환위험 관리 사례연구(수출전략산업 기업을 중심으로)

Abstract

This study is also associated with corporate performance and exchange rate volatility, and the objective lies onanalyzing field case studies on currency risk management targeting the representative companies by industrieswith high external transaction ratio. Actual cases of currency risk management on the representative companies by business types such asautomotives, heavy industries, shipbuilding and oil refinery predicting considerable correlation between theexchange rate volatility and the corporate performance due to high proportion of foreign transaction have beenanalyzed by trend during the IMF crisis until now on foreign currency transaction type, currency risk hedgeproducts, foreign currency asset management and procurement. Firstly, repeated deterioration of profitability was shown in the corporate foreign currency asset procurement andmanagement by mostly relying on external market conditions with post-procurement and management system. Secondly, companies have been poor systematic approach in performing foreign exchange risk management fora long period of time. Ratio of the amount of average foreign currency translation loss relative to current netincome showed 16% including the currency rate rising period, the IMF period and the global credit crisis, and inparticular, it showed 41.3% for the oil refinery business, 17% for the shipbuilding business respectively. Thirdly, the derivatives transactions for currency risk hedges were analyzed to be mostly for the purpose ofavoiding risk hedges related to cash flow and price fluctuation on imported raw materials, and the averageprofit and loss due to derivatives transactions showed 2.7 billion with the ratio of 1.0% level relative to thecurrent net income. Fourthly, in the analysis result for profit contribution due to foreign currency transaction of currency hedgepurpose the average corporate foreign exchange gains showed 93.3 billion net loss with the ratio of average 12%level relative to the current net income.