本文關(guān)鍵詞： 南方航空 外匯風(fēng)險(xiǎn) 外匯風(fēng)險(xiǎn)管理　出處：《中國(guó)財(cái)政科學(xué)研究院》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著中國(guó)匯率市場(chǎng)化進(jìn)程的不斷強(qiáng)化以及人民幣加入SDR籃子的有效推進(jìn),外匯匯率變動(dòng)更加頻繁。同時(shí),外匯市場(chǎng)環(huán)境也不斷變化,國(guó)際方面,由于特朗普當(dāng)政,對(duì)中國(guó)貿(mào)易政策和自身降稅政策的發(fā)布,加重了中國(guó)作為重稅經(jīng)濟(jì)體的稅收競(jìng)爭(zhēng)壓力。加之其對(duì)中國(guó)不甚明朗的政治態(tài)度,中國(guó)的匯率市場(chǎng)變化難以有效預(yù)測(cè)。國(guó)內(nèi)方面,2015年8月11日央行調(diào)整人民幣匯率中間報(bào)價(jià)機(jī)制,引發(fā)人民幣兌美元的大幅下降。政府強(qiáng)調(diào)進(jìn)一步提高貿(mào)易投資便利化水平、加強(qiáng)外匯交易真實(shí)合法性審核、提升跨境資金流動(dòng)監(jiān)管水平,內(nèi)外環(huán)境的變化對(duì)航空公司外匯風(fēng)險(xiǎn)管理提出更高要求。在此背景下,我國(guó)航空公司普遍遭受較大的外匯損失,航空公司外匯風(fēng)險(xiǎn)管理問題逐步引起重視。南方航空公司作為國(guó)內(nèi)主要航空公司之一,2015年遭受57億元匯兌損失,其外匯風(fēng)險(xiǎn)管理問題引起關(guān)注。本文以南方航空公司外匯風(fēng)險(xiǎn)管理作為研究對(duì)象,從外匯風(fēng)險(xiǎn)管理流程體系方面進(jìn)行研究。分析南方航空公司外匯風(fēng)險(xiǎn)管理取得的成效并著重分析其存在的主要問題,為改善南方航空公司外匯風(fēng)險(xiǎn)管理提供幾點(diǎn)對(duì)策建議。本文闡述了南方航空外匯風(fēng)險(xiǎn)管理的整體框架,結(jié)合外匯風(fēng)險(xiǎn)管理相關(guān)理論的研究,分析南方航空公司外匯風(fēng)險(xiǎn)管理存在的主要問題并提出改進(jìn)意見。研究發(fā)現(xiàn),南方航空公司外匯風(fēng)險(xiǎn)管理主要存在四個(gè)方面的問題,包括外匯風(fēng)險(xiǎn)預(yù)警程序不足難以有效應(yīng)對(duì)內(nèi)外環(huán)境的變化、外匯風(fēng)險(xiǎn)敞口過大后續(xù)應(yīng)對(duì)措施不足、外匯衍生工具運(yùn)用不足導(dǎo)致難以有效對(duì)沖外匯風(fēng)險(xiǎn)、外匯風(fēng)險(xiǎn)管理監(jiān)督評(píng)價(jià)程序針對(duì)性不足。對(duì)于南方航空公司外匯風(fēng)險(xiǎn)管理存在的上述問題,本文提出幾點(diǎn)針對(duì)性的改善建議。研究認(rèn)為南方航空公司可以建立專家持續(xù)監(jiān)測(cè)的外匯風(fēng)險(xiǎn)預(yù)警程序,同時(shí)可以采用包括削減外幣債務(wù)、采用多樣化的飛機(jī)租賃方法、境外機(jī)構(gòu)區(qū)別定價(jià)等方式減少外匯風(fēng)險(xiǎn)、靈活運(yùn)用外匯衍生工具對(duì)沖外匯風(fēng)險(xiǎn)、采用審計(jì)委員會(huì)引入外匯風(fēng)險(xiǎn)管理專家、增加穿行測(cè)試的方式提高外匯風(fēng)險(xiǎn)管理監(jiān)督評(píng)價(jià)程序的針對(duì)性。通過不斷改善外匯風(fēng)險(xiǎn)管理各個(gè)流程,相信南方航空公司能夠更加有效應(yīng)對(duì)當(dāng)前面臨的外匯風(fēng)險(xiǎn)。
[Abstract]:With the continuous strengthening of the marketization process of China's exchange rate and the effective promotion of RMB joining the SDR basket, the exchange rate changes more frequently. At the same time, the foreign exchange market environment is also constantly changing, international aspects. As a result of Trump's administration, the release of China's trade policy and its own tax cuts have increased the pressure for tax competition in China as a heavily taxed economy, as well as its uncertain political attitude towards China. China's exchange rate market change is difficult to predict effectively. On the domestic side, the central bank adjusted the RMB exchange rate intermediate quotation mechanism in August 11th 2015. The government emphasizes further improving the level of trade and investment facilitation, strengthening the verification of the true legitimacy of foreign exchange transactions, and raising the level of supervision of cross-border capital flows. Changes in the internal and external environment put forward higher requirements for foreign exchange risk management of airlines. In this context, Chinese airlines generally suffer greater foreign exchange losses. China Southern Airlines, as one of the major domestic airlines, suffered a loss of 5.7 billion yuan on 2015. The issue of foreign exchange risk management has aroused concern. This paper takes China Southern Airlines foreign exchange risk management as the research object. From the aspect of foreign exchange risk management process system, this paper analyzes the effectiveness of China Southern Airlines' foreign exchange risk management and focuses on its main problems. In order to improve China Southern Airlines foreign exchange risk management to provide several countermeasures. This paper describes the overall framework of China Southern Airlines foreign exchange risk management combined with foreign exchange risk management theory research. This paper analyzes the main problems of China Southern Airlines' foreign exchange risk management and puts forward some suggestions for improvement. It is found that there are four main problems in China Southern Airlines' foreign exchange risk management. Including insufficient forex risk warning procedures can not effectively cope with changes in the internal and external environment, foreign exchange exposure too large follow-up measures are insufficient, insufficient use of foreign exchange derivatives, it is difficult to effectively hedge foreign exchange risk. Foreign exchange risk management supervision and evaluation procedures are inadequate. For China Southern Airlines foreign exchange risk management problems. This paper puts forward several targeted suggestions for improvement. The study shows that Southern Airlines can establish a forex risk early warning procedure with continuous monitoring by experts, and at the same time, it can adopt the measures of reducing foreign currency debt. The foreign exchange risk should be reduced by using diversified aircraft leasing methods, different pricing of foreign organizations, flexible use of foreign exchange derivatives to hedge foreign exchange risks, and introduction of foreign exchange risk management experts by the audit committee. Increase the way of testing to improve the effectiveness of foreign exchange risk management monitoring and evaluation procedures. Through continuous improvement of foreign exchange risk management processes. China Southern Airlines is believed to be able to deal more effectively with current foreign exchange risks.
【學(xué)位授予單位】：中國(guó)財(cái)政科學(xué)研究院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.6

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