外汇风险的印度企业管理实践：一个实证分析外文翻译.docVIP

原文： Foreign Exchange Exposure Management Practices of Indian Firms: An Empirical Analysis Abstract: ???? This study employs questionnaire survey and reports the findings of a survey of chief financial officers of Indian Companies conducted in 2008. The objective of this study is to investigate if the CFOs had a clear understanding of the difference between translation, transaction and economic exposure. In addition, the study also concentrates on the hedging policies used by firms, the key factors that determine the decision to hedge and how frequently is the hedging policy reviewed. Theoretical Framework: Management of Foreign Exchange Risk In the light of globalization and internationalization of world markets, foreign exchange risk has become one of the most difficult and persistent problems with which financial executives must cope. Fluctuations in exchange rates have become a major source of uncertainty for multinational firms (Jorion, 1990). The present study aims to provide a perspective on managing the risk that MNCs face due to fluctuating exchange rates. Firms are exposed to foreign exchange risk if the results of their projects depend on future exchange rates and if exchange rates cannot be fully anticipated (Glaum Martin, 2000). Exchange rate risk is of fundamental concern to both investors and managers. Investors are concerned with the impact of unexpected changes in the exchange rate as it relates to portfolio values, and managers are also concerned with the exposure of the firm as it relates to profitability. (Pantzalis et al, 2001). Managing foreign exchange risk is a fundamental component in the safe and sound management of companies that have exposures in foreign currencies. In deciding what the company’s objectives are in managing exposure to foreign currency, the company is in essence deciding what risks it is willing to accept in this area. Research in this area indicates that it involves prudently managing foreign currency positions in order