外汇风险管理的外文文献翻译.doc

北京化工大学北方学院 NORTH COLLEGE OF BEIJING UNIVERSITY OF CHEMICAL TECHNOLOGY （ 2013）届本科生毕业设计（论文） 外文文献及翻译 姓名： 邓奡远 专业： 国际经济与贸易 班级： 国贸0906 学号： 090504150 毕业设计（论文）题目：贵州轮胎进出口公司外汇风险管理 指导教师： 荣华英 2013年 5 月 21日 原 稿 Introduction The term foreign exchange risk management is commonly used among multinationals.Nonetheless,there is no uniformly accepted definition of exchange rate risk management.Several authors (e.g. Cook, 1993; Baldoni, 1998; Rahardjo and Dowling,1998;Chiu and Foerster,1997;Ankrom,1974) have provided definitions of foreign exchange risk management.Among the first authors who defined foreign exchange or currency risk was Ankrom (1974).He classified foreign exchange exposures into translation,transaction and economic exposures.Translation exposure is the accountants record of profit and loss in translating balance sheet accounts into the home currency.Transaction exposure is the foreign exchange exposure associated with sales or transactions that have akeady been made.A multinational is exposed to transaction exposure if it sells products where payment is going to be made at some future date.Lastly,economic exposure is the combination of translation and transaction exposures. Ankrom (1974) argued that economic exposure is a comprehensive measure for the companys foreign exchange exposures. However, economic exposure is usually very complex as it involves not only known cash fiows but also unknown future cash fiows (Glaum, 1990; Belk and Glaum, 1990). Motivated by the fact that foreign currency risk becomes more and more important in the light of the globalisation and internationalisation,this study was conducted in order to gain insight into the management of foreign currency risk by Jordanian firms.In addition,it examined the impact of firm-specific characteristics and their relationship with the managerial t