Posouzení vlivu hedgingových strategií na celkové cash flow podniku

Abstract

This diploma thesis is focused on hedging of currency risk in the selected manufacturing company whose substantial part of the production is given on to export. The aim of diploma thesis is to assess the impact of the chosen hedging strategies on the total cash flow of the company for the business year, whereas two variants of the underlying process for simulating the future development exchange rate are considered. Applied strategies are based on financial derivatives including forwards, put options, range forward, quantile hedging and passive strategy. This thesis is divided into three chapters, the first two are theoretical, and the third one is application. In the theoretical part the basis of hedging, derivatives and currency risk are characterized and consequently the issue is expanded on the principles of derivatives pricing and the Monte Carlo simulation. In the practical part the chosen hedging strategies are applied to the real conditions of selected company, whereas the impact on the company´s total cash flow is examined. In conclusion, these strategies are evaluated according to selected criteria and the best strategy is chosen from this point of view.