外贸企业利用外汇期权进行套期保值的策略选择  

Research on the Foreign Trade Enterprises' Hedging Strategies of the Foreign Exchange Options

作　　者：何桃花[1] He Taohua(Anhui Institute of Economics and Management,Hefei,Anhui 230051)

机构地区：[1]安徽经济管理学院,安徽合肥230051

出　　处：《绥化学院学报》2020年第6期17-20,共4页Journal of Suihua University

摘　　要：随着我国"收盘价+一揽子货币汇率+逆周期调节因子"汇率机制的实施,人民币汇率的双向弹性波动成为常态,传统的套期保值策略由于有进入壁垒、成本高、灵活性差等缺陷,让外贸企业难以实现汇率管理的既定目标。而外汇衍生品尤其是外汇期权及其组合因其灵活性强,成本低等特点,成为外贸企业进行套期保值的新选择。而外汇市场中外汇期权产品众多,如外汇看涨期权、外汇看跌期权、外汇期权价差组合、外汇期权逆转风险组合、外汇期权跨期组合等,通过分析这些外汇期权的套期保值的原理与盈亏,为外贸企业选择合理的外汇期权策略进行套期保值提供参考。With the implementation of"closing price + a basket of currencies exchange rate + countercyclical regulatory factor"exchange rate mechanism,the two-way volatility of the RMB exchange rate is becoming the norm.The foreign trade enterprises hardly achieve their management goals through the traditional hedging strategy because of the entry barriers,high cost,and poor flexibility.The foreign exchange derivatives especially foreign exchange options becomes a new choice for foreign trade enterprises to hedging because of its flexibility,low cost etc.There are numerous kinds of foreign exchange options in the foreign exchange market,such as foreign exchange call option,put options,and the prices of asset pairs of the foreign exchange option,risk reversal portfolio foreign exchange put option and foreign exchange call option,inter-temporal foreign exchange options combination and so on.On the base of the analysis of the rules,profit and loss of the foreign exchange options,it provide the references for the foreign trade enterprises to choose reasonable foreign exchange options to hedging.

关 键 词：汇率机制 外汇期权 外汇逆转风险期权组合 套期保值 

分 类 号：F832.63[经济管理—金融学]