南方航空公司外汇风险管理案例研究

发布时间：2018-01-30 05:28

本文关键词： 南方航空外汇风险外汇风险管理　出处：《中国财政科学研究院》2017年硕士论文　论文类型：学位论文

【摘要】：随着中国汇率市场化进程的不断强化以及人民币加入SDR篮子的有效推进,外汇汇率变动更加频繁。同时,外汇市场环境也不断变化,国际方面,由于特朗普当政,对中国贸易政策和自身降税政策的发布,加重了中国作为重税经济体的税收竞争压力。加之其对中国不甚明朗的政治态度,中国的汇率市场变化难以有效预测。国内方面,2015年8月11日央行调整人民币汇率中间报价机制,引发人民币兑美元的大幅下降。政府强调进一步提高贸易投资便利化水平、加强外汇交易真实合法性审核、提升跨境资金流动监管水平,内外环境的变化对航空公司外汇风险管理提出更高要求。在此背景下,我国航空公司普遍遭受较大的外汇损失,航空公司外汇风险管理问题逐步引起重视。南方航空公司作为国内主要航空公司之一,2015年遭受57亿元汇兑损失,其外汇风险管理问题引起关注。本文以南方航空公司外汇风险管理作为研究对象,从外汇风险管理流程体系方面进行研究。分析南方航空公司外汇风险管理取得的成效并着重分析其存在的主要问题,为改善南方航空公司外汇风险管理提供几点对策建议。本文阐述了南方航空外汇风险管理的整体框架,结合外汇风险管理相关理论的研究,分析南方航空公司外汇风险管理存在的主要问题并提出改进意见。研究发现,南方航空公司外汇风险管理主要存在四个方面的问题,包括外汇风险预警程序不足难以有效应对内外环境的变化、外汇风险敞口过大后续应对措施不足、外汇衍生工具运用不足导致难以有效对冲外汇风险、外汇风险管理监督评价程序针对性不足。对于南方航空公司外汇风险管理存在的上述问题,本文提出几点针对性的改善建议。研究认为南方航空公司可以建立专家持续监测的外汇风险预警程序,同时可以采用包括削减外币债务、采用多样化的飞机租赁方法、境外机构区别定价等方式减少外汇风险、灵活运用外汇衍生工具对冲外汇风险、采用审计委员会引入外汇风险管理专家、增加穿行测试的方式提高外汇风险管理监督评价程序的针对性。通过不断改善外汇风险管理各个流程,相信南方航空公司能够更加有效应对当前面临的外汇风险。
[Abstract]:With the continuous strengthening of the marketization process of China's exchange rate and the effective promotion of RMB joining the SDR basket, the exchange rate changes more frequently. At the same time, the foreign exchange market environment is also constantly changing, international aspects. As a result of Trump's administration, the release of China's trade policy and its own tax cuts have increased the pressure for tax competition in China as a heavily taxed economy, as well as its uncertain political attitude towards China. China's exchange rate market change is difficult to predict effectively. On the domestic side, the central bank adjusted the RMB exchange rate intermediate quotation mechanism in August 11th 2015. The government emphasizes further improving the level of trade and investment facilitation, strengthening the verification of the true legitimacy of foreign exchange transactions, and raising the level of supervision of cross-border capital flows. Changes in the internal and external environment put forward higher requirements for foreign exchange risk management of airlines. In this context, Chinese airlines generally suffer greater foreign exchange losses. China Southern Airlines, as one of the major domestic airlines, suffered a loss of 5.7 billion yuan on 2015. The issue of foreign exchange risk management has aroused concern. This paper takes China Southern Airlines foreign exchange risk management as the research object. From the aspect of foreign exchange risk management process system, this paper analyzes the effectiveness of China Southern Airlines' foreign exchange risk management and focuses on its main problems. In order to improve China Southern Airlines foreign exchange risk management to provide several countermeasures. This paper describes the overall framework of China Southern Airlines foreign exchange risk management combined with foreign exchange risk management theory research. This paper analyzes the main problems of China Southern Airlines' foreign exchange risk management and puts forward some suggestions for improvement. It is found that there are four main problems in China Southern Airlines' foreign exchange risk management. Including insufficient forex risk warning procedures can not effectively cope with changes in the internal and external environment, foreign exchange exposure too large follow-up measures are insufficient, insufficient use of foreign exchange derivatives, it is difficult to effectively hedge foreign exchange risk. Foreign exchange risk management supervision and evaluation procedures are inadequate. For China Southern Airlines foreign exchange risk management problems. This paper puts forward several targeted suggestions for improvement. The study shows that Southern Airlines can establish a forex risk early warning procedure with continuous monitoring by experts, and at the same time, it can adopt the measures of reducing foreign currency debt. The foreign exchange risk should be reduced by using diversified aircraft leasing methods, different pricing of foreign organizations, flexible use of foreign exchange derivatives to hedge foreign exchange risks, and introduction of foreign exchange risk management experts by the audit committee. Increase the way of testing to improve the effectiveness of foreign exchange risk management monitoring and evaluation procedures. Through continuous improvement of foreign exchange risk management processes. China Southern Airlines is believed to be able to deal more effectively with current foreign exchange risks.
【学位授予单位】：中国财政科学研究院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.6

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