国际贸易Microsoft PowerPoint

形成原因
• 交易风险是未了结的债权债务在汇率变动后，进行外汇交 割清算时出现的风险。这些债权债务在汇率变动前已发生， 但在汇率变动后才清算。 • 外汇风险一般包括两个因素：货币和时间。 • 如果没有两种不同货币间的兑换或折算，也就不存在汇率 波动所引起的外汇风险。同时，汇率和利率的变化总是与 时间期限相对应，没有时间因素也就无外汇风险可言。经 济主体账款收付与最后清算日的时间跨度越大，汇率波动 的幅度可能越大，货币间的折算风险也就越大。外币与本 币间的兑换，成为外汇交易风险产生的先决条件，而时间 因素则是外汇交易风险产生的催化剂。
控制策略
交易风险的内部管理方法
• When a perfect hedge is not available there are other methods that the company could consider to at least reduce exposure. These are sometimes referred to as ‘internal methods’ because they are internal to the company’s operations.
Transaction Exposure 交易风险
• Exchange rate risk: also known as foreign exchange risk refers to the possibility of economic entities holding or use of the Exchange's economic activity, due to changes in exchange rates have suffered losses.汇率风险：又称 外汇风险，指经济主体持有或运用外汇的经济活动中，因 汇率变动而蒙受损失的可能性。 • There are three main forms of exposure to exchange rate fluctuations: Transaction Exposure Translation Exposure Economic Exposure 外汇风险的种类：交易风险、折算风险、经济风险。
Futures Contract
Forward Contract
Currency Purchase a currency CALL option representing the currency and the Option
amount related to payables 购买货币看涨期权代表的货币和相 关的应付账款的金额
利用金融衍生工具规避交易风险
In order to protect itself against transaction exposure a company should enter into foreign currency transactions whose cash flows exactly offset the cash flows of the transaction exposure. These protective measures cover all instruments we talked about in the previous section, and include: 为了保护自己免受交易风险，公司应该进入外汇交易的现 金流完全抵消了交易风险的现金流。这些保护措施包括： • Forward contracts远期外汇合约 • Currency options外汇期权 • Futures contracts外汇期货
To Hedge Receivቤተ መጻሕፍቲ ባይዱbles
对冲应收账款 Sell a currency futures contract representing the currency and the amount related to the receivables卖 出某种货币期货合约代表的货币和相 关的应收账款金额 Sell a forward contract representing the currency and the amount related to the receivables卖出远期合约代表 的货币和相关的应收账款金额 Purchase a currency PUT option representing the currency and the amount related to receivables 购买货币看跌期权，占本币和相关的 应收账款金额
当一个完美的对冲不可有，该公司可以考虑以至少减少暴露的其他方法。这 些有时被称为“内部的方法”，因为它们是公司内部的操作。
• 加强帐户管理，主动调整资产负债。以外币表示的资产负债容易受到 汇率波动的影响，资产负债调整是将这些帐户进行重新安排或转换成 最有可能维持自身价值甚至增值的货币 • 选择有利的计价货币 • 在合同中订立货币保值条款。货币保值条款的种类很多，并无固定模 式，但无论采用何种保值方式，只要合同双方同意，并可达到保值目 的即可 • 通过协定，分摊风险。交易双方可以根据签订的协议，确定产品的基 价和基本汇率，确定汇率变化幅度以及交易双方分摊汇率变化风险的 比率，视情况协商调整产品的基价 • 根据实际情况，灵活掌握收付时间。在国际外汇市场瞬息万变的情况 下，提前或推迟收、付款，对经济主体来说会产生不同的效益。因此， 应善于把握时机，根据实际情况灵活掌握收付时间。
Transaction Exposure
• Trading risk refers to the agreed transactions denominated in foreign currencies transaction process, due to exchange rate contract that is signed when the exchange transaction settlement occurs when the difference in the risk of gain or loss caused. 交易风险指在约定以外币计价成交的交易过程中,由于结算 时的汇率与交易发生时即签订合同时的汇率不同而引起收 益或亏损的风险。 是在即期与远期之间的汇率变化，从而使将来支付外汇 （或收回）需要更多的本币（或收回兑换的本币减少）的 风险。
Transaction Exposure will arise from: 交易风险来自于
• Purchasing or selling on credit goods or services whose price are stated in foreign currencies 公司收购，出售信贷货物或服务的价格以外币计价 • Borrowing or lending funds when repayment is to be made in a foreign currency 借款或贷款资金时还款的外币进行 • Acquiring assets or incurring liabilities denominated in foreign currencies 收购资产或承担的外币负债
The table below summarises the hedging techniques for transaction exposure:
Techniqu e
To Hedge Payables
避险应付款 Purchase a currency futures contract representing the currency and the amount related to payables 购买货币期货合约代表的货币和相 关的应付账款的金额 Purchase a forward contract representing the currency and the amount related to payables 购买方式表示货币和相关应付款项 量的远期合约