浅析外汇风险管理

自我国加入WTO以来，外贸交易额大幅上涨，经济飞速发展。但是，我国企业尤其是外贸企业开始面临很大的外汇风险。本文主要介绍了外汇风险的概念，对象和类型以及规避风险所使用的工具和方法，并且介绍了我国目前在防范外汇风险时所遇到的问题，在人民币升值的大背景下，企业应根据自身的情况和具体风险个案，选择合适的避险方法和工具，力图以最小的成本从规避外汇风险中获得最大的收益。     

跨国公司外汇风险管理

外汇风险包括折算风险、交易风险和经济风险，是跨国公司在国际经营活动中面临的重要风险之一。跨国公司可以利用资产负债表避险策略、合约性避险策略、经营性避险策略对外汇风险进行管理。本文重点对转移定价和期权两种避险方法进行了介绍。     

我国小微企业外汇风险避险策略设计与绩效评价

本文首先介绍了在国际贸易市场中会给我国小微企业带来外汇风险的主要类型,并对其进行了简要分析。接下来针对这些外汇风险,制定了几点相应的避险策略,主要包括办理无本金交割远期外汇交易及各种企业内部的风险管理等方面。希望本文对外汇风险的讨论能够给我国小微企业在对外贸易方面提供帮助。     

新汇制下我国涉外企业规避汇率风险之方略

新汇制将我国涉外市商推到了汇率风险的风头浪尖之上,但我国涉外市商(尤其是中小企业)在规避汇率风险方面仍然存在外汇风险较为淡薄的观念,尤其是对汇率避险工具了解不透,使用规模较小等问题,为提高避险能力,应根据我国现行外汇管理体制和现有的金融衍生工具,制定出企业在交易合同签定前和签定后规避汇率风险之方略。     

规避外汇风险敞口

外汇风险避险真正进入中国企业的议题，还是要从人民币兑美元实行浮动汇率制度开始。     

国际经济贸易中对外汇风险的防范措施分析

本文首先对国际经济贸易中外汇风险类型进行了详细的介绍,其中包括汇率变化对企业造成的风险、汇率变动对汇兑的影响、业务量变动风险。然后分析了国际经济贸易中出现外汇风险的原因,并总结了国际经济贸易中外汇风险对企业的影响,最终制定了防范国际经济贸易中外汇风险的措施。外汇风险是国际经济贸易中不可避免的内容,对我国企业的发展产生一定的冲击,制定有效的措施防范外汇风险就是为了能够让我国企业在国际市场上占据更大的优势,提升市场竞争力。     

浅析我国中小型外贸企业面临的外汇风险及其防范

我国很多外贸企业外汇风险意识薄弱,强化企业的外汇风险识别能力是如今我国外贸企业稳定运行的基本保障。中小型外贸企业面临的外汇风险主要有交易风险、会计风险、经济风险。本文接下来通过对外汇风险产生的分析提出了各类外汇风险防范的思路,提出通过锁定汇率或是对持有的风险头寸进行保值能够防范外贸企业会计风险和交易风险,防范经济风险的着手点应该是企业经营管理。本文最后针对我国外贸企业面临的外汇风险,根据防范各类风险的思路,提出了我国中小型外贸企业外汇风险的一些具体防范措施。     

人民币升值趋势下出口企业规避外汇风险的对策比较

人民币汇率改革后，面对持续的升值压力，外汇风险管理已经成为出口企业经营过程中的重要环节。本文对几种常见的避险方法进行了分析比较，以便出口企业根据自身的具体条件选择相应方式规避外汇风险。     

浅析企业如何规避外汇风险

伴随我国在世界经济中的地位不断上升,我国企业用于业务结算的货币种类随之增多,但是外汇市场瞬息万变,风险形式多样,因此如何规避外汇风险已成为企业重要的研究课题。对此,本文对外汇风险作了概述,分析了企业外汇风险的管理现状,并就如何加以改善进行了探讨。     

汇率制度改革下商业银行外汇风险管理对策分析

商业银行既是经营外汇业务的中心,又是自负盈亏的经济主体,汇率制度的改革必然会给商业银行的资本充足率、资产负债业务和外汇产品销售带来一定的影响。商业银行要增强对外汇风险的管理意识,调整外汇资产负债的币种结构,优化贷款的行业和客户结构,积极开发和创新外汇避险和外汇理财产品,以不断增强商业银行自身抵御外汇风险的能力。     

Exchange rate exposure

In this paper we examine the relationship between exchange rate movements and firm value. We estimate the exchange rate exposure of publicly listed firms in a sample of eight (non-US) industrialized and emerging markets. We find that exchange rate movements do matter for a significant fraction of firms, though which firms are affected and the direction of exposure depends on the specific exchange rate and varies over time, suggesting that firms dynamically adjust their behavior in response to exchange rate risk. Exposure is correlated with firm size, multinational status, foreign sales, international assets, and competitiveness and trade at the industry level.     

汇率波动对我国外贸行业利润的影响研究

基于我国资本市场特征的资产定价假设,构建了基于时变风险溢价的条件期望资产定价模型,估计我国贸易行业的汇率风险暴露值,并进一步借助面板数据固定效应与随机效应方法估计了决定汇率风险暴露的影响因素。研究发现,汇率波动对我国进出口行业利润有着十分明显的时变影响,尤其在汇改以后汇率波动对行业利润率的影响更大,受影响的行业面更广。我国进出口行业间的汇率风险暴露差异较大,存在着四种行业汇率风险暴露情况,各行业不同的暴露特征与海外销售收入、企业规模、海外成本和流动性水平等因素密切相关。     

Exchange Rate Exposure and its Determinants: Evidence from Indian Firms

This article examines the determinants of the exchange rate exposure by comparing both manufacturing and service sector firms in India over the period of 2000 to 2013. First, the study finds that service sector firms are more exposed to exchange rate changes than manufacturing firms in India. Second, the results indicate that the market-to-book ratio and export are significant and positively related; however, size is negatively related to the exchange rate exposure of both the manufacturing and service sector firms. These results are robust with the estimation using a trade-weighted exchange rate.     

Exchange rate regimes and foreign exchange exposure: The case of emerging market firms

We investigate the influence of exchange rate regimes on the foreign exchange exposure of emerging market firms. Using a sample of 1523 firms from 20 countries for the period December 1999 to December 2010, we find that about half of the firms are significantly exposed to exchange rate fluctuations. We find that non-floating exchange rate arrangements are associated with more widespread exposure as well as a greater magnitude of firms' exposure. Cross-sectional analyses suggest that the exchange rate regime is an important determinant of firm-level exchange rate exposure for emerging market firms, and that pegged exchange rate regimes amplify exposure. This result holds after controlling for a wide range of potential determinants of firm-level and country-level foreign exchange exposure. Our findings suggest that exchange rate regime matters at the micro as well as the macro level; non-floating regimes fail to protect firms from exchange rate exposure.     

Understanding Brazilian companies' foreign exchange exposure

The paper analyzes the exchange rate exposure of a sample of non-financial Brazilian companies from 1999 to 2009. The results confirm the importance of using nonlinear models to address companies' exchange rate exposure. The results indicate that when compared to the linear model commonly used in literature, the nonlinear model leads to an increase in the number of firms exposed to exchange rate fluctuations, which allows a more accurate analysis of the impact of exchange rate fluctuations on the value of firms. In addition, the paper shows that exporters and companies that hold foreign currency denominated debt are more likely to be exposed to exchange rate fluctuations and that the nonlinearity of companies' foreign exchange exposure is associated with the use of foreign currency derivatives.     

A Dynamic Analysis of Exchange Rate Exposure: The impact of China's Renminbi

This study examines the impacts of unexpected exchange rate movements of Chinese renminbi (CNY/USD) on stock returns of Standard & Poor's 500 corporations. To gain better insight into the long‐standing exposure puzzle concerning the divergence between theoretical and empirical investigation and the critical issue regarding the determinants of exposure, the time variation and asymmetry property associated with foreign exchange exposure are further taking into account. We also broaden the scope of analysis to investigate unexpected risk exposure at 10 economic sectors in compliance with Global Industry Classification Standard. Unlike those from the static analysis or dynamic ones with the ordinary least squares model, the empirical findings provide additional concrete evidence that unexpected exchange rate exposure varies substantially across time and market circumstances when using the quantile regression with a rolling method. Furthermore, our dynamic analysis not only supports the existence of industrial effects across different economic sectors, but also provides strong evidence that financial factors, such as size, debt ratio and book to market ratio, have a significant impact on exposure.     

Exchange-Rate Volatility,Exchange-Rate Regime,and Trade in OIC Countries

The authors examine the impact of exchange rate volatility on trade in the Organization of the Islamic Conference (OIC) countries from 1995 to 2008 using panel estimations to distinguish differences between disaggregate trade, and examine its threshold effects. Results reveal that exchange rate volatility generally has significant negative effect on export and import with lag. However, exports of OIC with flexible exchange rate regime have significant positive exposure to exchange rate volatility. The authors also document a threshold effect for countries with trade value constitutes more than 30% of the real gross domestic product, and the exchange rate volatility becomes significant positive for export but significant negative for import with lag.     

Corporate financial policies and the exchange rate regime: Evidence from Brazil

This paper analyzes the relationship between companies' financial policies and the exchange rate regime for a sample of non-financial Brazilian companies from 1996 to 2006. The adoption of a floating exchange rate regime is shown to improve the match between the currency composition of companies' assets and liabilities. The paper also shows that this reduction in companies' currency mismatches is more pronounced for companies in the highest quantile of foreign exposure; therefore the results confirm that the exchange rate regime plays an important role in the determination of companies' foreign vulnerability.     

Hedging with mismatched currencies

This article presents a model of a risk-averse multinational firm facing risk exposure to a foreign currency cash flow. Forward markets do not exist between the firm's own currency and the foreign currency, but do exist for a third currency. Because a triangular parity condition holds among these three currencies, the available forward markets, albeit incomplete, provide a useful avenue for the firm to indirectly hedge against its foreign exchange rate risk exposure. This article offers analytical insights into the optimal cross-hedging strategies of the firm. In particular, the results show that separate unbiasedness of the forward markets does not necessarily imply a perfect full hedge that eliminates the entire foreign exchange rate risk exposure of the firm. The optimal cross-hedging strategies depend largely on the firm's marginal utility function and on the correlation of the random spot exchange rates. © 1999 John Wiley & Sons, Inc. Jrl Fut Mark 19:859–875, 1999     

The exchange rate, employment and hours: What firm-level data say

Using a representative panel of manufacturing firms, we estimate the response of job and hours worked to currency swings, showing that it depends primarily on firms' exposure to foreign sales and their reliance on imported inputs. We also show that, for a given international exposure, the response to exchange rate fluctuations is magnified when firms exhibit a lower monopoly power and when they face foreign pressure in the domestic market through import penetration. The degree of substitutability between imported and other inputs and the distribution of workers by type introduce additional degrees of specificity in the employment sensitivity to exchange rate swings. Moreover, we show that episodes of entry and exit in the export market are associated with a heterogeneous employment response depending on the degree of external orientation when the switch of export status occurs.