O uso de derivativos como instrumento de gestão de risco: análise do uso do hedge para importação

Abstract

The global dynamic made the companies’ performance in the foreign market become a reality to a bigger number of companies. However, when they opened to the foreign market, the expose themselves to an intrinsic risk of this kind of operation: the risk of exchange rate. This paper presents the use of hedging in importing companies that want to reduce the risk change in exchange rates. It intends to make a study about the premises behind the exchange rate variation and the situations that generate this exposition, detailing the existent tools to reduce this risk. The main focus of this study is at the market of derivatives, specifically in the use of the hedge to relieve the exchange rate risks in importations made by Brazilian companies. Was conducted a case study, in a importer, and it was detected the use of the hedge, avoiding unexpected losses arising from the expensive price of the dollar.