企业使用金融工具规避汇率风险的管理探讨——以嘉兴市外向型企业为例-probe into the management of enterprises using financial instruments to avoid exchange rate risks - taking jiaxing export-oriented enterprises as an example.docxVIP

本特点，存在远期交易平仓增加、金融工具适合较少和交易损失难以承受三大主要问题；第五部分整理了近十年来嘉兴市外向型企业所做的外汇金融产品，适合 出口收汇企业的主要有远期结汇逐步建仓、远期结汇境外对冲、远期跨境转账收 款、期权组合设定区间、境外远期收款补贴、双币远期结汇交易这六种操作方式， 适合进口付汇企业的主要有外汇买卖反复叙做和美元负债远期购汇两种操作方 式，上述操作方式形成的金融产品组合能有效的规避汇率风险，对外向型企业有 着重要的现实意义，提出新的发展建议是正式商品交易背景、鸡蛋要放在不同篮 子和防范风险理性回归。结论是外向型企业在做任何保值安排之前都需要对汇率 走势、利率走势作出合理估计、不同投资者有不同的风险偏好，风险承受能力也 不一样，选择适合自已的产品是最好的、使用金融产品规避汇率重在保值、固定 成本，而非投机，且任何外汇交易都有风险，都有可能失去未来的机会收益、加 强与银行的合作和沟通，依托银行专业的知识来化解和规避市场风险，应善用银 行的服务和产品。关键词：外向型企业，汇率风险，金融产品IIThe management measures of the companies coping with exchange rate changes---Take Jiaxing export enterprises for exampleABSTRACTThe People’s Bank of China released an official statement on July 21st, 2005, that China would reform the exchange rate regime by moving into a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. The RMB will be no longer pegged to the US dollar, which allows a more flexible Exchange RATE Mechanism (ERM). Many scholars home and abroad put forward their political opinions based on their study of various factors impacting REM exchange rates and therefore the nation’s macro economy. Such factors include internal national trading relations and the political environment internally and externally. But for export-oriented enterprise micro level under the RMB floating exchange rate system, how to use effective financial tools to guard against exchange rate risk, keep the vitality and vigor of export-oriented enterprises are very few. Zhejiang Jiaxing as a coastal and foreign-oriented economy developed area in China, reached an annual GDP of 335.28 billion Yuan in 2014, of which 33.73 billion dollar was powered by import and export. With 62% foreign trade dependency the fluctuation of exchange rate greatly impact Jiaxing’s economy. Arranged through questionnaire survey, settling the foreign exchange financial products which the 37 export-oriented enterprises used in jiaxing , summarized the different financial products the enterprises us