我国进出口企业外汇衍生品选择策略研究

发布时间：2018-05-11 02:32

本文选题：进出口企业 + 外汇衍生品　；参考：《浙江大学》2017年硕士论文

【摘要】：随着我国汇率改革的不断深入,汇率形成机制的进一步市场化,汇率的双边浮动更有可能成为汇率走势的一个常态。在越来越复杂的汇率波动环境中,如何利用外汇衍生品进行有效的汇率风险管理,减少不确定性,同时又能够保持相对稳定的收益,提升企业的价值,成为越来越多企业所关心的问题。外汇衍生产品丰富,主要包括外汇远期、外汇掉期、外汇期权,每一类产品都有其特点与适用情况,可以单独使用,可以组合使用,对应用企业自身的要求不高,办理流程比较简便。企业可以根据自身的不同情况,配置不同的产品,也可以与贸易融资产品或存款类产品组合使用,应用范围非常广泛。本文在梳理国内外对外汇衍生品相关研究的基础上,展开对外汇衍生品选择策略的理论分析,找出企业对外汇衍生品进行选择的动因,以及选择策略的目标、效果等,并通过实际的案例研究对企业所应用的外汇衍生品进行回顾分析和进一步的延伸选择分析,得出结论,在实践中为进出口企业如何利用外汇衍生品,并通过外汇衍生品交易规避风险、套期保值、提高收益等方面提供相关建议。
[Abstract]:With the deepening of China's exchange rate reform and the further marketization of the exchange rate formation mechanism, the bilateral floating of the exchange rate is more likely to become a normal trend of the exchange rate. In the increasingly complex exchange rate fluctuation environment, how to use foreign exchange derivatives for effective exchange rate risk management, reduce uncertainty, and at the same time maintain relatively stable returns, enhance the value of enterprises, More and more enterprises are concerned about it. Foreign exchange derivatives are abundant, mainly including foreign exchange forward, foreign exchange swaps, foreign exchange options, each kind of product has its own characteristics and applicable conditions, can be used separately, can be combined, the application of the enterprise itself is not high requirements, The process is relatively simple. Enterprises can configure different products according to their own conditions, or they can be used in combination with trade financing products or deposit products. On the basis of combing the related research on foreign exchange derivatives at home and abroad, this paper analyzes the selection strategy of foreign exchange derivatives, and finds out the reasons for enterprises to choose foreign exchange derivatives, as well as the objectives and effects of the selection strategies. And through the actual case study of the foreign exchange derivatives used by enterprises to review the analysis and further extension analysis, draw a conclusion, in practice for the import and export enterprises how to use foreign exchange derivatives, And through foreign exchange derivatives to avoid risk, hedging, improve returns and other aspects to provide relevant advice.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.6

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