汇率风险的测量和管理：在企业的问题和方法[文献翻译]

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1、本科毕业论文（设计）外文翻译题目浙江外贸公司外汇风险管理问题研究专业财务管理原文：ExchangeRateRiskMeasurementandManagement:IssuesandApproachesforFirmsAbstract:    Measuringandmanagingexchangerateriskexposureisimportantforreducingafirm'svulnerabilitiesfrommajorexchangeratemovements,whichcouldadverse

2、lyaffectprofitmarginsandthevalueofassets.Thispaperreviewsthetraditionaltypesofexchangerateriskfacedbyfirms,namelytransaction,translationandeconomicrisks,presentstheVaRapproachasthecurrentlypredominantmethodofmeasuringafirm'sexchangerateriskexposure,andexamin

3、esthemainadvantagesanddisadvantagesofvariousexchangerateriskmanagementstrategies,includingtacticalversusstrategicalandpassiveversusactivehedging.Inaddition,itoutlinesasetofwidelyacceptedbestpracticesinmanagingcurrencyriskandpresentssomeofthemainhedginginstru

4、mentsintheOTCandexchange-tradedmarkets.Thepaperalsoprovidessomedataontheuseoffinancialderivativesinstruments,andhedgingpracticesbyU.S.firms.I.INTRODUCTIONExchangerateriskmanagementisanintegralpartineveryfirm’sdecisionsaboutforeigncurrencyexposure(Allayannis,

5、Ihrig,andWeston,2001).Currencyriskhedgingstrategiesentaileliminatingorreducingthisrisk,andrequireunderstandingofboththewaysthattheexchangerateriskcouldaffecttheoperationsofeconomicagentsandtechniquestodealwiththeconsequentriskimplications(Barton,Shenkir,andW

6、alker,2002).Selectingtheappropriatehedgingstrategyisoftenadauntingtaskduetothecomplexitiesinvolvedinmeasuringaccuratelycurrentriskexposureanddecidingontheappropriatedegreeofriskexposurethatoughttobecovered.Theneedforcurrencyriskmanagementstartedtoariseaftert

7、hebreakdownoftheBrettonWoodssystemandtheendoftheU.S.dollarpegtogoldin1973(Papaioannou,2001).Theissueofcurrencyriskmanagementfornon-financialfirmsisindependentfromtheircorebusinessandisusuallydealtbytheircorporatetreasuries.Mostmultinationalfirmshavealsoriskc

8、ommitteestooverseethetreasury’sstrategyinmanagingtheexchangerate(andinterestrate)risk(Lam,2003).Thisshowstheimportancethatfirmsputonriskmanagementissuesandtechniques.Conversely,internationalinve