【摘要】：本文以中興通訊為例,采用案例研究對(duì)企業(yè)外幣資產(chǎn)的匯率風(fēng)險(xiǎn)管理展開(kāi)研究。研究發(fā)現(xiàn),受人民幣升值的影響,中興通訊的境外銷(xiāo)售收入占比呈現(xiàn)下降趨勢(shì),但整體比重依然在50%以上,同時(shí)約有三分之二以上的外幣凈資產(chǎn),表明中興通訊具有較高的經(jīng)營(yíng)風(fēng)險(xiǎn)與外幣折算風(fēng)險(xiǎn)。由于中興通訊沒(méi)有很好地利用經(jīng)營(yíng)對(duì)沖、金融對(duì)沖以及外幣債務(wù)來(lái)有效管理匯率波動(dòng)帶來(lái)的風(fēng)險(xiǎn),使得近年來(lái)產(chǎn)生了較大匯兌損失。研究結(jié)論表明,在面臨匯率波動(dòng)風(fēng)險(xiǎn)時(shí),企業(yè)應(yīng)合理利用對(duì)沖工具及外幣債務(wù)來(lái)管理企業(yè)匯率風(fēng)險(xiǎn),以減少可能產(chǎn)生的匯兌損失。
[Abstract]:Taking ZTE as an example, this paper uses case study to study the exchange rate risk management of foreign currency assets. The study found that due to the appreciation of the RMB, the proportion of overseas sales revenue of ZTE shows a downward trend, but the overall proportion is still more than 50%, and at the same time there are about 2/3 foreign currency net assets. It shows that ZTE has higher operating risk and foreign currency conversion risk. Because ZTE does not make good use of business hedging, financial hedging and foreign currency debt to effectively manage the risk of exchange rate fluctuations, in recent years, there has been a large exchange loss. The conclusion shows that in the face of exchange rate fluctuation risk, enterprises should use hedging tools and foreign currency debt to manage the exchange rate risk, so as to reduce the possible exchange loss.
【作者單位】： 武漢大學(xué)經(jīng)濟(jì)與管理學(xué)院;武漢市武昌區(qū)國(guó)有資產(chǎn)監(jiān)督管理辦公室;暨南大學(xué)管理學(xué)院;
【分類(lèi)號(hào)】：F832.6;F426.63

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