问题如下图:
请解释一下A的答案是什么意思?
B问:If the home currencline the priof oil woullikely cline because it is positively correlatewith the US llvalue of the home currency. Thwoula negative for income. Ok,理解。On the other han appreciation of the home currenis likely to accompanieoil priincrease, whiwoulpositive for income.这不是好的影响吗?所以,问题应该是第一句如何正确理解?The company shoulremain exposeto market risk associatewith exchange rate movements (i.e., currenrisk).
对A问的有三点不理解i)Suppose the company hheethis risk.If the priof oil were to increase, the favorable effeof the increase on income wouloffset the loss on the oil futures, but the home currenshoulappreciate against the US llar, leaving the company worse off. 这是因为本币升值,但这家公司是出口型企业,所以是worse off?ii)If the priof oil were to crease, the unfavorable effeon income wouloffset the futures position anthe home currenshoulpreciate, leaving the company better off.现货的价格下跌被futures的价值上升所抵消,然后本币贬值,那不是好的影响了吗?这不是和这题“不对冲是正确”的结论矛盾了吗?iii)In short, the company woulremain exposeto exchange rate risk associatewith oil primovements.这句话对于这道题目具有什么意义?