一、匯率風險概述
（一(yi)）匯(hui)(hui)率(lv)(lv)(lv)風(feng)險的(de)(de)(de)(de)概念 匯(hui)(hui)率(lv)(lv)(lv)風(feng)險（foreign exchange risk）是(shi)指在(zai)一(yi)定(ding)時期(qi)的(de)(de)(de)(de)國際(ji)經濟交易當中(zhong)，以外(wai)(wai)幣(bi)(bi)計(ji)價的(de)(de)(de)(de)資產與(yu)(yu)負債(zhai)(zhai)，因匯(hui)(hui)率(lv)(lv)(lv)變動而導致其價值漲跌的(de)(de)(de)(de)不確定(ding)性。其要點在(zai)于(yu)：首先(xian)，風(feng)險是(shi)資產或(huo)(huo)負債(zhai)(zhai)變化的(de)(de)(de)(de)不確定(ding)性；其次，這(zhe)種不確定(ding)性源于(yu)匯(hui)(hui)率(lv)(lv)(lv)的(de)(de)(de)(de)頻繁變化；再(zai)者(zhe)，風(feng)險是(shi)損失與(yu)(yu)收益的(de)(de)(de)(de)統一(yi)，這(zhe)里(li)主要討論損失；另外(wai)(wai)，風(feng)險承擔者(zhe)涵(han)蓋直(zhi)接和(he)間接從事國際(ji)經濟交易的(de)(de)(de)(de)企(qi)業(ye)、銀行、個(ge)人(ren)和(he)政府等部(bu)門；最(zui)后，并非(fei)所有外(wai)(wai)幣(bi)(bi)資產負債(zhai)(zhai)都面臨(lin)(lin)匯(hui)(hui)率(lv)(lv)(lv)風(feng)險，只有一(yi)部(bu)分(fen)被稱(cheng)為風(feng)險頭(tou)寸、敞口或(huo)(huo)受險部(bu)分(fen)的(de)(de)(de)(de)外(wai)(wai)幣(bi)(bi)資產負債(zhai)(zhai)面臨(lin)(lin)匯(hui)(hui)率(lv)(lv)(lv)風(feng)險。匯(hui)(hui)率(lv)(lv)(lv)風(feng)險敞口（foreign exchange exposure），也就是(shi)受險部(bu)分(fen)，是(shi)指金融(rong)機構(gou)在(zai)外(wai)(wai)匯(hui)(hui)買賣中(zhong)，買賣未能抵(di)消的(de)(de)(de)(de)面臨(lin)(lin)匯(hui)(hui)率(lv)(lv)(lv)變動風(feng)險的(de)(de)(de)(de)外(wai)(wai)幣(bi)(bi)金額。例如(ru)在(zai)外(wai)(wai)匯(hui)(hui)交易中(zhong)，風(feng)險頭(tou)寸體現為外(wai)(wai)匯(hui)(hui)超買（多頭(tou)）或(huo)(huo)超賣（空頭(tou)）部(bu)分(fen)；在(zai)企(qi)業(ye)經營中(zhong)，風(feng)險頭(tou)寸表現為外(wai)(wai)幣(bi)(bi)資產負債(zhai)(zhai)不相匹配(pei)的(de)(de)(de)(de)部(bu)分(fen)，像外(wai)(wai)幣(bi)(bi)資產大(da)于(yu)或(huo)(huo)小(xiao)于(yu)負債(zhai)(zhai)，或(huo)(huo)者(zhe)外(wai)(wai)幣(bi)(bi)資產與(yu)(yu)負債(zhai)(zhai)數量(liang)相等但期(qi)限不一(yi)致。
（二(er)）匯(hui)率(lv)風險(xian)的(de)成因(yin)(yin)分析 匯(hui)率(lv)風險(xian)的(de)形成有(you)多種原因(yin)(yin)。從(cong)宏觀(guan)層面(mian)(mian)看，國際經(jing)濟(ji)形勢(shi)的(de)變(bian)化會影(ying)響匯(hui)率(lv)。例如全球經(jing)濟(ji)增長速度的(de)快慢、各國之(zhi)間的(de)貿易收支(zhi)狀況等。當一個國家(jia)的(de)貿易順(shun)差過大(da)時(shi)，其貨幣往(wang)往(wang)有(you)升值壓力(li)；反之(zhi)則有(you)貶值壓力(li)。從(cong)微觀(guan)層面(mian)(mian)看，企業自身的(de)國際業務(wu)結構(gou)和經(jing)營決(jue)策也會帶來(lai)匯(hui)率(lv)風險(xian)。如果企業在海外市場(chang)有(you)大(da)量的(de)投(tou)資(zi)或者貿易往(wang)來(lai)，而沒有(you)對匯(hui)率(lv)進行(xing)有(you)效(xiao)的(de)管(guan)理，那(nei)么匯(hui)率(lv)的(de)波動(dong)就會直接(jie)影(ying)響企業的(de)收益。
二、銀行匯率風險的類型
銀(yin)(yin)(yin)(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)匯(hui)(hui)(hui)(hui)(hui)(hui)率(lv)(lv)風(feng)(feng)險(xian)(xian)主(zhu)要包括以(yi)下幾(ji)種(zhong)類型。 1. 外(wai)(wai)(wai)匯(hui)(hui)(hui)(hui)(hui)(hui)交(jiao)易風(feng)(feng)險(xian)(xian) 這是銀(yin)(yin)(yin)(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)在進(jin)行(xing)(xing)(xing)(xing)(xing)(xing)外(wai)(wai)(wai)匯(hui)(hui)(hui)(hui)(hui)(hui)買賣業(ye)務時(shi)面(mian)臨(lin)的風(feng)(feng)險(xian)(xian)。例如(ru)(ru)銀(yin)(yin)(yin)(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)買入一種(zhong)外(wai)(wai)(wai)幣(bi)并(bing)期望在未(wei)來以(yi)更高的價格賣出以(yi)賺取差價，但如(ru)(ru)果(guo)(guo)在持(chi)有(you)該外(wai)(wai)(wai)幣(bi)期間(jian)(jian)匯(hui)(hui)(hui)(hui)(hui)(hui)率(lv)(lv)下跌，銀(yin)(yin)(yin)(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)就(jiu)會(hui)(hui)遭受損(sun)失。這種(zhong)風(feng)(feng)險(xian)(xian)與(yu)外(wai)(wai)(wai)匯(hui)(hui)(hui)(hui)(hui)(hui)市場的波(bo)動(dong)(dong)密切相關，匯(hui)(hui)(hui)(hui)(hui)(hui)率(lv)(lv)的瞬間(jian)(jian)波(bo)動(dong)(dong)都(dou)可(ke)能(neng)導致(zhi)銀(yin)(yin)(yin)(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)外(wai)(wai)(wai)匯(hui)(hui)(hui)(hui)(hui)(hui)交(jiao)易的盈利或虧損(sun)情況發(fa)生巨大(da)(da)變化(hua)。 2. 外(wai)(wai)(wai)匯(hui)(hui)(hui)(hui)(hui)(hui)折(zhe)算風(feng)(feng)險(xian)(xian) 銀(yin)(yin)(yin)(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)在對其海外(wai)(wai)(wai)分支機構或者(zhe)跨國業(ye)務進(jin)行(xing)(xing)(xing)(xing)(xing)(xing)財(cai)務報(bao)表(biao)(biao)合(he)并(bing)時(shi)，由于(yu)匯(hui)(hui)(hui)(hui)(hui)(hui)率(lv)(lv)的變動(dong)(dong)，會(hui)(hui)使以(yi)本幣(bi)表(biao)(biao)示的財(cai)務數(shu)據發(fa)生變化(hua)。比如(ru)(ru)一家(jia)銀(yin)(yin)(yin)(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)在國外(wai)(wai)(wai)有(you)分支機構，該分支機構以(yi)當地貨幣(bi)記錄資產和(he)負債，當把這些資產和(he)負債折(zhe)算成本幣(bi)進(jin)行(xing)(xing)(xing)(xing)(xing)(xing)合(he)并(bing)報(bao)表(biao)(biao)時(shi)，如(ru)(ru)果(guo)(guo)匯(hui)(hui)(hui)(hui)(hui)(hui)率(lv)(lv)發(fa)生變化(hua)，那(nei)么報(bao)表(biao)(biao)上(shang)的數(shu)值就(jiu)會(hui)(hui)改變，可(ke)能(neng)會(hui)(hui)影響銀(yin)(yin)(yin)(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)的整體財(cai)務狀況和(he)業(ye)績評(ping)估(gu)。 3. 外(wai)(wai)(wai)匯(hui)(hui)(hui)(hui)(hui)(hui)信用風(feng)(feng)險(xian)(xian) 當銀(yin)(yin)(yin)(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)與(yu)客(ke)戶進(jin)行(xing)(xing)(xing)(xing)(xing)(xing)外(wai)(wai)(wai)匯(hui)(hui)(hui)(hui)(hui)(hui)相關業(ye)務時(shi)，如(ru)(ru)果(guo)(guo)客(ke)戶因(yin)為(wei)匯(hui)(hui)(hui)(hui)(hui)(hui)率(lv)(lv)波(bo)動(dong)(dong)導致(zhi)自身財(cai)務狀況惡(e)化(hua)而無法(fa)履行(xing)(xing)(xing)(xing)(xing)(xing)合(he)約，銀(yin)(yin)(yin)(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)就(jiu)會(hui)(hui)面(mian)臨(lin)信用風(feng)(feng)險(xian)(xian)。例如(ru)(ru)銀(yin)(yin)(yin)(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)與(yu)企業(ye)簽訂了外(wai)(wai)(wai)匯(hui)(hui)(hui)(hui)(hui)(hui)遠期合(he)約，企業(ye)由于(yu)匯(hui)(hui)(hui)(hui)(hui)(hui)率(lv)(lv)變動(dong)(dong)遭受巨大(da)(da)損(sun)失而破產，銀(yin)(yin)(yin)(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)就(jiu)可(ke)能(neng)無法(fa)按照合(he)約收(shou)到相應的款項。
三、匯率風險的衡量
（一(yi)(yi)）價值 - at - 風(feng)險（VaR） 這是一(yi)(yi)種常用的(de)(de)(de)(de)(de)衡(heng)量(liang)匯(hui)(hui)(hui)(hui)率(lv)(lv)(lv)(lv)(lv)風(feng)險的(de)(de)(de)(de)(de)指標(biao)(biao)。它表示在(zai)(zai)(zai)一(yi)(yi)定(ding)的(de)(de)(de)(de)(de)置信水平(ping)(ping)下，在(zai)(zai)(zai)未來(lai)特(te)定(ding)的(de)(de)(de)(de)(de)一(yi)(yi)段(duan)時間內(nei)，匯(hui)(hui)(hui)(hui)率(lv)(lv)(lv)(lv)(lv)波(bo)(bo)動(dong)(dong)(dong)(dong)可能導致(zhi)的(de)(de)(de)(de)(de)*損失。例如(ru)，一(yi)(yi)家企(qi)業(ye)通(tong)過計算得出在(zai)(zai)(zai)95%的(de)(de)(de)(de)(de)置信水平(ping)(ping)下，未來(lai)一(yi)(yi)個月內(nei)其因匯(hui)(hui)(hui)(hui)率(lv)(lv)(lv)(lv)(lv)波(bo)(bo)動(dong)(dong)(dong)(dong)可能遭(zao)受的(de)(de)(de)(de)(de)*損失為100萬美元。這有(you)助(zhu)于企(qi)業(ye)提前了解風(feng)險的(de)(de)(de)(de)(de)潛在(zai)(zai)(zai)規模，從而(er)做好應(ying)對準(zhun)(zhun)備。 （二）夏普比率(lv)(lv)(lv)(lv)(lv) 夏普比率(lv)(lv)(lv)(lv)(lv)在(zai)(zai)(zai)衡(heng)量(liang)匯(hui)(hui)(hui)(hui)率(lv)(lv)(lv)(lv)(lv)風(feng)險時，綜合(he)考(kao)慮了收(shou)益和(he)風(feng)險的(de)(de)(de)(de)(de)關系(xi)。它通(tong)過計算投(tou)(tou)資(zi)(zi)組(zu)合(he)的(de)(de)(de)(de)(de)預期回報(bao)率(lv)(lv)(lv)(lv)(lv)與無風(feng)險利(li)率(lv)(lv)(lv)(lv)(lv)之(zhi)差，再除以(yi)投(tou)(tou)資(zi)(zi)組(zu)合(he)的(de)(de)(de)(de)(de)標(biao)(biao)準(zhun)(zhun)差得到。夏普比率(lv)(lv)(lv)(lv)(lv)越(yue)高，說(shuo)明在(zai)(zai)(zai)相同(tong)風(feng)險下，投(tou)(tou)資(zi)(zi)組(zu)合(he)的(de)(de)(de)(de)(de)收(shou)益越(yue)高；或者(zhe)在(zai)(zai)(zai)相同(tong)收(shou)益下，投(tou)(tou)資(zi)(zi)組(zu)合(he)的(de)(de)(de)(de)(de)風(feng)險越(yue)低。在(zai)(zai)(zai)匯(hui)(hui)(hui)(hui)率(lv)(lv)(lv)(lv)(lv)風(feng)險管理中，可以(yi)用夏普比率(lv)(lv)(lv)(lv)(lv)來(lai)評(ping)估(gu)不同(tong)匯(hui)(hui)(hui)(hui)率(lv)(lv)(lv)(lv)(lv)風(feng)險管理策略的(de)(de)(de)(de)(de)優劣(lie)。 （三）波(bo)(bo)動(dong)(dong)(dong)(dong)性(xing)指標(biao)(biao) 匯(hui)(hui)(hui)(hui)率(lv)(lv)(lv)(lv)(lv)的(de)(de)(de)(de)(de)波(bo)(bo)動(dong)(dong)(dong)(dong)性(xing)直接反(fan)映了匯(hui)(hui)(hui)(hui)率(lv)(lv)(lv)(lv)(lv)風(feng)險的(de)(de)(de)(de)(de)大(da)(da)小(xiao)。通(tong)過分析(xi)匯(hui)(hui)(hui)(hui)率(lv)(lv)(lv)(lv)(lv)的(de)(de)(de)(de)(de)歷史波(bo)(bo)動(dong)(dong)(dong)(dong)數據(ju)，可以(yi)計算出匯(hui)(hui)(hui)(hui)率(lv)(lv)(lv)(lv)(lv)的(de)(de)(de)(de)(de)標(biao)(biao)準(zhun)(zhun)差等波(bo)(bo)動(dong)(dong)(dong)(dong)性(xing)指標(biao)(biao)。如(ru)果一(yi)(yi)種貨幣的(de)(de)(de)(de)(de)匯(hui)(hui)(hui)(hui)率(lv)(lv)(lv)(lv)(lv)波(bo)(bo)動(dong)(dong)(dong)(dong)標(biao)(biao)準(zhun)(zhun)差較(jiao)大(da)(da)，說(shuo)明其匯(hui)(hui)(hui)(hui)率(lv)(lv)(lv)(lv)(lv)波(bo)(bo)動(dong)(dong)(dong)(dong)較(jiao)為劇烈(lie)，企(qi)業(ye)在(zai)(zai)(zai)涉及該貨幣的(de)(de)(de)(de)(de)國(guo)際(ji)業(ye)務時面臨的(de)(de)(de)(de)(de)匯(hui)(hui)(hui)(hui)率(lv)(lv)(lv)(lv)(lv)風(feng)險就較(jiao)高。
四、匯率風險的管理
（一(yi)）風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)識(shi)(shi)別(bie) 風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)識(shi)(shi)別(bie)是(shi)(shi)匯(hui)(hui)率(lv)(lv)(lv)(lv)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管理(li)的(de)(de)(de)(de)首要(yao)步驟(zou)。企業(ye)(ye)(ye)(ye)(ye)或銀行(xing)需要(yao)深入分析外部環境，包括國(guo)際政治(zhi)局(ju)勢、全(quan)(quan)球經(jing)濟形勢等，以(yi)(yi)(yi)及(ji)評(ping)估內部風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)。例(li)(li)如(ru)企業(ye)(ye)(ye)(ye)(ye)要(yao)清楚自(zi)身國(guo)際業(ye)(ye)(ye)(ye)(ye)務(wu)的(de)(de)(de)(de)規模、分布國(guo)家(jia)和(he)(he)地區等情況(kuang)。同(tong)(tong)時(shi)，還需分析各項業(ye)(ye)(ye)(ye)(ye)務(wu)活動(dong)(dong)對(dui)(dui)(dui)(dui)(dui)匯(hui)(hui)率(lv)(lv)(lv)(lv)變動(dong)(dong)的(de)(de)(de)(de)敏(min)感度，比如(ru)出(chu)口(kou)業(ye)(ye)(ye)(ye)(ye)務(wu)對(dui)(dui)(dui)(dui)(dui)匯(hui)(hui)率(lv)(lv)(lv)(lv)的(de)(de)(de)(de)敏(min)感度可(ke)(ke)(ke)能(neng)(neng)(neng)較(jiao)高(gao)，因為匯(hui)(hui)率(lv)(lv)(lv)(lv)的(de)(de)(de)(de)變化(hua)(hua)會(hui)直接影響產品的(de)(de)(de)(de)出(chu)口(kou)價(jia)格(ge)和(he)(he)利(li)潤。只有全(quan)(quan)面準確地識(shi)(shi)別(bie)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)，才能(neng)(neng)(neng)為后續的(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管理(li)措(cuo)(cuo)施奠定(ding)基礎。 （二）風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)測(ce)(ce)量(liang)(liang)(liang) 風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)測(ce)(ce)量(liang)(liang)(liang)是(shi)(shi)對(dui)(dui)(dui)(dui)(dui)匯(hui)(hui)率(lv)(lv)(lv)(lv)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)進(jin)行(xing)量(liang)(liang)(liang)化(hua)(hua)和(he)(he)評(ping)估的(de)(de)(de)(de)過(guo)程(cheng)(cheng)(cheng)。如(ru)前面提到(dao)的(de)(de)(de)(de)價(jia)值 - at - 風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)、夏普比率(lv)(lv)(lv)(lv)、波(bo)(bo)動(dong)(dong)性指(zhi)標等都(dou)是(shi)(shi)常用(yong)(yong)的(de)(de)(de)(de)測(ce)(ce)量(liang)(liang)(liang)工具。利(li)用(yong)(yong)這(zhe)些(xie)工具和(he)(he)模型，企業(ye)(ye)(ye)(ye)(ye)可(ke)(ke)(ke)以(yi)(yi)(yi)更*地了解自(zi)身面臨(lin)(lin)的(de)(de)(de)(de)匯(hui)(hui)率(lv)(lv)(lv)(lv)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)程(cheng)(cheng)(cheng)度。例(li)(li)如(ru)一(yi)家(jia)跨國(guo)公司通(tong)(tong)過(guo)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)測(ce)(ce)量(liang)(liang)(liang)發(fa)(fa)現(xian)，其在(zai)某個新(xin)興市(shi)場(chang)國(guo)家(jia)的(de)(de)(de)(de)業(ye)(ye)(ye)(ye)(ye)務(wu)面臨(lin)(lin)著較(jiao)高(gao)的(de)(de)(de)(de)匯(hui)(hui)率(lv)(lv)(lv)(lv)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)，因為當地貨幣(bi)匯(hui)(hui)率(lv)(lv)(lv)(lv)波(bo)(bo)動(dong)(dong)頻繁且幅(fu)度較(jiao)大，從而促使(shi)企業(ye)(ye)(ye)(ye)(ye)重視對(dui)(dui)(dui)(dui)(dui)該地區業(ye)(ye)(ye)(ye)(ye)務(wu)的(de)(de)(de)(de)匯(hui)(hui)率(lv)(lv)(lv)(lv)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管理(li)。 （三(san)）風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管理(li) 1. 風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)避免 企業(ye)(ye)(ye)(ye)(ye)可(ke)(ke)(ke)以(yi)(yi)(yi)通(tong)(tong)過(guo)調(diao)(diao)整業(ye)(ye)(ye)(ye)(ye)務(wu)結構來(lai)(lai)避免匯(hui)(hui)率(lv)(lv)(lv)(lv)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)。例(li)(li)如(ru)減少(shao)在(zai)匯(hui)(hui)率(lv)(lv)(lv)(lv)波(bo)(bo)動(dong)(dong)較(jiao)大地區的(de)(de)(de)(de)業(ye)(ye)(ye)(ye)(ye)務(wu)規模，或者(zhe)改(gai)變業(ye)(ye)(ye)(ye)(ye)務(wu)模式(shi)，從直接出(chu)口(kou)轉(zhuan)變為在(zai)當地投資設廠等方(fang)式(shi)。不過(guo)這(zhe)種方(fang)法可(ke)(ke)(ke)能(neng)(neng)(neng)會(hui)錯失一(yi)些(xie)市(shi)場(chang)機(ji)會(hui)。 2. 風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)轉(zhuan)移(yi) 這(zhe)是(shi)(shi)較(jiao)為常見的(de)(de)(de)(de)方(fang)式(shi)。企業(ye)(ye)(ye)(ye)(ye)可(ke)(ke)(ke)以(yi)(yi)(yi)通(tong)(tong)過(guo)與客(ke)戶(hu)(hu)簽(qian)訂遠期(qi)合(he)(he)同(tong)(tong)，將匯(hui)(hui)率(lv)(lv)(lv)(lv)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)轉(zhuan)移(yi)給對(dui)(dui)(dui)(dui)(dui)方(fang)。例(li)(li)如(ru)一(yi)家(jia)外貿企業(ye)(ye)(ye)(ye)(ye)與國(guo)外客(ke)戶(hu)(hu)簽(qian)訂遠期(qi)外匯(hui)(hui)買(mai)賣合(he)(he)同(tong)(tong)，約定(ding)在(zai)未來(lai)(lai)某個時(shi)間按照固定(ding)匯(hui)(hui)率(lv)(lv)(lv)(lv)進(jin)行(xing)交(jiao)易(yi)，這(zhe)樣就把匯(hui)(hui)率(lv)(lv)(lv)(lv)波(bo)(bo)動(dong)(dong)的(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)轉(zhuan)移(yi)到(dao)了客(ke)戶(hu)(hu)身上。購買(mai)期(qi)權(quan)合(he)(he)約也是(shi)(shi)一(yi)種風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)轉(zhuan)移(yi)方(fang)式(shi)，企業(ye)(ye)(ye)(ye)(ye)支付一(yi)定(ding)的(de)(de)(de)(de)期(qi)權(quan)費(fei)，獲得(de)在(zai)未來(lai)(lai)按照特定(ding)匯(hui)(hui)率(lv)(lv)(lv)(lv)進(jin)行(xing)交(jiao)易(yi)的(de)(de)(de)(de)權(quan)利(li)。 3. 風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)減輕 企業(ye)(ye)(ye)(ye)(ye)可(ke)(ke)(ke)以(yi)(yi)(yi)采用(yong)(yong)匯(hui)(hui)率(lv)(lv)(lv)(lv)套期(qi)保值的(de)(de)(de)(de)方(fang)法減輕風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)。例(li)(li)如(ru)利(li)用(yong)(yong)外匯(hui)(hui)期(qi)貨市(shi)場(chang)，通(tong)(tong)過(guo)買(mai)賣外匯(hui)(hui)期(qi)貨合(he)(he)約來(lai)(lai)對(dui)(dui)(dui)(dui)(dui)沖匯(hui)(hui)率(lv)(lv)(lv)(lv)波(bo)(bo)動(dong)(dong)的(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)。此外，企業(ye)(ye)(ye)(ye)(ye)還可(ke)(ke)(ke)以(yi)(yi)(yi)合(he)(he)理(li)安排外幣(bi)資產和(he)(he)負債的(de)(de)(de)(de)結構，使(shi)兩者(zhe)在(zai)幣(bi)種、金(jin)額和(he)(he)期(qi)限(xian)上盡量(liang)(liang)(liang)匹配(pei)，從而減輕匯(hui)(hui)率(lv)(lv)(lv)(lv)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)。 4. 風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)應對(dui)(dui)(dui)(dui)(dui) 建立(li)完(wan)善的(de)(de)(de)(de)決(jue)(jue)(jue)策(ce)機(ji)制(zhi)(zhi)和(he)(he)管理(li)流程(cheng)(cheng)(cheng)是(shi)(shi)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)應對(dui)(dui)(dui)(dui)(dui)的(de)(de)(de)(de)關鍵。當匯(hui)(hui)率(lv)(lv)(lv)(lv)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)事件發(fa)(fa)生時(shi)，企業(ye)(ye)(ye)(ye)(ye)能(neng)(neng)(neng)夠及(ji)時(shi)做出(chu)決(jue)(jue)(jue)策(ce)并(bing)采取(qu)有效的(de)(de)(de)(de)應對(dui)(dui)(dui)(dui)(dui)措(cuo)(cuo)施。例(li)(li)如(ru)當匯(hui)(hui)率(lv)(lv)(lv)(lv)突然大幅(fu)波(bo)(bo)動(dong)(dong)時(shi)，企業(ye)(ye)(ye)(ye)(ye)能(neng)(neng)(neng)夠迅速調(diao)(diao)整產品價(jia)格(ge)、調(diao)(diao)整進(jin)出(chu)口(kou)計劃等。 （四）風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)報告 風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)報告對(dui)(dui)(dui)(dui)(dui)于匯(hui)(hui)率(lv)(lv)(lv)(lv)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管理(li)至(zhi)關重要(yao)。企業(ye)(ye)(ye)(ye)(ye)需要(yao)定(ding)期(qi)對(dui)(dui)(dui)(dui)(dui)匯(hui)(hui)率(lv)(lv)(lv)(lv)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)情況(kuang)進(jin)行(xing)統計和(he)(he)分析，及(ji)時(shi)向相關部門(men)和(he)(he)高(gao)層管理(li)層報告風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)狀況(kuang)以(yi)(yi)(yi)及(ji)應對(dui)(dui)(dui)(dui)(dui)措(cuo)(cuo)施。例(li)(li)如(ru)企業(ye)(ye)(ye)(ye)(ye)的(de)(de)(de)(de)財(cai)務(wu)部門(men)每月制(zhi)(zhi)作匯(hui)(hui)率(lv)(lv)(lv)(lv)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)報告，匯(hui)(hui)報當月匯(hui)(hui)率(lv)(lv)(lv)(lv)波(bo)(bo)動(dong)(dong)對(dui)(dui)(dui)(dui)(dui)企業(ye)(ye)(ye)(ye)(ye)財(cai)務(wu)狀況(kuang)的(de)(de)(de)(de)影響、已(yi)經(jing)采取(qu)的(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管理(li)措(cuo)(cuo)施以(yi)(yi)(yi)及(ji)對(dui)(dui)(dui)(dui)(dui)未來(lai)(lai)匯(hui)(hui)率(lv)(lv)(lv)(lv)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)的(de)(de)(de)(de)預測(ce)(ce)等，以(yi)(yi)(yi)便決(jue)(jue)(jue)策(ce)者(zhe)根據報告做出(chu)合(he)(he)理(li)的(de)(de)(de)(de)決(jue)(jue)(jue)策(ce)。
五、匯率風險管理策略分類及選擇因素
（一(yi)）匯(hui)率(lv)(lv)風(feng)(feng)險管理策(ce)(ce)(ce)略分(fen)類 1. 保(bao)守(shou)策(ce)(ce)(ce)略 保(bao)守(shou)策(ce)(ce)(ce)略傾向(xiang)于*程度地降(jiang)低(di)匯(hui)率(lv)(lv)風(feng)(feng)險，可(ke)能會放棄一(yi)些潛在的盈利(li)(li)機會。例(li)如(ru)企(qi)業會盡(jin)可(ke)能地固定匯(hui)率(lv)(lv)，采用較(jiao)多的套期保(bao)值工具(ju)，確保(bao)資產(chan)和負債(zhai)在匯(hui)率(lv)(lv)波動下的穩(wen)定性(xing)。 2. 進取策(ce)(ce)(ce)略 進取策(ce)(ce)(ce)略更注(zhu)重利(li)(li)用匯(hui)率(lv)(lv)波動獲取收(shou)(shou)(shou)益。企(qi)業可(ke)能會主動參與(yu)外匯(hui)市場的交易，根據自己對匯(hui)率(lv)(lv)走(zou)勢的預(yu)測(ce)進行(xing)買(mai)賣(mai)操作。這種策(ce)(ce)(ce)略風(feng)(feng)險較(jiao)高，但如(ru)果預(yu)測(ce)準確，收(shou)(shou)(shou)益也(ye)可(ke)能非常可(ke)觀(guan)。 3. 中間(jian)策(ce)(ce)(ce)略 中間(jian)策(ce)(ce)(ce)略是介于保(bao)守(shou)和進取之間(jian)的一(yi)種策(ce)(ce)(ce)略。企(qi)業會在一(yi)定程度上控制(zhi)匯(hui)率(lv)(lv)風(feng)(feng)險，同時也(ye)會根據市場情況(kuang)嘗試獲取一(yi)些匯(hui)率(lv)(lv)波動帶來的收(shou)(shou)(shou)益。
（二）影響匯率(lv)(lv)風險(xian)管理策(ce)略(lve)選擇的(de)(de)因素 1. 匯率(lv)(lv)風險(xian)暴露程(cheng)度(du) 如果企業的(de)(de)匯率(lv)(lv)風險(xian)暴露程(cheng)度(du)較高(gao)，例如企業在海外有大量的(de)(de)外幣(bi)資產(chan)和負債(zhai)，那么可(ke)能會傾向于選擇保(bao)守(shou)策(ce)略(lve)；如果風險(xian)暴露程(cheng)度(du)較低(di)，則可(ke)能會考慮(lv)進(jin)取策(ce)略(lve)或中間策(ce)略(lve)。 2. 預(yu)期(qi)(qi)匯率(lv)(lv)波(bo)(bo)動(dong)幅度(du) 當(dang)預(yu)期(qi)(qi)匯率(lv)(lv)波(bo)(bo)動(dong)幅度(du)較大時，保(bao)守(shou)策(ce)略(lve)可(ke)能更為合適，因為較大的(de)(de)波(bo)(bo)動(dong)意味著更高(gao)的(de)(de)風險(xian)；而(er)如果預(yu)期(qi)(qi)匯率(lv)(lv)波(bo)(bo)動(dong)幅度(du)較小，企業可(ke)能會選擇進(jin)取策(ce)略(lve)或中間策(ce)略(lve)來獲取一定的(de)(de)收益。
匯率(lv)風險(xian)管理(li)培訓在(zai)成都可(ke)能(neng)會涉及(ji)上(shang)述多個方(fang)面的(de)內容(rong)，旨在(zai)幫助企業(ye)、銀行等機構更(geng)好地應(ying)對匯率(lv)波動帶來的(de)風險(xian)和挑戰，提高(gao)其在(zai)國(guo)際經濟活(huo)動中(zhong)的(de)競爭力(li)和穩(wen)定性(xing)。
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