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比如世界 · 2020年05月10日

问一道题:NO.PZ2020020601000055

问题如下:

A company calculates its translation risk for its three-month and six-month statements and hedges each with a forward contract. Is this a sensible strategy? Discuss.

选项:

解释:

Whether or not balance sheet risks should be hedged with forward contracts is debatable. (Some argue that reducing the volatility of earnings is desirable; others argue that non-cash-flow risks should not be hedged.) If they are, it only makes sense to hedge the risk at one future time. Otherwise there is over-hedging. This is a key difference between transaction and translation risk.

老师您好,If they are, it only makes sense to hedge the risk at one future time. Otherwise there is over-hedging. 这句话的意思不是很理解,麻烦讲解一下

1 个答案
已采纳答案

小刘_品职助教 · 2020年05月11日

同学你好,

translation risk只是因为多币种并表的时候带来的报表层面的影响,在中间其实没有什么真实的cash flow影响,所以,用forward来hedge这种风险一般来说是没有什么意义的,相反可能会产生新的cash flow,所以被称为是over-hedging. 有一种情况,比如原来借了10w欧元,公司10年之后要还,公司的记账本位币是美元,真是要hedge,你只要一下hedge一个10年的汇率就行了。