我国贸易企业外汇衍生品使用战略研究——以gl公司为例-study on the use strategy of foreign exchange derivatives in chinas trading enterprises - taking gl company as an example.docxVIP

中文摘要随着全球化和我国经济开放度的发展，以及人民币汇改的深入推进，我国外 贸型企业面临的外汇风险日益突现，外汇衍生品是外贸型企业规避汇率风险的有 效工具，推动我国外汇衍生品市场，对扩大我国对外开放具有重要的战略意义。 我国外贸型企业目前还面临交易信用风险较大、投机套利心理较严重、外汇衍生 品市场不健全、缺乏系统性的市场监管机制等外汇衍生品投资相关问题，面对经 济和金融全球化挑战，如何采取有效的外汇衍生品，是全球贸易企业外汇资产管 理不容忽视的课题。本研究采用文献研究法、统计分析法和案例分析等研究方法，首先对外汇衍 生品的概念进行界定，对外汇衍生品分类进行探讨，对外汇衍生品的功能和风险 进行分析，并借鉴国际外汇衍生品市场发展经验，引出其在我国外汇衍生品市场 发展的启示。接着对我国贸易企业的外汇衍生品市场环境进行分析，探讨我国汇 率制度演进进程，对我国外汇衍生品市场发展现况进行分析；剖析我国外汇衍生 品市场发展中存在的主要问题；探讨我国外汇衍生品市场发展的必要性。然后基 于我国贸易企业的外汇衍生品组合 SWOT 分析，提出我国贸易企业的外汇衍生品 组合战略选择；从完善外汇衍生品市场策略、外贸企业应对策略和人才培养与引 进策略方面，探讨我国贸易企业的外汇衍生品组合的实施保障。最后通过 GL 公 司的案例分析，对该公司外汇衍生品使用战略进行深入的研究。关键词：贸易企业；外汇衍生品；人民币汇改；汇率风险ABSTRACTWith the globalization and development of China’s economic openness as well as the in-depth promotion of RMB exchange rate reform, the domestic foreign trade enterprises are in face of an increasing prominent risk of foreign exchange. As an effective tool to avoid exchange rate risk by foreign trade enterprises, foreign exchange derivatives can prompt China’s foreign exchange derivative market and play a key strategic role in expanding China’s opening to the outside world. Currently, foreign trade enterprises in China are confronted with issues related to foreign exchange derivative investment such as the big risk of trade credit, severe mentality of speculation arbitrage, unsound foreign exchange derivative market and lack of systematic market supervision mechanism. In face of the challenge of economic and financial globalization, how to take effective combining schemes on foreign exchange derivatives is a subject of foreign exchange asset management that shall not be neglected by global trade enterprises.By adopting methods like literature research, statistical analysis and case analysis, this paper first makes a definition to the concept of foreign exchange derivatives, discusses about the classification of foreign exchange derivatives and analyzes the functions and risk of foreign exchange derivatives. By taking the development of foreign exchange derivatives