本文選題：匯兌損益 + 財(cái)務(wù)費(fèi)用�。� 參考：《湖南大學(xué)》2012年碩士論文

【摘要】：經(jīng)過(guò)三次人民幣匯率形成機(jī)制改革，特別是2005年7月21日第二次匯率改革之后，人民幣匯率持續(xù)上升，匯率波動(dòng)幅度持續(xù)擴(kuò)大，對(duì)涉外上市公司的匯兌損益產(chǎn)生了較大的影響，其中，受益于人民幣升值的上市公司主要集中于外匯負(fù)債型、原材料進(jìn)口型行業(yè)，而受損于人民幣升值的上市公司主要集中于產(chǎn)品出口型和金融服務(wù)型行業(yè)。近年來(lái)，，相關(guān)上市公司年報(bào)中披露的匯兌損益占財(cái)務(wù)費(fèi)用的比例呈現(xiàn)上升趨勢(shì)，并對(duì)上市公司的利潤(rùn)產(chǎn)生了一定的影響，也引發(fā)了針對(duì)跨境貿(mào)易采用人民幣結(jié)算的討論。在此背景下，本文依托匯率波動(dòng)理論和跨境貿(mào)易結(jié)算貨幣選擇理論，在實(shí)證分析匯兌損益對(duì)上市公司利潤(rùn)的整體影響的基礎(chǔ)上，選取代表性上市公司，考量不同行業(yè)匯兌損益對(duì)利潤(rùn)影響程度的差別，以期從行業(yè)差分的角度綜合分析匯兌損益對(duì)我國(guó)上市公司利潤(rùn)的影響，并探討了我國(guó)推行跨境貿(mào)易人民幣結(jié)算的效應(yīng)，最后提出減小匯兌損益對(duì)我國(guó)上市公司利潤(rùn)影響的政策建議。本文通過(guò)研究2005年至2011年間包括石化、航空、電力、鋼鐵、有色金屬、金融、醫(yī)藥等重點(diǎn)行業(yè)的50家上市公司的年報(bào)數(shù)據(jù)，認(rèn)為上市公司的匯兌損益與其凈利潤(rùn)呈正相關(guān)關(guān)系，不同行業(yè)上市公司的貝塔值差異明顯，匯兌損益對(duì)其利潤(rùn)的影響表現(xiàn)出不同的特點(diǎn)，且推行跨境貿(mào)易人民幣結(jié)算對(duì)宏觀面和上市公司自身將同時(shí)產(chǎn)生積極和消極影響。最后，本文提出應(yīng)從依勢(shì)確定合理經(jīng)營(yíng)目標(biāo)、積極運(yùn)用金融衍生工具、穩(wěn)步推進(jìn)人民幣匯率形成機(jī)制改革、有效推動(dòng)跨境貿(mào)易人民幣結(jié)算和加快建立人民幣離岸金融市場(chǎng)等方面著手引導(dǎo)企業(yè)規(guī)避匯率風(fēng)險(xiǎn)，降低匯兌損益對(duì)利潤(rùn)的影響，提高上市公司利潤(rùn)，提升我國(guó)上市公司國(guó)際地位和影響力。
[Abstract]:After three times of reform of RMB exchange rate formation mechanism, especially after the second exchange rate reform on July 21, 2005, the RMB exchange rate continues to rise and the exchange rate fluctuation continues to expand, which has had a great impact on the exchange gains and losses of foreign listed companies. Among them, the listed companies that benefit from RMB appreciation mainly focus on foreign exchange debt type, raw materials into the oral industry, while the listed companies that suffer from RMB appreciation mainly focus on product export and financial service industries. In recent years, the proportion of foreign exchange gains and losses to financial expenses disclosed in the annual report of related listed companies has shown an upward trend, which has had a certain impact on the profits of listed companies, and has also led to the discussion on the adoption of RMB settlement for cross-border trade. Under this background, based on the theory of exchange rate fluctuation and the theory of currency choice in cross-border trade settlement, based on the empirical analysis of the overall impact of foreign exchange gains and losses on the profits of listed companies, this paper selects representative listed companies. Considering the differences in the influence of exchange gains and losses on profits in different industries, with a view to synthetically analyzing the impact of foreign exchange gains and losses on the profits of listed companies in China from the perspective of industry difference, and discussing the effects of RMB settlement of cross-border trade in China. Finally, the paper puts forward some policy suggestions to reduce the influence of exchange gains and losses on the profits of listed companies in China. By studying the annual report data of 50 listed companies from 2005 to 2011, including petrochemical, aviation, electric power, steel, non-ferrous metals, finance, medicine and other key industries, this paper concludes that the exchange gains and losses of listed companies are positively correlated with their net profits. The Beta value of listed companies in different industries is obviously different, the influence of exchange gains and losses on their profits is different, and the introduction of cross-border trade RMB settlement will have both positive and negative effects on macro and listed companies themselves. Finally, this paper puts forward that the reform of RMB exchange rate formation mechanism should be carried out steadily by using financial derivatives. Effectively promoting cross-border trade RMB settlement and speeding up the establishment of an offshore financial market for RMB, and so on, to guide enterprises to avoid exchange rate risks, reduce the impact of foreign exchange gains and losses on profits, and increase the profits of listed companies. To enhance the international status and influence of listed companies in China.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275.4;F832.51

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