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3Литература
1. Бирман Г., Шмид С. Экономический анализ инвестиционных проектов. / Пер. с англ. Под ред. Л. П. Белых. - М. Банки и биржи. ЮНИТИ., 1997.
2. Кэмпбелл Р. Макконнел, Стэнли Л. Брю. Экономикс. Т. 1, 2. - М.: Республика, 1992.
3. Лексин В. Н., Швецов А. Н. Государство и регионы. Теория и практика государственного регулирования территориального развития. - М. Эдиториал УРСС, 2003.
ХЕДЖИРОВАНИЕ ВАЛЮТНЫХ РИСКОВ В УСЛОВИЯХ ДЕВАЛЬВАЦИИ ПО МСФО
Бейсенбаева А. К.
Доцент, КазНУ имени Аль-Фараби, Казахстан, г.Алматы
Набиева А. М.
Преподаватель, УМБ. Казахстан, г.Алматы
HEDGING OF CURRENCYRISKS IN THE CONDITIONSOF DEVALUATIONONIFRS
A.K.Beysenbaeva, Associateprofessor, Kazakh National University named after Al - Farabi, Kazakhstan, Almaty А.М. Nabyeva, Teacher, University of International Business, Kazakhstan, Almaty
АННОТАЦИЯ
Становление рыночной экономики в нашей стране девальвациянациональной валюты и возрастающий потенциал для усиления давления на тенге, инструменты хеджирования валютных рисков остаются невостребованными. Также в статье рассматриваются порядок организации учета хеджирования в условиях инфляции и использованию на практике банковской деятельности, даны рекомендации разработать необходимые мероприятии.
Ключевые слова: Хеджирование, своп, валюта, фьючерс, МСФО.
ABSTRACT
Formation of market economy in our country devaluation of national currency and the increasing potential for strengthening of pressure upon tenge, instruments of hedging of currency risks remain unclaimed. Also in article are considered an order of the organization of the accounting of hedging in the conditions of inflation and to use in practice of bank activity, recommendations to develop necessary action are made.
Keywords.Hedging, swap, currency, future, IFRS.
To designate different methods of insurance of exchange risk by purchasing or selling foreign currency in the banking, stock exchange and commercial practice uses the term "hedge" (which means in English "hedge" - "fencing"). In a narrow sense, hedging means that hedgers take out insurance for the currency risk by creating counter-claims and liabilities in foreign currency.[1]
The traditional and most common type of hedging are urgent (forward) transactions from foreign currencies. For example, a French company is expecting in 6 months' supply of US dollars do hedging by selling future revenue dollars for francs for a fixed rate of 6 months. Making a forward transaction, the company creates an obligation to deliver the sold dollars to balance the requirements of existing dollar. In the case of the devaluation of the currency of payment (dollar) the losses of the export contract will be covered by foreign exchange gains on forward exchange contracts. The importer, on the other hand, buys in advance foreign currency, if the expected increasing of the currency of payment fixed in the contract.
Similarly, the foreign investor insures the risk associated with a possible depreciation of the currency in which investments are made, by selling it for a certain period in order to protect their assets from losses. The hedger on the market of currency futures - the buyer of a futures contract receives a guarantee that if there is an increasing of the foreign currency on market "spot" (cash transactions) he can buy it at a more profitable rate fixed at the conclusion of the futures contract. Thus, the losses on cash transaction are
compensated by profit in the futures exchange market with an increasing of foreign currency and vice versa.[2]
The exchange rate in the market "spot" approaches with the course of the futures market as it approaches the period of performance of the futures contract. Therefore, the main objective of currency futures - compensation of foreign exchange risk, and not obtaining foreign currency. Therefore, hedgers typically close their foreign exchange positions on the last trading session (working sessions), making a profit or a loss by paying the futures market (margin).
Despite the last devaluation of national currency and growing potential for increasing pressure on the tenge, hedging instruments of currency risks in Kazakhstan remain unclaimed.
Hedge accounting can be used for various purposes but the essence of hedge accounting is only one thing: the elimination of the volatility in the income and outcome statement, and therefore, the view internal and external users reporting more reliable and accurate information.
For example, IFRS (IAS) 39 requires maintaining of the counting of banking position at amortized cost while derivative instruments, covering, for example, interest rate risk in the banking book are counted at fair value, which can lead to a significant distortion of the statement of incomes and outcomes as towards a significant overestimation or underestimation of the significant financial results of the bank. As a consequence, there is a risk that the bank's management while making decision will be guided by a distorted, inaccurate information.
Hedging transactions are used by banks to reduce the existing market, interest rate or of currency risks and involve the use of futures, swaps, options and other instruments. The effectiveness of the hedging strategy is determined not by the profits from the operation of the hedge, but how this profit compensates the results of hedging transactions.
IFRS (IAS) 39 describes the three main types of hedging, as well as regulates the procedure in reporting:
- cash flow hedge is a hedge of the risk of possible changes in cash flows, often in foreign currency. This type of hedge balances incoming and outgoing cash flows in order to minimize currency risk;
- fair value hedge, in which the fair value of the hedged item is changed in accordance with changes in the market price. Changes in the fair value of the hedged item and the hedging instrument initially recognized in equity are are transferred in the statement of income and expenses for compensation of results on the hedged item;
- hedge of a net investment in a foreign operation should be considered as a cash flow hedge. [3] Import orientation of Kazakhstan's business, as well as
external borrowing in foreign currency, the tenge financial flows suggest a high level of exposure to currency risk. Meanwhile, most local companies do not use hedging to reduce them. Fitch Ratings experts believe that the recent depreciation of the tenge will have a significant pressure on the creditworthiness of rated by the agency of energy and transport companies of Kazakhstan. This is due to differences on currency debt and revenue, and the fact that most local companies do not use hedging to reduce its foreign exchange risks.
However passed tenge devaluation and increasing devaluation expectations had no significant effect on market of manufacturing financial instruments. At the moment, we can say that the situation in relation to hedge its currency risk has not changed. After the last devaluation of the clients there is a moderate interest in derivative products as a whole.
Thus, derivative products segment has not changed much. Today the increasing interest in the financial products by hedging currency risks is absent.
Currently, currency risk hedging tools in the Kazakh market, tend to be more in demand STB. However, even in this case, but in this case the situation is becoming more complicated. That the impact on the market in a greater
Calculation of the in
extent have regulatory restrictions on derivative financial instruments. In fact, the market has a tendency to reduce the balances in the national currency through carrying out conversions. The derivative financial instruments are not used.
It should be reminded that on the January 1st, 2014 the National Bank of Kazakhstan introduced the requirements about that "open long and (or) short bank's position in derivative financial instruments in the currency of separate foreign state (group of foreign states), open on accounts of contingent claims and contingent accounts obligations must not exceed 30% of the open long and (or) short bank's position in the same foreign currency as the balance sheet accounts.
The value of certain technical terms should be also reminded. On the real market holding the asset or claim is referred to as a long position; intention (need) to sell an asset or liability - a short position.
On the futures market the purchasing contract is considered as a long position, and the selling contract - as a short position. Locked position - long (or short) position, "covered" short (long) positions in the same or substitute assets (goods).
There is a closed position (german: Die Geschlossene Position) - a part of the open positions are not exposed to market risk, or in which is not available any market risk.
The term "short position" is used (german: short position) to mark the position where traders sell values which are not still belong to them. According to one Russian version this means "Anglo-Saxon term for the sale of shares with their award after a certain time which allows you to perform operations without having the presence of these shares. The meaning of the operation is the game on the difference in rates (similar to the operation principly with any other commodity)"1. Sometimes these actions are extended, and then we have a deal with a short position, ie transaction for profit from a rapid resale of shares with the reliable forecast rate changes or probable "push" to this change. Apparently, in these cases, it is better to use the term "short sale." [4]
Thus, the data in Table 1, in fact, banks may have forward contracts only 30% of the open currency position of the bank, which can lead to currency risks in the bank of the remaining 70%, which has brought in currency risks in Kazakhstan banks.
Table 1
~est rate of Swaping_
Sector of banking market Millard tenge Million dollars of the USA
February 2014 January 2014 trend February 2014 January 2014 trend
valume % valume % valume % valume % valume % valume %
Foreign urrency 2981,7 75,9 2393,2 71,4 498,5 20,8 16499,7 75,7 15554,9 71,6 944,7 6,1
Spot market 1629,2 42,8 1137,7 33,9 491,5 43,2 9256,7 42,5 7332,8 33,7 1923,8 26,2
Swap market 1262,4 33,1 1255,5 37,5 6,9 0,6 7243,0 33,2 8222,1 37,8 -979,1 -11,9
According to the data of KASE
Using of hedging as a way of management and minimization of risks is one of the undeveloped issues in the legislation of the Republic, which is the main obstacle in the development of methods of foreign exchange risk insurance in Kazakhstan.
Legislative support and fixing of any economic aspects is necessary for the normal functioning of the institutional
units of the economy of sovereign Kazakhstan. A lack of development (or rather absence) of legal framework only contributes the development of the shadow economy and does not stimulate economic subjects of Kazakhstan to active participation in the development of various methods of insurance risks. This is only encouraged by their mercantile goals at the micro level, therefore, the complexity and scale
of the event is not observed, that is not conducive to financial stability of the Kazakh economy as a whole.
At the current stage of development of the economy of Kazakhstan there is a task in front of the government's economic policy which means an adequate response to number of principal new problems. Perhaps the most acute of them is the problem of the instability of the exchange rate of tenge and the related regulation of currency risks, accompanied by a number of other objective problems. [5]
To overcome these problems should be taken measures as in general economic and structural and sectoral terms of currency policy. Until recently, hedging as the risk management does not really matter for the banks. Interest rates are fixed by monetary authorities, the structure of financial instruments are often set in advance, the financial markets were different with their little depth and degree of activity, banks were not allowed to conduct operations in foreign currency, the planning was very superficial and relative, as banks have limited autonomy and national accounting standards did not demand the extent of disclosure, in order to assess the profitability and capital adequacy.
Now the situation is changing in many markets, in some cases quite dramatically, requiring urgent
strengthening the financial management and risk management of banks operating in these markets.
It is necessary to strengthen several areas: financial information must be more accessible, it is necessary to develop financial policies, financial skills, particularly in the management of assets and obligations, obligations and portfolios, it is necessary to create a process of managing assets and obligations, improve the organizational structure, a clear division of responsibilities for financial management and improvement of the control efficiency. It is also necessary to isolate the process of hedging as an independent optimization of the level of risk.
References
1. Krasavina L.N. International monetary and financial relations: Textbook - M.: Finance and Statistics, 1994.
- 590p.
2. Zhukov E.F. World's market loan capitals: Textbook -M.: Economic Education, 1992.- 224p.
3. Hedging of currency risk. http://www.msfofm.ru
4. Explanation of IFRS (IAS) 39 "Financial Instruments: Recognition and Evaluation» http://www.grossbuh.kz
5. "Kazakhstan looks at hedging against falling oil prices"
- http://www.globaltimes.cn/content/850113.shtml
РАЗВИТИЕ РЕГИОНАЛЬНОЙ ИННОВАЦИОННОЙ СИСТЕМЫ КАК СОСТАВНОЙ ЧАСТИ
НАЦИОНАЛЬНОЙ ИННОВАЦИОННОЙ СИСТЕМЫ В РОССИИ
Бобкова Алена Александровна
Аспирант, Казанский государственный, архитектурно-строительный университет, г.Казань
THe DEVELOPMENT OF REGIONAL INNOVATIVE SYSTEM AS TO COMPONENT PART OF NATIONAL INNOVATIVE SYSTEM IN RUSSIA
Bobkova Alena, post-graduate student, Kazan State University of Architecture and Engineering, Kazan АННОТАЦИЯ
В статье рассмотрены теоретические аспекты национальной и региональной инновационных систем. Выявлены и проанализированы основные особенности региональной инновационной системы и проблемы формирования эффективной национальной инновационной системы в России. Приведены примеры решения данных проблем. ABSTRACT
In the article theoretical aspects are considered national and regional innovative systems. The basic features of the regional innovative system and problem of forming of the effective national innovative system are educed and analysed in Russia. Examples of decision of these problems are made.
Ключевые слова: национальная инновационная система; региональная инновационная система; инвестиционная привлекательность.
Keywords: national innovative system; regional innovative system; investment attractiveness.
Проблемы становления инновационной экономики регионов связаны с необходимостью формирования эффективных региональных инновационных систем (РИС). Региональная инновационная система (РИС) является динамичной, развивающейся частью национальной инновационной системы (НИС). Взаимосвязь и взаимодействие между инновационными системами различного уровня влияют на их устойчивое экономическое развитие. Исследование региональных инновационных систем необходимо с целью более глубокого прояснения не только их специфики, но и НИС в целом. Полноценное формирование и функционирование национальной инновационной системы России невозможно без создания
РИС и встраивания территориальных участников в единую инновационную систему страны. Регионы формируют инновационную среду с учетом местных особенностей, сильных и слабых сторон, прорабатывают и реализуют основные положения региональной научно-технической политики.
Экономике инноваций присущи свои особенности -своя форма накопления, собственная структура богатства и особые критерии оценки эффективности накопления. Самая главная проблема создания эффективной развитой инновационной системы - высокие риски и необходимость «длинных» денег, то есть долгосрочного финансирования. Вследствие чего высококвалифицированные
