我国外贸企业人民币升值加息双重风险同步管理与独立管理比较研究

The Comparative Study about the Both Simultaneous Management and Independent Management in the Risk of RMB Foreign Exchange and Interest Rate in Foreign Trade Enterprises

我国出口外贸企业将来收到外汇货款又要借款用于生产,企业面临很大人民币汇率利率双重风险,因此迫切需要解决其风险管理问题。可以使用目前市场上交易的人民币外汇远期、外汇期货和利率远期等衍生工具,分别对这两项风险进行独立管理和同步管理。导出策略的回报、风险和效率等统计指标,比较评价这两种风险管理策略的优良性。得到同步管理比独立管理更加优越的结论,企业可以使用同步管理策略更有效地规避所面临的双重风险。

The export enterprises in China will receive foreign exchange payment for goods and loans in production in the future, but the companies also face a twofold risk in the foreign exchange and interest rate of RMB. So it＇s imperative to research these issues about risk management. We can use the forward exchange rate, foreign futures and forward rate, which are widely used in market trade, to manage the risks respectively with simultaneous and independent hedging strategies. And then the statistics of return, risk and efficiency will be calculated to compare and evaluate these two kinds of risk management strategies. As the receiving conclusion shows that synchronized management is superior to the independent management, enterprises can use synchronized management strategies to avoid the twofold risk more effectively.