【摘要】：在我國國際工程企業(yè)走出國門，參與國際工程項(xiàng)目過程中，普遍存在低價中標(biāo)，利潤率偏低的現(xiàn)象，導(dǎo)致企業(yè)的抵御匯率風(fēng)險能力不足。目前常用的匯率風(fēng)險管理手段無法滿足企業(yè)日益增長的抵御匯率風(fēng)險的需要，急需尋找新的手段加強(qiáng)和提高企業(yè)的風(fēng)險管理水平。 在此背景下，本文研究了金融衍生工具在我國國際工程承包匯率風(fēng)險控制中的應(yīng)用這個課題，主要研究內(nèi)容分為如下四個部分。第一部分，根據(jù)項(xiàng)目風(fēng)險管理理論，對我國國際工程承包中的匯率風(fēng)險進(jìn)行了識別，量化和控制。首先，進(jìn)行匯率風(fēng)險識別：根據(jù)國際工程工期長、國際環(huán)境復(fù)雜的特點(diǎn)，分析國際工程從投標(biāo)到保留金收回整個項(xiàng)目周期中，各階段存在的匯率風(fēng)險；其次，進(jìn)行了風(fēng)險量化：運(yùn)用VaR（在險值）模型量化了匯率風(fēng)險；最后，進(jìn)行風(fēng)險控制：分析了當(dāng)前常用的匯率風(fēng)險管理方法的不足和金融衍生工具管理匯率風(fēng)險的優(yōu)越性。第二部分，闡述了金融衍生工具的概念、特征、功能，，并借助我國國際工程承包中的匯率風(fēng)險案例，分析了直接套期保值和交叉套期保值對匯率風(fēng)險的作用模式。第三部分，通過建立模型研究了我國國際工程承包企業(yè)如何確定金融衍生工具的最佳套期保值率，以及如何選擇金融衍生工具來達(dá)到管理匯率風(fēng)險的最佳效果。第四部分，結(jié)合具體國際工程案例分析金融衍生工具在我國國際工程承包中的應(yīng)用。 本文的研究成果，一方面能彌補(bǔ)當(dāng)前我國國際工程承包企業(yè)控制匯率風(fēng)險方法的不足，另一方面能使金融衍生工具在更高程度上和更大范圍發(fā)揮其在我國國際工程承包企業(yè)防范匯率風(fēng)險中的作用，為我國國際工程承包企業(yè)參與國際競爭保駕護(hù)航。
[Abstract]:In the process of our country's international engineering enterprises going abroad and participating in international engineering projects, the phenomenon of winning bids at low prices and low profit margin generally exists, which leads to the insufficiency of enterprises' ability to resist exchange rate risk. The current common exchange rate risk management methods can not meet the increasing need of enterprises to resist the exchange rate risk. It is urgent to find new ways to strengthen and improve the risk management level of enterprises. In this context, this paper studies the application of financial derivatives in China's international project contract exchange rate risk control, the main research contents are as follows. The first part, according to the theory of project risk management, identifies, quantifies and controls the exchange rate risk in China's international project contracting. First, identify the exchange rate risk: according to the characteristics of long construction period and complex international environment, analyze the exchange rate risk in each stage of the whole project cycle from the bidding to the recovery of the reserve money; secondly, Risk quantification: using VaR (in risk value) model to quantify exchange rate risk; finally, carrying out risk control: analyzing the shortcomings of current exchange rate risk management methods and the advantages of financial derivatives in managing exchange rate risk. In the second part, the concept, characteristics and functions of financial derivatives are expounded. With the help of the case of exchange rate risk in China's international engineering contract, the paper analyzes the role of direct hedging and cross-hedging on exchange rate risk. The third part studies how to determine the best hedging rate of financial derivatives and how to select financial derivatives to achieve the best effect of managing exchange rate risk. The fourth part analyzes the application of financial derivatives in China's international engineering contracting. The research results of this paper, on the one hand, can make up for the deficiency of the current method of controlling exchange rate risk of international project contracting enterprises in our country. On the other hand, it can make financial derivatives play its role in preventing exchange rate risk in China's international engineering contracting enterprises to a higher extent and to a larger extent, so as to protect China's international engineering contracting enterprises from participating in international competition.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F752.68;F830.9

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本文編號：2226827