外贸企业规避汇率风险策略研究

发布时间：2018-06-21 19:44

本文选题：外贸企业 + 规避　；参考：《山东大学》2015年硕士论文

【摘要】：为了使汇率制度进一步与国际接轨,提高外贸企业的国际竞争力,2005年7月21日,我国对汇率进行改革,由“固定汇率、双轨汇率”向“浮动汇率”转变,由“统一管理”转向“市场调节”,由“单一盯住美元”向“参考一篮子货币”转变。汇改以来,人民币汇率形成机制更富弹性,我国外贸企业的国际竞争力和抗风险能力大大提高,外资结构和质量进一步提高,也在很大程度上提升了我国的对外开放水平。2010年6月19日,央行宣布进一步推进人民币汇率形成机制改革,增强人民币汇率弹性。加上近几年由于美国大量的财政赤字和贸易逆差,导致人民币对美元持续走高,直到2014年,人民币汇率走势出现跌宕起伏的趋势,人民币对美元汇率全年贬值0.36%。因此,汇改后人民币汇率实现了双向波动,且波动幅度明显增强,能较好的反映出市场供求状况。与此同时,在经济全球化的背景之下,人民币汇率波幅的加大使我国外贸企业面对的汇率风险也在逐步加大。近年来,受全球金融危机和美国次贷危机的影响,国际大宗商品价格波动幅度加大。再加上这些外部不利因素的影响,我国的许多外贸企业原本利润就非常薄弱。外贸企业如何积极合理的运用多元化金融组合工具来有效规避汇率风险,固定成本和利润,减少汇率波动对其产生的不利影响,并能从汇率波动过程中获益,是关系外贸企业生存与发展的一项重要课题。本文主要是在整理和总结有关外贸企业规避汇率风险的相关研究以及当前外贸企业规避汇率风险的理论依据的基础上,分析我国不同时期的汇率制度和对外贸易的发展,并比较不同的汇率制度下外贸企业汇率风险的大小,然后详细地分析了企业汇率风险对企业造成的各方面的影响以及原因,最后分别汇率风险给企业带来的三种风险入手,提出了交易风险规避策略,折算风险规避策略以及经济风险规避策略。
[Abstract]:In order to make the exchange rate system more in line with the international standards and improve the international competitiveness of foreign trade enterprises, on July 21, 2005, our country reformed the exchange rate from "fixed exchange rate, two-track exchange rate" to "floating exchange rate". From "unified management" to "market regulation", from "single peg to the dollar" to "reference basket of currencies." Since the exchange rate reform, the RMB exchange rate formation mechanism has become more flexible, the international competitiveness and risk resistance of China's foreign trade enterprises have been greatly improved, and the structure and quality of foreign investment have been further improved. On June 19, 2010, the central bank announced further reform of the RMB exchange rate formation mechanism to enhance the RMB exchange rate flexibility. Plus, the yuan has continued to rise against the dollar in recent years as a result of large U.S. fiscal and trade deficits, until 2014, when the yuan fell by 0.36 per cent against the dollar. Therefore, after the exchange rate reform, the RMB exchange rate has realized the two-way fluctuation, and the fluctuation range is obviously enhanced, which can better reflect the market supply and demand situation. At the same time, under the background of economic globalization, the exchange rate risks faced by foreign trade enterprises in China are gradually increasing. In recent years, affected by the global financial crisis and the subprime mortgage crisis in the United States, the volatility of international commodity prices has increased. Coupled with these external adverse factors, many foreign trade enterprises in our country profit is very weak. How do foreign trade enterprises actively and reasonably use diversified financial portfolio tools to effectively avoid exchange rate risk, fixed costs and profits, reduce the adverse impact of exchange rate fluctuations on them, and can benefit from exchange rate fluctuations. It is an important subject related to the survival and development of foreign trade enterprises. This paper mainly analyzes the exchange rate system and the development of foreign trade in China in different periods on the basis of sorting out and summarizing the relevant research on foreign trade enterprises' evasion of exchange rate risk and the theoretical basis of foreign trade enterprises' evasion of exchange rate risk at present. And compare the exchange rate risk of foreign trade enterprises under different exchange rate system, and then analyze the influence of exchange rate risk on enterprises in detail and the reasons, finally, start with three kinds of risk that exchange rate risk brings to enterprises. The strategies of transaction risk aversion, commutation risk aversion and economic risk aversion are put forward.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.6

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