外汇风险的印度企业管理实践：一个实证分析【外文翻译】

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1、原文：ForeignExchangeExposureManagementPracticesofIndianFirms:AnEmpiricalAnalysisAbstract:    ThisstudyemploysquestionnairesurveyandreportsthefindingsofasurveyofchieffinancialofficersofIndianCompaniesconductedin2008.TheobjectiveofthisstudyistoinvestigateiftheCFOshadaclearunderstandingoft

2、hedifferencebetweentranslation,transactionandeconomicexposure.Inaddition,thestudyalsoconcentratesonthehedgingpoliciesusedbyfirms,thekeyfactorsthatdeterminethedecisiontohedgeandhowfrequentlyisthehedgingpolicyreviewed.TheoreticalFramework:ManagementofForeignExchangeRiskInthelightofgloba

3、lizationandinternationalizationofworldmarkets,foreignexchangeriskhasbecomeoneofthemostdifficultandpersistentproblemswithwhichfinancialexecutivesmustcope.Fluctuationsinexchangerateshavebecomeamajorsourceofuncertaintyformultinationalfirms(Jorion,1990).Thepresentstudyaimstoprovideaperspe

4、ctiveonmanagingtheriskthatMNCsfaceduetofluctuatingexchangerates.Firmsareexposedtoforeignexchangeriskiftheresultsoftheirprojectsdependonfutureexchangeratesandifexchangeratescannotbefullyanticipated(GlaumMartin,2000).Exchangerateriskisoffundamentalconcerntobothinvestorsandmanagers.Inves

5、torsareconcernedwiththeimpactofunexpectedchangesintheexchangerateasitrelatestoportfoliovalues,andmanagersarealsoconcernedwiththeexposureofthefirmasitrelatestoprofitability.(Pantzalisetal,2001).Managingforeignexchangeriskisafundamentalcomponentinthesafeandsoundmanagementofcompaniesthat

6、haveexposuresinforeigncurrencies.Indecidingwhatthecompany’sobjectivesareinmanagingexposuretoforeigncurrency,thecompanyisinessencedecidingwhatrisksitiswillingtoacceptinthisarea.Researchinthisareaindicatesthatitinvolvesprudentlymanagingforeigncurrencypositionsinordertocontrol,withinsetp

7、arameters,theimpactofchangesinexchangeratesonthefinancialpositionofthecompany.Thefrequencyanddirectionofratechanges,theextentoftheforeigncurrencyexposureandtheabilityofcounterpartiestohonortheirobligationstothecompanyaresignificantfactorsinforeignexchangeriskmanagement.Astudyoftheexpo

8、surem