中国企业境外套期保值监管体系构建设想.docVIP

中国企业境外套期保值监管体系构建设想 摘 要 随着中国经济的高速发展，很多中国企业出于回避风险、控制成 本的目的而进行境外的套期保值，但是其结果却不尽人意，很多中国 企业在进行套期保值过程中损失惨重。从事套期保值的目的在于锁定 成本，平抑市场波动带来的风险。近年来,中国企业运营的外向依存 度不断提升，为规避国际大宗商品与人民币汇率大幅波动风险,各类 外向型企业通常运用金融工具进行套期保值,提高财务管理能力,并 曾取得较好的成效。然而,随着合约价值的不断扩大,部分企业因风险 控制失效遭致巨额损失，以套保之名大行投机之实。 本文正是通过对我国企业在境外套期保值中的风险来源的分析， 以及出现损失的原因进行分析以及对于美国、英国、德国等国家的境 外套期保值的监管进行比较，最后结合中国的实际情况来提出一个对 中国企业进行境外套期保值进行监管的法律体系模型，构建包含对于 企业内外部相结合的监管体系。 关键词：中国企业，境外，套期保值，监管体系 I THE RESEARCH OF CHINESE SUPERVISION SYSTEM IN ENTERPRISES’ OVERSEAS HEDGING ABSTRACT China is in the period of economy developing quickly, but the hedging of State-owned enterprise going abroad isn’t well. Though it is for the escaping from the risk and controlling the cost, but we can see a series of accidents occurred, such as Air China lost 12 billion dollars an so on. These accidents not only loss vastly, but also influence the SOE’s hedging developing in the international future’s market. This paper try to find the reason why it happen and aim at to avoid it happen again, and provide some useful reference for the supervising administration. This paper use the way of case analyzing for such important accidents and experiences in the future and option market overseas from many aspects, try to find the basic cause and to solve. This paper specially offered a supposed hedging case of a SOE investment in capital market overseas, it adopts SP 500 share index future to hedge.  KEY WORDS:  Enterprises, Hedging, International, Supervision, II 目录 引 言........................................................................ 1 第一章 境外套期保值基础问题概述.............................................. 3 第一节 套期保值的功能和作用.............................................. 3 一、套期保值的定义.......................................................................................................3 二、套期保值的特征.......................................................................................................3 三、套期保值的功能和作用 ..................................................................