跨国公司汇率风险管理研究

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1、华东师范大学博士学位论文跨国公司汇率风险管理研究姓名：汤亮申请学位级别：博士专业：世界经济指导教师：潘英丽20070401上，对跨嗣公司的亍I．率风险管理策略进行总结，并提出了针对中国企业的对策建议。关键词：跨国公司，汇率，汇率风险，风险管理，策略AbstractChina’Sgrowingmultinationalenterprises(MNEs)havetoconfronttOforeignexchangeraterisk(FXrisk)sincetheentryofWTOandespeciallyafterthereformingof

2、exchangerateregimeinJuly,2005．nleconnudumofFXriskmanagementisalsooneofthemostimportantissuesofanyMNEandanimportantoneinintemationaleconomics．Thefirstchapterofthisthesisisintroductorywhichillustrateswhythistopicischosen，andmakesareviewonliterature．ThesecondchaptersetsuDathe

3、oreticalframeworkanddesignsatrinationalmodeltoanalyzetheformingmechanismofFXrisk，optimalhedgingratio，FXriskpass·through，innovationstrategyandhedgingstrategy．TheresultsshowthatelasticityofFXexposureisrelativewiththeinternationalstructureoffirm’srevenueandcost．thatthestatusa

4、ndpricingcapabilityoffirmontargetmarketCanimproveitsabilityofFXriskpass—through，andthatalltheexposuresshouldbehedgedaccordingtotheoptimalhedgingratio．111ethirdchapterdiscussestheoperationalstrategyandhedgingtoolstomanageFXrisk．ThethesisdecomposesFXriskintotranslationrisk，t

5、ransactionrisk．economicrisk，andanalyzestheoperationalandfinancialstrategiessuchassubsidiariesnetworknetting，transferpricing，andinnovation，etc．111efourthchapterdiscussestheinternationalexperiencesonMNEs’FXriskmanagement．WerefertOtheresearchingresultsofthetaskforceoftheGroup

6、一31，mainlywithnon—financialtopMNEsincludingGM，Duportetc．．WealsodiscusstheexperiencesofotherfirmsinUSA，JapanandChineseTaiwan．111efifthchaptergivessomeadvicesonChina’Sfast—growinginternationalenterprisesbasedontheresultsofformerchapters．Theseadvicesinclude：setupofworkingmech

7、anism．globaldiversion，portfoliomanagement，hedgingofFXexposure，innovationinvestment，pass-throughandcostreduction，etc．．FinallyweprovideacasefirmwhichhasmanageditsFXrisksuccessfully．ThemaincontributionofthisthesisisthatjtestablishesthetrinationaJmodelanalyzingtheFXriskmechani

8、smandpresentsacompleteresearchframework，basedonsomeothertheoreticalresults，bywhichweCalld