Metody zajištění kurzových rizik s aplikací na malou a střední firmu

The bachelor thesis is primary focused on methods and possibilities of hedging currency risks, whereas in the second part this risks are specificated to currency risks of small and medium enterprises. The thesis follows theoretical separation of foreign exchange exposures to transaction exposure and economic exposure. The translation exposure is not mentioned, because is irrelevant in sector of small and medium enterprises. The thesis contains the outline of possible hedging methods of transaction exposure (external, internal methods) and economic exposure. Analysed subjects in second part are two czech companies from sector of SME, which were established in 1995 and are exporting to foreign countries. The first company deals with firewood, produces and completes clapboard's roof, the second produces blankets, pillows and fillings for sofas. The analysis targets the historical process of competitiveness in background of czech crown's appreciation, exactly to economic exposure. The companies are not hedging their transaction exposures. Finally, the thesis evaluates actual situation of foreign currency exposure and suggests possible solutions, e.g. establishing a new office in abroad.