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论文编号：	851
作者编号：	2220060642
上传时间：	2008/7/1 11:26:22
中文题目：	航运企业财务风险及管理对策研究
英文题目：	Financial Risk Management in S
指导老师：	孙广平 教授
中文关键字：	航运企业 财务风险 风险管理
英文关键字：	shipping company financial ri
中文摘要：	风险管理是现代企业生产经营和发展中的重要问题，其核心是对财务风险的管理，避免由财务风险转化为财务危机甚至生存危机，稳定经营业绩，从而使企业获得长期可持续发展。航运业是具有特殊风险的产业，以市场波动程度大、周期性强、资本密集的特点著称，风险管理尤为重要。我国航运企业的风险管理研究仍处于起步阶段，实务中财务风险管理仍然是薄弱环节，理论界对于航运企业财务风险的认识也尚不成熟。本文旨在通过对风险管理理论的发展历史及现状的考察，结合航运业的生产特点分析研究航运企业面临的主要的财务风险，进而为我国航运企业如何管理财务风险提出有价值的建议。 本文在参阅国内外有关财务风险管理文献的基础上，结合实际调查和案例分析，系统的对影响航运企业收入和成本的财务风险作了分析和研究，并结合目前国际航运市场的实践情况，有针对性的提出了财务风险管理对策。总的来看，本文的结构分为以下六个部分： 第一部分为绪论，介绍了选题背景和意义，国内外研究现状，本文的研究方法和研究框架。 第二部分主要介绍了风险和财务风险的定义，阐述了风险管理理论、财务风险管理理论以及两者间的关系，是全文的理论基础。 第三部分结合航运业的行业特点分析了航运企业面临的财务风险和财务风险管理现状。笔者认为航运企业的财务风险可以分为航运业特有的财务风险和一般性的财务风险两大类。其中航运业特有的财务风险是受行业特点的影响而产生的，包括运价风险、燃料油价格风险、汇率风险、利率风险等；一般性的财务风险是所有的企业共同面对的，包括流动性风险、信用风险和操作风险等。就重要性来说，运价风险、燃料油价格风险、汇率风险和利率风险等四种风险对航运企业更具突出性，其中运价风险直接影响着航运企业的运输收入和支出，燃料油价格风险直接影响着航运企业的成本，汇率风险影响着航运企业的收入、成本和资产价值，利率风险则具有综合性，广泛影响着航运企业的经营、投资和筹资活动，容易引发现金流风险，产生一系列连锁反应。 第四部分结合目前国际航运市场的实践情况，有针对性的提出航运企业财务风险管理的对策。首先，明确地提出了航运企业财务风险管理必须服务于企业价值最大化这个根本目标，确保企业实现长期可持续发展，而不是利用市场的波动进行投机。其次，企业应根据实际情况建立适宜的财务风险治理结构，制定和完善相应的财务管理制度，并将风险管理的理念贯穿于其中，再进一步依据制度设计管理流程，以适应财务风险管理工作的需要。然后，分别就航运企业如何应对运价风险、燃料油价格风险、汇率风险和利率风险分别提出了管理策略：对于运价风险，航运企业可以以经营航运业为主，积极推进多元化相关产业的发展，优化资产和业务组合，并利用远期运费合约等时兴的衍生金融工具来对运价风险进行套期保值；对于燃料油价格风险，航运企业可以采用集中采购，合理安排加油港口和加油计划，节能降耗，收取燃油附加费等方式，也可通过选用燃料油套期保值工具控制风险；对于汇率风险，航运企业可以在对外提供运输服务或劳务输出、船舶买卖、资本借贷的谈判过程中，事前充分地考虑风险，在结算币种、结算方式、汇率风险补偿条款等方面采取相应的措施，保持合理的外币债权、债务的结构，或是利用远期外汇合约、外汇期货合约等衍生金融工具来减少或避免外汇变动所带来的损失；对于利率风险，航运企业应在长期债务的固定利率和浮动利率之间保持一个合理的比例，从而使整体的利息成本的期望值降低到较低水平，或是利用远期利率协议、利率期货等衍生金融工具达到降低利率风险和降低成本的目的。该部分重点介绍了运价风险的套期保值工具——远期运费合约，包括其产生与发展、优势与风险、交易结算机制、套期保值原理和操作方法等。最后从系统的观点出发，提出航运企业可以将各种财务风险的管理统一于现金流管理，即运用现金流管理的方法实现对各种财务风险的整合管理，配合财务风险管理制度建立一个财务风险管理的基本框架。 第五部分以国内一家大型国有航运公司——Z航运公司作为案例，介绍了其在财务风险管理方面的一些比较成功的经验，包括：建立和完善财务风险管理制度，实施将自有船舶与租入船舶经营相结合的经营策略，长期和短期期租相结合的操作手法，利用远期运费合约对运价风险套期保值，利用燃油套期保值工具对冲燃料油运价风险，突出现金流管理等有效的财务风险管理措施。尽管Z公司的风险管理体系尚未成型，然而案例公司部分成功的经验仍然值得借鉴，包括：树立正确的风险管理意识，采取积极主动的风险管理措施防范，明确风险管理的目标；建立了适合自身特点的组织机构，形成了以公司总会计师为领导、财务部长、各下属单位财务经理以及有关财务人员组成的财务风险管理小组，制定了相应的风险管理制度并严格遵照执行；在风险管理手段和方法方面，灵活运用了国际金融市场上与自身业务密切联系的金融衍生工具，有效的实现了套期保值的目标；最后，突出了以资金管理为核心的财务管理，通过加强现金流管理实现对各种财务风险的整体控制和把握。 第六部分为全文的结论，并分析了本文的创新与不足之处。
英文摘要：	Risk management is an extremely important problem in the operation and development of the modern companies. Its core is the financial risk management which means to protect against financial crisis even survival crisis from financial risk and to balance performance in order to maintain sustainable development. In shipping industry which is characterized by highly volatile prices, seasonality, strong business cycles, cyclicality and capital intensiveness, risk management is extremely important. However, at present, the research of financial risk management in domestic shipping industry is still at the beginning. Neither in practice of shipping companies nor in academic field is financial risk management in developing. After investigating the history and present condition of risk management and analyzing the main financial risks in the shipping industry, this paper suggests how to deal with the financial risks in shipping companies. This dissertation starts from the recent literatures about financial risk theory and systemically analyzes the financial risks in shipping companies which substantially affect the interplay between revenue and cost through studies and cases. In accordance with the present situation in international shipping market, it presents appropriate methods for financial risk management respectively. Altogether, this article contains six divisions: Chapter Ⅰ introduces the article’s researching background, some financial risk management disquisitions at present time, the significances and ways to study financial risk management of shipping companies. Chapter Ⅱ introduces the theory of risk, risk management and financial risk management. It also gives out the definitions of risk, risk management and financial risk, as the academic base of the whole article. Chapter Ⅲ analyzes the characters of financial risk and the present situation of risk management in shipping companies. Base on the characters, it analyses the kinds of financial risk, which can be divided into two parts: the one is special for shipping companies, including fluctuations in freight price, fuel price, foreign exchange rate and interest rate, which is much more important for shipping companies; the other one is in common with many of other companies in other industries, such as fluidity risk, operation risk, credit risk, etc. All of the financial risk is substantially affect the interplay between revenue and cost of shipping companies and can lead to trouble in cash-flow and even a chain of other serious problems. Chapter Ⅳ presents appropriate methods respectively to shipping companies according to the newest application of financial risk management in international shipping market. Firstly, the principle of financial risk management as using financial derivatives products is to hedge the financial risks but not for arbitrage. Secondly, shipping companies should constitute appropriate organization and system of financial risk management and carry it out firmly. Thirdly, it gives some correspond methods to control freight risk, fuel risk, foreign exchange risk and interest rate risk, including both traditional ways and using financial derivatives products to hedge risks. Among all the methods of financial risk management, it mainly introduces the Forward Freight Agreements, including its development, advantages, deficiencies, settlement and how to manage to hedge the freight risk by this derivative. Finally, it brings up a propose that the method of cash-flow management can be used to harmonize various risk management techniques so as to form the frame of financial risk management for shipping companies. Chapter Ⅴ takes Z Company, a large state-owned shipping company in China, for an example to explain how to put financial risk management into practice, such as constituting appropriate organization and system of financial risk management and carrying it out firmly, managing business by renting in many ships besides its own ships, rent out ships in long-term as well as in short term, using the Forward Freight Agreements and some financial derivatives products for fuel. Although the financial risk management in Z Company is not perfect yet, it presents some successful experiences which tell us that appropriate principle, organization and system of financial risk management, as well as risk management methods are important. Chapter Ⅴ mainly draws a conclusion for the whole article and analyses the innovation and the deficiencies.
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