浅析人民币汇率变化对华纺国际贸易有限公司的影响
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摘要
在人民币汇率波动日趋频繁和剧烈的大背景下,进出口企业如何对外汇风险进行识别和防范成为了一个十分现实和重要的课题。当前中国企业外汇风险管理方面的理论和实务尚未成熟,随着人民币汇率市场化进程的不断推进,寻求稳健经营的中国企业对如何正确管理外汇风险存在极大的需求。本文通过对华纺国际贸易有限公司进出口业务中面对的外汇风险,参考国际、国内优秀企业外汇风险管理的良好经验和先进方法,分析该企业目前外汇风险管理中的优点和不足,提出了在公司内部运用套期保值工具锁定未来现金流、有效发挥现有体系的控制作用、细化现有体系的操作流程、制定详细的外汇风险管理制度等四个方面的措施;加强与公司外部的沟通协作能使华纺国贸的外汇风险管理事半功倍,主要可以与行业上下游协商、与相关合作银行配合、与政府部门沟通等。改进华纺国贸在外汇风险管理工作上的思考和建议可供众多中小进出口企业借鉴。
In the background of more frequently and intensively fluctuation of RMB exchange rate, how to recognize and prevent the exchange risk becomes a very important and realistic issue for import and export enterprises. Chinese enterprises' current exchange risk management theory and practice is not yet mature. With the on-going marketing progress of RMB exchange rate, there are great demands for Chinese enterprises who seek stable operation to manage the exchange risk. Through summarizing the exchange risk in the import and export business of China Textile International Trading Co. and referencing the advanced theory and good experience in the exchange risk management for the international and domestic corporations, this paper analyzes the advantages and disadvantages in the exchange risk management of CTITC. There are four suitable ways to improve the internal exchange risk management: using hedging tools to lock up the future cash flows, making the controllability of the existing management system more effective, detailing the working processes of the system, and formulating the exchange risk management system in detail. The effectiveness of CTITC’s exchange risk management can be doubled by strengthening the connections with external parties like suppliers, customers, related banks and government departments. Many SMEs shall take examples from the thoughts and advice in improving the exchange risk management of CTITC.
In the background of more frequently and intensively fluctuation of RMB exchange rate, how to recognize and prevent the exchange risk becomes a very important and realistic issue for import and export enterprises. Chinese enterprises' current exchange risk management theory and practice is not yet mature. With the on-going marketing progress of RMB exchange rate, there are great demands for Chinese enterprises who seek stable operation to manage the exchange risk. Through summarizing the exchange risk in the import and export business of China Textile International Trading Co. and referencing the advanced theory and good experience in the exchange risk management for the international and domestic corporations, this paper analyzes the advantages and disadvantages in the exchange risk management of CTITC. There are four suitable ways to improve the internal exchange risk management: using hedging tools to lock up the future cash flows, making the controllability of the existing management system more effective, detailing the working processes of the system, and formulating the exchange risk management system in detail. The effectiveness of CTITC’s exchange risk management can be doubled by strengthening the connections with external parties like suppliers, customers, related banks and government departments. Many SMEs shall take examples from the thoughts and advice in improving the exchange risk management of CTITC.
引文
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[19]吴雪飞.汇改后外贸企业面临的汇率风险及防范措施[J].和田师范专科学校学报,2010,29(5):23-24.
[20]李雯鸽.试论国际贸易中汇率风险的规避[J].商场现代化,2010(8):9-10.
[21]黄海源.汇率波动对我国纺织服装业出口影响的实证分析[J].区域金融研究,2010(7):78-81.
[22]马丽.规避汇率风险的两把利剑[J].首席财务官,2010(6):58-59.
[23]罗佳.汇率风险下的企业理财[J].进出口经理人,2010(5):56.
[24]胡大江,任玉珑,陈学梅,等.企业国际贸易汇率风险管理研究[J].现代管理科学,2010(4):71-73.
[25]曹爱民.浅析企业汇率风险控制[J].中国总会计师,2010(1):138-140.
[26]沈奕.人民币升值对我国外贸影响的思考[J].合作经济与科技,2007(10):8-9.
[27]任再萍,赵自兵.汇率波动的企业影响理论综述[J].财贸研究,2010(1):84-88.
[28]孙俊玲,杨映芬.企业构建汇率风险防范体系之我见——以国际工程承包企业为例[J].昆明冶金高等专科学校学报,2010,26(2):82-84.
[2] B?JRN D. Hedging and invoicing strategies to reduce exchange rate explosure: a euro-area perspective[M]. Brussels: European Commission, Directorate-General for Economic and Financial Affairs, 2008.
[3] INGO F. Financial derivatives and monetary policy transmission[M]. Rheinische Friedrich-Wilhelms-Universit?t Bonn, 2000.
[4] CRAIG B, MARTIN E, SéRGIO R. Hedging and financial fragility in fixed exchange rate regimes[M]. London: National Bureau of Economic Research, 1999.
[5] REID W C, JOSHUA D C. The theory and practice of international financial management[M]. Upper Saddle River, NJ: Prentice Hall, 2002.
[6]林峰.汇率风险下的出口与对冲策略[J].江苏科技信息,2011(3):89-90.
[7]苗晋峰.人民币浮动汇率制度下企业出口交易的汇率风险规避[J].科技情报开发与经济》,2007,17(24):170-171.
[8]任永广,刘巍.人民币汇率改革下企业如何规避汇率风险[J].商业经济,2008(9):70-71.
[9]李莉,陈雁.服装出口汇率风险的分析与规避[J].丝绸,2010(6):60-63.
[10]王英姿.中小企业汇率风险的识别及其防范探讨[J].常熟理工学院学报,2010(5):38-42.
[11]王国亮.我国汇率机制改革与外贸企业汇率风险的规避[J].河南师范大学学报(哲学社会科学版),2005,32(6):66-68.
[12]王海欧.人民币升值对我国纺织出口企业的影响及对策探讨[J].黑龙江对外经贸,2008(9):16-18.
[13]姜春兰.利用远期外汇交易规避汇率风险的操作方法[J].会计之友,2010(10下):98-99.
[14]杨东.国有企业金融风险及防范措施[J].经营管理者,2010(20):18.
[15]陈云兰.国际结算中外汇风险的防范[J].中国经贸导刊,2010(19):50.
[16]李璨,郑歆.人民币升值对中国中小企业的影响[J].中国商贸,2010(19):196-197.
[17]刘思跃,杨丹.汇率变动、外汇风险暴露与上市公司价值——基于制造业行业的实证分析[J].证券市场导报,2010(10):46-51.
[18]赵智锋,王进.新形势下外贸企业规避汇率风险的对策分析[J].对外经贸实务,2010(10):93-95.
[19]吴雪飞.汇改后外贸企业面临的汇率风险及防范措施[J].和田师范专科学校学报,2010,29(5):23-24.
[20]李雯鸽.试论国际贸易中汇率风险的规避[J].商场现代化,2010(8):9-10.
[21]黄海源.汇率波动对我国纺织服装业出口影响的实证分析[J].区域金融研究,2010(7):78-81.
[22]马丽.规避汇率风险的两把利剑[J].首席财务官,2010(6):58-59.
[23]罗佳.汇率风险下的企业理财[J].进出口经理人,2010(5):56.
[24]胡大江,任玉珑,陈学梅,等.企业国际贸易汇率风险管理研究[J].现代管理科学,2010(4):71-73.
[25]曹爱民.浅析企业汇率风险控制[J].中国总会计师,2010(1):138-140.
[26]沈奕.人民币升值对我国外贸影响的思考[J].合作经济与科技,2007(10):8-9.
[27]任再萍,赵自兵.汇率波动的企业影响理论综述[J].财贸研究,2010(1):84-88.
[28]孙俊玲,杨映芬.企业构建汇率风险防范体系之我见——以国际工程承包企业为例[J].昆明冶金高等专科学校学报,2010,26(2):82-84.