问题如下图:
对A问的解释有三点不理解
i)
Suppose the company had hedged this risk.
If the price of oil were to increase, the favorable effect of the increase on income would be offset by the loss on the oil futures, but the home currency should appreciate against the US dollar, 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 price of oil were to decrease, the unfavorable effect on income would be offset by the futures position and the home currency should depreciate, 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 would remain exposed to exchange rate risk associated with oil price movements.
这句话对于解释这道题目具有什么意义?