企业经营汇率风险的适应性管理框架研究  

Research on the Enterprises Conduct Adaptive Management Framework Based on Operating Exposure

作　　者：祝波[1,2] 薛求知[2] 

机构地区：[1]上海大学国际工商与管理学院,200444 [2]复旦大学管理学院,200433

出　　处：《上海经济研究》2011年第1期59-67,共9页Shanghai Journal of Economics

摘　　要：经济全球化加剧,经营性汇率风险越发引起企业关注。汇率可能导致外向型企业的国际竞争地位发生变化,引发企业经营性现金流减少,经营性汇率风险产生。人民币对美元经历了一个阶段性升值过程,现阶段又面临巨大的升值压力,经营性汇率风险可能对我国外向型企业的经营和发展产生重大影响。针对经营性汇率风险,外向型企业可以建立适应性管理机制,通过战略预谋、组织柔性和供应链调整等方法,为海外市场布局、渠道结构和产品功能特质预留调整余地,并谨慎权衡调整成本与收益,适应性管理可以有效规避经营性汇率风险。With the economic globalization, the operating exchange rate risk exposure causes more and more attention by enterprises. The exchange rate may cause the international competition position occurrence of extrovert type enterprise＇s changing, and cause the operating cash flow decrease, and operating exposure produce. RMB to dollar experienced a stage appreciation process and facing huge appreciation pressure currently. Operating exposure may bring great effect on Export-oriented enterprises in our country. Aim at the operating exposure, Export-oriented enterprises may build up an adaptive management mechanism. By the ways of taking strategy plan, keeping organization adjustable, changing supply chain, Export-oriented enterprises leave adjustable space for overseas market, outlet structure and product function characteristic. Moreover compare between the cost and the income carefully, enterprises can effectively evade the operating exchange rate risk exposure.

关 键 词：适应性管理 外向型企业 经营性汇率风险 

分 类 号：F830.7[经济管理—金融学]