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1、金融衍生工具管理金融风险外文文献翻译 (含：英文原文及中文译文)文献出处：SaidA.ManagingFinancialRiskbyUsingDerivatives:,aStudyofUnitedArabEmirateListedCompanies[J].SocialScienceElectronicPublishing,2017.英文原文MANAGINGFINANCIALRISKBYUSINGDERIVATIVES:AStudyofUnitedArabEmirateListedCompaniesAliSaidAbstr
2、actThepresentpaperattemptstoidentifythewaysthattheUnitedArabEmiratelistedcompaniesmanagetheirfinancialriskwiththeuseofderivatives.Byexaminingthecompanies’annualreportsandfinancialreviewsfortheyear2015.ThestudiedrevealedthatlowuseofthefinancialderivativeswithinInv
3、estmentandtherealestateindustries.Theuseofthederivativeswasonly25%whileisconsidertobebelowduetothehighriskassociatedwiththeindustry.Theriskmanagementtoolsavailableforhedgingreal-estateriskwithintheUnitedArabEmiratefinancialmarketareverymuchintheirinfancyandhavepr
4、oblemsrangingfromilliquidityoftradingtolackoftheoreticaldevelopmentregardingmodeling.Keywords:Financialrisk,derivatives,interestraterisk,foreignexchangerisk,UnitedArabEmirateListedCompanies.1.INTRODUCTIONManyofthecompaniesworkonreducingriskassociatedwithabusiness
5、suchasinterestrates,currency-exchangerates,commoditypricesandequitymarkets.Therefore,manycompaniesarerelyingheavilyontheuseofthefinancederivatives.Thefinancialderivativesplayanimportantroletosupportcompaniestomanageandreduceriskbyshelterthesefirmsfromthevolatilit
6、yofthefinancialmarket.Manyoftheacademiesandpractitionershaveexpressedconcernsovertheuseofderivatives.Someoftheacademicstudies,suchasFaulkender(2005)andVickery(2008),showthatcompaniesfrequentlyutilizeinterestrateriskderivativestotimethemarket.AnotherstudysuchbyBro
7、wn,Crabb,andHaushalter(2002)discoveredthattheuseofcorporateriskmanagementinstrumentinthegoldminingindustryisoftenaffectedbyattemptstotimemarketprices.WhileotherstudiesbyNance,Smith,andSmithson(1993),Mian(1996),andHentschelandKothari(2001)demonstratethattheemployo
8、fderivativesdoesnotproducemeaningfuldifferencesinfirms'risk.Thispaperisorganizedasfollows.Section2reviewtherelevantliterature,followedbysection3thatstatesoutth
