外匯風(fēng)險(xiǎn)的印度企業(yè)管理實(shí)踐一個(gè)實(shí)證分析

1、原文：Foreign Exchange Exposure Management Practices of Indian Firms: An Empirical AnalysisAbstract:      This study employs questionnaire survey and reports the findings of a survey of chief financial officers of Indian Companies conducted in 2008. The objective of this study is to

2、 investigate if the CFOs had a clear understanding of the difference between translation, transaction and economic exposure. In addition, the study also concentrates on the hedging policies used by firms, the key factors that determine the decision to hedge and how frequently is the hedging policy r

3、eviewed.Theoretical Framework: Management of Foreign Exchange RiskIn the light of globalization and internationalization of world markets, foreign exchange risk has become one of the most difficult and persistent problems with which financial executives must cope. Fluctuations in exchange rates have

4、 become a major source of uncertainty for multinational firms (Jorion, 1990). The present study aims to provide a perspective on managing the risk that MNCs face due to fluctuating exchange rates. Firms are exposed to foreign exchange risk if the results of their projects depend on future exchange r

5、ates and if exchange rates cannot be fully anticipated (Glaum Martin, 2000). Exchange rate risk is of fundamental concern to both investors and managers. Investors are concerned with the impact of unexpected changes in the exchange rate as it relates to portfolio values, and managers are also concer

6、ned with the exposure of the firm as it relates to profitability. (Pantzalis et al, 2001). Managing foreign exchange risk is a fundamental component in the safe and sound management of companies that have exposures in foreign currencies. In deciding what the companys objectives are in managing expos

7、ure to foreign currency, the company is in essence deciding what risks it is willing to accept in this area. Research in this area indicates that it involves prudently managing foreign currency positions in order to control, within set parameters, the impact of changes in exchange rates on the finan

8、cial position of the company. The frequency and direction of rate changes, the extent of the foreign currency exposure and the ability of counter parties to honor their obligations to the company are significant factors in foreign exchange risk management. A study of the exposure management practice

9、s of Indian firms is both interesting and challenging for three reasons. Firstly, their exposure management practices are still evolving and are at an early stage of financial development. Secondly, management of exchange rate exposure is many times influenced by expectations and perceptions about t

10、he current and future course of events. Finally, not many empirical studies have been attempted on the foreign exchange exposure practices of Indian companies. Most empirical studies about foreign exchange exposure management practices, concentrate on the behavior of multinational corporations (MNCs

11、) that are located in the U.S. and the U.K. Studies about the practices of firms located in smaller open economies are rather limited ( Oxelheim,1984; and Batten, Mellor and Wan, 1993). Therefore, this study will be important since it documents the practices of companies across different industries.

12、 In order to translate foreign currency financial statements of US based MNCs, Financial Accounting Standards Board (FASB) -8 became effective in 1976. FASB Statement - 8 formulated uniform standard for the translation into dollars of foreign currency denominated financial statements and transaction

13、s of US-based multinational companies were established. An important feature of this statement was that translation gain and losses could not be deferred and multinational corporations had to include them in current income. However, due to dissatisfaction over FASB Statement - 8, FASB Statement - 52

14、 was adopted. According to FASB-52, MNC had to adopt the current rate method for translating foreign currency denominated assets and liabilities into dollars. For foreign currency revenues, expenses and gains/ losses, “the exchange rate at the dates used on which those elements are recognized shall

15、be used” (Kasibhatla and Eduardo, 2001). FASB 52 presents standards for foreign currency translation that are designed to (1) Provide information that is generally compatible with the expected economic effects of a rate change on an enterprise's cash flows and equity and (2) Reflect in consolida

16、ted statements the financial results and relationships as measured in the primary currency in which each entity conducts its business (referred to as its "functional currency"). An important feature of FASB 52 was that translation gains and losses are shown in the balance sheet in a new an

17、d separate account known as theCumulative Translation Adjustment account. The functional currency translation approach adopted in this Statement encompasses: a. Identifying the functional currency of the entity's economic environment b. Measuring all elements of the financial statements in the f

18、unctional currency c. Using the current exchange rate for translation from the functional currency to the reporting currency, if they are different d. Distinguishing the economic impact of changes in exchange rates on a net investment from the impact of such changes on individual assets and liabilit

19、ies that are receivable or payable in currencies other than the functional currency. The next section of the paper reviews the literature on exposure management practices of companies. It also addresses the issue of the new standard FASB 52. Section 3 presents the survey responses and analysis of th

20、e results. Section 4 describes the hedging techniques used by companies and how companies determine the decision to hedge. The last section presents a summary and implications of the study. Literature ReviewAll firms dealing in multiple currencies face a risk of unanticipated gains/ losses due to su

21、dden changes in exchange rates. The literature on exchange rate exposure has grown rapidly more specifically after the financial crises in 1990s. These crises have made it clear that exchange rates may have significant real economy effects. There are a large number of theories of why companies manag

22、e risk, including foreign exchange risk. (Christie and Marshall, 2003) Coping with risk has become an important managerial function, especially after the increased volatility in the foreign exchange market in recent years. The magnitude of the risk involved is illustrated by the £150 million ex

23、change loss reported by the UK food and drinks company Allied- Lyons in 1991 (Corporate Finance Magazine, April 1991). According to the literature, there are different sources/ types of exchange rate exposure (Schafer-Pohn-Weidinger, 2005). The main types of exchange rate exposure are: 1. Translatio

24、n exposure is the exposure short-term foreign assets are exposed to due to inflation uncertainty, while domestic assets are not exposed to this exchange risk (Jorion, 1990). Shapiro defines it as the accounting based changes in consolidated financial statements caused by exchange rate changes. Trans

25、lation exposure arises on the consolidation of assets, liabilities and profits denominated in foreign currency in the process of preparing consolidated accounts. 2. Transaction Exposure Eiteman et al (2001) define transaction exposure as a measure of change in the value of outstanding financial obli

26、gations which are incurred prior to a change in exchange rates but are not due to be settled until after exchange rates change. Transaction exposure arises from the possibility that the future cash flow may change as a result of exchange rate changes. Marshall(2000) finds that transaction risk is pe

27、rceived by US, UK and Asian Companies to be the most important risk to manage. 3. Economic Exposure refers to the possibility of the change in the present value of the firms expected future cash flows due to unexpected change in exchange rates. It is also called operating exposure and measures the c

28、hange in the present value of the firm, which results from any change in future operating cash flows caused by unexpected changes in exchange rates. Pantzalis et al (2001) defines Operating exposure as the effect of unexpected changes in the exchange rate on cash flows associated with a firms real a

29、ssets and liabilities. Various empirical studies in the last few years have attempted to provide insights into the practices of risk management. These empirical studies provide managers with information on the current practices of other firms. This kind of information is valuable since it allows man

30、agers to critically assess and analyze their own strategies. Cohen/Wiseman (1997) explains which questions should be asked in this context: “Companies should use this information to assess where they stand in comparison with other companies.” The survey findings do not necessarily represent best pra

31、ctice, but they should be used as a guide for a treasury to compare itself with other organizations and ask: “Where are we similar? Where are we different? Should we be different? What should we do about it?” (Martin Glaum, 2000) Survey Responses and AnalysisAn 11 Question survey was mailed to CFOs

32、of 250 Indian corporations in 2008. A cover letter to the CFOs explained that the purpose of the survey was academic and that all responses would be kept anonymous and confidential. A total of 98 usable responses were received, for a response rate of 40%. The industries that the 98 companies operate

33、 in are shown in Table 1. Table 1 Respondent Companies by Industry Industry No of Companies Percent Banks 35 35.7 FMCG 13 13.3 IT 16 16.3 Manufacturing 25 25.5 Others 9 9.2 Total 98 100.0 Questions 1-3 sought information with regard to the understanding of the transaction, translation, and economic

34、exposure. Translation exposure was understood completely by 55% of the respondents, 31% understood it substantially, with only 13% understanding it partially. As far as transaction exposure is concerned 53% of the respondents indicated that they understood it completely, 34% understood it substantia

35、lly, with only 10% understanding it partially. Economic Exposure is defined as an exposure to fluctuating exchange rate which affects a companys earnings, cash flow and foreign investment. Economic exposure which depends on the specific characteristics of the company and its industry was understood

36、completely by 44% of the respondents, substantially by 41%, and partially by 15%. No company felt that they do not understand economic exposure completely. This could probably be attributed to the fact that most of the companies while entering into any economy, first study the economy. This could al

37、so be due to the fact that companies are aware that their receivables and payables are affected by international economic factors like wars, oil and natural resources. The survey does show predictable results about a significant majority of the respondents understanding all the 3 different kinds of

38、exposure. Questions 4-6 sought information on whether or not the firms covered themselves against transactions, translation, and economic exposures. As far as translation exposure is concerned, only 28% of the respondents covered themselves completely, 31% substantially, 33% partially, and 6% not at

39、 all. Translation exposure is not perceived to be important as CFOs feel that it is simply a paper gain and does not directly affect cash flows. However, firms are concerned about it because of its potential impact on reported income. In the case of transaction exposure, 23% of the respondents cover

40、ed themselves completely, 45% substantially, 28% partially and 3% not at all. It was felt that transaction exposure can be reduced by netting out the payments. If payments and receipts are in different currencies, transaction exposure can be minimized as unexpected exchange rate changes net out over

41、 many different transactions. With regard to economic exposure, only 25% of the respondents covered themselves completely, 42% substantially, 25% partially and 7% not at all. Economic exposure is rarely covered and most of the respondents felt that the key determinant of economic exposure is the com

42、petitive structure of the industry in which a firm operates. Question 7 asked if the firms covered themselves against all three foreign exchange exposures. Only 13% of the respondents indicated that they cover themselves completely against all 3 foreign exchange exposures while 50% indicated that th

43、ey cover substantially. Surprisingly 16% of the respondents did not cover themselves against all 3 exposures. Financial risk management has become one of the important aspects in financial management for companies around the world (Bessembinder, 1991).Rawls and Smithson (1990) report that financial

44、risk management is one of the important financial activities of firms. The importance executives attach to foreign exchange risk management is often reflected in their attitudes to foreign exchange risk and the organizational structures and procedures implemented for managing exposure. Question 8 ad

45、dressed the issue of whether the firms hedged against translation and economic exposures. Only 15% indicated that they hedged against both, 44% covered substantially, 20% indicated that they hedged partially, while 20% indicated that their firms do not hedge. Question 9 sought information if the fir

46、ms were presently using FASB-52. Almost 50% of companies use FASB-52 completely but significantly a large number of companies(22%) are still not using FASB-52. Of the firms responding, 17% indicated that they used FASB-52 substantially while 10% used it partially. Companies not using FASB 52 are kep

47、t aloof from the advanced hedging techniques in accordance with international standards. Basically FASB Statement No. 8 provided that cash, receivables and payables were translated at current exchange rates while fixed assets and liabilities were translated at historical rates. FASB 8 resulted in mu

48、ch criticism. Due to this criticism the FASB sponsored another study that resulted in FASB 52. The basic outcome of FASB 52 was that if a foreign entity's books are not kept in the functional currency, then the books must be re-measured into the functional currency prior to translation. Hence, t

49、hese norms have improved accountability of companies. Source: Madhu Vij,2009. “Foreign Exchange Exposure Management Practices of Indian Firms :An Empirical Analysis”. University of Delhi. January.pp.1-8.譯文：外匯風(fēng)險(xiǎn)的印度企業(yè)管理實(shí)踐：一個(gè)實(shí)證分析摘要：本研究采用問卷調(diào)查，并報(bào)告了印度公司首席財(cái)務(wù)人員在2008年進(jìn)行的調(diào)查結(jié)果。這項(xiàng)研究的目的是要調(diào)查CFO是否對對折算、交易和經(jīng)濟(jì)風(fēng)險(xiǎn)的差異有清

50、醒的認(rèn)識。此外,研究還致力于公司的套期政策所使用的關(guān)鍵技術(shù)、套期政策的決定因素與如何運(yùn)用套期政策研究進(jìn)行了綜述。外匯風(fēng)險(xiǎn)管理理論框架在全球化和市場國際化的當(dāng)前，外匯風(fēng)險(xiǎn)已經(jīng)成為財(cái)務(wù)管理人員必須應(yīng)對的一個(gè)相當(dāng)困難而且現(xiàn)實(shí)的問題。匯率的波動(dòng)已經(jīng)成為跨國公司不確定性的主要根源（Jorion, 1990）。目前的研究旨在為跨國公司面臨的由于匯率波動(dòng)引起的風(fēng)險(xiǎn)提供風(fēng)險(xiǎn)管理的觀點(diǎn)。公司會(huì)被外匯風(fēng)險(xiǎn)影響如果他們的工程項(xiàng)目的結(jié)果依賴于遠(yuǎn)期匯率并且如果無法充分的預(yù)測匯率（Glaum Martin, 2000）。匯率風(fēng)險(xiǎn)在根本上關(guān)系到投資者和管理者。投資者關(guān)心匯率風(fēng)險(xiǎn)中關(guān)系到投資組合價(jià)值的無法預(yù)期到的變動(dòng)的影響，

51、管理者關(guān)心與盈利能力相關(guān)的公司披露（Pantzalis et al, 2001）。外匯風(fēng)險(xiǎn)管理是在公司由以外幣風(fēng)險(xiǎn)安全和健全的管理基本組成部分。在決定了該公司的目標(biāo)管理中外幣資產(chǎn)比重后，才能決定什么風(fēng)險(xiǎn)是公司在本質(zhì)上能接受的。在這方面的研究表明，它涉及到審慎管理外匯頭寸的控制，包括設(shè)置參數(shù)，匯率變動(dòng)在公司財(cái)政狀況上的影響。匯率變動(dòng)的頻率和速度，外匯風(fēng)險(xiǎn)的程度和交易對手對公司履行其義務(wù)的能力都是外匯風(fēng)險(xiǎn)管理的重要因素。印度公司風(fēng)險(xiǎn)管理方法的研究，既有趣又富有挑戰(zhàn)，其原因有三點(diǎn)。首先，他們的風(fēng)險(xiǎn)管理方法仍在不斷發(fā)展和處于金融發(fā)展的早期階段。第二，匯率風(fēng)險(xiǎn)管理多次受到了對事件目前和未來的進(jìn)程的期望和

52、看法的影響。最后，許多實(shí)證研究都沒有嘗試過研究印度企業(yè)的外匯風(fēng)險(xiǎn)方法。很多有關(guān)外匯風(fēng)險(xiǎn)管理方法的實(shí)證研究，都專注于位于美國和英國的跨國公司（MNCs）的行為。對較小的開放型經(jīng)濟(jì)體系中的企業(yè)的做法的研究是相當(dāng)有限的( Oxelheim,1984; and Batten, Mellor and Wan, 1993)。因此，這項(xiàng)研究將是重要的，因?yàn)樗梦募C實(shí)了不同行業(yè)的公司的做法。為了翻譯美國跨國公司外幣財(cái)務(wù)報(bào)表，財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)（FASB）-8于1976年開始生效。財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)（FASB）-8聲明制定了統(tǒng)一的外國美元-外幣計(jì)價(jià)的財(cái)務(wù)報(bào)表的兌換標(biāo)準(zhǔn)，同時(shí)建立了美國的跨國公司交易。本聲明的一

53、個(gè)重要特點(diǎn)是，匯兌收益的損失不能推遲，同時(shí)跨國公司必須包括他們在當(dāng)前的收入。然而，由于對財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)（FASB）-8聲明的不滿，財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)（FASB）-52聲明獲得通過。根據(jù)財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)（FASB）-52，跨國公司不得不通過現(xiàn)行匯率法來把外幣計(jì)價(jià)的資產(chǎn)和負(fù)債兌換美元。就外幣收入，費(fèi)用和收益或虧損，“數(shù)據(jù)的轉(zhuǎn)換比率則使用那些被認(rèn)為應(yīng)該使用的元素”（Kasibhatla和Eduardo，2001）。財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)（FASB）-52列出外幣換算的設(shè)計(jì)標(biāo)準(zhǔn)：（1）提供一些通常對企業(yè)的現(xiàn)金流量和股本有影響的適合于匯率變動(dòng)的預(yù)期經(jīng)濟(jì)效益的信息；（2）反映每個(gè)實(shí)體開展業(yè)務(wù)所采用的主要

54、貨幣表現(xiàn)的財(cái)務(wù)狀況和關(guān)系的合并報(bào)表（以下簡稱為“功能貨幣”）。財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)的一個(gè)重要特點(diǎn)是收益和損失的轉(zhuǎn)換，在包括新的、獨(dú)立的賬戶即“累計(jì)轉(zhuǎn)換調(diào)整”賬戶在內(nèi)的資產(chǎn)負(fù)債表中表現(xiàn)。功能性貨幣換算辦法采用的這一聲明包括：（1）確定實(shí)體的功能貨幣的經(jīng)濟(jì)環(huán)境；（2）測量功能貨幣的財(cái)務(wù)報(bào)表的所有元素；（3）使用貨幣轉(zhuǎn)換比率把功能貨幣轉(zhuǎn)換成報(bào)表貨幣，如果它們是不同的話；（4）區(qū)分在凈投資上轉(zhuǎn)換比率變動(dòng)的經(jīng)濟(jì)影響與這一變動(dòng)在單獨(dú)的用貨幣而不是用功能貨幣收取或支付的資產(chǎn)和負(fù)債上的影響的不同。本文的下一部分回顧了公司的風(fēng)險(xiǎn)管理實(shí)踐的文獻(xiàn)。它還解決了財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)（FASB）-52的新標(biāo)準(zhǔn)問題。第3部分介

55、紹了調(diào)查結(jié)果和結(jié)果分析。第4部分介紹了公司使用的套期保值技術(shù)以及公司如何確定套期保值的決策。最后部分提出了研究的總結(jié)和說明。文獻(xiàn)回顧所有的企業(yè)都面臨著由于外匯匯率的突然變動(dòng)對多種貨幣處理預(yù)料之外的收益或者損失。在20世紀(jì)90年代金融危機(jī)之后，匯率風(fēng)險(xiǎn)理論得到了迅猛發(fā)展。這些危機(jī)已經(jīng)明確，匯率對實(shí)體經(jīng)濟(jì)可能產(chǎn)生重大影響。大量理論表明公司為什么要對風(fēng)險(xiǎn)進(jìn)行管理，包括外匯風(fēng)險(xiǎn)。(Christie and Marshall, 2003)風(fēng)險(xiǎn)應(yīng)對已成為一個(gè)重要的管理職能，特別是近年來外匯市場的波動(dòng)加劇。在1991年被英國食物和飲料公司報(bào)道的150百萬英鎊的交換損失說明了風(fēng)險(xiǎn)的重要性( Corporate

56、 Finance Magazine, April 1991)。根據(jù)文獻(xiàn)中，匯率風(fēng)險(xiǎn)有不同的來源和類型(Schafer-Pohn-Weidinger, 2005)。匯率風(fēng)險(xiǎn)的主要類型是：1、折算風(fēng)險(xiǎn)是由于通貨膨脹的不確定性引起的外國資產(chǎn)的敞口，而國內(nèi)資產(chǎn)不會(huì)受到這種匯率風(fēng)險(xiǎn)的影響(Jorion, 1990)。夏皮羅定義了基于匯率變化的財(cái)務(wù)報(bào)表合并。折算風(fēng)險(xiǎn)產(chǎn)生于報(bào)表合并過程中，資產(chǎn)、負(fù)債和利潤產(chǎn)生的波動(dòng)。2、交易風(fēng)險(xiǎn)被Eiteman et al(2001)定義為匯率變動(dòng)對企業(yè)已經(jīng)發(fā)生但尚未結(jié)算的外幣債權(quán)、債務(wù)的價(jià)值產(chǎn)生的影響。交易風(fēng)險(xiǎn)由匯率變動(dòng)導(dǎo)致企業(yè)未來現(xiàn)金流量的價(jià)值發(fā)生改變的風(fēng)險(xiǎn)。Marshall(2000)認(rèn)為，交易風(fēng)險(xiǎn)被在美國、英國和亞洲的公司認(rèn)為是最重要的風(fēng)險(xiǎn)管理。3、經(jīng)濟(jì)風(fēng)險(xiǎn)是指匯率變動(dòng)導(dǎo)致公司的預(yù)計(jì)未來現(xiàn)金流量現(xiàn)值變動(dòng)的可能性。它也被稱