外匯風(fēng)險(xiǎn)的印度企業(yè)管理實(shí)踐：一個(gè)實(shí)證分析[文獻(xiàn)翻譯-全文預(yù)覽
【正文】 firm operates. Question 7 asked if the firms covered themselves against all three foreign exchange exposures. Only 13% of the respondents indicated that they cover themselves pletely against all 3 foreign exchange exposures while 50% indicated that they cover substantially. Surprisingly 16% of the respondents did not cover themselves against all 3 exposures. Financial risk management has bee one of the important aspects in financial management for panies around the world (Bessembinder, 1991).Rawls and Smithson (1990) report that financial risk management is one of the important financial activities of firms. The importance executives attach to foreign exchange risk management is often reflected in their attitudes to foreign exchange risk and the anizational structures and procedures implemented for managing exposure. Question 8 addressed the issue of whether the firms hedged against translation and economic exposures. Only 15% indicated that they hedged against both, 44% covered substantially, 20% indicated that they hedged partially, while 20% indicated that their firms do not hedge. Question 9 sought information if the firms were presently using FASB52. Almost 50% of panies use FASB52 pletely but significantly a large number of panies(22%) are still not using FASB52. Of the firms responding, 17% indicated that they used FASB52 substantially while 10% used it partially. Companies not using FASB 52 are kept aloof from the advanced hedging techniques in accordance with international standards. Basically FASB Statement No. 8 provided that cash, receivables and payables were translated at current exchange rates while fixed assets and liabilities were translated at historical rates. FASB 8 resulted in much criticism. Due to this criticism the FASB sponsored another study that resulted in FASB 52. The basic oute of FASB 52 was that if a foreign entity39。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 2020. 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 bee one of the most difficult and persistent problems with which financial executives must cope. Fluctuations in exchange rates have bee 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, 2020). 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, 2020). Managing foreign exchange risk is a fundamental ponent in the safe and sound management of panies that have exposures in foreign currencies. In deciding what the pany’s objectives are in managing exposure to foreign currency, the pany 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 to control, within set parameters, the i
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