Posouzení metod zajištění měnového rizika v podniku

Abstract

Entities which trade in foreign markets are strongly influenced by the volatility of the exchange rate. As a result they face to currency risk. We resist against the negative effects of exchange rate by hedging. The diploma thesis is focused on hedging of currency risk in selected manufacturing companies which using selected hedging strategies. The goal of this thesis is to assess and analyze the resulting effects of selected methods with the intention to evaluate the best way of ensuring that by certain criteria. Hedging of currency risk of non-financial institution is in diploma thesis carried out because of hedging risk position in the selected company by changing the CZK/USD. Hedging is realized through financial derivatives. Theoretical part of diploma thesis describes the methods of hedging. This part mainly consists of description and explanation of financial derivatives and their valuation. Practical part mainly consists of analysis of the situation in a company without hedging, hedging forwards, put options, option strategies and partial hedging and combination of methods hedging. In conclusion we compared all used strategies and we evaluated it by specific characteristics. If we consider only the strategies and parameters used in the diploma thesis, we would recommend the company to hedge strategies using currency forward and option strategies, long strangle, or combinations thereof.