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1、本科毕业论文（设计）外文翻译题目浙江外贸公司外汇风险管理问题研究专业财务管理原文：ExchangeRateRiskMeasurementandManagement:IssuesandApproachesforFirmsAbstract: Measuringandmanagingexchangerateriskexposureisimportantforreducingafirm'svulnerabilitiesfrommajorexchangeratemovements,whichcoulda
2、dverselyaffectprofitmarginsandthevalueofassets.Thispaperreviewsthetraditionaltypesofexchangerateriskfacedbyfirms,namelytransaction,translationandeconomicrisks,presentstheVaRapproachasthecurrentlypredominantmethodofmeasuringafirm'sexchangerateriskexposu
3、re,andexaminesthemainadvantagesanddisadvantagesofvariousexchangerateriskmanagementstrategies,includingtacticalversusstrategicalandpassiveversusactivehedging.Inaddition,itoutlinesasetofwidelyacceptedbestpracticesinmanagingcurrencyriskandpresentssomeofth
4、emainhedginginstrumentsintheOTCandexchange-tradedmarkets.Thepaperalsoprovidessomedataontheuseoffinancialderivativesinstruments,andhedgingpracticesbyU.S.firms.I.INTRODUCTIONExchangerateriskmanagementisanintegralpartineveryfirm’sdecisionsaboutforeigncurr
5、encyexposure(Allayannis,Ihrig,andWeston,2001).Currencyriskhedgingstrategiesentaileliminatingorreducingthisrisk,andrequireunderstandingofboththewaysthattheexchangerateriskcouldaffecttheoperationsofeconomicagentsandtechniquestodealwiththeconsequentriskim
6、plications(Barton,Shenkir,andWalker,2002).Selectingtheappropriatehedgingstrategyisoftenadauntingtaskduetothecomplexitiesinvolvedinmeasuringaccuratelycurrentriskexposureanddecidingontheappropriatedegreeofriskexposurethatoughttobecovered.Theneedforcurren
7、cyriskmanagementstartedtoariseafterthebreakdownoftheBrettonWoodssystemandtheendoftheU.S.dollarpegtogoldin1973(Papaioannou,2001).Theissueofcurrencyriskmanagementfornon-financialfirmsisindependentfromtheircorebusinessandisusuallydealtbytheircorporatetrea
8、suries.Mostmultinationalfirmshavealsoriskcommitteestooverseethetreasury’sstrategyinmanagingtheexchangerate(andinterestrate)risk(Lam,2003).Thisshowstheimportancethatfirmsputonriskmanagementissuesandtechniques.Conversely,internationalinve
