Abstract: the reform of RMB exchange rate formation mechanism has caused a great impact on small and medium-sized enterprises that have long adapted to the fixed exchange rate system in China. first
First, based on the change of the relative value of RMB against the US dollar, the impact on the price competitiveness of import and export commodities; Secondly, the floating exchange rate system gives foreign trade to small and medium-sized enterprises.
It brings more risks, which requires small and medium-sized enterprises to continuously improve their ability to resist exchange rate risks and improve export trading methods in the process of import and export trade. To this end, Ben
This paper makes some analysis and suggestions from the above two aspects.
[Keywords:] floating exchange rate system, price competitiveness, exchange rate risk, export impact of SMEs I. Overview
On July 2, 2005, the People's Bank of China announced the reform of RMB exchange rate formation mechanism.
The RMB exchange rate is no longer pegged to the US dollar, but based on market supply and demand.
A managed floating exchange rate system in which a basket of currencies is regulated. Since then, the RMB has been exchanged against the US dollar.
This ratio shows a trend of constant intensity (see figure). This has long been relatively fixed for our country.
For small and medium-sized export enterprises with exchange rate system, it has caused great impact. The first is people-oriented.
The change of the relative value of currency against the dollar is the result of the comprehensive effect of substitution effect and complementary effect.
The influence of the price competitiveness of import and export commodities on the export itself; Second, floating.
The exchange rate system helps small and medium-sized enterprises to continuously improve their ability to resist exchange rate risks in the process of foreign trade transactions.
The ability and improvement of export trade methods are increasingly demanding. Second, the impact of exchange rate on the export price competitiveness of SMEs.
Exchange rate is the price of another country's currency expressed in one country's currency, when a certain unit of foreign currency
An increase in the amount converted into local currency indicates an increase in the foreign currency exchange rate; Convert a unit's local currency into foreign currency.
An increase in the amount indicates an increase in the exchange rate of the local currency. Usually, the main factors that affect the exchange rate are:
Money circulation, balance of payments, real economic growth, capital market supply and demand and interest rates, politics
Government intervention, psychological expectation, etc. While these factors act on the exchange rate, the exchange rate changes in the opposite direction.
Acting on economic growth, its most direct performance is that the rise of exchange rate will encourage imports and promote domestic products.
The decline in prices has curbed exports, turned a large number of commodities from exports to domestic sales, and increased the supply of commodities in the domestic market.
Should, thus depressing domestic prices, reducing domestic production and national income, and increasing unemployment.
By the end of 2005, the number of small and medium-sized enterprises registered by the industrial and commercial departments in China has accounted for 40% of the total number of enterprises in China.
Number of 99.3%, the value of the final products and services created by small and medium-sized enterprises accounted for the proportion of GDP.
55.6%, absorbed about 75% of urban employees, and the products produced accounted for social sales.
58.9% of the total amount, 62.3% of the goods were exported, and 46.2% of the taxes were paid.
It has become a new force in China's economic development, market prosperity and employment expansion. At present, small and medium-sized enterprises in China
The export products of the industry are mainly primary processed products, with little independent pricing power, mainly involving traditional manufacturing, handicraft and service industries with low market access barriers, and most of the products are daily consumption and production of residents.
Products, textile handicrafts, hardware, small household appliances and other labor-intensive products. These product technologies include
Low output and simple production, domestic enterprises basically rely on traditional small profits but quick turnover and low-price competition.
In recent years, the export of these products tends to be simple.
The expansion of export volume and the increase of export volume are much lower than the increase of export volume and the decrease of export benefit. the people
After currency appreciation, the price advantage of these products will be further weakened, and substitution effect and complementary effect will appear.
Under the action of countermeasures, its export will be blocked, which will further affect the overall import and export situation and even the economy of China.
Development has a negative impact.
As China is in the downstream of international division of labor, most of its export products are industrial transformation of developed countries.
Standardized products have greater market demand elasticity and more substitutes. From small and medium-sized enterprises
From the perspective of competitive strategy, it seems that such a path dependence has been formed, and it is played by cheap labor.
The comparative advantage of traditional industries is to occupy the market by lowering prices. But it should be noted that this price
The path dependence of competition will not only make exporters form the inertia of blindly emphasizing price and cost competition
Thinking will also make importers form expectations that China's export commodities can continuously lower prices, making
The prices of export enterprises are getting lower and lower, and the profits are very meager. Many enterprises rely on export tax rebates.
Only by closing preferential policies can we maintain exports. If we only rely on price competition, the impact of exchange rate risk is
Therefore, the small and medium-sized enterprises in China must rely on the cost and price advantages of the huge export competition strategy.
The strategy is adjusted to rely on product differences and competitive advantages. The key to building differentiated advantages lies in cultivation.
The core competitiveness of an enterprise makes the products have high technical content and strong irreplaceability.
Efforts should be made to increase the proportion of technical content of products, so as to shift commodities from low-grade and low-price positions to high-grade and middle-grade ones.
High prices, so in the face of exchange rate risks, we can take measures such as reducing prices and making profits.
Yes, with the strong non-price competitiveness of product brands and varieties, it can be effectively avoided or reduced.
The negative impact of exchange rate fluctuations is small.
Small and medium-sized enterprises must change their thinking, increase structural adjustment and compete for goods from the traditional price.
Power grid competition has changed to brand-centered non-price competition, relying on brand and quality to compete for the market.
Field. Through the analysis of enterprise's own characteristics and industrial value chain, the definition of enterprise is determined.
And define the competitiveness of enterprises in terms of technology, products, organization and management, marketing channels, etc.
Road and network, brand, resources and other aspects focus on shaping the core competitiveness of enterprises and building enterprises.
The foundation and motivation for sustainable development and growth in global management and competition. Unswervingly in the mode of production
Take the lowest cost, the fastest response, and take the road of informationization; In terms of innovation, we should do everything possible to strengthen training.
Training and communication, * * * enjoy public * * skills. In addition, special attention should be paid to the use of the Internet to provide information.
Relying on scientific and technological advantages, increase the import proportion of high-tech products in imported products.
Enhance the competitiveness of products in the international market, and the appreciation of RMB is beneficial for enterprises to import raw materials.
And equipment, especially enterprises with high requirements for capacity expansion, should make full use of the appreciation of RMB.
Sometimes, import foreign advanced processing equipment, speed up the pace of technological transformation, optimize the industrial structure, health
Produce high-quality products and enhance the international competitiveness of enterprises.
Three. Requirements of exchange rate risk on foreign trade transaction forms of small and medium-sized enterprises
In the past decade, the RMB exchange rate has been pegged to the US dollar, and small and medium-sized enterprises in China are
In order to facilitate the calculation of costs and benefits, the settlement of international trade has always been mainly carried out in US dollars.
Calculated, instead of using the euro and yen with frequent exchange rate changes, some export markets are mainly in Europe.
Small and medium-sized enterprises in Europe also strive to settle accounts in US dollars, which leads enterprises to settle accounts in international trade.
Dependence on the dollar. In the first half of 2005, the number and amount of transactions settled by SMEs in US dollars accounted for more than 98%. Therefore, after the reform of the RMB exchange rate formation mechanism, China's
Small enterprises are bound to face the risks and losses of RMB appreciation, which will lead to RMB income of export products.
Into a corresponding decline. In addition, small and medium-sized enterprises in China are used to operating under the fixed exchange rate system.
Business negotiation and cost calculation are carried out in a relatively fixed environment, and there is a lack of examination of exchange rate changes and risks.
Concerned and worried, although the designated foreign exchange banks have actively promoted forward settlement and sale of foreign exchange and currency swap business in recent years.
Financial instruments such as, but most enterprises are not widely used, and only interest rate costs are calculated when pricing.
The exchange rate risk is completely ignored, and the awareness and ability to avoid exchange rate risk are relatively lacking.
After the reform of the exchange rate formation mechanism, China's RMB exchange rate will be more flexible.
The change direction and range of RMB exchange rate level will be more flexible. Small and medium-sized enterprises in China will have to face.
In the face of exchange rate risk, it is necessary to reduce the adverse impact of exchange rate risk on the export of small and medium-sized enterprises.
Short-term business and long-term business can take the following measures to prevent them:
1. enterprise short-term business
(1) collect foreign exchange in advance. The appreciation of RMB is the trend of the past year, and export enterprises will collect foreign exchange as soon as possible.
This means a reduction in future losses. Export enterprises should shorten the term of foreign exchange collection as much as possible to reduce
Due to the appreciation of RMB, the income of export enterprises has decreased. For example, enterprises can adopt cash discounts.
Give a certain percentage of cash discount to customers who pay in advance to attract price comparison.
Paying in advance by sensitive customers can not only reduce the losses caused by RMB appreciation, but also
But also can prevent commercial risks and reduce the loss of accounts receivable.
(2) Strengthen the contact between enterprises and foreign businessmen and reduce intermediate links. Many export achievements of SMEs
Excellent enterprises, their products are exported by foreign trade companies, and the intermediate links in the export process are relative.
Many enterprises have higher export costs, and the appreciation of RMB has the greatest impact on these enterprises. Renminbi (RMB)
After the appreciation, although the cost of export products increased, the cost of overseas M&A expansion decreased.
Less. If enterprises can directly contact foreign businessmen or set up sales companies abroad, it will be reduced.
Increasing corporate profits in intermittent links will greatly reduce the impact of RMB appreciation.
(3) Adopt flexible export quotation strategy. In order to reduce the impact of RMB appreciation, SMEs
Enterprises can adopt the strategy of gradual quotation, that is, adjust the quotation adaptively every month and gradually improve it.
Price, so that when the RMB appreciates, the loss of foreign exchange settlement can be minimized. For example, enterprises can
Add such a clause in the quotation: the quotation is valid for one month, and the price accepted within 10 days is
8 dollars, the price will rise every 10 days 1%. This not only makes enterprises reduce the RMB.
The loss of continuous appreciation can also prompt foreign investors to accept the offer as soon as possible and reach a deal.
(4) Correct selection of pricing currency. Because the RMB is managed with reference to a basket of currencies.
However, the appreciation of the RMB against the US dollar does not mean that the RMB will definitely appreciate against a basket of currencies.
Therefore, in export trade, enterprises should try to use different currencies for settlement. For example, exports to Europe
Euro is adopted at home and yen is used for export to Japan, so as to reduce the impact of RMB appreciation on the US dollar.
(5) Forfaiting is adopted. In other words, export enterprises will be accepted by importers.
The forward draft is discounted to the financial institution where the export enterprise is located, and RMB is obtained in advance. because
This kind of bill has no recourse, so once the export enterprise sells the forward bill in its hand to finance.
Institutions, but also sold all the risks, eliminating the worries of RMB appreciation. get through
The mode of "transferring to court" can also provide conditions for foreign buyers to delay payment and improve exporters.
The competitiveness of products. Export enterprises can convert deferred payment into cash only by paying a certain discount fee.
Gold trading, changing forward bills into spot receipts, improving capital utilization and avoiding RMB problems.
Losses caused by the uncertainty of monetary value.
In addition, China's small and medium-sized enterprises can also avoid it by means of packaged loans and export bills.
The impact of RMB appreciation.
2. Long-term business of the enterprise
(1) RMB forward settlement and sale of foreign exchange. Forward foreign exchange settlement and sale business refers to the agreement between banks and customers.
Sign a forward foreign exchange settlement and sale contract, stipulate foreign exchange, amount,
Exchange rate and term; When foreign exchange income or expenditure occurs, it shall be stipulated in the forward foreign exchange settlement and sale contract.
The currency, amount and term exchange rate to be used in settlement or sale of foreign exchange.
(2) foreign exchange options. Foreign exchange option is a selective contract, which the option buyer enjoys.
The right to buy or sell a certain amount of a certain currency at a specific exchange rate on or before the expiration of the contract.
Profit; And the option seller collects the option fee, and the bank, as the option seller, has the obligation to enforce it at the request of the buyer.
Ok, sell (or buy) the currency that the option buyer buys (or sells). Use foreign exchange options
For hedging, the buyer can flexibly decide whether to implement the merger according to the actual change of exchange rate.
About, that is, the real-time exchange rate contract in the foreign exchange market at that time before or on the expiration date of the option contract.
Compared with the fixed forward exchange rate, if it is contrary to the buyer's market expectation, you can choose to give up the execution of the contract.
As for the loss of option fees, you can buy the required currency in the foreign exchange market at the real-time exchange rate. Danruohui
The buyer's expected exchange rate change is based on the currency exchange rate and quantity agreed in the contract.
Currency exchange, in this case, the use of foreign exchange options can not only enable enterprises to avoid a large number of
The exchange rate risk loss can also gain greater income opportunities brought about by favorable exchange rate changes.
(3) Swap business. Swap business means that customers entrust banks to buy currency A and sell currency B,
Determine the reverse operation of another working day in the future, sell the same amount of currency A and buy currency B.
After the customer needs to make forward foreign exchange transactions, it needs to be delivered in advance for some reason, or because the funds are not in place or its
For other reasons, if the delivery cannot be made on schedule and needs to be postponed, foreign exchange swap transactions can be conducted through Syria.
Adjust the delivery time of the original transaction. In swap foreign exchange transactions, customers and banks should conduct as agreed.
The exchange rate level converts one currency into another, and the funds are delivered on the first value date.
Cut, and according to another agreed exchange rate, the above two currencies will be converted in the opposite direction, in the first
The delivery of funds will take place on two value dates. The most common swap transaction is the combination of spot trading and futures trading.
The combination of two forward transactions is equivalent to selling currency A at the spot and buying currency B at the same time.
Foreign exchange transactions of buying forward A currency and selling forward B currency.
(4) Strengthen talent reserve and training. Preventing exchange rate risk is a highly technical job.
Accurately predicting the trend of exchange rate changes is the premise of avoiding foreign exchange risks. Economic globalization,
With the development of investment liberalization, the complexity of exchange rate fluctuations has increased, which has a great impact on the financial managers of enterprises.
Quality puts forward higher requirements. Besides mastering the theories and methods of accounting and auditing, we should also be familiar with the national conditions.
Knowledge of international finance, with keen insight, open thinking and innovative consciousness. For the better.
Using financial instruments to avoid exchange rate risks, enterprises must master the theory and practice of financial engineering.
However, as professional financial talents, at present, most enterprises in China not only lack talents who are proficient in accounting and auditing.
Comprehensive talents in planning and finance, but also lack of professionals in international finance, which hinders enterprises.
Exchange rate risk is extremely unfavorable. Therefore, qualified enterprises should strengthen the reserve and training of talents, and constantly
Enrich foreign exchange risk management personnel and arrange full-time personnel to engage in exchange rate forecasting and foreign exchange prevention.
Interest rate risk research, so as to be able to skillfully use financial derivatives such as foreign exchange options, forwards and swaps.
Tools for enterprises to hedge arbitrage.
Four. conclusion
This paper holds that the reform of RMB exchange rate formation mechanism has long been suitable for China.
For small and medium-sized export enterprises under the fixed exchange rate system, it has mainly caused two effects: First,
Based on the change of the relative value of RMB against the US dollar, it is composed of substitution effect and complementary effect.
The influence of the price competitiveness of import and export commodities on the export itself; two
It is the floating exchange rate system that helps enterprises to constantly improve their ability to resist exchange rate risks and improve their export trade methods.
Put forward higher requirements. In order to make the import and export of enterprises as little as possible affected by the above, enterprises
In addition to changing ideas and increasing structural adjustment, commodity competition should be separated from traditional price competition.
Change to brand-centered non-price competition, rely on brand and quality to compete for the market, but also
We should always pay attention to exchange rate changes and actively use financial instruments such as forward settlement and sale of foreign exchange and currency swap.
Improve foreign exchange payment methods, so as to improve the ability to avoid exchange rate risks.
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