越简单的事情越复杂。同为会计前提与经济基础的货币计量,其丝毫改变都牵动着公司理财者的心,其中不仅包括变动渐久的汇率、今年以来连续上扬的利率,也包括刚刚启动的通胀率。比如,近年来的人民币升值,便使得中国A股上市公司2006年汇兑损益呈现冰火两种天的景象,再次验证了汇率与进出口贸易的关系,以及这过程中的传导效应。与其他上市公司不同,漳泽电力将汇兑损益计入非经常性损益项目,从而显得另类。当然,这种不合规的做法,也有其一定的合理之处,反映了公司具体情况不同和管理层理念等方面的差异。颠覆人们惯常思维的是,对于个别公司,巨额汇兑收益有时反而成为引发危机的导火索。东海公司就是一种典型,其近年来盈利能力和资金状况一直良好,然而,由于美元债务折算成人民币产生了巨额汇兑收益,增加了企业所得税和以现金形式发放的股东红利,使得扣除汇兑收益后的利润总额不足以弥补多增加的所得税和股东红利,进而产生严重资金短缺。对东海公司的汇兑收益之忧,仁者见人,智者见智,启示颇多。就外向型企业而言,不能只重视汇兑损失的规避,而忽视汇兑收益所导致的利润与现金流间的背离;化解类似汇兑收益导致的现金流危机,需要企业、股东、税务机关等多方共同作为;同时,其资金困局的更深层面涉及到我国在对外开放过程中的一些战略选择。面对凶猛的货币,先知先觉的企业理财者们早已果敢实践。大连远洋运输公司总会计师王才永便是与金融衍生品共舞的CFO们中的一员。自本世纪初始,王才永便注意到了金融衍生产品在规避利率、汇率风险,改善企业债务结构,降低资金成本中的作用,并进行了积极的研究和探索。他的信念是:“做财务工作不敢承担责任,就什么也做不了。” The simpler the more complicated things. The same measure of accounting as a prerequisite and the monetary basis of the economy has changed the hearts of corporate financial planners, including not only the changing exchange rate but also the continuously rising interest rates this year, including the inflation rate just started. For example, the revaluation of the Renminbi in recent years has given two Azerbaijani views of the exchange gains and losses of China’s A-share listed companies in 2006, verifying again the relationship between the exchange rate and the import and export trade and the conduction effect in this process. Unlike other listed companies, Zhangze Power will include foreign exchange gains and losses in non-recurring gains and losses items, which seem offbeat. Of course, this non-compliance approach also has its own certainty and reflects the differences between the specific conditions of the company and the management philosophy. Disrupting people’s usual thinking is that, for individual companies, the huge exchange gains sometimes become the trigger for the crisis. However, as the dollar debt has been converted into RMB, a huge amount of foreign exchange earnings have been generated, and the corporate income tax and shareholders’ bonus paid in cash have been increased, so that after deducting foreign exchange gains Of the total profit is not enough to make up for the increase in income tax and dividends, resulting in a serious shortage of funds. On the East China Sea company’s exchange earnings worries, benevolent people, wise men, a lot of inspiration. For export-oriented enterprises, we can not just focus on the avoidance of exchange losses, but neglect the divergence between profits and cash flows caused by exchange gains. To solve the cash flow crisis caused by similar exchange gains, enterprises, shareholders, and tax authorities, At the same time, the deeper level of its financial difficulties relates to some strategic choices of our country during the process of opening to the outside world. Faced with the fierce currency, prophecy conscious business financiers have long had the courage to practice. Wang Caillon, chief accountant of Dalian Ocean Shipping Company, is one of the CFOs who dances with financial derivatives. Since the beginning of this century, Wang Caillon has noticed the role of financial derivatives in circumventing interest rates, exchange rate risks, improving the corporate debt structure and reducing the cost of capital, and has conducted active research and exploration. His conviction is: “We can not do anything because we can not afford to do financial work. ”