Instrumenty pochodne jako narzędzie ograniczania ryzyka walutowego w polskich przedsiębiorstwach
DERIVATIVES AS HEDGING INSTRUMENTS AGAINST FOREIGN EXCHANGE RISK IN POLISH ENTERPRISES

Summary/Abstract: Increasing involvement of companies from Poland in international markets leads to greater currency riskexposure in these entities. This forces enterprises to use appropriate hedging strategies to reduce this risk. Thepurpose of this paper is to assess the prevalence of currency risk faced by Polish companies and to analyse theextent in which over-the-counter derivatives and stock exchange derivatives are used to protect companiesagainst this risk. The authors present a review of the literature and relevant statistical data published by theNational Bank and the Central Statistical Office of Poland. Based on this database, the authors demonstratethat the use of derivatives depends on the levels and fluctuations of currencies, as well as the involvement ofPolish companies in international markets, especially in terms of external trade. Moreover, the analysis provesthat forward contracts are the most frequently used derivatives to reduce exposure to foreign exchange risk.This is because the conditions of this type of transactions can be adjusted to the requirements and needs ofenterprises. These instruments are also easier to use than other derivatives.The added value of this paper is a comprehensive analysis of the exchange rate risk in Polish companies in 2007-2016, accompanied by a presentation of the scale on which derivatives are used to hedge against currencyrisk.

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