摘要
汇率作为影响进出口企业经营业务的重要因素之一，一直是企业风控的重
点。随着人民币国际化进程的加快，2015年8月11日，中国人民币银行决定完善
人民币兑美元汇率中间价的报价机制：做市商在每日银行间外汇市场开盘前，
参考上日银行间外汇市场收盘汇率，综合考虑外汇供求情况以及国际主要货币
汇率变化向中国外汇交易中心提供中间价报价。此后人民币汇率振幅加剧，并
走向漫漫贬值之路，对于进口公司来说，汇率风险产生的负面影响无疑将加
重，放在进口公司面前的棘手问题是如何进行有效的汇率风险管控

本文仅以人民币汇率贬值为研究背景，通过文献梳理研究法和案例分析
法，以理论结合实际的方式，将 YY 公司的经营业务情况（组织架构、人力资
源、业务产品、业务模式、风控体系、经营业绩）作为切入点，分析了当前人
民币汇率贬值下，YY 公司的进口贸易业务现状。然后从现象到本质，研究了汇
率波动影响 YY 公司进口业务开展的风险因素：交易风险、融资风险、会计风
险，并重点研究分析了该些风险因素产生的实质性原因：汇率管理体系松散、
业务贸易模式单一、汇率避险工具缺失。最后笔者根据 YY 公司的自身情况，制
定了从长期到短期，由内向外的全方面风控对策建议：建立管理体系、调整业
务结构、应用避险工具。在这三方面的风控对策研究中，笔者在外汇金融避险
工具的应用方面，创新性的提出了商品期货套保思路，并通过比较分析法，提
出外汇金融避险工具的实用应用建议，这些建议将对 YY 公司的汇率风险控制起
到有效作用。笔者希望以 YY 公司应对人民币汇率贬值的风控对策研究，帮助国
内其他进口公司，在探索汇率风控之路上，发挥一定的借鉴意义

关键词：汇率贬值， 进口贸易， 风险控制， 外汇金融避险工具II
A study on YY Company’s Countermeasure on RMB
exchange rate devaluation risk
Abstract
As one of the most important factors affecting the import and export business, Exchange rate
has always been the focus of risk control by company. With the accelerated process of RMB
internationalization, on August 11, 2015, the people&39;s Bank of China decided to improve the price
mechanism of the RMB against the U.S. dollar: before the interbank foreign exchange rate market
opening, the market maker will take consideration of the yesterday’s interbank foreign exchange
rate as well as the supply and demand of foreign exchange and major international currency
exchange rate, and then provide a middle price quote to the Chinese Foreign Exchange Trading
Center. This reform enhances the marketization and the benchmark of the middle price of RMB
against the U.S. dollar exchange rate, after that the RMB exchange rate floats greatly daily and
becomes to devaluation in a long time. With the beginning of devaluation of the RMB exchange
rate trend, the negative impact will undoubtedly increase for the import and export company. For
the import and export companies, their most important issue is how to control the exchange rate
risk.
In this paper, under the background of RMB exchange rate devaluation, through the literature
sorting and case study method,taking YY Company’s business(Organizational structure , human
resources, business products, business model,Operating performance) as the breakthrough point,
analysis of the current RMB exchange rate depreciation under the import business status of YY
company.And then from the phenomenon to the nature of the exchange rate fluctuations affect the
YY import business development risk factors Transaction risk, financing risk, accounting risk, and
focus on the analysis of the risk factors arising from the substantive reasons: Loose exchange rate
management system, a single business model, exchange rate hedging tools missing.Finally,
according to YY&39;s own situation, the paper puts forward the countermeasures from the long-term to
the short-term, including the establishment of the exchange rate risk management system, the
adjustment of business structure and the application of foreign exchange hedging instruments.
These suggestions will play an effective role in the prevention of YY Company&39;s exchange rate
risk.The author hopes to help the other domestic import companies to play an important role in the
exploration of the exchange rate wind control by using the results of the research on the wind
control measures of the YY company to devaluate the RMB exchange rate.
Key Words：exchange rate， import trade， risk control， hedging instrumentsIII
目 录
1 绪论....1
1.1 研究的背景与意义 ..........1
1.1.1 研究的背景 .1
1.1.2 研究的意义 .1
1.2 国内外研究现状........2
1.2.1 国外研究现状 ........2
1.2.2 国内相关研究 ........4
1.3 研究的内容和方法....7
1.3.1 研究的内容 .7
1.3.2 研究的方法 .7
1.4 论文的难点和创新点8
1.4.1 论文的难点 .8
1.4.2 论文的创新点 ........8
2 汇率及进口贸易概念与风控理论......9
2.1 汇率及进口贸易的相关概念 ...9
2.1.1 汇率的相关概念......9
2.1.2 进口贸易的相关概念 ........9
2.1.3 外汇金融避险工具的相关概念 ...........9
2.2 风控的相关理论 ..13
2.2.1 风控的含义 ...........13
2.2.2 TOR 系统理论 .........13
3 YY 公司的经营现状.......15
3.1 YY 公司的基本情况 ........15
3.1.1 组织结构 ....15
3.1.2 业务产品 ....15
3.1.3 业务模式 ....16
3.1.4 风控体系 ....18
3.1.5 经营业绩 ....19IV
3.2 YY 公司进口业务现状 ... 20
3.2.1 付汇资金压力激增 ........ 20
3.2.2 银行授信快速缩水 .........