摘要
随着经济全球化进程的加速，跨国公司面临的汇率波动风险日益显著，资金集中管理成为其优化资源配置和提升风险管理效率的重要手段。本研究旨在探讨跨国公司在资金集中管理模式下的汇率风险管理策略及其实施效果，通过构建理论框架并结合实证分析，揭示资金集中管理与汇率风险管理之间的内在联系。研究采用定性与定量相结合的方法，首先对跨国公司的资金集中管理模式进行分类分析，随后选取若干典型跨国企业作为案例，运用多元回归模型评估其汇率风险管理绩效。研究发现，资金集中管理能够显著提高跨国公司应对汇率波动的能力，尤其是在共享服务中心和内部银行模式下，企业的财务协同效应更为突出。此外，本研究创新性地提出了一种基于动态对冲比例的汇率风险管理模型，该模型可根据企业资金流动特征调整对冲策略，从而实现更精准的风险控制。研究结果表明，这一模型在降低汇率风险敞口的同时，还能有效平衡成本与收益。本研究的主要贡献在于为跨国公司提供了更具操作性的资金集中管理与汇率风险管理整合方案，同时丰富了相关领域的理论基础，为实践应用提供了重要参考。
关键词：资金集中管理；汇率风险管理；动态对冲比例；财务协同效应；跨国公司
Abstract
With the acceleration of economic globalization, multinational corporations (MNCs) are increasingly exposed to significant exchange rate fluctuation risks, making centralized fund management a crucial approach for optimizing resource allocation and enhancing risk management efficiency. This study investigates the foreign exchange risk management strategies under the centralized fund management model and evaluates their implementation effects by constructing a theoretical fr amework complemented with empirical analysis, thereby uncovering the intrinsic relationship between centralized fund management and foreign exchange risk management. A mixed-methods approach is adopted, involving both qualitative and quantitative analyses. First, the study categorizes the centralized fund management models of MNCs, followed by the selection of several representative multinational enterprises as case studies. A multiple regression model is then applied to assess the performance of their foreign exchange risk management. The findings indicate that centralized fund management significantly enhances MNCs' ability to cope with exchange rate fluctuations, particularly under the shared service center and internal bank models, where financial synergies are more pronounced. Furthermore, this research innovatively proposes a dynamic hedging ratio-based foreign exchange risk management model, which adjusts hedging strategies according to the characteristics of corporate fund flows, enabling more precise risk control. The results demonstrate that this model not only reduces foreign exchange risk exposure but also effectively balances costs and benefits. The primary contribution of this study lies in providing a more operational integrated solution for centralized fund management and foreign exchange risk management for MNCs, while enriching the theoretical foundation of the relevant field and offering valuable references for practical applications.
Keywords：Funds Centralized Management; Exchange Rate Risk Management; Dynamic Hedging Ratio; Financial Synergy Effect; Multinational Corporation
目 录
摘要 I
Abstract II
一、绪论 1
(一) 跨国公司资金集中管理的背景与意义 1
(二) 汇率风险管理的研究现状分析 1
(三) 本文研究方法与技术路线 2
二、资金集中管理的核心机制与实践 2
(一) 跨国公司资金集中管理的基本模式 2
(二) 内部资金池的构建与运作机制 3
(三) 资金集中管理对财务效率的影响 3
三、汇率风险的识别与评估方法 4
(一) 汇率风险的主要类型及其特征 4
(二) 汇率风险的量化评估工具 4
(三) 实证案例 5
四、资金集中管理与汇率风险的协同应对策略 6
(一) 资金集中管理在汇率风险管理中的作用 6
(二) 套期保值工具的应用与优化 6
(三) 跨国公司综合风险管理框架的构建 7
结 论 8
参考文献 9
