金融互换与企业负债管理

Financial Swaps and the Management of Enterprise Debt

金融互换的基本原理是比较优势与利益共享,它具有功能较多、灵活性较大、风险较小等优点。它在企业负债管理中的应用主要有三个方面,即实现已有负债的利率与汇率风险管理、降低当前发行债务的融资成本、锁定未来某项预期负债的发行成本。鉴于金融互换有利于我国企业拓宽筹资渠道、降低筹资成本和规避负债的利率与汇率风险,目前在我国积极开展金融互换业务是很有必要的。

The basic principle of financial swaps is to compare advantages and share benefits. It is characterized by more functions, better flexibility and smaller risks. The application of financial swaps to manage debts in the enterprises can be seen from three aspects: the management of the risks of interest rate and foreign exchange in enterprises that are in debt, the decrease of financing cost of issuing current debt and the fixation of financing cost of future debt. Since financial swaps help enterprises raise more capital, decrease the cost of raising capital and evade the risks of debt interest and foreign exchange. It also points out that it is necessary to start the financial swaps business in China.