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上海交通大学硕士学位论文国际物流企业的外汇风险与控制姓名：张弘申请学位级别：硕士专业：会计指导教师：朱军生20080601MPAcc20057,MPAccMPAccTHEFOREIGNEXCHANGERISKANDCONTROLMEASURESOFINTERNATIONALLOGISTICENTERPRISESABSTRACTSinceaseriesofreformsofexchangeratesystemstartingfromJuly2005,Chinahasstartedtoadoptthegenuinefloatingexchangeratesystem.Especiallyintherecenttwoyears,Renminbi(“RMB”)hasbeenappreciatingfasterandfaster,consequentlytheexport-orientedenterprisesinChinaarefacingnewchallengesandnewissuesonthedevelopmentofthesameundersuchsituationhavearisen.Theacademicshaveextensivestudiestosuchnewissues,however,suchstudiesmostlyfocusonhowforeigntradecompaniesavoidforeignexchangerisks(“FER”),andthestudyofinternationallogisticsenterprises(“ILE”)isstillblank.Theauthorofthisarticle,afinancialaccountofanILE,hasMPAcccompleteawarenessofthegreatimpactoftheappreciationofRMBtothecompetitiveness,stabilityoffinanceandriskmanagementofacompany.HowtoavoidandcontrolFERarisenfromthegradualintegrationofChineseforeignexchangefinancialmarketandthemarketworldwide,alsoleadstoanimportantdirectionofthetheoryandpracticeofinternationallogisticsindustry.Therefore,thestudyofthisarticlehasboththeoreticalandpracticalsignificance.Theprefaceofthisarticleintroducesthesignificanceofthetopicandthemethodologyofthestudies.ChapterOnefirstlyintroducesthedefinitionandthereasonofformationofFER,anditfurtherelaboratestheclassificationandtheformalityofFER,finallyitillustratestheimportantimpactofFERonoperationalstrategiesofenterprises.ChapterTwoanalysesthecharacteristicsofILEusingfullandaccuratedataandinformation,andaccordingly,illustrateswhyILEgenerateFERmoreeasily.MeanwhileitalsodiscussesindepththeparticularsofdifferentkindsofFERgeneratedbyILE,andemphasizesthesensitivenessofILEtoFER.ChapterThreeproposesthatFERmanagementshouldbeanimportantcompositionofoperationalmanagementofenterprises.Toaccomplishsuchstrategictarget,ILEshouldestablishmanagementprinciplesofFERinitially,followedbymakingoperationalstrategiestoFERbasedonthemanagementprinciples.ChapterFourcrystallizesthepositiveoperationalstrategieswhichsatisfythecurrentneedofILEtoMPAccavoidrisks,anddissertsthatILEmayavoidFEReffectivelyonlythroughinternalmanagementcontrolandusingexternalfinancialtools.Thisarticleemphasizesthestudyofinternalmanagementcontrolmeasures,andinducestheriskmanagementunderbalancesheetandtheriskmanagementunderincomestatement,whichisalsoaninnovationofthisarticle.Moreover,althoughthefinancialtoolsinChinaarestilllimited,thisarticlestudiesthefinancialtoolsavailableforILEinbothdomesticandoverseasfinancialmarkets,andtheiroperationalmethods,somerelatedcasesstudiesalsoareprovidedinthisarticle,whichmakethearticlemorepracticalandoperable.KEYWORD:theforeignexchangeriskcontrolmeasuresstrategyMPAcc2008327MPAccMPAcc1199420057GDP,,,,,KWE.MPAcc2;MPAcc31.1FOREIGNEXCHANGERISK1.2TranslationExposureTransactionExposure)Economicrisk)1.2.1MPAcc41.2.2121.2.3MPAcc51.2.4123,MPAcc61.3MPAcc72.12.1.12.1.21030402.1.31.MPAcc82.()3.4.MPAcc92.22.2.1,1FreehouseDEBITNOTE72017.2,1:7.1,10.22,,,,,.330770817800MPAcc102.2.21.20076.98%2007102%200820087.3MPAcc1169206.0096.62008,2,,.2056081BKWE200120071052.2%;06,3.5%;07,8.8%;08122001~2005BKWE200.,,05,,05200.06,,,063.5%2,06460,05700.071000.07,2007,08MPAcc12.,.2.32.3.1MPAcc132.3.212,,,,MPAcc141000306010002000500150015,20077.8087,20087.2996,20070.5091,,20077652.3.31,,07,,082MPAcc15MPAcc163.13.1.13.1.2MPAcc173.1.33.220070707127.4MPAcc18MPAcc193.2.13.2.2MPAcc20503.2.3MPAcc21MPAcc22,,4.1MPAcc234.1.1Exposure1.MPAcc241721:7.21:7.11(10711014082675MPAcc251006.751006.761380%2001:0.7721:0.72210.5,362.1MPAcc2622;,200711200712,602%,601%,2%,301%,,,22%,,2,,,,,,.3MPAcc271280%,,,,4MPAcc285:(1);(2)4.1.2MPAcc291.,,FREEHOUSE)1USD1RMB7.307.3023DEBITNOTE4FREEHOUSEMPAcc302.,:F=2L/(R1+R2)FLR1,R2.,07,,2001:15.040,20030081:14.540:F=2*3008/(15.04+14.54)=203.38(),200,203.3849.15.3.MPAcc314.VMIVendorManagedInventory,,.4.2MPAcc324.2.1200520058MPAcc33334.2.2MPAcc34113610030301351301135l00500000014510000000NDFMPAcc35NDF2.MPAcc364.2.3NDFNDO,NDF,NDFNDO,NDF,NDFNDONDFNDONDFNDONDFNDO1.(Non-DeliveryForward)NDF,NDFNDFNDF1996NDFNDFMPAcc37NDFNDFNDFNDFNDFNDFNDFI35%37.2072001000,,NDF()NDF:7.2/,1000NDFABCRMB/U5D7.37.27.1()730072007100()13.7014.08CMPAcc38,NDFANDF.II350050015003623081171232::5000708750NDFNDFNDFNDF2.((Non-DeliveryOption)NDOMPAcc39NDFNDONDONDONDF200833USD/CNY7.1058USD5,000USD/CNYUSD/CNY=7.0582/USDCALL/CNYPUT1003200831320083157.05820.5%USD5,00020086132008615USD/CNY7.0082,USD/CNY=7.0592/[1,000,000*(7.0592-7.0082)]/7.0082=7134.5USD5000USD,USD5,000MPAcc40:,,MPAcc41[1]2006112123[2]](2007)[3],20066;3047[4]2004;[5]20047;[6]20046;[7]20047;[8]2006104041;[9]2007134137[10]:2004276[11]200541325[12]200422526[13]:2005100103[14]2004278[15]RobertC.Merton,AFunctionalPerspectiveofFinancialIntermediation,FinancialManagementFinancialManagementAssociation,vol.2004(2),Summer[16],,20051118-20[17]GeorgeAllayannis&EliOfek,Exchangerateexposure,hedging,andtheuseofforeigncurrencyderivatives,JournalofInternationalMoneyandFinance,Vol.2001Page:273-296[18]20058,3-8[19]()2005MPAcc4272-5[20]20062[