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外汇风险是影响涉外型企业 W 公司健康运营的重要因素之一。本文将涉外型企
业 W 公司为案例进行分析研究，通过理论梳理和实际案例的运用总结小型外贸企业
为有效的规避汇率变动所带来风险的策略和注意事项。该论文首先从本文的研究的现
实背景、研究意义，以及国内外相关文献的研究现状出发确立本文的研究问题。进而，
在简述前人研究的基础之上，梳理并在总结外汇风险管理的相关理论基础，并借以 W
公司在外贸经营中面临的外汇风险为切入点，对 W 公司规避外汇风险的策略、实际
案例应用等都做了详细分析。其中，本文的研究重点在于探讨并分析 W 公司如何利
用经营性自然避险法及金融衍生产品等外汇风险管理工具来实现外汇风险的有效管
理，并结合案例做了不同避险策略的效果评价和对比分析，进而得出 W 公司运用上
述各类工具以规避外汇风险所应当注意的问题，最后还针对性地提出为提升 W 公司
外汇风险管理能力的具体措施
本文主要结论是，外汇衍生品是一柄“双刃剑”，运用得宜自然能成为企业规避
汇率风险的利器，然而若因各方面原因而引发交易风险，衍生品交易可能会给企业带
来灭顶之灾。因此，企业应客观评价外汇风险，并选择适当的工具来规避外汇风险
关键词：W 公司；外汇风险；风险管理；外汇衍生品III
Abstract
In the current world, econom ic integration is deepening, and the currency that acts as a
means of payment in Global trade is also c onnected with the economy of enterprises and
countries. However, the economic policies of different countries make the changes in the
price of money in dif ferent countries, and th e fluctuation of curre ncy price, that is,
exchange rate fluctuations, has more and more impact on foreign-related enterprises.Small
and medium-sized foreign trade enterprises because of weak strength, small scale, lack of
sensitivity to foreign exchange market information, lack of ability to resist risks, exchange
rate changes easily lead to the loss of their price adv antage. Therefore, small and
medium-sized foreign trade enterprises are vul nerable to losses under the current flexible
exchange rate mechanism. In order to better op erate, they need to actively seek effective
ways to spread risk. Therefore, in-depth study of enterprises to avoid foreign exchange risk,
the development of foreign trade enterprises is of great significance.
Foreign exchange risk is one of the important factors that affect the healthy operation of W
companies in foreign related enterprises. This paper takes W, a foreign enterprise, as an
example, to study how sm all and medium sized foreign trade enterprises can ef fectively
avoid the risks brought by exchange rate cha nges. This paper introduces the research
background, related research st atus at hom e and abroad and the research content and
significance, based on the previous research, on the basis of the theory of foreign exchange
risk management, W company faces in the foreign trade in the foreign exchange risk as the
breakthrough point, on the foreign exchange risk to do a detailed analysis, how to focus on
the W company the use of financial derivatives to avoid foreign exchange risk, from the
success and failure of two aspects of a detailed analysis, and obtains the W company using
foreign exchange derivatives to avoid foreign exchange risk in the existing problems, find
out improving the processing ability of the exchange rate risk management measures of W
company. Help W companies to target and efficiently enhance their ability to avoid foreign
exchange risks in foreign trade or investment.
The main conclusion is that foreign exchange derivatives is a double-edged sword, as aIV
tool for enterprises to avoid exchange rate risk the proper use of natural ener gy, however,
due to various reasons caused by the trans action risk, derivatives trading m ay bring
crowning calamity. Therefore, enterprises should evaluate foreign exchange risk
objectively, and choose appropriate tools to avoid foreign exchange risk.
Key words: W company; Foreign Exchange Exposure; Risk Management;
Foreign Exchange DerivativesV
目录
摘要 .....I
Abstract ...........III
第 1 章绪论 ...........1
1.1 研究背景和意义 1
1.1.1 研究背景 .1
1.1.2 研究意义 .2
1.2 文献综述 ......4
1.2.1 国外研究现状 ..........4
1.2.2 国内研究现状 .........5
1.2.3 国内外研究的局限性 ...6
1.3 研究内容、技术路线与创新点.6
1.3.1 研究内容 .6
1.3.2 技术路线 .7
1.3.3 创新之处 .7
第 2 章外汇风险管理的理论基础 .....9
2.1 外汇风险概述 ..9
2.2.1 外汇风险的基本概念 ....9
2.2.2 外汇风险的成因 .......9
2.2.3 外汇风险的分类 ......10
2.2 外汇风险管理概述 .........11
2.2.1 外汇风险管理的含义 ..11
2.2.2 外汇风险管理的必要性.11
2.2.3 外汇风险管理的方法 ..13
第 3 章 W 公司的外汇衍生品市场环境分析 ........15
3.1 外汇衍生品市场环境分析 ...15
3.1.1 外汇衍生品发展的经济背景 .........15
3.1.2 我国汇率市场演变分析.16VI
3.1.3 我国外汇衍生品市场分析...........16
3.2 我国外汇衍生品市场中存在的主要问题....20
3.2.1 交易信用风险较大 .....20
3.2.2 投机套利心理较严重 ..20
3.2.3 外汇衍生品市场不健全.21
3.2.4 缺乏系统性的市场监管机制.........21
第 4 章Ｗ公司的外汇风险分析 ......23
4.1 W 公司的基本情况 ..........23
4.1.1 W 公司的简介 .........23
4.1.2 W 公司进出口贸易中的主要困难 .....23
4.2 外汇风险对 W 公司的影响 ...24
4.3 W 公司所遇到的外汇风险类型 26
4.3.1 交易风险 26
4.3.2 折算风险 26
4.3.3 经济风险 27
4.4 识别 W 公司外汇风险敞口的方法..........27
4.4.1 工作底稿法 ...........28
4.4.2 报表法 ..29
4.5 外汇风险管理的策略 ......30
4.5.1 W 公司采用经营性套期保值的策略分析 ...........30
4.5.2 W 公司采用金融性套期保值的策略分析 ...........31
4.6 建立外汇风险管理措施评价体系.........34
第 5 章 W 公司外汇风险控制效果及问题分析 ......35
5.1 外汇风险管理的案例背景 ...35
5.2 经营性外汇风险控制策略的应用及效果评价36
5.2.1 对销贸易法 ..........36
5.2.2 货币保值条款 ........37
5.2.3 经营性外汇风险控制方案的比较.....37
5.3 金融衍生品外汇风险管理工具的应用及效果评价........38VII
5.3.1 外汇远期 .38
5.3.2 外汇期权 39
5.3.3 期权组合 40
5.3.4 金融衍生品控制外汇风险的效果评价.40
5.4 选择适用 W 公司外汇风险控制的方法及建议41
第 6 章总结与展望 ....43
6.1 研究结论 .
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