摘要
汇率风险主要有折算风险、交易风险和经济风险。保值工具是汇率风险管理的有效手段。对于汇率波动较为频繁,但波动幅度不大,从长期看(一年以上)汇率稳定在一定水平的国家,可以不采取任何管理措施和衍生工具。对于汇率波动幅度较大、波动次数频繁的国家,应将管理的重点放在经济风险上,合理使用外币债务、重视内部保值措施。对于汇率变动较为频繁,有时波动幅度较大的国家,应将管理的重点放在短期交易风险上,同时综合考虑风险管理成本和收益,合理使用一些衍生工具进行保值。针对我国石油公司外汇风险管理状况和海外石油项目所在国家汇率变动的特点,提出五点建议:1)外币资金集中管理,尽量实现同种外币流入和流出的匹配;2)从项目经济评价阶段就把汇率风险作为一项重要的内容进行管理;3)使用不同的保值工具组合,以达到保值增值的目的;4)利用外币债务进行风险防范;5)加强培训和海外项目汇率风险研究。
Exchange-rate risk primarily consists of conversion risk, transaction exposure and business risk. Hedging is an effective means of exchange- rate risk management. No management or derivative instrument needs to be employed for countries with frequent but small exchange-rate fluctuations, which exchange-rates are relatively stable in a long term (more than one year). For countries with big and frequent exchange-rate fluctuations, management should be focused on business risk, with foreign currency debt and natural hedging measures employed. For countries with more frequent and sometimes larger exchange rate fluctuations, the focus should be on short-term transaction exposure plus the net cost of or return from risk management including some derivative instruments for hedging. Given the foreign exchange-rate fluctuations faced by Chinese oil companies in the countries where their oil projects are located, the companies should bring foreign currency under concentrated management to match inflows and outflows of the same currency through a portfolio of hedging instruments and by employing foreign currency debt; consider exchange-rate risk in project economic evaluation; and step up training and research on exchange- rate risks associated with their overseas projects.
出处
《国际石油经济》
2006年第10期43-45,共3页
International Petroleum Economics
