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1、Ontheenterpriseriskmanagement,externaldebt PaperKeywords:Enterpriseriskmanagement,financialriskdebt Abstract:Atpresent,Chineseenterpriseshavebeguntofacetherisksofexternaldebtproblems,thetraditionalforeignexchangeriskmanagement,riskmanagementrequirementsnotsuitedtotheexternaldebt,externaldebtr
2、iskmanagementofChineseenterprisestechnologyandthereisstillalargegapbetweentheinternational,therefore,mustpayattentiontotheintroductionofforeignadvancedmanagementexperience,throughtheforwardrateagreements,interestrateswaps,currencyswapsandforeignexchangeoptionsandotherfinancialmarketinstruments,impr
3、ovetheenterprisesintheexternaldebtriskmanagementcapabilities. InAugust1982,Mexico'sinabilitytorepayforeigndebtprincipalandinterestdue,whichtriggeredadebtcrisissweptthroughLatinAmerica;in1997,Asiancountries,becauseofforeigndebtstructureisirrational,intheshort-termforeigndebts,triggeredtheAsianeco
4、nomiccrisis;19981yearsoftheRussiandebtcrisisof2001begansweepingfromArgentina,includingBrazil,Uruguay'sfinancialcrisisandexternaldebtarealsorelevant. Infact,Chinesecompanieshavebeguntofacetheriskofmoreseriousdebtproblems,butatthesametimeaddressitscorporatedebtriskopportunitytohavebeguntoemerge.Ju
5、ly21,2005,Chinastartedtoimplementamarket-basedsupplyanddemandwithreferencetoabasketofcurrenciestoadjusttheyuanwillnolongerstaringatasingleU.S.dollar,theformationofamoreflexibleyuanexchangeratemechanism.Thisisevidentfromabroadsense,todobusinesswithforeigncompaniesfaceexchangerateriskswillbelarger.Th
6、egoodnewsisthat,foralargeexternaldebtmanagementbusinessenvironmenthasstartedtochange.July8,2002,theStateDevelopmentPlanningCommission,thePeople'sBankofForeignExchangejointlypromulgatedthe"state-ownedandstate-holdingenterprisesandrestructuringofexternaldebtriskmanagementguidance.""Guidingopinions"es
7、tablishedbusinessleadersindecision-makingshouldbeexternaldebtriskmanagementaspartofenterprisemanagement,on-lendingtothecorporatedebtoffinancialinstitutionsalsohavetheresponsibilitytocorporatedebtriskmanagem
