汇兑损益对我国境内上市公司利润的影响研究

发布时间：2018-04-26 01:00

本文选题：汇兑损益 + 财务费用　；参考：《湖南大学》2012年硕士论文

【摘要】：经过三次人民币汇率形成机制改革，特别是2005年7月21日第二次汇率改革之后，人民币汇率持续上升，汇率波动幅度持续扩大，对涉外上市公司的汇兑损益产生了较大的影响，其中，受益于人民币升值的上市公司主要集中于外汇负债型、原材料进口型行业，而受损于人民币升值的上市公司主要集中于产品出口型和金融服务型行业。近年来，，相关上市公司年报中披露的汇兑损益占财务费用的比例呈现上升趋势，并对上市公司的利润产生了一定的影响，也引发了针对跨境贸易采用人民币结算的讨论。在此背景下，本文依托汇率波动理论和跨境贸易结算货币选择理论，在实证分析汇兑损益对上市公司利润的整体影响的基础上，选取代表性上市公司，考量不同行业汇兑损益对利润影响程度的差别，以期从行业差分的角度综合分析汇兑损益对我国上市公司利润的影响，并探讨了我国推行跨境贸易人民币结算的效应，最后提出减小汇兑损益对我国上市公司利润影响的政策建议。本文通过研究2005年至2011年间包括石化、航空、电力、钢铁、有色金属、金融、医药等重点行业的50家上市公司的年报数据，认为上市公司的汇兑损益与其净利润呈正相关关系，不同行业上市公司的贝塔值差异明显，汇兑损益对其利润的影响表现出不同的特点，且推行跨境贸易人民币结算对宏观面和上市公司自身将同时产生积极和消极影响。最后，本文提出应从依势确定合理经营目标、积极运用金融衍生工具、稳步推进人民币汇率形成机制改革、有效推动跨境贸易人民币结算和加快建立人民币离岸金融市场等方面着手引导企业规避汇率风险，降低汇兑损益对利润的影响，提高上市公司利润，提升我国上市公司国际地位和影响力。
[Abstract]:After three times of reform of RMB exchange rate formation mechanism, especially after the second exchange rate reform on July 21, 2005, the RMB exchange rate continues to rise and the exchange rate fluctuation continues to expand, which has had a great impact on the exchange gains and losses of foreign listed companies. Among them, the listed companies that benefit from RMB appreciation mainly focus on foreign exchange debt type, raw materials into the oral industry, while the listed companies that suffer from RMB appreciation mainly focus on product export and financial service industries. In recent years, the proportion of foreign exchange gains and losses to financial expenses disclosed in the annual report of related listed companies has shown an upward trend, which has had a certain impact on the profits of listed companies, and has also led to the discussion on the adoption of RMB settlement for cross-border trade. Under this background, based on the theory of exchange rate fluctuation and the theory of currency choice in cross-border trade settlement, based on the empirical analysis of the overall impact of foreign exchange gains and losses on the profits of listed companies, this paper selects representative listed companies. Considering the differences in the influence of exchange gains and losses on profits in different industries, with a view to synthetically analyzing the impact of foreign exchange gains and losses on the profits of listed companies in China from the perspective of industry difference, and discussing the effects of RMB settlement of cross-border trade in China. Finally, the paper puts forward some policy suggestions to reduce the influence of exchange gains and losses on the profits of listed companies in China. By studying the annual report data of 50 listed companies from 2005 to 2011, including petrochemical, aviation, electric power, steel, non-ferrous metals, finance, medicine and other key industries, this paper concludes that the exchange gains and losses of listed companies are positively correlated with their net profits. The Beta value of listed companies in different industries is obviously different, the influence of exchange gains and losses on their profits is different, and the introduction of cross-border trade RMB settlement will have both positive and negative effects on macro and listed companies themselves. Finally, this paper puts forward that the reform of RMB exchange rate formation mechanism should be carried out steadily by using financial derivatives. Effectively promoting cross-border trade RMB settlement and speeding up the establishment of an offshore financial market for RMB, and so on, to guide enterprises to avoid exchange rate risks, reduce the impact of foreign exchange gains and losses on profits, and increase the profits of listed companies. To enhance the international status and influence of listed companies in China.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275.4;F832.51

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