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四季轮回,汇改一年。汇改之初,北京欧赛机械进出口公司总经理展莉菲曾向本刊记者抱怨说升值太突然,企业准备不足。国内一些学者(复旦大学世界经济研究所所长华民教授)也认为,升值可能给国内企业带来某些恶果,如创新无力(创新难以抵消升值新增的成本),企业出口利润空间被压缩,职工工资水平下降,消费能力下降,经济增长动力随之降低等。实际情况回答了上述担心。全国外汇系统9省市抽样调查显示,2005年7月人民币一次性升值2%,一些企业的出口收入遭受汇兑损失,直接冲减了利润,导致企业平均出口利润率从第二季度的3.61%下降到第三季度的2.98%。进入第四季度后,企业开始逐渐适应了新的汇率机制,尝试调整产品结构,同时注意运用国际结算、贸易融资工具和远期结售汇等合理避险,出口利润率开始转升,并超过汇改前的水平,达到5.07%。汇改一年后的今天,汇率风险已成为各类企业极度关注的超级词汇。盘点各类企业应对汇率风险的外汇“兵法”,上市公司、跨国集团、中小企业,各有损有益,有亏有赢。上市公司:通过上市公司的年报数据披露和财务信息分析,可以发现汇改一周年来企业的盈利能力并未受到明显影响,外贸增势依然强劲,汇改前途依然广阔。跨国集团:应对汇率风险有较丰富经验。出口价格、数量以及利润率是在母公司的总体销售策略下综合考虑决定的,生产经营、资金运作和盈利情况是母公司全球战略决策的一部分,子公司不是作为一个完全独立的个体承担所有的汇率波动风险,汇率弹性较低。中小企业:因长期习惯了较为固定的汇率制度,汇率风险防范意识不强,出口结算币种的选择上单一化,外贸议价能力较弱,产品价格调整空间小,缺乏主动利用汇率工具规避风险能力。……回首一年,中国企业应对汇险已经迈出坚实的第一步。
Four seasons reincarnation, exchange reform year. At the beginning of the exchange reform, the general manager of Beijing OUISAI Machinery Import & Export Co., Ltd., Liffey, complained to reporters that the appreciation was too sudden and the enterprises were not prepared adequately. Some domestic scholars (Professor Huamin, Director of Institute of World Economy, Fudan University) also believe that the appreciation may bring some bad results to domestic enterprises, such as the weakness of innovation (innovation is hard to offset the new cost of appreciation) and the export profit margin of enterprises is compressed , The wage level of workers has dropped, the spending power has dropped, and the impetus to economic growth has been reduced. The actual situation answered the above concerns. According to a sample survey conducted by 9 provinces and municipalities in the country’s foreign exchange system, the Renminbi appreciated 2% in July 2005 and the export earnings of some enterprises suffered foreign exchange losses, directly offsetting profits, resulting in a decrease in the average export profit margin of enterprises from 3.61% in the second quarter To 2.98% in the third quarter. After entering the fourth quarter, the enterprises started to gradually adapt to the new exchange rate mechanism, tried to adjust the product structure, and at the same time paid attention to the reasonable hedging using international settlement, trade financing instruments and forward foreign exchange sales, the export profit rate started to rise and surpassed Exchange level before the reform, reaching 5.07%. Exchange rate reform a year later today, the exchange rate risk has become a super-vocabulary of great concern to all types of enterprises. Inventory various types of enterprises to deal with exchange rate risk foreign exchange “Art of War”, listed companies, multinational corporations, small and medium enterprises, each detrimental benefit, there is a win or lose. Listed Companies: Through the disclosure of annual reports and financial information of listed companies, it can be found that the profitability of enterprises in the first anniversary of the exchange reform has not been significantly affected. The growth of foreign trade is still strong, and the future of exchange reform is still vast. Multinational corporations: Experience in dealing with exchange rate risk. Export prices, quantities and profit margins are taken into account in the parent company’s overall sales strategy. Production and operation, capital operation and profitability are part of the parent’s global strategic decisions. Subsidiaries do not assume ownership as a fully independent entity Risk of exchange rate fluctuations, exchange rate flexibility is low. SMEs: Due to long-term accustomed to a relatively fixed exchange rate system, the risk awareness of exchange rate risk is not strong, the choice of export settlement currency on a single, weak bargaining power of foreign trade, product price adjustment space is small, the lack of active use of exchange rate instruments to avoid risks ability . ... Looking back one year, Chinese companies have taken a solid first step in responding to the exchange risk.