【作者】 杨凤菊；

【导师】 刘建英；

【作者基本信息】 长沙理工大学 ， 会计学， 2005， 硕士

【摘要】 入世以后,公路建设单位和其他有外汇业务或外币债务的企事业单位一样,面临着巨大的外汇风险,对于公路建设单位具体来讲就是外汇贷款的利率风险和汇率风险。公路建设单位外汇贷款期限长、金额大,且其在国内使用建设公路和未来用以还贷的车辆通行费收入均为人民币,使其在当今的汇率制度下,不可避免地面临着巨大的汇率风险。公路建设单位面临的汇率风险主要表现为交易风险,即由于外汇率波动而引起的应收资产与应付债务价值变化的风险。具体来讲主要表现在由于汇率波动使公路建设单位需要用更多的本币来偿还一定量外币的风险。同时,大量浮动利率的外汇贷款,在市场利率变幻莫测的情况下,也有遭受巨大损失的可能性。本文结合湖南省公路建设使用外汇贷款的实际情况,分析了公路建设单位进行外汇贷款风险管理的必要性和可行性。并针对汇率风险和利率风险比较分析了几种风险管理的方法,如货币互换、利率互换、外汇期权等。这几种方法均适合于长期贷款的风险管理,但各有利弊,每一种金融工具在锁定了风险的同时,也放弃了收益的机会。本文结合公路建设外汇贷款资金流的特点,在外汇贷款的提款期、还款期推荐了不同的外汇贷款风险管理方法,并分析了湖南省各别项目的贷款风险,推荐了几种风险管理方案。提出了加强人才储备、完善外汇贷款风险管理手段等建议。更多还原

【Abstract】 After entering the WTO, the construction unit of the highway is the same as other enterprises with foreign currency operation or foreign currency debts, facing the enormous exchange risk, to the construction unit of the highway particularly it is interest rate risks and exchange rate risks of the loan in foreign currency. The time limit of loan in foreign currency of construction unit of the highway is long, the amount of money is large. The units build the highway in RMB and the money to pay back to the foreign banks comes from the revenue in RMB. It makes the units face the enormous exchange rate risk unavoidably under current exchange rate system. The exchange rate risk that the construction unit of the highway faces is shown as the trade risk mainly. The risk is the change of the receivable assets’and the payable debts’value. To the construction units of the highway, it is shown to pay more money in RMB to pay back to the foreign banks. Meanwhile, a lot of loan in foreign currency in floating interest rate may suffer enormous lost in a situation that the market interest rate is changeable. This paper analyses the necessity and the feasibility of risk management of the loan in foreign currency to the construction units of highway. That is combined with the actual conditions of Hunan Province. The paper compares and analyses several kinds of risk management methods, such as monetary swap, interest swap, foreign exchange options etc.. These kinds of methods are all suitable for the risk management of the long-term loan, but every method gives up the chance of income while locking the risk. The paper recommends the different method of risk management to the different periods of cash flow. At present the risk management just starts in the construction units of highway, and it still await to strengthen again in such aspects as talents store, the methods of risk management ect..更多还原