Interní metody řízení kurzových rizik s aplikací na importně orientovanou firmu

The work is focused on exchange rate risk, its description and typical situations in which firms have to face to the uncertainty caused by variability of exchange rates. It specifies selected internal (operational) techniques which are used to manage exchange rate risk as well. These methods are connected with financial management of companies and it is possible to apply these techniques to every size of company. The principle and the implementation of internal methods might be tighter to smaller companies. These companies do not know a lot about a wide scale of instruments of financial market, so hedging through external methods may not be suitable. Internal methods contrary to external are also suitable for hedging economic exposure (substantial part of the work is focused on economic exposure). In response to current events, exchange rate risk is also discussed in connection with continuing economic depression and pending fiscal situation of the countries which are part of euro area. In analytic part the work is focused on a Czech import-oriented firm which purchases machines from Taiwanese suppliers for euro and dollars and consequently sells these goods in the Czech market mostly in Czech koruna. In some cases the firm negotiates invoicing in euro. Currency mismatch of receipts and payments gives rise to exchange rate risk. In addition, firm's business contracts are specific to high nominal value and longer maturity. With the growth of these two parameters increases exchange rate risk.