| As the deepening of the reform of economic system and finance system in our country, especially after the joining in WTO, economic development in our country has been connected with the international, and there are more and more domestic enterprises take part in the international competition, and the exchange risk enterprises facing can not be ignored any more, and avoidance of exchange risk has more and more important position in finance management. How to use the mature experience of exchange risk avoidance abroad for reference and apply it in risk management of enterprises concerning foreign affairs in our country, and construct the external environment for enterprises to carry on exchange risk management, are the urgent task that we are facing.At present, there are many enterprises that have entered the international market, and took part in the international economic competition. However, large amount of examples indicate that during the course of self-development and international competition, enterprises concerning foreign affairs are extremely not mature in researching on or avoiding the exchange risk not only in terms of theory but also in practice. There is no systematic analysis and cognition, which will lead to bigger risk and loss, sometimes even endanger the existence. In contrast, international enterprises in western developed countries, especially multinationals have maturity techniques in avoiding exchange risk, and exchange risk avoiding has important position in enterprise financial management theory in the West. While, because of the difference of economic development situation and market development, some of these techniques are not suitable for Chinese enterprises. So it's an urgent task to explore the specific measures for avoiding exchange risk and create more advantaged external environment by research on foreign experiences.Since July 21, 2005, new managed floating rate system that based on market supply and demand and adjusted referring to a basket of currency comes into force. This means the fixed rate between RMB and dollar will no longer be kept, and enterprises engaging in operations related with dollar will really expose under the changing risk of exchange rate, and the inconsistent possibility of the exchange rate changing between RMB to currencies other than dollar and dollar to currencies other than dollar will become greater. From the long-term seeing, as the exchange rate formation system gradually becomes perfect and the effect of market grows strong, it is the necessary trend that the floating range of RMB exchange rate will expand and frequency of it will be accelerated step by step. Thus, for foreign related business, how to guarantee the business performance by avoiding risk brought by changing of the exchange rate has become a very important problem.The definition of exchange risk has broad sense and narrow sense. The narrow sense of exchange risk is the risk brought by exchange rate. The broad sense of exchange risk includes exchange rate risk, interest rate risk, credit risk, accountant risk, flowability risk, national risk etc. the exchange risk discussed in this article is considered from the narrow sense angle, which mainly refers to exchange risks enterprises facing in exchange business, international trade, international investment and international credit activities. In market economy, enterprises should take on various risks, and the most prominent of them is the exchange rate risk that brought by exchange rate changing. Exchange rate risk includes managing risk, business risk and accountant risk.As the development of economic globalization and finance incorporated, the economic cooperation and trade contact among countries become frequently. There are foreign currencies paid and accepted in business of enterprises that involved in foreign affairs, these bring the business activities cross currencies, and the converting from one currency to another accord to the exchange rate between the two currencies. So when exchange rate fluctuates in international foreign exchange market, the value of currency after conversion will change. Meanwhile, time can also brings uncertainty. There are time intervals between the date of sold and payment for goods, and the date bonus announced and paid, which provide chances for currency value to change.The distinguishing and measuring of exchange risk are the precondition of avoiding exchange risk. For one enterprise, in the base of making sure of the characteristic and type of the exchange risk it is facing with, it should also identify the part in danger, and provide reference for making countermeasures. The purpose of analyzing the part in danger from qualitative aspect is to grasp how to ascertain the currency, sum and time in danger in different kind of exchange risks. But such analysis can not tell us the information about the size and extent of exchange rate risk, so it is necessary to carry on analysis on the part in danger from quantity aspect. The change of exchange rate is the direct reason that causes the exchange risk of enterprise, so the changing direction and extent determine the size of the exchange risk. So it another important aspect of exchange risk measurement to forecast the changing direction and extent of exchange rate.Considering the actual situation of our country, enterprises concerning foreign affairs should obey the following principles in avoiding exchange rate risk: first, take it seriously all rounds, which means enterprises should pay attention to every kind of foreign currency in avoiding exchange rate risk, such as foreign trade, making use of foreign capital, foreign currency repertory and non-trade income and expenses. Not only enterprises involving in foreign business and financial affairs, but also enterprises that fetching in equipment and using foreign capital should have the responsibility in avoiding exchange risks, and they should pay attention to the work of avoiding exchange rate risk. Secondly, active and reliable, which means every enterprises involved in should transfer exchange rate risk abroad actively, and also should consider the purpose of guaranteeing the original value and take reliable measures, and not to invest on foreign currency to avoid great suffer. The third, flexible and various, which means the method of avoiding exchange risk should be various, and some of them need certain expense, so enterprises should analyze the advantage and disadvantage of every method, and pick out the best and suitable methods, and use them flexibly. Finally, balancing comprehensively, which means every operation should has specific measures to avoiding exchange risk, but because of the conditional restriction, not all of these measures can get the expected effect. (For example, we always hope to use the hard currency in export, but sometimes when we get the foreign currency, hard currency has changed into the soft currency.) Exchange risk involves many sections, so national, regional, enterprise and trade, foreign currency management and financial sections should work together, and use economic, legal and administrative methods in avoiding the risk to achieve the basic balance of avails and loss.For enterprises, one way is to make use of products drive from finance and financial service, and change the kind of currency by various means to reach the purpose of guaranteeing the value, avoiding exchange rate risk and improving operation performance. On the other hand, enterprises should take various reasonable measures to improve productivity and reduce the cost to make the price lower and improve the competition power of product. At the same time, enterprises should also upgrade and change the product, improve the additional value of product, open up new producing field, adjust industry structure, enhance the self-researching ability which includes the basic technique and grasp more key techniques. In addition, enterprises should also use experiences of foreign enterprises for reference, and carry on strategies of producing abroad an global producing to improve the ability to resist risks. |
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