Preface
In the previous issue of "Only 20%of the enterprise avoids exchange rate risk in time? Risk management is very promising! 》 In , we introduced the necessity of enterprise foreign exchange risk management .
This issue of risk management topics, we will bring you a specific way of foreign exchange risk management.
Enterprise Foreign Exchange Risk Management refers to the prevention, evading, transferred or eliminated risks in foreign exchange business through risk recognition, risk measurement, risk control and other methods, thereby reducing or avoided possible economic losses and achieved it. To maximize the income under certain conditions or minimize the risk under certain conditions.
Enterprise Facing the fluctuating violent foreign exchange market, it usually chooses different ways to reduce the adverse effects of exchange rate fluctuations on ourselves and cooperation. 1, choose the right settlement currency
There are usually three types of valuation currencies in International Trade : 1) Calculating the currency of the exporter and the currency of the country's currency; 3) the traditional currency of the trade in the product (usually the US dollar).
Traditional Import and Export Trade , both parties to the transaction are used to the US dollar settlement. However, in recent years, more and more cross -border trade between has begun to settle the use of imported national currencies (custody currency countries, such as euro, pounds, and yen, etc.).
2, autonomous choice of exchange time point
H0H0H In 2012, the Foreign Management Bureau announced that the mandatory foreign exchange settlement system withdrew from the historical stage, and enterprises and individuals could retain foreign exchange income independently. my country has entered a willingness to settle a foreign exchange system. Foreign currency customers in settlement accounts can freely settle foreign exchange, or they can be retained in the form of foreign currency. Enterprises can choose to buy foreign exchange time.
· Traveling
Enterprise can reduce the adverse effects of exchange rate fluctuations by reducing exchange rate fluctuations in advance, but this will be limited by policy changes. Enterprises need to provide banks with relevant trade contracts or foreign currency loan contracts, other company information, customs documents and other qualification documents in order to apply for foreign exchange purchase business.
3, carrying out a set of cash flow
Setting Deting is the risk of an enterprise to avoid the risk of foreign exchange, interest rates and commodity prices. ML1 set tool , which makes of the period tool The fair value or cash flow changes, and it is expected to offset a trading activity of the risk of changing all or partially fair value or cash flow changes in the period.Deting is the most effective and targeted exchange rate risk management measures for enterprises, which can help enterprises reduce the negative impact of exchange rates.
| Case:
HTML is 133 at the exchange rate of the dollar against the yen on January 8th. According to the trade contract, the exporter B will receive a payment of 400 million yen on June 10. Company B is worried that the exchange rate of the dollar against the yen will rise, hoping to fix the exchange rate of the dollar against the yen in one month in advance to avoid risks. So I made a long -term foreign exchange transaction with , and sold 400 million yen at 's long -term exchange rate 13.280, and bought the US dollar at the same time:
400,000 ÷ 132.80 = 3,012,048.19 Yuan
Venture (fund delivery Day) June 10. On this day, the company needs to pay 400 million yen to Bank of China, and the Bank of China will pay the company $ 3,012,048.19. After
This long -term foreign exchange transaction, the exchange rate of the US dollar against the yen can be fixed. No matter how the exchange rate level of the international foreign exchange market changes, Company B will sell yen to the bank at a exchange rate of 132.8.
If Company B waits until the date of receipt of the payment will not be traded for futures, if the market exchange rate level of the US dollar against the Japanese yen is rising to 144 on June 10, then Company B must sell 400 million days at the exchange rate level of 144 Yuan, buy the US dollar at the same time:
400,000,000 ÷ 144 = 2,777,777.78
, the company will receive less US dollars: H3H3H3
3,012,048.19-2,777,777.78 = 234,270.41
passes the above example. We can see that Proper use of long -term foreign exchange tools, importers or exporters can lock costs to better avoid losses that may bring in exchange rate fluctuations.
1) Set up period of time preservation can help companies from the perspective of financial management:
A1A. tml4 b. Reduce annual financial indicators fluctuations (the impact of smooth risk on income and cost); C. The temporary relief of the huge market fluctuations. 2) Set the advantages of the duration of the set period compared to the other two risk management measures: a. The risk hedging can be more flexible according to the characteristics and risk tolerance of the business operation. ;
B. The overall cash flow meets the company's expectations;
C. The coverage time is longer, and the stability effect is better;
D. Avoid the risk of settlement currency and policy changes, and help companies lock the cost better. Set the price of a product to ensure profits.can achieve the following effects by different types of foreign -related business enterprises:
1) Revenue L0 passes the hedging period through the set period. Enterprises can reduce the fluctuation of the revenue and expenditure currency exchange rate. funds. Let enterprises sell and procurement prices in unfavorable exchange rate fluctuations, increase the stability of the company's income and expenditure, and ensure the healthy operation of the enterprise.
Export Enterprise: Stable foreign currency income exchange rate exchange rate to ensure the level of RMB income.
Imported Enterprise: Stable Travel Purchase cost, ensuring the amount of foreign exchange purchase and purchasing power.
2) Asset -liability:
can reduce the value of financial crisis and increase debt repayment capabilities. By reducing the fluctuations in cash flow, the probability and expected cost of the financial crisis will be reduced.
holding US dollar debt companies: Stable US dollar debt interest rates to prevent the increase in debt interest in rate hike and the increase in the principal and interest of US dollar debt in exchange rate fluctuations. And the accounting book exchange loss caused by changes in the exchange rate of the US dollar against the RMB.
companies holding US dollar mobile assets: Increase the return of US dollar mobile assets, reduce exchange loss and reduced cash value caused by the fluctuations of the US dollar and the fluctuations of the RMB. The above content of
is the main way for enterprises to carry out foreign exchange risk management. After this, how can enterprises formulate management steps that meet their own needs in accordance with these methods? In the next issue, we will explain the specific development for everyone. Sustainable attention is interested in [Finding Observation] Oh ~
Disclaimer Exchange Sunrate's content published in this article and any references to this article Information, no types of information Show, suggest and legal statement and guarantee. The information provided by this article is for reference only. No matter for anyone, these information does not constitute suggestions to enter certain transactions or use certain risk aversion, trading or investment strategies. The prediction of changes does not mean that any such changes will not exceed the extent of the report in the report.
