1、原文FOREIGNEXCHANGEEXPOSUREMANAGEMENTPRACTICESOFINDIANFIRMSANEMPIRICALANALYSISABSTRACTTHISSTUDYEMPLOYSQUESTIONNAIRESURVEYANDREPORTSTHEFINDINGSOFASURVEYOFCHIEFFINANCIALOFFICERSOFINDIANCOMPANIESCONDUCTEDIN2008THEOBJECTIVEOFTHISSTUDYISTOINVESTIGATEIFTHECFOSHADACLEARUNDERSTANDINGOFTHEDIFFERENCEBETWEENTRAN
2、SLATION,TRANSACTIONANDECONOMICEXPOSUREINADDITION,THESTUDYALSOCONCENTRATESONTHEHEDGINGPOLICIESUSEDBYFIRMS,THEKEYFACTORSTHATDETERMINETHEDECISIONTOHEDGEANDHOWFREQUENTLYISTHEHEDGINGPOLICYREVIEWEDTHEORETICALFRAMEWORKMANAGEMENTOFFOREIGNEXCHANGERISKINTHELIGHTOFGLOBALIZATIONANDINTERNATIONALIZATIONOFWORLDMAR
3、KETS,FOREIGNEXCHANGERISKHASBECOMEONEOFTHEMOSTDIFFICULTANDPERSISTENTPROBLEMSWITHWHICHFINANCIALEXECUTIVESMUSTCOPEFLUCTUATIONSINEXCHANGERATESHAVEBECOMEAMAJORSOURCEOFUNCERTAINTYFORMULTINATIONALFIRMSJORION,1990THEPRESENTSTUDYAIMSTOPROVIDEAPERSPECTIVEONMANAGINGTHERISKTHATMNCSFACEDUETOFLUCTUATINGEXCHANGERA
4、TESFIRMSAREEXPOSEDTOFOREIGNEXCHANGERISKIFTHERESULTSOFTHEIRPROJECTSDEPENDONFUTUREEXCHANGERATESANDIFEXCHANGERATESCANNOTBEFULLYANTICIPATEDGLAUMMARTIN,2000EXCHANGERATERISKISOFFUNDAMENTALCONCERNTOBOTHINVESTORSANDMANAGERSINVESTORSARECONCERNEDWITHTHEIMPACTOFUNEXPECTEDCHANGESINTHEEXCHANGERATEASITRELATESTOPO
5、RTFOLIOVALUES,ANDMANAGERSAREALSOCONCERNEDWITHTHEEXPOSUREOFTHEFIRMASITRELATESTOPROFITABILITYPANTZALISETAL,2001MANAGINGFOREIGNEXCHANGERISKISAFUNDAMENTALCOMPONENTINTHESAFEANDSOUNDMANAGEMENTOFCOMPANIESTHATHAVEEXPOSURESINFOREIGNCURRENCIESINDECIDINGWHATTHECOMPANYSOBJECTIVESAREINMANAGINGEXPOSURETOFOREIGNCU
6、RRENCY,THECOMPANYISINESSENCEDECIDINGWHATRISKSITISWILLINGTOACCEPTINTHISAREARESEARCHINTHISAREAINDICATESTHATITINVOLVESPRUDENTLYMANAGINGFOREIGNCURRENCYPOSITIONSINORDERTOCONTROL,WITHINSETPARAMETERS,THEIMPACTOFCHANGESINEXCHANGERATESONTHEFINANCIALPOSITIONOFTHECOMPANYTHEFREQUENCYANDDIRECTIONOFRATECHANGES,TH
7、EEXTENTOFTHEFOREIGNCURRENCYEXPOSUREANDTHEABILITYOFCOUNTERPARTIESTOHONORTHEIROBLIGATIONSTOTHECOMPANYARESIGNIFICANTFACTORSINFOREIGNEXCHANGERISKMANAGEMENTASTUDYOFTHEEXPOSUREMANAGEMENTPRACTICESOFINDIANFIRMSISBOTHINTERESTINGANDCHALLENGINGFORTHREEREASONSFIRSTLY,THEIREXPOSUREMANAGEMENTPRACTICESARESTILLEVOL
8、VINGANDAREATANEARLYSTAGEOFFINANCIALDEVELOPMENTSECONDLY,MANAGEMENTOFEXCHANGERATEEXPOSUREISMANYTIMESINFLUENCEDBYEXPECTATIONSANDPERCEPTIONSABOUTTHECURRENTANDFUTURECOURSEOFEVENTSFINALLY,NOTMANYEMPIRICALSTUDIESHAVEBEENATTEMPTEDONTHEFOREIGNEXCHANGEEXPOSUREPRACTICESOFINDIANCOMPANIESMOSTEMPIRICALSTUDIESABOU
9、TFOREIGNEXCHANGEEXPOSUREMANAGEMENTPRACTICES,CONCENTRATEONTHEBEHAVIOROFMULTINATIONALCORPORATIONSMNCSTHATARELOCATEDINTHEUSANDTHEUKSTUDIESABOUTTHEPRACTICESOFFIRMSLOCATEDINSMALLEROPENECONOMIESARERATHERLIMITEDOXELHEIM,1984ANDBATTEN,MELLORANDWAN,1993THEREFORE,THISSTUDYWILLBEIMPORTANTSINCEITDOCUMENTSTHEPRA
10、CTICESOFCOMPANIESACROSSDIFFERENTINDUSTRIESINORDERTOTRANSLATEFOREIGNCURRENCYFINANCIALSTATEMENTSOFUSBASEDMNCS,FINANCIALACCOUNTINGSTANDARDSBOARDFASB8BECAMEEFFECTIVEIN1976FASBSTATEMENT8FORMULATEDUNIFORMSTANDARDFORTHETRANSLATIONINTODOLLARSOFFOREIGNCURRENCYDENOMINATEDFINANCIALSTATEMENTSANDTRANSACTIONSOFUS
11、BASEDMULTINATIONALCOMPANIESWEREESTABLISHEDANIMPORTANTFEATUREOFTHISSTATEMENTWASTHATTRANSLATIONGAINANDLOSSESCOULDNOTBEDEFERREDANDMULTINATIONALCORPORATIONSHADTOINCLUDETHEMINCURRENTINCOMEHOWEVER,DUETODISSATISFACTIONOVERFASBSTATEMENT8,FASBSTATEMENT52WASADOPTEDACCORDINGTOFASB52,MNCHADTOADOPTTHECURRENTRATE
12、METHODFORTRANSLATINGFOREIGNCURRENCYDENOMINATEDASSETSANDLIABILITIESINTODOLLARSFORFOREIGNCURRENCYREVENUES,EXPENSESANDGAINS/LOSSES,“THEEXCHANGERATEATTHEDATESUSEDONWHICHTHOSEELEMENTSARERECOGNIZEDSHALLBEUSED”KASIBHATLAANDEDUARDO,2001FASB52PRESENTSSTANDARDSFORFOREIGNCURRENCYTRANSLATIONTHATAREDESIGNEDTO1PR
13、OVIDEINFORMATIONTHATISGENERALLYCOMPATIBLEWITHTHEEXPECTEDECONOMICEFFECTSOFARATECHANGEONANENTERPRISESCASHFLOWSANDEQUITYAND2REFLECTINCONSOLIDATEDSTATEMENTSTHEFINANCIALRESULTSANDRELATIONSHIPSASMEASUREDINTHEPRIMARYCURRENCYINWHICHEACHENTITYCONDUCTSITSBUSINESSREFERREDTOASITS“FUNCTIONALCURRENCY“ANIMPORTANTF
14、EATUREOFFASB52WASTHATTRANSLATIONGAINSANDLOSSESARESHOWNINTHEBALANCESHEETINANEWANDSEPARATEACCOUNTKNOWNASTHECUMULATIVETRANSLATIONADJUSTMENTACCOUNTTHEFUNCTIONALCURRENCYTRANSLATIONAPPROACHADOPTEDINTHISSTATEMENTENCOMPASSESAIDENTIFYINGTHEFUNCTIONALCURRENCYOFTHEENTITYSECONOMICENVIRONMENTBMEASURINGALLELEMENT
15、SOFTHEFINANCIALSTATEMENTSINTHEFUNCTIONALCURRENCYCUSINGTHECURRENTEXCHANGERATEFORTRANSLATIONFROMTHEFUNCTIONALCURRENCYTOTHEREPORTINGCURRENCY,IFTHEYAREDIFFERENTDDISTINGUISHINGTHEECONOMICIMPACTOFCHANGESINEXCHANGERATESONANETINVESTMENTFROMTHEIMPACTOFSUCHCHANGESONINDIVIDUALASSETSANDLIABILITIESTHATARERECEIVA
16、BLEORPAYABLEINCURRENCIESOTHERTHANTHEFUNCTIONALCURRENCYTHENEXTSECTIONOFTHEPAPERREVIEWSTHELITERATUREONEXPOSUREMANAGEMENTPRACTICESOFCOMPANIESITALSOADDRESSESTHEISSUEOFTHENEWSTANDARDFASB52SECTION3PRESENTSTHESURVEYRESPONSESANDANALYSISOFTHERESULTSSECTION4DESCRIBESTHEHEDGINGTECHNIQUESUSEDBYCOMPANIESANDHOWCO
17、MPANIESDETERMINETHEDECISIONTOHEDGETHELASTSECTIONPRESENTSASUMMARYANDIMPLICATIONSOFTHESTUDYLITERATUREREVIEWALLFIRMSDEALINGINMULTIPLECURRENCIESFACEARISKOFUNANTICIPATEDGAINS/LOSSESDUETOSUDDENCHANGESINEXCHANGERATESTHELITERATUREONEXCHANGERATEEXPOSUREHASGROWNRAPIDLYMORESPECIFICALLYAFTERTHEFINANCIALCRISESIN
18、1990STHESECRISESHAVEMADEITCLEARTHATEXCHANGERATESMAYHAVESIGNIFICANTREALECONOMYEFFECTSTHEREAREALARGENUMBEROFTHEORIESOFWHYCOMPANIESMANAGERISK,INCLUDINGFOREIGNEXCHANGERISKCHRISTIEANDMARSHALL,2003COPINGWITHRISKHASBECOMEANIMPORTANTMANAGERIALFUNCTION,ESPECIALLYAFTERTHEINCREASEDVOLATILITYINTHEFOREIGNEXCHANG
19、EMARKETINRECENTYEARSTHEMAGNITUDEOFTHERISKINVOLVEDISILLUSTRATEDBYTHE150MILLIONEXCHANGELOSSREPORTEDBYTHEUKFOODANDDRINKSCOMPANYALLIEDLYONSIN1991CORPORATEFINANCEMAGAZINE,APRIL1991ACCORDINGTOTHELITERATURE,THEREAREDIFFERENTSOURCES/TYPESOFEXCHANGERATEEXPOSURESCHAFERPOHNWEIDINGER,2005THEMAINTYPESOFEXCHANGER
20、ATEEXPOSUREARE1TRANSLATIONEXPOSUREISTHEEXPOSURESHORTTERMFOREIGNASSETSAREEXPOSEDTODUETOINFLATIONUNCERTAINTY,WHILEDOMESTICASSETSARENOTEXPOSEDTOTHISEXCHANGERISKJORION,1990SHAPIRODEFINESITASTHEACCOUNTINGBASEDCHANGESINCONSOLIDATEDFINANCIALSTATEMENTSCAUSEDBYEXCHANGERATECHANGESTRANSLATIONEXPOSUREARISESONTH
21、ECONSOLIDATIONOFASSETS,LIABILITIESANDPROFITSDENOMINATEDINFOREIGNCURRENCYINTHEPROCESSOFPREPARINGCONSOLIDATEDACCOUNTS2TRANSACTIONEXPOSUREEITEMANETAL2001DEFINETRANSACTIONEXPOSUREASAMEASUREOFCHANGEINTHEVALUEOFOUTSTANDINGFINANCIALOBLIGATIONSWHICHAREINCURREDPRIORTOACHANGEINEXCHANGERATESBUTARENOTDUETOBESET
22、TLEDUNTILAFTEREXCHANGERATESCHANGETRANSACTIONEXPOSUREARISESFROMTHEPOSSIBILITYTHATTHEFUTURECASHFLOWMAYCHANGEASARESULTOFEXCHANGERATECHANGESMARSHALL2000FINDSTHATTRANSACTIONRISKISPERCEIVEDBYUS,UKANDASIANCOMPANIESTOBETHEMOSTIMPORTANTRISKTOMANAGE3ECONOMICEXPOSUREREFERSTOTHEPOSSIBILITYOFTHECHANGEINTHEPRESEN
23、TVALUEOFTHEFIRMSEXPECTEDFUTURECASHFLOWSDUETOUNEXPECTEDCHANGEINEXCHANGERATESITISALSOCALLEDOPERATINGEXPOSUREANDMEASURESTHECHANGEINTHEPRESENTVALUEOFTHEFIRM,WHICHRESULTSFROMANYCHANGEINFUTUREOPERATINGCASHFLOWSCAUSEDBYUNEXPECTEDCHANGESINEXCHANGERATESPANTZALISETAL2001DEFINESOPERATINGEXPOSUREASTHEEFFECTOFUN
24、EXPECTEDCHANGESINTHEEXCHANGERATEONCASHFLOWSASSOCIATEDWITHAFIRMSREALASSETSANDLIABILITIESVARIOUSEMPIRICALSTUDIESINTHELASTFEWYEARSHAVEATTEMPTEDTOPROVIDEINSIGHTSINTOTHEPRACTICESOFRISKMANAGEMENTTHESEEMPIRICALSTUDIESPROVIDEMANAGERSWITHINFORMATIONONTHECURRENTPRACTICESOFOTHERFIRMSTHISKINDOFINFORMATIONISVALU
25、ABLESINCEITALLOWSMANAGERSTOCRITICALLYASSESSANDANALYZETHEIROWNSTRATEGIESCOHEN/WISEMAN1997EXPLAINSWHICHQUESTIONSSHOULDBEASKEDINTHISCONTEXT“COMPANIESSHOULDUSETHISINFORMATIONTOASSESSWHERETHEYSTANDINCOMPARISONWITHOTHERCOMPANIES”THESURVEYFINDINGSDONOTNECESSARILYREPRESENTBESTPRACTICE,BUTTHEYSHOULDBEUSEDASA
26、GUIDEFORATREASURYTOCOMPAREITSELFWITHOTHERORGANIZATIONSANDASK“WHEREAREWESIMILARWHEREAREWEDIFFERENTSHOULDWEBEDIFFERENTWHATSHOULDWEDOABOUTIT”MARTINGLAUM,2000SURVEYRESPONSESANDANALYSISAN11QUESTIONSURVEYWASMAILEDTOCFOSOF250INDIANCORPORATIONSIN2008ACOVERLETTERTOTHECFOSEXPLAINEDTHATTHEPURPOSEOFTHESURVEYWAS
27、ACADEMICANDTHATALLRESPONSESWOULDBEKEPTANONYMOUSANDCONFIDENTIALATOTALOF98USABLERESPONSESWERERECEIVED,FORARESPONSERATEOF40THEINDUSTRIESTHATTHE98COMPANIESOPERATEINARESHOWNINTABLE1TABLE1RESPONDENTCOMPANIESBYINDUSTRYINDUSTRYNOOFCOMPANIESPERCENTBANKS35357FMCG13133IT16163MANUFACTURING25255OTHERS992TOTAL981
28、000QUESTIONS13SOUGHTINFORMATIONWITHREGARDTOTHEUNDERSTANDINGOFTHETRANSACTION,TRANSLATION,ANDECONOMICEXPOSURETRANSLATIONEXPOSUREWASUNDERSTOODCOMPLETELYBY55OFTHERESPONDENTS,31UNDERSTOODITSUBSTANTIALLY,WITHONLY13UNDERSTANDINGITPARTIALLYASFARASTRANSACTIONEXPOSUREISCONCERNED53OFTHERESPONDENTSINDICATEDTHAT
29、THEYUNDERSTOODITCOMPLETELY,34UNDERSTOODITSUBSTANTIALLY,WITHONLY10UNDERSTANDINGITPARTIALLYECONOMICEXPOSUREISDEFINEDASANEXPOSURETOFLUCTUATINGEXCHANGERATEWHICHAFFECTSACOMPANYSEARNINGS,CASHFLOWANDFOREIGNINVESTMENTECONOMICEXPOSUREWHICHDEPENDSONTHESPECIFICCHARACTERISTICSOFTHECOMPANYANDITSINDUSTRYWASUNDERS
30、TOODCOMPLETELYBY44OFTHERESPONDENTS,SUBSTANTIALLYBY41,ANDPARTIALLYBY15NOCOMPANYFELTTHATTHEYDONOTUNDERSTANDECONOMICEXPOSURECOMPLETELYTHISCOULDPROBABLYBEATTRIBUTEDTOTHEFACTTHATMOSTOFTHECOMPANIESWHILEENTERINGINTOANYECONOMY,FIRSTSTUDYTHEECONOMYTHISCOULDALSOBEDUETOTHEFACTTHATCOMPANIESAREAWARETHATTHEIRRECE
31、IVABLESANDPAYABLESAREAFFECTEDBYINTERNATIONALECONOMICFACTORSLIKEWARS,OILANDNATURALRESOURCESTHESURVEYDOESSHOWPREDICTABLERESULTSABOUTASIGNIFICANTMAJORITYOFTHERESPONDENTSUNDERSTANDINGALLTHE3DIFFERENTKINDSOFEXPOSUREQUESTIONS46SOUGHTINFORMATIONONWHETHERORNOTTHEFIRMSCOVEREDTHEMSELVESAGAINSTTRANSACTIONS,TRA
32、NSLATION,ANDECONOMICEXPOSURESASFARASTRANSLATIONEXPOSUREISCONCERNED,ONLY28OFTHERESPONDENTSCOVEREDTHEMSELVESCOMPLETELY,31SUBSTANTIALLY,33PARTIALLY,AND6NOTATALLTRANSLATIONEXPOSUREISNOTPERCEIVEDTOBEIMPORTANTASCFOSFEELTHATITISSIMPLYAPAPERGAINANDDOESNOTDIRECTLYAFFECTCASHFLOWSHOWEVER,FIRMSARECONCERNEDABOUT
33、ITBECAUSEOFITSPOTENTIALIMPACTONREPORTEDINCOMEINTHECASEOFTRANSACTIONEXPOSURE,23OFTHERESPONDENTSCOVEREDTHEMSELVESCOMPLETELY,45SUBSTANTIALLY,28PARTIALLYAND3NOTATALLITWASFELTTHATTRANSACTIONEXPOSURECANBEREDUCEDBYNETTINGOUTTHEPAYMENTSIFPAYMENTSANDRECEIPTSAREINDIFFERENTCURRENCIES,TRANSACTIONEXPOSURECANBEMI
34、NIMIZEDASUNEXPECTEDEXCHANGERATECHANGESNETOUTOVERMANYDIFFERENTTRANSACTIONSWITHREGARDTOECONOMICEXPOSURE,ONLY25OFTHERESPONDENTSCOVEREDTHEMSELVESCOMPLETELY,42SUBSTANTIALLY,25PARTIALLYAND7NOTATALLECONOMICEXPOSUREISRARELYCOVEREDANDMOSTOFTHERESPONDENTSFELTTHATTHEKEYDETERMINANTOFECONOMICEXPOSUREISTHECOMPETI
35、TIVESTRUCTUREOFTHEINDUSTRYINWHICHAFIRMOPERATESQUESTION7ASKEDIFTHEFIRMSCOVEREDTHEMSELVESAGAINSTALLTHREEFOREIGNEXCHANGEEXPOSURESONLY13OFTHERESPONDENTSINDICATEDTHATTHEYCOVERTHEMSELVESCOMPLETELYAGAINSTALL3FOREIGNEXCHANGEEXPOSURESWHILE50INDICATEDTHATTHEYCOVERSUBSTANTIALLYSURPRISINGLY16OFTHERESPONDENTSDID
36、NOTCOVERTHEMSELVESAGAINSTALL3EXPOSURESFINANCIALRISKMANAGEMENTHASBECOMEONEOFTHEIMPORTANTASPECTSINFINANCIALMANAGEMENTFORCOMPANIESAROUNDTHEWORLDBESSEMBINDER,1991RAWLSANDSMITHSON1990REPORTTHATFINANCIALRISKMANAGEMENTISONEOFTHEIMPORTANTFINANCIALACTIVITIESOFFIRMSTHEIMPORTANCEEXECUTIVESATTACHTOFOREIGNEXCHAN
37、GERISKMANAGEMENTISOFTENREFLECTEDINTHEIRATTITUDESTOFOREIGNEXCHANGERISKANDTHEORGANIZATIONALSTRUCTURESANDPROCEDURESIMPLEMENTEDFORMANAGINGEXPOSUREQUESTION8ADDRESSEDTHEISSUEOFWHETHERTHEFIRMSHEDGEDAGAINSTTRANSLATIONANDECONOMICEXPOSURESONLY15INDICATEDTHATTHEYHEDGEDAGAINSTBOTH,44COVEREDSUBSTANTIALLY,20INDIC
38、ATEDTHATTHEYHEDGEDPARTIALLY,WHILE20INDICATEDTHATTHEIRFIRMSDONOTHEDGEQUESTION9SOUGHTINFORMATIONIFTHEFIRMSWEREPRESENTLYUSINGFASB52ALMOST50OFCOMPANIESUSEFASB52COMPLETELYBUTSIGNIFICANTLYALARGENUMBEROFCOMPANIES22ARESTILLNOTUSINGFASB52OFTHEFIRMSRESPONDING,17INDICATEDTHATTHEYUSEDFASB52SUBSTANTIALLYWHILE10U
39、SEDITPARTIALLYCOMPANIESNOTUSINGFASB52AREKEPTALOOFFROMTHEADVANCEDHEDGINGTECHNIQUESINACCORDANCEWITHINTERNATIONALSTANDARDSBASICALLYFASBSTATEMENTNO8PROVIDEDTHATCASH,RECEIVABLESANDPAYABLESWERETRANSLATEDATCURRENTEXCHANGERATESWHILEFIXEDASSETSANDLIABILITIESWERETRANSLATEDATHISTORICALRATESFASB8RESULTEDINMUCHC
40、RITICISMDUETOTHISCRITICISMTHEFASBSPONSOREDANOTHERSTUDYTHATRESULTEDINFASB52THEBASICOUTCOMEOFFASB52WASTHATIFAFOREIGNENTITYSBOOKSARENOTKEPTINTHEFUNCTIONALCURRENCY,THENTHEBOOKSMUSTBEREMEASUREDINTOTHEFUNCTIONALCURRENCYPRIORTOTRANSLATIONHENCE,THESENORMSHAVEIMPROVEDACCOUNTABILITYOFCOMPANIESSOURCEMADHUVIJ,2
41、009“FOREIGNEXCHANGEEXPOSUREMANAGEMENTPRACTICESOFINDIANFIRMSANEMPIRICALANALYSIS”UNIVERSITYOFDELHIJANUARYPP18译文外汇风险的印度企业管理实践一个实证分析摘要本研究采用问卷调查，并报告了印度公司首席财务人员在2008年进行的调查结果。这项研究的目的是要调查CFO是否对对折算、交易和经济风险的差异有清醒的认识。此外,研究还致力于公司的套期政策所使用的关键技术、套期政策的决定因素与如何运用套期政策研究进行了综述。外汇风险管理理论框架在全球化和市场国际化的当前，外汇风险已经成为财务管理人员必须应对的
42、一个相当困难而且现实的问题。汇率的波动已经成为跨国公司不确定性的主要根源（JORION,1990）。目前的研究旨在为跨国公司面临的由于汇率波动引起的风险提供风险管理的观点。公司会被外汇风险影响如果他们的工程项目的结果依赖于远期汇率并且如果无法充分的预测汇率（GLAUMMARTIN,2000）。汇率风险在根本上关系到投资者和管理者。投资者关心汇率风险中关系到投资组合价值的无法预期到的变动的影响，管理者关心与盈利能力相关的公司披露（PANTZALISETAL,2001）。外汇风险管理是在公司由以外币风险安全和健全的管理基本组成部分。在决定了该公司的目标管理中外币资产比重后，才能决定什么风险是公司在
43、本质上能接受的。在这方面的研究表明，它涉及到审慎管理外汇头寸的控制，包括设置参数，汇率变动在公司财政状况上的影响。汇率变动的频率和速度，外汇风险的程度和交易对手对公司履行其义务的能力都是外汇风险管理的重要因素。印度公司风险管理方法的研究，既有趣又富有挑战，其原因有三点。首先，他们的风险管理方法仍在不断发展和处于金融发展的早期阶段。第二，汇率风险管理多次受到了对事件目前和未来的进程的期望和看法的影响。最后，许多实证研究都没有尝试过研究印度企业的外汇风险方法。很多有关外汇风险管理方法的实证研究，都专注于位于美国和英国的跨国公司（MNCS）的行为。对较小的开放型经济体系中的企业的做法的研究是相当有限
44、的OXELHEIM,1984ANDBATTEN,MELLORANDWAN,1993。因此，这项研究将是重要的，因为它用文件证实了不同行业的公司的做法。为了翻译美国跨国公司外币财务报表，财务会计准则委员会（FASB）8于1976年开始生效。财务会计准则委员会（FASB）8声明制定了统一的外国美元外币计价的财务报表的兑换标准，同时建立了美国的跨国公司交易。本声明的一个重要特点是，汇兑收益的损失不能推迟，同时跨国公司必须包括他们在当前的收入。然而，由于对财务会计准则委员会（FASB）8声明的不满，财务会计准则委员会（FASB）52声明获得通过。根据财务会计准则委员会（FASB）52，跨国公司不得不通
45、过现行汇率法来把外币计价的资产和负债兑换美元。就外币收入，费用和收益或亏损，“数据的转换比率则使用那些被认为应该使用的元素”（KASIBHATLA和EDUARDO，2001）。财务会计准则委员会（FASB）52列出外币换算的设计标准（1）提供一些通常对企业的现金流量和股本有影响的适合于汇率变动的预期经济效益的信息；（2）反映每个实体开展业务所采用的主要货币表现的财务状况和关系的合并报表（以下简称为“功能货币”）。财务会计准则委员会的一个重要特点是收益和损失的转换，在包括新的、独立的账户即“累计转换调整”账户在内的资产负债表中表现。功能性货币换算办法采用的这一声明包括（1）确定实体的功能货币的经
46、济环境；（2）测量功能货币的财务报表的所有元素；（3）使用货币转换比率把功能货币转换成报表货币，如果它们是不同的话；（4）区分在净投资上转换比率变动的经济影响与这一变动在单独的用货币而不是用功能货币收取或支付的资产和负债上的影响的不同。本文的下一部分回顾了公司的风险管理实践的文献。它还解决了财务会计准则委员会（FASB）52的新标准问题。第3部分介绍了调查结果和结果分析。第4部分介绍了公司使用的套期保值技术以及公司如何确定套期保值的决策。最后部分提出了研究的总结和说明。文献回顾所有的企业都面临着由于外汇汇率的突然变动对多种货币处理预料之外的收益或者损失。在20世纪90年代金融危机之后，汇率风险
47、理论得到了迅猛发展。这些危机已经明确，汇率对实体经济可能产生重大影响。大量理论表明公司为什么要对风险进行管理，包括外汇风险。CHRISTIEANDMARSHALL,2003风险应对已成为一个重要的管理职能，特别是近年来外汇市场的波动加剧。在1991年被英国食物和饮料公司报道的150百万英镑的交换损失说明了风险的重要性CORPORATEFINANCEMAGAZINE,APRIL1991。根据文献中，汇率风险有不同的来源和类型SCHAFERPOHNWEIDINGER,2005。汇率风险的主要类型是1、折算风险是由于通货膨胀的不确定性引起的外国资产的敞口，而国内资产不会受到这种汇率风险的影响JORI
48、ON,1990。夏皮罗定义了基于汇率变化的财务报表合并。折算风险产生于报表合并过程中，资产、负债和利润产生的波动。2、交易风险被EITEMANETAL2001定义为汇率变动对企业已经发生但尚未结算的外币债权、债务的价值产生的影响。交易风险由汇率变动导致企业未来现金流量的价值发生改变的风险。MARSHALL2000认为，交易风险被在美国、英国和亚洲的公司认为是最重要的风险管理。3、经济风险是指汇率变动导致公司的预计未来现金流量现值变动的可能性。它也被称为经营风险和企业在现值测量上的变化，这会导致未来经营中的任何改变现金流动的汇率变化而引起的意外现值的变化。PANTZALISETAL2001定义了
49、经济风险的意外变化的影响现金流的汇率关联公司的真正的资产和债务。在过去数年的各种实证研究将试图提供风险管理的做法和见解。这些实证研究提供了与其他公司的信息管理人员的现行做法。这方面的信息是有价值的,因为它可以帮助管理者,批判地评估和分析自己的策略“企业应该利用这些信息来评估他们在与其他公司比较的立场。”调查结果并不一定代表最好的做法，但是他们应该用作一本指南让财政部将本身与其他机构比较，并自问“我们在哪儿相似的我们在哪儿不同我们应该不一样呢我们该怎么做呢”MARTINGLAUM,2000调查结果和分析在2008年一份11个问题调查被邮寄给了250家印第安公司的CFOS。给CFOS的一个说明附件解释了该调查的目的是学术，并且所有回执将被保持匿名和保密。共计98个可用的答复被收到，40的答复比率。98家公司操作的产业在表1显示。表1按产业分的答复者产业没有公司百分比银行35357快速消费品13133资讯科技16163制造业25255其他992总计98100问题13寻求与交易、折算和经济风险有关的信息理解。折算风险被55的受访者表示完全理解，31的理解是很大，只有13部分了解它。至于交易风险方面53的受访者表示，他们完全理解它，34实质上理解它，只有10部分了解它。经济风险被定义为以浮动汇率风险影响公司的收益、现金流量和外国投资。经济风险于本公司及其产业的
