The Trading Strategies Analysis And The Value Research Of Foreign Exchange Derivatives

Since China joined the WTO formally in 2001,it plays an more and more important role in the business with countries all over the world,but it also faces an increasing exchange rate risks.Chinese enterprises' management needs of exchange rate risks have increasingly expanded.Therefore,as the management tool of exchange rate risks,FX derivatives develop rapidly.As the management tool of exchange rate risks,FX derivatives are just like a double-edged sword.On the one hand,they can be used as the management tool of exchange rate risks.On the other hand,they will cause enormous risk if they are misused.This article is from the perspective of how enterprises manage the exchange rate risk of FX derivatives and research multidimensionally the trading strategies of enterprises' exchange rate risks.Then,it reveals the listed companies' using of FX derivatives effects' on enterprises' risk level and equity value by empirical analysis and judges the applied value of FX derivatives trading strategies to the listed companies.Under the double characteristics,the article research the basic strategies of FX derivatives trading and studies positively the trading strategies of FX derivative and their value effects.Based on the research results,the article puts forward the policy suggestions to make the enterprises scientifically understand and apply FX derivatives and to perfect FX derivative market in our country.First,the article introduces the development process and current situation of FX derivative market in our country and reveal the cause of FX derivatives' rapid development and the internal and external reasons of enterprises' applying of FX derivatives.Secondly,the article theoretically analyses the applied value of FX derivatives trading strategies.It includes the theories of risk hedging,enterprise value and risky arbitrage which analyzes FX derivatives trading from different dimensions.Finally,the article takes the listed companies from 2011 to 2017 which have better perfect information disclosure as the research object and research the trading strategies and value effect of FX derivatives.Then we reveal the FX derivatives' effects on the risk level and equity value of the listed companies by regressive and statistical analysis of sample data.Based on the research results,the article puts forward some policy suggestions to the FX derivatives market and the management of enterprises' exchange rate risk.The research results of the article include the following aspects:(1)The FX derivatives trading strategies is able to lower the enterprises' risk level.(2)The application of FX derivatives don't have obvious effect on enterprises' equity value.(3)The listed companies in our country have a relatively imperfect information disclosure system of FX derivatives.There are little listed companies that choose FX derivatives trading strategies.