The Impact Of Exchange Rates' Fluctuations On The International Trade Enterprises' Value And Risk-control Research

With the development of floating exchange rate system,the collapse of fixed exchange rate regime,the RMB exchange rate system reform and development,the scope of the RMB exchange rate floating is expanding;At the same time,our country's international trade and international investment is unprecedented increasing.Affected by the current global financial crisis,the RMB exchange rate fluctuates more severely,exchange rate risks increase further.So,the foreign exchange exposure is more and more obvious and The Impact of exchange rates' fluctuations on enterprises' value more and more causes for concern.Firstly,This article discusses the problem of exchange rate fluctuations,including the exchange rate decision theory,the determinants of exchange rate analysis,prediction and analysis of the RMB exchange rate,from the theoretical value to clarify the focus of the impact of factors,with the development of the RMB exchange rate system,exchange rate fluctuations will become more important a factor in enterprise value and effect the enterprise value by transactions,conversion, management.Then this paper,based on the assumption that the value of listed companies is associated with the RMB exchange rate,uses econometric methods and sets up the model to carry out empirical research and build the model of he relationship between enterprise' value and t the RMB exchange rate.First,I select the appropriate model of the value of listed companies to be analyzed,then the model of the relationship between corporate value and the exchange rate is optimized,as the basic model of empirical research,firstly,the nominal exchange rate of RMB respectively with A-Share Index and B-Share Index shows that the RMB exchange rate fluctuations on the impact of the listed companies.Then I selected the 21 industry sector index(including non-financial sector and financial sector index) of the medium-term historical data,the result is that different industries have been affected by foreign exchange risk of different circumstances;Finally,it easy to carry out a single enterprise by empirical studies of exchange rate fluctuations and the impact on specific enterprise value.Finally from the previous research we know that foreign currency exchange rate fluctuations affect the value of enterprise greatly,in day-to-day foreign-related business,foreign exchange risk may affect the company's cash flow and performance,damage the interests of shareholders,and may even threaten the survival of enterprises.Foreign exchange risk for companies,therefore we must attach importance to its adverse impact and be in time to take appropriate measures on the control and management to achieve the purpose of avoiding foreign exchange risk.