Research On Foreign Trade Enterprises Bearing Ability Of Exchange Rate Risk

Under the background of the implementation of “Belt and Road” development strategy and the RMB's addition to the SDR,more and more enterprises have participated in the international market competition.At the same time,with the continuous progress of the RMB managed floating exchange rate system,the exchange rate volatility increases and the exchange rate flexibility is strengthened gradually.Therefore,China's foreign trade enterprises have to deal with more and more exchange rate risk.However,the ability that China's foreign trade enterprises deal with exchange rate risk is relatively weak,and exchange rate risk has become a kind of systematic and normalized risk,which impacts on the daily operations of the enterprises.Mechanical and electrical industry as a pillar industry of China's foreign trade,its products' exports have accounted for more than half of China's total exports of all commodities.So changes in the export of electromechanical products will directly affect China's overall foreign export trade.Therefore,using the export quoted companies of electromechanical industry as the research objects,the research on the bearing capacity of exchange rate risk has important practical significance.Enterprises bearing capacity of exchange rate risk is the embodiment of the enterprises comprehensive ability,and in the existing research on the enterprises bearing capacity of exchange rate risk,qualitative analysis is more than quantitative research.Based on on-the-spot investigation and consulting relevant literature,this paper combines the methods of qualitative analysis and quantitative research,by collecting the annual panel datas of China's export quoted companies from 2007 to 2014 and selecting the relevant variables and constructing a balanced panel data model,using Eviews8.0software this paper empirically analyze the impact and change of RMB exchange rate volatility on the bearing capacity of exchange rate risk of China's mechanical and electrical industry listing Corporations.And according to the empirical results,this paper puts forward some relevant suggestions and countermeasures.The major research contents and conclusions of this study are as follows:(1)Elaborate the domestic and foreign theory of enterprise exchange rate risk,enterprise bearing ability and other related theory;and based on the existing theoretical research to describe and define the relevant concepts;(2)Analyze the fluctuations of RMB exchange rate,and find that the RMB exchange rate fluctuations show a two-way flexible fluctuations trend,and the exchange rate volatility increase.At the same time,analyze the current export trade of our country electromechanical industry,and find that the export scale of electromechanical industry increases gradually,and the export markets show a diversified development trend.And based on that analysis discuss the impact of exchange rate risk on the foreign trade enterprises of mechanical and electrical industry;(3)Use export enterprises profit rate as the proxy variable that the exchange rate fluctuation influence on export enterprise bear ability of exchange rate risk,real effective exchange rate as explanatory variables,and select the relevant indicators as control variables.Construct a balanced panel data model,and choose 88 representative export quoted companies of the mechanical and electrical industry as sample,and empirically analyze the impact of exchange rate fluctuation on their bearing capacity;(4)Analyze the empirical results and according to the empirical results,and from the macro level of government and the micro level of enterprises,come up with the countermeasures and suggestions to boost up the mechanical and electrical export enterprises bearing capacity of exchange rate risk;(5)The findings: the fluctuation of RMB exchange rate is negatively related to the exchange rate risk bearing capacity of the export quoted corporations of the mechanical and electrical industry;At the same time,the larger the export enterprise scale,the stronger the management capabilities,the stronger the ability to bear the exchange rate fluctuation;and the greater the degree of export dependence,the more obvious impact of exchange rate fluctuations,of course,the corresponding bearing capacity of exchange rate risk is weak.