外汇风险的印度企业管理实践：一个实证分析[文献翻译]

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1、原文：ForeignExchangeExposureManagementPracticesofIndianFirms:AnEmpiricalAnalysisAbstract:    ThisstudyemploysquestionnairesurveyandreportsthefindingsofasurveyofchieffinancialofficersofIndianCompaniesconductedin2008.TheobjectiveofthisstudyistoinvestigateiftheCFOshadaclearunderstandingofthediffe

2、rencebetweentranslation,transactionandeconomicexposure.Inaddition,thestudyalsoconcentratesonthehedgingpoliciesusedbyfirms,thekeyfactorsthatdeterminethedecisiontohedgeandhowfrequentlyisthehedgingpolicyreviewed.TheoreticalFramework:ManagementofForeignExchangeRiskInthelightofglobalizationandint

3、ernationalizationofworldmarkets,foreignexchangeriskhasbecomeoneofthemostdifficultandpersistentproblemswithwhichfinancialexecutivesmustcope.Fluctuationsinexchangerateshavebecomeamajorsourceofuncertaintyformultinationalfirms(Jorion,1990).Thepresentstudyaimstoprovideaperspectiveonmanagingtheris

4、kthatMNCsfaceduetofluctuatingexchangerates.Firmsareexposedtoforeignexchangeriskiftheresultsoftheirprojectsdependonfutureexchangeratesandifexchangeratescannotbefullyanticipated(GlaumMartin,2000).Exchangerateriskisoffundamentalconcerntobothinvestorsandmanagers.Investorsareconcernedwiththeimpac

5、tofunexpectedchangesintheexchangerateasitrelatestoportfoliovalues,andmanagersarealsoconcernedwiththeexposureofthefirmasitrelatestoprofitability.(Pantzalisetal,2001).Managingforeignexchangeriskisafundamentalcomponentinthesafeandsoundmanagementofcompaniesthathaveexposuresinforeigncurrencies.In

6、decidingwhatthecompany’sobjectivesareinmanagingexposuretoforeigncurrency,thecompanyisinessencedecidingwhatrisksitiswillingtoacceptinthisarea.Researchinthisareaindicatesthatitinvolvesprudentlymanagingforeigncurrencypositionsinordertocontrol,withinsetparameters,theimpactofchangesinexchangerate

7、sonthefinancialpositionofthecompany.Thefrequencyanddirectionofratechanges,theextentoftheforeigncurrencyexposureandtheabilityofcounterpartiestohonortheirobligationstothecompanyaresignificantfactorsinforeignexchangeriskmanagement.Astudyoftheexposurem