Since the global financial crisis, inflows and outflows of foreign capital increased greatly and this resulted in higher volatility of exchange rate. In addition, each country ended up implementing quantitative easing in order to overcome the Eurozone financial crisis and the global recession. However, the value of their national currency declines as a consequence and this triggered the concern for global currency war. Under such situation, as Korea is constantly exposed to the risk of foreign exchange market due to its small open economy limitation, we need to be always prepared for the foreign exchange risk that fluctuate depending on the condition of global economy. With this in the background, we try to study the current state of Korean companies’ foreign exchange hedging activities, find out whether or not such hedging is required by analyzing the currency exposure, and if it is needed, seek for the most efficient measure through studying international cases.
Generally, Korean firms hold economic structure that appears to be vulnerable to foreign exchange volatility. This is because of the low awareness among companies regarding foreign exchange risk management and the fact there are not enough derivatives that allow firms to hedge foreign exchange risk via financial markets. Also, the companies’ lack of understanding about foreign exchange risk management methods exists and the fear for derivatives as an aftereffect of KIKO situation is just as influential to hinder market access. The Foreign Exchange Risk Insurance, a typical exchange risk hedging product, is exclusively provided by Korea Trade Insurance Corporation (K-sure). However, it does not fully meet the consumer's demand and it even gets taken off the market in times of crisis.
According to the findings in this paper, we were able to suggest the following policies for Korean firms’ efficient foreign exchange risk management. For short-term, the information sharing system of financial derivatives, the knowledge sharing system of exchange risk, institutional demand on companies’ foreign exchange risk management, and finally the disclosure system need to be introduces in order to vitalize the functioning of financial market for foreign exchange hedging activities. Moreover, exchange risk position on external debt should be strictly supervised as well as carrying out the policy that promote internationalization of Korean Won in mid-to long-term.
An introduction of information transmission and disclosure system of derivatives should be regarded as priorities for the transparent management of derivative’s price or value in particular. In Sweden, foreign exchange risk hedging through financial markets has been relatively easy since companies fully understand the value or price of financial commodities that can hedge foreign exchange risk. On the other hand, South Korea considered the difficulty of evaluating price and value of derivatives as the most significant obstacle. Therefore, South Korea, too, needs to improve derivatives management system so that information on financial commodities can be sufficiently opened and explained to the firms.
Just as Israel, we need to pursue the drastic privatization of insurance industry and the aggressive regulatory reform. The most used foreign exchange risk insurance by Korean firms is monopolized by Korea Trade Insurance Corporation(K-sure). Although it is being provided in the form of public goods by the public enterprise, there was a time when Range Forward was taken off the market due to a sudden increase in stress levels following 2008 financial crisis. To cover all the possible risks and diverse market conditions, there must be more providers as well as more financial commodities. Thus, the market completeness needs to be enhanced by diversifying Foreign Exchange Insurance products and letting other public or private enterprise to enter the market.
Furthermore, we need to consider promoting the internationalization of Korean Won as the case of Australia shows. It was the internationalization of Australian currency that allowed Australia to sell derivatives to the foreigners in order to hedge foreign exchange risk. Of course, the existence of foreigners demand on the possession of Australian Dollar affected as an important factor, but the internationalization of currency was the prime groundwork. The cost of hedging activities can be cut substantially if the hedging through national currency is possible. Hence, it is advisable to seriously consider promoting the internationalization of Korean Won.

 서언 

국문요약 

제1장 서 론 
1. 연구의 배경 및 목적 
2. 연구의 주요 내용 

제2장 환리스크의 영향과  대응수단 
1. 환리스크의 의의 
2. 환리스크 관리의 필요성 
3. 환리스크 대응수단 
   가. 내부적 관리 전략 
   나. 외부적 관리 전략 
4. 환리스크 관리 실태 
   가. 수출기업의 환리스크 관리 실태 
   나. 산업별 환리스크 관리 실태 
   다. 무역보험 이용 실태 
5. 환리스크 관리의 문제점 

제3장 기업의 환노출 분석과  파생상품을 이용한 최적헤지비율 추정 
1. 우리나라 기업의 환노출 분석 
   가. 서론 
   나. 환노출의 측정 
   다. 실증분석 
   라. 요약 및 결론 
2. 외환파생상품을 이용한 최적헤지비율 추정 
   가. 서론 
   나. 기존문헌 정리 
   다. 최소분산헤지모형 
   라. 실증분석 
   마. 요약 및 결론 

제4장 해외 국가의 환리스크 헤지 및 시사점 
1. 이스라엘 사례연구 
   가. 환율제도의 변천 
   나. 헤지펀드 시장 
   다. 정부의 환헤지 정책 
   라. 정책적 시사점 
2. 호주 사례연구 
   가. 개요 
   나. 기업의 환헤지 전략 
   다. 기업의 환헤지 실태 
   라. 호주기업의 환헤지 관련 특징 
   마. 정책적 시사점 
3. 스웨덴 사례연구 
   가. 개요 
   나. 기업의 환헤지 전략 
   다. 한국과의 환헤지 전략 비교 
   라. 정책적 시사점 
4. 영국 사례연구 
   가. 환율제도의 변천 
   나. 기업의 환헤지 실태 
   다. 영국기업의 환헤지 관련 특징 
   라. 정책적 시사점 

제5장 요약 및 정책적 시사점 
1. 한국의 환헤지 시장: 문제와 개선방향 
   가. 현황 
   나. 정책적 시사점 
2. 기업의 환헤지, 얼마나 해야 하나? 
   가. 실증분석 결과 
   나. 정책적 시사점 
3. 외국사례에서의 시사점 
   가. 각국 사례의 특징 
   나. 정책적 시사점 
4. 결론  

참고문헌 

부    록 

Executive Summary