我国企业海外并购汇率风险管理方式研究

发布时间：2018-03-31 23:39

本文选题：海外并购　切入点：汇率风险　出处：《北京交通大学》2017年硕士论文

【摘要】：随着我国汇率市场化、人民币国际化进程的不断推进,汇率风险对我国企业海外并购的影响也不断加深,导致汇率风险管理在海外并购中地位也随之提升。此前,国内外学者对海外并购汇率风险管理的相关研究集中于模型实证检验,同时研究的方向也主要集中于运用金融衍生工具套期保值,定性分析中主要将海外并购过程中的汇率风险作为财务风险其中一个分支加以研究。因此,本文在国内外相关研究的基础上,对海外并购中汇率风险管理方式的形成机理进行研究,是对已有研究内容的补充。本文首先对海外并购汇率风险进行判别,并对其成因、时点进行分析,进而从货币因素和时间因素两个角度,选取远期汇率的预期、并购支付现金对价金额以及并购用时这三个指标说明我国企业海外并购汇率风险管理方式的选择机制,最后根据风险管理以及项目生命周期理论,结合案例,详细地分析了海外并购不同阶段中汇率风险的管理方式的优劣势、适用性等特点。经过上述分析,本文最终得出以下结论:(1)我国企业海外并购汇率风险管理方式具有显著的阶段性特征,可以按照不同阶段划分为事前汇率风险管理方式和事后汇率风险管理方式。(2)事前汇率风险管理方式风险管理措施的选择上主要为合理设计并购方案,包括内保外贷、跨境换股等;事后汇率风险管理方式在风险管理措施的选择上以金融衍生工具为主。(3)在整个海外并购过程中,我国企业对远期汇率的预期、并购支付现金对价的金额以及并购用时宏观因素会影响我国企业对汇率风险的识别,最终影响汇率风险管理方式选择。其中,并购支付现金对价的金额越高的企业,以及并购用时越长的企业,会更多的采用事前汇率风险管理方式。
[Abstract]:With the marketization of China's exchange rate and the continuous advancement of the RMB internationalization process, the impact of exchange rate risk on overseas M & A of Chinese enterprises is also deepening, resulting in the rising status of exchange rate risk management in overseas mergers and acquisitions. The research on foreign M & A exchange rate risk management is focused on the empirical model, and the direction of the research is also focused on the use of financial derivatives hedging. In the qualitative analysis, the exchange rate risk in the process of overseas M & A is mainly studied as a branch of financial risk. The research on the formation mechanism of exchange rate risk management in overseas M & A is a supplement to the existing research content. Firstly, this paper discriminates the exchange rate risk of overseas M & A, and analyzes its causes and time points. Then from the monetary factor and the time factor angle, selects the forward exchange rate expectation, the M & A payment cash value and the merger time these three indexes explains our country enterprise overseas M A exchange rate risk management mode choice mechanism. Finally, according to risk management and project life cycle theory, combined with cases, the advantages and disadvantages and applicability of exchange rate risk management in different stages of overseas M & A are analyzed in detail. Finally, this paper draws the following conclusion: (1) the exchange rate risk management mode of overseas M & A of Chinese enterprises has significant stage characteristics. According to different stages, it can be divided into ex ante exchange rate risk management mode and ex post exchange rate risk management mode. Cross-border stock exchange rate exchange rate management mode of risk management is mainly financial derivatives in the choice of risk management measures.) in the whole process of overseas M & A, Chinese enterprises expect forward exchange rate. The amount of cash paid by M & A and macroscopical factors of the time of M & A will affect the identification of exchange rate risk and the choice of the management mode of exchange rate risk, among which, the higher the amount of cash paid by M & A is, the higher the value of M & A will be. And the longer the M & A, the more use of prior exchange rate risk management.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F279.2;F832.6

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