Pelly · 2019年03月11日
问题如下图：
B问:
If the home currency declined, the price of oil would likely decline because it is positively correlated with the US dollar value of the home currency. That would be a negative for income. Ok,理解。
On the other hand, appreciation of the home currency is likely to be accompanied by an oil price increase, which would be positive 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 should remain exposed to market risk associated with exchange rate movements (i.e., currency risk).
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？
请一下A的答案是什么意思？
