我国外贸企业汇率风险对冲策略应用研究
发布时间：2018-11-10 22:34
【摘要】：中国政府积极推动经济加入全球分工并扮演有利角色，，人民币国际化、利率市场化进程加快，当前外贸企业在适应全球大市场化的趋势中面临困境。本文以全球化的视野，从分析人民币汇率形成机制改革进程中的汇率环境以及信贷市场环境为出发点，对2005年汇改以来的汇率、利率和宏观经济数据进行分析，研究外贸企业如何应用汇率、利率工具来制定汇率风险对冲策略。通过理论联系实际案例，研究结果显示，及时适合的汇率风险对冲策略对于外贸企业的经营成果将产生积极的影响。 本文从风险因素角度研究不同类型企业适合的应对汇率风险的对冲策略，提供无风险套利、套期保值、趋势投机多种组合的金融性风险对冲策略应用；建议建立境外平台、研究跨境贸易融资协同的路径和方法，利用境外信贷市场来改善资产负债表、优化负债和资产结构，降低融资成本、提高融资便利和资金链安全的运营性风险对冲组合。选择珠三角、长三角典型的外资贸易加工企业和民营外贸企业作为研究案例，详尽分析在现有汇率和信贷环境下的汇率风险对冲策略应用，提供具普遍参考价值的案例样本。
[Abstract]:The Chinese government actively promotes the economy to join the global division of labor and play a favorable role, RMB internationalization, interest rate marketization process accelerated, the current foreign trade enterprises are facing difficulties in adapting to the trend of global marketization. From the perspective of globalization, this paper analyzes the exchange rate, interest rate and macroeconomic data since the exchange rate reform in 2005, starting from the analysis of the exchange rate environment and the credit market environment in the course of the reform of the RMB exchange rate formation mechanism. This paper studies how to use exchange rate and interest rate tools in foreign trade enterprises to formulate hedging strategies for exchange rate risk. Through theoretical and practical cases, the research results show that timely and suitable hedging strategy of exchange rate risk will have a positive impact on the business results of foreign trade enterprises. From the perspective of risk factors, this paper studies the appropriate hedging strategies for different types of enterprises to deal with exchange rate risk, providing risk-free arbitrage, hedging, trend speculation of multiple combinations of financial risk hedging strategy application; It is suggested to establish an overseas platform to study the ways and methods of cross-border trade financing synergy, to use offshore credit markets to improve balance sheets, optimize liabilities and asset structures, and reduce financing costs. Improve financing facilities and financial chain safety of operational risk hedging portfolio. This paper chooses the typical foreign trade processing enterprises and private foreign trade enterprises in the Pearl River Delta and Yangtze River Delta as research cases, and analyzes the application of exchange rate risk hedging strategy under the existing exchange rate and credit environment in detail, and provides a sample of cases with universal reference value.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.6;F752
本文编号：2323745
[Abstract]:The Chinese government actively promotes the economy to join the global division of labor and play a favorable role, RMB internationalization, interest rate marketization process accelerated, the current foreign trade enterprises are facing difficulties in adapting to the trend of global marketization. From the perspective of globalization, this paper analyzes the exchange rate, interest rate and macroeconomic data since the exchange rate reform in 2005, starting from the analysis of the exchange rate environment and the credit market environment in the course of the reform of the RMB exchange rate formation mechanism. This paper studies how to use exchange rate and interest rate tools in foreign trade enterprises to formulate hedging strategies for exchange rate risk. Through theoretical and practical cases, the research results show that timely and suitable hedging strategy of exchange rate risk will have a positive impact on the business results of foreign trade enterprises. From the perspective of risk factors, this paper studies the appropriate hedging strategies for different types of enterprises to deal with exchange rate risk, providing risk-free arbitrage, hedging, trend speculation of multiple combinations of financial risk hedging strategy application; It is suggested to establish an overseas platform to study the ways and methods of cross-border trade financing synergy, to use offshore credit markets to improve balance sheets, optimize liabilities and asset structures, and reduce financing costs. Improve financing facilities and financial chain safety of operational risk hedging portfolio. This paper chooses the typical foreign trade processing enterprises and private foreign trade enterprises in the Pearl River Delta and Yangtze River Delta as research cases, and analyzes the application of exchange rate risk hedging strategy under the existing exchange rate and credit environment in detail, and provides a sample of cases with universal reference value.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.6;F752
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