suggestions for foreign exchange risk management.
【学位授予单位】：东北师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F424;F832.6;F224

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