本文關(guān)鍵詞：利率類、外匯類衍生工具在企業(yè)理財(cái)中的運(yùn)用研究　出處：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 衍生金融工具 企業(yè)理財(cái) 內(nèi)部控制

【摘要】：自20世紀(jì)70年代布雷頓森林貨幣體系瓦解、衍生金融工具誕生以來,衍生金融工具蓬勃發(fā)展,衍生金融工具創(chuàng)新主導(dǎo)現(xiàn)代金融市場(chǎng)的發(fā)展。隨著衍生金融工具的發(fā)展與普及,它為企業(yè)提供了更豐富更高效的理財(cái)工具,正在悄然改變企業(yè)的理財(cái)環(huán)境和理財(cái)方式。衍生金融工具對(duì)企業(yè)而言具有強(qiáng)大的理財(cái)功能,但同時(shí)我們也應(yīng)認(rèn)識(shí)到其高杠桿性導(dǎo)致其本身就蘊(yùn)含著巨大的風(fēng)險(xiǎn)。我國(guó)企業(yè)該如何科學(xué)地運(yùn)用外匯類、利率類衍生工具并有效地控制衍生金融工具交易的風(fēng)險(xiǎn),是本文討論的主要內(nèi)容。 本文首先介紹了國(guó)際會(huì)計(jì)準(zhǔn)則委員會(huì)(IASC)、美國(guó)會(huì)計(jì)準(zhǔn)則委員會(huì)(FASB)以及我國(guó)財(cái)政部對(duì)衍生金融工具內(nèi)涵的界定,在此基礎(chǔ)上分析了衍生金融工具的兩大功能——風(fēng)險(xiǎn)對(duì)沖與價(jià)格發(fā)現(xiàn),并介紹了衍生金融工具的歷史制度變遷及衍生金融工具在我國(guó)的發(fā)展。 接著分別詳細(xì)論述了外匯類衍生工具、利率類衍生工具在我國(guó)企業(yè)理財(cái)中的運(yùn)用。外匯類衍生工具主要包括遠(yuǎn)期外匯協(xié)議、外匯期貨、外匯期權(quán)、貨幣互換等品種。這些外匯衍生工具可被企業(yè)運(yùn)用來進(jìn)行匯率風(fēng)險(xiǎn)管理、降低籌資成本、拓寬籌資渠道等。在匯率風(fēng)險(xiǎn)管理中主要有以下應(yīng)用情景：在國(guó)際金融市場(chǎng)上進(jìn)行籌資活動(dòng)時(shí)的債務(wù)管理；在進(jìn)行國(guó)際投資時(shí)的投資管理：外匯應(yīng)收應(yīng)付賬款的管理。 利率類衍生工具的主要品種包括遠(yuǎn)期利率協(xié)議、利率期貨、利率期權(quán)、利率互換等。利率衍生工具主要用于規(guī)避利率風(fēng)險(xiǎn)。具體而言：企業(yè)可選擇使用利率遠(yuǎn)期、利率期貨、利率期權(quán)或交叉使用這些工具來防范利率風(fēng)險(xiǎn)、鎖定融資成本；企業(yè)還可利用融資的比較優(yōu)勢(shì)通過利率互換降低來融資成本。 最后,本文分析了衍生金融工具的六大類風(fēng)險(xiǎn)——市場(chǎng)風(fēng)險(xiǎn)、信用風(fēng)險(xiǎn)、流動(dòng)性風(fēng)險(xiǎn)、操作風(fēng)險(xiǎn)、交易對(duì)手風(fēng)險(xiǎn)、法律風(fēng)險(xiǎn),并從內(nèi)部控制層面提出針對(duì)衍生金融工具六大類風(fēng)險(xiǎn)的控制策略與防范措施。 本文探討外匯類、利率類衍生工具在企業(yè)理財(cái)中的運(yùn)用,期望給我國(guó)企業(yè)以借簽意義,有助于企業(yè)在更大范圍內(nèi)更高效地利用外匯類、利率類衍生工具的理財(cái)功能。另一方面,本文通過深入的論述,對(duì)衍生金融工具各種風(fēng)險(xiǎn)的估量策略、管理和控制手段進(jìn)行研究,有助于企業(yè)對(duì)衍生金融工具風(fēng)險(xiǎn)進(jìn)行有效的管理。
[Abstract]:Since 1970s, the collapse of the Bretton Woods monetary system, financial derivatives since the birth of the vigorous development of derivative financial instruments, derivative financial instruments leading innovation and development of modern financial market. With the development of financial derivatives and popularization, it provides enterprises with a richer and more efficient management tools, is quietly changing the financing environment of enterprises and financial management. With a strong financial function for enterprise financial derivatives, but at the same time, we should also be aware of its high leverage in itself contains a huge risk. The enterprises of our country how to scientifically use of foreign exchange, interest rate risk derivatives and effective control of financial derivatives trading, is the main content of this paper.
This paper first introduces the International Accounting Standards Committee (IASC), the financial accounting standards board (FASB), China's Ministry of Finance on financial derivatives connotation, on the basis of analysis of the two functions of financial derivatives, risk hedging and price discovery, and introduces the history of institutional change of financial derivatives and financial derivatives the tool in the development of our country.
Then it discusses the foreign exchange derivative tools, the use of interest rate derivatives in our class enterprise finance. Foreign exchange derivative instruments include forward exchange agreement, foreign exchange futures, foreign exchange options, currency swaps and other varieties. These foreign exchange derivatives can be used to carry out the enterprise exchange rate risk management, reduce the cost of financing, expand financing channels. In the management of exchange rate risk mainly has the following scenarios: debt management of financing activities in the international financial market when; investment management in International Investment: foreign exchange accounts payable management.
The main varieties of interest rate derivatives include forward rate agreements, interest rate futures, interest rate options, interest rate swaps and other derivatives. The interest rate is mainly used to avoid interest rate risk. Specifically, enterprises can choose to use long-term interest rates, interest rate futures, interest rate options or cross use these tools to prevent interest rate risk, the cost of financing enterprises can also be locked; using the comparative advantage of financing through interest rate swaps to reduce financing costs.
Finally, this paper analyzes the six kinds of risks: market risk, credit risk of financial derivatives, liquidity risk, operational risk, counterparty risk, legal risk, and from the internal control level proposed control strategy for financial derivatives six types of risk and prevention measures.
This paper discusses the foreign exchange, interest rate derivatives used in the enterprise financing, expectations for the enterprises of our country with reference significance, will help enterprises in a wider range and more efficient use of foreign exchange, interest rate derivatives financial functions. On the other hand, through in-depth discussion on strategy measure all kinds of derivative financial instrument risk, management and control method research, help enterprises to effectively manage the risks of derivative financial instruments.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.5

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本文編號(hào)：1399721