汇率波动下企业外币资产风险管理研究——以中兴通讯为例
发布时间：2018-07-18 15:31
【摘要】：本文以中兴通讯为例,采用案例研究对企业外币资产的汇率风险管理展开研究。研究发现,受人民币升值的影响,中兴通讯的境外销售收入占比呈现下降趋势,但整体比重依然在50%以上,同时约有三分之二以上的外币净资产,表明中兴通讯具有较高的经营风险与外币折算风险。由于中兴通讯没有很好地利用经营对冲、金融对冲以及外币债务来有效管理汇率波动带来的风险,使得近年来产生了较大汇兑损失。研究结论表明,在面临汇率波动风险时,企业应合理利用对冲工具及外币债务来管理企业汇率风险,以减少可能产生的汇兑损失。
[Abstract]:Taking ZTE as an example, this paper uses case study to study the exchange rate risk management of foreign currency assets. The study found that due to the appreciation of the RMB, the proportion of overseas sales revenue of ZTE shows a downward trend, but the overall proportion is still more than 50%, and at the same time there are about 2/3 foreign currency net assets. It shows that ZTE has higher operating risk and foreign currency conversion risk. Because ZTE does not make good use of business hedging, financial hedging and foreign currency debt to effectively manage the risk of exchange rate fluctuations, in recent years, there has been a large exchange loss. The conclusion shows that in the face of exchange rate fluctuation risk, enterprises should use hedging tools and foreign currency debt to manage the exchange rate risk, so as to reduce the possible exchange loss.
【作者单位】： 武汉大学经济与管理学院;武汉市武昌区国有资产监督管理办公室;暨南大学管理学院;
【分类号】：F832.6;F426.63
[Abstract]:Taking ZTE as an example, this paper uses case study to study the exchange rate risk management of foreign currency assets. The study found that due to the appreciation of the RMB, the proportion of overseas sales revenue of ZTE shows a downward trend, but the overall proportion is still more than 50%, and at the same time there are about 2/3 foreign currency net assets. It shows that ZTE has higher operating risk and foreign currency conversion risk. Because ZTE does not make good use of business hedging, financial hedging and foreign currency debt to effectively manage the risk of exchange rate fluctuations, in recent years, there has been a large exchange loss. The conclusion shows that in the face of exchange rate fluctuation risk, enterprises should use hedging tools and foreign currency debt to manage the exchange rate risk, so as to reduce the possible exchange loss.
【作者单位】： 武汉大学经济与管理学院;武汉市武昌区国有资产监督管理办公室;暨南大学管理学院;
【分类号】：F832.6;F426.63
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