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避免外汇损失的10种方法

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避免外汇损失的10种方法

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WU Xiao-lin.A Research on the Exchange Rate Risk Management of Small and Medium-sized Export Enterprises[J]. Journal of Southwest Petroleum University(Social Sciences Edition), 2014, 16(4): 20-26.

中小型出口企业汇率风险管理研究 [PDF全文]

摘要: 汇率变化始终影响着出口企业的经营与发展,以中小企业面临的汇率风险为切入点,阐述了其面临的主要风险是交易风险、会计风险和经营风险,并指出其汇率风险管理存在的问题:汇率风险意识淡薄、汇率风险管理机制缺失、银行业务有限、政府服务滞后等。面对日益增大的外汇风险,从企业自身、银行和政府三个层面提出了中小型出口企业汇率风险的防范与控制措施:重视汇率风险管理,不断提升产品核心竞争力;强化汇率风险意识,建立严格高效的内部控制制度;培养风险管理人才,健全风险管理体系;积极利用多种金融衍生工具规避风险;提高防御汇率风险的水平;依赖银行积极参与合作、政府保驾护航,实现稳健经营、健康发展。

School of Economics and Management, Guangdong University of Petrochemical Technology, Maoming Guangdong 525000, China

Abstract: The exchange rate has a constant influence on the management and development of export enterprises. Starting with the exchange rate risks encountered by small and medium-sized enterprises: transaction exposure, accounting exposure and economic exposure, the present paper points out the problems in exchange rate risk management, such as, weak consciousness of exchange rate risks, deficiency in exchange rate risk management mechanism, limited banking businesses, inadequate government service, etc. In the face of the ever increasing foreign exchange risks, precautions and control measures should be taken by: the enterprises themselves, 避免外汇损失的10种方法 banks and government. The small and medium-sized export enterprises must attach great importance to exchange rate risk management, constantly improving the core competitiveness of their products, strengthening the consciousness of exchange rate risks and establishing strict and efficient internal control system, cultivating risk management talents and perfecting the risk management system, enhancing exchange rate risk prevention by depending on a variety of financial derivatives. And by relying on active bank participation and the government support, stable operation and healthy development can be achieved.

Key words : small and medium-sized export enterprises marketization of exchange rate risk consciousness of exchange rate 避免外汇损失的10种方法 risk risk identification risk management system

1 中小型出口企业面临的汇率风险及其影响 1.1 中小型出口企业面临的主要汇率风险

汇率风险主要从以下两个方面对中小型出口企业[①]产生影响:其一,由于交易风险和会计风险的存在,会导致出口企业产生较大的汇兑损益;其二,由于存在经营风险、未兑现的交易风险和会计风险,汇率波动会在一定程度上影响出口企业未来的企业资本价值、经营利润、现金流量及市场份额等。这两方面会对企业的收益情况和社会形象产生较大影响,进而导致企业经营利润的减少以及现金流的短缺 [ 2 ] ,如 图 1 所示。

图1 汇率风险的影响

(2)汇率风险影响企业的市场经营效果。汇率的不确定性使得中小型出口企业的经营成本上升,出口产品价格竞争力降低,销售收入下降,以外币计价的资产贬值,减少了营业现金流入。目前绝大多数外贸服装订单的毛利在0.5元人民币,即出口1美元的产品,毛利在0.5元人民币。如人民币对美元小幅升值2%,则意味着外贸企业每出口1美元的产品,毛利将损失0.15元人民币。企业对出口依存度越高,汇率风险为之带来的损失就越大。由于我国的经济发展阶段及行业发展水平等原因,我国中小型企业的出口品均具有附加值较低、降价空间小等特点,近年来汇率波动带来的人民币持续走强,使得中小型企业以往的价格低廉的优势无以续存 [ 4 ] ,对其在国际市场 的竞争力是致命的打击。

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