【作者】 杨迪；

【导师】 张橹；

【作者基本信息】 上海交通大学 ， 工商管理， 2011， 硕士

【摘要】 自2005年7月与2010年6月两次汇改以来,我国逐渐形成“有管理的浮动”和“加大双边的波动幅度”的人民币汇率机制,对于广大贸易企业而言,进行汇率风险管理的实践与探索,制定有效汇率避险的方案与策略,稳定企业经营利润与贸易现金流,已成为这些企业的一项长期而又艰巨的任务。本文从贸易企业的角度,在比较和分析了目前国内各类贸易融资工具与金融衍生工具特点的基础上,探讨贸易企业如何综合运用上述各类金融工具并结合自身贸易特点与汇率走势进行汇率避险,与此同时,汇率避险是一项系统工程,提升汇率避险效果,需要各方参与主体共同配合,其中包括贸易企业自身汇率风险管理水平的提升、外部制度环境的完善、正确的汇率风险管理目标与策略等,对于国内贸易企业而言,应该在借鉴与学习成功汇率避险经验的基础上,以套期保值为为目的,并结合自身实际情况,在比较成本与收益的基础上,选择合适的风险度量工具与汇率避险工具,并构建完善的汇率风险管理决策体系。本论文通过理论分析与实例相结合的方式,并对相关的数据、图表等信息加以分析与整理,提供相应的参考意见与观点,希望能给我国贸易企业在汇率避险的实务运用中提供一定的帮助与启示。更多还原

【Abstract】 Based on the new exchange risk policy on July 2005 and June 2010, China has made a new exchange rate system such as floating exchange rate and frequent fluctuation of exchange rate. For most of the trading company, it is a long way and hard task for them to manage their foreign exchange risk, make effective method and strategy for avoiding exchange risk, stabilize profits and cash flow.From the point view of the trading company, through comparing and analyzing all kinds of trading finance tools and derivatives tools, we discuss how to use these tools to avoid exchange risk considering the company’s condition and the exchange rate change. At the same time, exchange rate avoid is a systematic project and to improve the effect of exchange rate avoid, it needs help from every parties including the improved exchange rate risk management level, the better law system and the right exchange risk management object and strategy. For the trading company, it should study the successful case about how to avoid exchange risk, choose the right financial tool to measure risk and avoid exchange risk and make a good exchange risk management decision system so as to protect its currency value on the basis of the balance between cost and revenue and the company’s condition.This essay is to provide some views and references through integrating the theory with practice and collecting and analyzing basic data, sheet. We hope it can help for those trading companies.更多还原