涉外企业的货币经营风险管理

结合涉外企业投入与产出所处市场的分割程度或一体化程度,分析了当地企业、进口企业、出口企业或全球经营企业所面临的货币经营风险;对计量涉外企业货币经营风险的方法进行比较,认为管理层估计法对于计量货币经营风险以及制定相应的竞争对策有着重要作用;分别从金融性套期保值、经营性套期保值和营销策略等视角讨论货币经营风险的管理。笔者认为:金融性套期保值通过锁定涉外企业的外币现金流出或流入,可部分抵消涉外企业的货币经营风险暴露;经营性套期保值通过调整企业的经营业务并尽可能多地增加经营现金流,可从根本上提高涉外企业适应汇率变化的能力;通过影响涉外企业及其竞争对手所处的经营环境,营销策略有助于降低涉外企业的货币经营风险暴露。

Risk Management for Monetary Operation in Foreign-related Enterprises

Referring to the extent of segmentation and integration of input and output in market in foreign-related enterprises, the risks in monetary operation faced by local enterprises, importation enterprises, exportation enterprises or global enterprises were analyzed. Through comparison of the risks in monetary operation in foreignrelated enterprises by quantitative approach, it is considered that estimation by managerial level played an important role in quantifying the risks in monetary operation and setting relevant competitive policy. The risk management for monetary operation was discussed from financial hedge, operational hedge and marketing strategy respectively. It was concluded that financial hedge could hedge partially the monetary operation risk exposure by locking up the cash flow denominated in foreign currencies, and operational hedge could ultimately improve the adaptability of the enterprises to the fluctuation of foreign exchange rates by adjusting their operations and increasing their operational cash inflow. Marketing strategy could help to decrease the monetary operation risk in foreign-related enterprises by influencing the operational environment of foreign-related enterprises and their competitive rival.