CAJ | 학술논문

贸易融资-NDF组合产品是通过贸易融资和NDF交易的组合运作实现对外支付美元，并从中获得收益。该产品能够实现将远朔汇率波动带来的贸易融资损益和NDF交易损益逆向对冲，因此可以有效避免汇率波动给企业带来的市场风险，使收益的获得具有稳定性。但由于产品设计的复杂性以及各环节联系的紧密性，使得产品操作具有一定的前提条件。财务部门在操作过程中必须加强内部控制，避免由操作失误产生的风险。同时，该产品也具有一定的局限性，在人民币升值预期下降，远期、即期汇率差缩小，银行头寸紧张、融资成本上升的情况下，会使得产品的获利空间缩小，甚至不存在获利空间。
무역융자-NDF조합산품시통과무역융자화NDF교역적조합운작실현대외지부미원，병종중획득수익。해산품능구실현장원삭회솔파동대래적무역융자손익화NDF교역손익역향대충，인차가이유효피면회솔파동급기업대래적시장풍험，사수익적획득구유은정성。단유우산품설계적복잡성이급각배절련계적긴밀성，사득산품조작구유일정적전제조건。재무부문재조작과정중필수가강내부공제，피면유조작실오산생적풍험。동시，해산품야구유일정적국한성，재인민폐승치예기하강，원기、즉기회솔차축소，은행두촌긴장、융자성본상승적정황하，회사득산품적획리공간축소，심지불존재획리공간。
Trade financing -NDF production is to realize to pay dollars to foreign countries by their trading and get profits from the process. The production can counteract the income and loss from trade financing and NDF. So the corporation can get certain profit from the production and avoid the risk of money market. But because of the complexity of the production, the corporation must have some qualification. The financial department in corporation must reinforce the internal control to avoid the risk of operation. And the production have some localizations, when the anticipation of demos increase in value descends, the difference between forward and Sight exchange rate reduces, or the cost of financing increases, the profit of the production will decrease even vanish.