한국 기업의 대외 거래시 환차손 극소화 諸방안

다국어 초록 (Multilingual Abstract)

For the last few years, there has been enormous increase in the tendency that the amount of unexpected foreign exchange loss arisen from various types of overseas transactions is occupying a significant portion of the non-operating expenses on the income statments of many Korean companies.
For one instance, the Hyundai Motor Company, nowadays enjoying soaring sales in the northern America, lost more than 29.000 milion won from foreign exchange transactions last year.
As you know, it can be said that the primary purpose of running business is to maximize the abosolute amount of profit, which is consistent with maximizing stockholders' wealth. To attain this goal more efficiently, top management's efforts in the firm should be made in the particular area of minimizing non-orerating expenses, especially unexpected foreign exchange losses, together with other routine efforts like boosting sales. Unfortunately, many Korean top managements are not much concerned with this kind of foreign exchange losses.
I am presenting herein three ways of eliminating and minimizing unexpected foreign exchange losses in trade and capital transactions, and also put financial and commercial opportunities of ECU and one of the most easy-to-access financial center to Korean companies, Luxembourg.
Firstly, I suggest IDR(International Depositary Receipts) for raising funds needed at overseas market, which has not yet been tried in Korea. IDR is an effective way to raise funds with no foreign exchange risk.
Secondly, the basic importance of the development of ECU is that they are leading new ways of conducting overseas transactions in which exchange risk is widely spread, via currency diversification. Portfolio theory has shown that a portfolio of securities will have a lower standard deviation of expected returns than the standard deveiation of expected returns from a single security within that portfolio.
This theory Can also lie applied into the basic nechanism of ECU.
I also described some about the international banking center of Luxembourg and opportunities for the Korean business community.
And finally, remark the forward transaction in foreign exchange dealing to eliminate the exchange exposure, which is seldom used between few Korean companies and seoul branches of international commercial banks.

목차 (Table of Contents)

• I. 서언
• II. ECU 활용과 Luxembourg 금융시장
• 1. 한국 기업의 국제화와 Luxembourg 금융시장
• 2. 해외기채에 있어서의 ECU 활용
• III. 선물환 제도
• 1. 선물환 제도의 의미
• 2. 선물환과 현물환
• 3. 우리나라의 선물환 제도
• 4. 우리나라 선물환 시장의 문제점
• 5. 우리나라 선물환 시장의 개선. 육성책
• IV. 주식 예탁 증서(D.R)
• 1. D.R.의 개요
• 2. D.R. 발행의 mechanism
• 3. D.R. 의 종류
• 4. D.R. 발행의 특색과 장점
• V. 결언