欢迎来到天天文库
浏览记录
ID:350844
大小:65.50 KB
页数:12页
时间:2017-07-26
《外汇风险的印度企业管理实践:一个实证分析【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在应用文档-天天文库。
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
此文档下载收益归作者所有