| With the continuous deepening of China’s financial reform,the marketization of the RMB exchange rate system has caused great changes irresistibly in enterprises’ business environment.Chinese enterprises will have to face the exchange rate risk brought about by exchange rate changes.Avoiding exchange rate risks has become the only way for Chinese enterprises to “go global”.Since the 811 exchange rate reform in 2015,the exchange rate of the RMB against the US dollar has become more market-oriented.At the same time,the exchange rate changes have become more frequent and relatively large.In this context,the exchange gains and losses that airline company faced are also fluctuating,which has a serious impact on the stability of the company’s performance.In 2015-2018,the central parity of the RMB against the US dollar dropped from 6.1190 to 6.8632,and the accumulated depreciation reached 10.8%,bringing huge exchange loss of nearly 30 billion yuan to domestic airlines,seriously eroding the operating profits of airlines.Therefore,the exchange rate risk management of airlines has attracted more attention.Exchange rate fluctuations have an increasingly significant impact on airlines’ business decisions and business performance.The prevention of airline exchange rate risks is worth to studied seriously.Only by adopting effective management measures to deal with risks can exchange rate risks be locked,which is conducive to the long-term development of airlines.This paper intends to analyze the foreign exchange cases of G airlines(hereinafter referred to as Company G)asset,liability and cash flow,in order to find out the exchange rate risk problem,to analyze the causes,and to propose improvement measures and countermeasures to form an effective exchange rate risk management plan,which as a reference to strengthen the comprehensive competition and risk prevention capability,and at the same time bring certain reference value of exchange rate risk management to other Chinese multinational enterprises. |
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