利率类、外汇类衍生工具在企业理财中的运用研究

发布时间：2018-01-09 03:05

本文关键词：利率类、外汇类衍生工具在企业理财中的运用研究　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：自20世纪70年代布雷顿森林货币体系瓦解、衍生金融工具诞生以来,衍生金融工具蓬勃发展,衍生金融工具创新主导现代金融市场的发展。随着衍生金融工具的发展与普及,它为企业提供了更丰富更高效的理财工具,正在悄然改变企业的理财环境和理财方式。衍生金融工具对企业而言具有强大的理财功能,但同时我们也应认识到其高杠杆性导致其本身就蕴含着巨大的风险。我国企业该如何科学地运用外汇类、利率类衍生工具并有效地控制衍生金融工具交易的风险,是本文讨论的主要内容。本文首先介绍了国际会计准则委员会(IASC)、美国会计准则委员会(FASB)以及我国财政部对衍生金融工具内涵的界定,在此基础上分析了衍生金融工具的两大功能——风险对冲与价格发现,并介绍了衍生金融工具的历史制度变迁及衍生金融工具在我国的发展。接着分别详细论述了外汇类衍生工具、利率类衍生工具在我国企业理财中的运用。外汇类衍生工具主要包括远期外汇协议、外汇期货、外汇期权、货币互换等品种。这些外汇衍生工具可被企业运用来进行汇率风险管理、降低筹资成本、拓宽筹资渠道等。在汇率风险管理中主要有以下应用情景：在国际金融市场上进行筹资活动时的债务管理；在进行国际投资时的投资管理：外汇应收应付账款的管理。利率类衍生工具的主要品种包括远期利率协议、利率期货、利率期权、利率互换等。利率衍生工具主要用于规避利率风险。具体而言：企业可选择使用利率远期、利率期货、利率期权或交叉使用这些工具来防范利率风险、锁定融资成本；企业还可利用融资的比较优势通过利率互换降低来融资成本。最后,本文分析了衍生金融工具的六大类风险——市场风险、信用风险、流动性风险、操作风险、交易对手风险、法律风险,并从内部控制层面提出针对衍生金融工具六大类风险的控制策略与防范措施。本文探讨外汇类、利率类衍生工具在企业理财中的运用,期望给我国企业以借签意义,有助于企业在更大范围内更高效地利用外汇类、利率类衍生工具的理财功能。另一方面,本文通过深入的论述,对衍生金融工具各种风险的估量策略、管理和控制手段进行研究,有助于企业对衍生金融工具风险进行有效的管理。
[Abstract]:Since 1970s, the collapse of the Bretton Woods monetary system, financial derivatives since the birth of the vigorous development of derivative financial instruments, derivative financial instruments leading innovation and development of modern financial market. With the development of financial derivatives and popularization, it provides enterprises with a richer and more efficient management tools, is quietly changing the financing environment of enterprises and financial management. With a strong financial function for enterprise financial derivatives, but at the same time, we should also be aware of its high leverage in itself contains a huge risk. The enterprises of our country how to scientifically use of foreign exchange, interest rate risk derivatives and effective control of financial derivatives trading, is the main content of this paper.
This paper first introduces the International Accounting Standards Committee (IASC), the financial accounting standards board (FASB), China's Ministry of Finance on financial derivatives connotation, on the basis of analysis of the two functions of financial derivatives, risk hedging and price discovery, and introduces the history of institutional change of financial derivatives and financial derivatives the tool in the development of our country.
Then it discusses the foreign exchange derivative tools, the use of interest rate derivatives in our class enterprise finance. Foreign exchange derivative instruments include forward exchange agreement, foreign exchange futures, foreign exchange options, currency swaps and other varieties. These foreign exchange derivatives can be used to carry out the enterprise exchange rate risk management, reduce the cost of financing, expand financing channels. In the management of exchange rate risk mainly has the following scenarios: debt management of financing activities in the international financial market when; investment management in International Investment: foreign exchange accounts payable management.
The main varieties of interest rate derivatives include forward rate agreements, interest rate futures, interest rate options, interest rate swaps and other derivatives. The interest rate is mainly used to avoid interest rate risk. Specifically, enterprises can choose to use long-term interest rates, interest rate futures, interest rate options or cross use these tools to prevent interest rate risk, the cost of financing enterprises can also be locked; using the comparative advantage of financing through interest rate swaps to reduce financing costs.
Finally, this paper analyzes the six kinds of risks: market risk, credit risk of financial derivatives, liquidity risk, operational risk, counterparty risk, legal risk, and from the internal control level proposed control strategy for financial derivatives six types of risk and prevention measures.
This paper discusses the foreign exchange, interest rate derivatives used in the enterprise financing, expectations for the enterprises of our country with reference significance, will help enterprises in a wider range and more efficient use of foreign exchange, interest rate derivatives financial functions. On the other hand, through in-depth discussion on strategy measure all kinds of derivative financial instrument risk, management and control method research, help enterprises to effectively manage the risks of derivative financial instruments.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.5

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