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论文编号：	3437
作者编号：	2220090736
上传时间：	2011/6/12 21:58:15
中文题目：	汇率制度改革背景下制造型企业外汇风险管控
英文题目：	The Exchange Rate Risk Management of Manufacturing Companies under the Current Exchange Rate Institute Innovation Backgrounds
指导老师：	陆宇建
中文关键字：	汇率制度、外汇风险、风险管理、制造型企业
英文关键字：	exchange rate institution, exchange risk, risk management, manufacturing companies
中文摘要：	自2005年7月21日起，中国开始实行以市场供求为基础，参考一篮子货币进行调整，有管理的浮动汇率制度。这标志着我国进入了浮动汇率制度时代，如何规避外汇波动给企业，特别是制造型企业带来的各种风险，已经成为一个非常现实的问题。 本文主要研究企业价值如何受人民币汇率波动的影响，以期丰富外汇风险管理的方法，并为企业风险管理提供相关参考和建议。文章首先介绍了财务风险，进而引出外汇风险并指出外汇风险的形成和分类。同时，在企业风险管控理论的基础上，阐明了企业外汇风险存在的原因并介绍了目前我国企业外汇风险管理过程中所存在的问题和管理的现状，指出企业管理层忽视外汇风险，是我国企业长期以来外汇风险管理缺失的主要原因，同时提出了解决办法建议。目前，在我国出口企业普遍缺少产品议价权的情况下，通过贸易手段进行外汇风险管理的效果有限，这就要求以银行业为主导的金融机构，将成为规避外汇风险产品的提供者。本文以天津光电通信技术有限公司为案例，研究企业在各种贸易同时存在时，是如何规避外汇风险波动的。案例一阐述了案例企业面临美元、日元两种货币的汇率风险时，企业应用结构性产品，不仅规避了出口积累的不断贬值的美元，同时也解决了日元存款利息率太低的尴尬局面，可以说是一次非常成功的汇率风险管控。案例二从结果上讲并不成功，但是它所蕴含的规避风险的理念和措施是正确的。本文提出这个看似失败的案例意图说明，制造型企业不同于金融性企业，汇率风险管控措施要依赖于企业的采购、生产、售后等环节来制定。任何环节出了问题，都将导致不成功的风险管理。 论文认为，中国企业需要立足以价值为基础、价值最大化为目标的企业价值管理，强化外汇风险管理意识，重视人民币汇率波动的影响。同时，企业更有必要建立有效的外汇风险管理机制，关注人民币汇率波动，减少经营中的不确定性，使之能在复杂的国际环境中更好地实现企业价值最大化的目标。
英文摘要：	The floating exchange rate policy which is based on the market’s demands and requires and adjusted according to a basket of foreign currency is used in Chine from July, 21, 2005. It means a new epoch to China. At the same time, the problem of how to avoid the fluctuation of RMB’s exchange rate, especially the way of manufacturing company, becomes very pressing. This dissertation which is hoped to be another method of foreign exchange management focuses on the influence of RMB’s fluctuation. And some suggestion is raised for the reference of the risk management department. The financial risk is introduced at the beginning of the dissertation then the assortion of the exchange risks. The reason for exchange risk is elaborated in the article, based on the risk management theory. The problems of the current risk management are introduced so the company should pay much attention on the management of exchange risks. In current situation, Chinese Company is lack of the negotiating right so companies should look for financial methods to avoid the risk. And it made an further analysis on the fluctuation of RMB’s exchange rate based on the theory of risk management. And take one company as an example to analyses how to avoid the influence which was brought by fluctuation of RMB’s exchange rate. Example one shows the company’s decision to avoid the fluctuation risk when he faced two different currencies, USD and JPY. Although example two is an unsuccessful example, but the idea it contains is correct. The reason why we take such a failure example is to show the difference between the financial organization and manufacturing companies, the management of risk need to depend on the purchasing, manufacturing, service etc. And it believes that Chinese company needs to strength the recognition of risk management and the influence of the currency’s fluctuation. At the same time, prevention and control system need to be set up against the appreciation of RMB to achieve the company’s biggest value.
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