金融風(fēng)險外文翻譯—利用金融衍生工具管理金融風(fēng)險（節(jié)選）

1、<p>　　字數(shù)：英文2093單詞，11611字符；中文3580漢字</p><p>　　出處：Ali Said.MANAGING FINANCIAL RISK BY USING DERIVATIVES:A Study of United Arab Emirate Listed Companies[J]Economics and Finance Review.2017, 5(03):5–13</p

2、><p><b>　　外文文獻：　</b></p><p>　　MANAGING FINANCIAL RISK BY USING DERIVATIVES:</p><p>　　A Study of United Arab Emirate Listed Companies</p><p>　　Abstract The pre

3、sent paper attempts to identify the ways that the United Arab Emirate listed companies manage their financial risk with the use of derivatives. By examining the companies’ annual reports and financial reviews for the yea

4、r 2015. The studied revealed that low use of the financial derivatives within Investment and the real estate industries. The use of the derivatives was only 25% while is consider to be below due to the high risk associat

5、ed with the industry. The risk management t</p><p>　　Keywords: Financial risk, derivatives, interest rate risk, foreign exchange risk, United Arab Emirate Listed Companies.</p><p>　　1.INTRODUCTI

6、ON</p><p>　　Many of the companies work on reducing risk associated with a business such as interest rates, currency-exchange rates, commodity prices and equity markets. Therefore, many companies are relying

7、heavily on the use of the finance derivatives. The financial derivatives play an important role to support companies to manage and reduce risk by shelter these firms from the volatility of the financial market.</p>

8、<p>　　Many of the academies and practitioners have expressed concerns over the use of derivatives. Some of the academic studies, such as Faulkender (2005) and Vickery (2008), show that companies frequently utilize

9、 interest rate risk derivatives to time the market. Another study such by Brown, Crabb, and Haushalter (2002) discovered that the use of corporate risk management instrument in the gold mining industry is often affected

10、by attempts to time market prices.</p><p>　　While other studies by Nance, Smith, and Smithson (1993), Mian (1996), and Hentschel and Kothari (2001) demonstrate that the employ of derivatives does not produce

11、 meaningful differences in firms' risk.</p><p>　　This paper is organized as follows. Section 2 review the relevant literature, followed by section 3 that states out the research questions. Section 4 expl

12、ains the methodology of the present study. Section 5 results, and the last section contains the conclusion.</p><p>　　2.LITERATURE REVIEW</p><p>　　The volatility, the constant changes in the busi

13、ness arena, and deal with the changes in interest rates and exchange rate movements make a company exposed to losses. During 2008, the financial markets expose to the loss which affected enterprises and the overall econo

14、my. Therefore, many companies started to explore and implement risk management within the enterprise. Risk management is a practice that identifies possible risks in advance and examines these events and takes the necess

15、ary actions </p><p>　　Financial derivatives considered to be one of the essential tools that can be used to reduce and cost risk. In the 2002 Berkshire Hathaway, annual report, Warren Buffet advised against

16、the utilizing of derivatives, and consider them to be the financial weapons of mass destruction bringing dangers that are potential can lethal for the business and economy. However, Buffet's view on derivatives faces

17、 resistance from the standard academics that derivatives are used to reduce risk (Smith and Stulz (</p><p>　　Bartram et.al. (2011) examined the use of financial derivatives to reduce both total risk and syst

18、ematic risk. While Nguyen and Faff (2010) showed that regardless of the public distress about utilization and implementing financial derivatives would increase firm risk, the evidence demonstrations that in most cases, f

19、inancial derivatives are used for hedging intentions.</p><p>　　As discussed by Clark and Judge (2008), hedging tools are contingent on the type of exposure and risk. For example, Short-term instruments such

20、as foreign currency forwards and options are used to hedge short-term exposure against of generated from export actions, while foreign currency debt and foreign currency swaps into foreign currency (but not into domestic

21、 currency) are employed to hedge long-term exposure result from assets located in foreign positions.</p><p>　　Papaioannou (2006) showed that the larger companies are, the more likely to utilize financial der

22、ivative to try to hedge against the risk associated with the exchange rate. The primary goal of using the derivatives instruments to reduce the losses due to the volatility and instability of the market, for example, for

23、eign exchange derivatives have given companies the stability in the cash flow and earning to give due to the reducing the risk associated with exchange rates.</p><p>　　The companies’ choice of foreign exchan

24、ge derivatives tools is focused on OTC currency forwards (over 50% of all foreign exchange derivatives used), OTC currency options (around 20%), and OTC currency swaps (around 10%). El-Masry (2006) emphasized that the ob

25、jective of the use of derivative for hedging intentions is controlling the unpredictability and instability in cash flows, and the second reason was the market value of the firm.</p><p>　　Another study by St

26、ulz (2005), reported that 28 percent of firms employ derivatives instruments to reduce earnings volatility. While Adedeji and Baker (2002) stated that the purpose of using interest rate derivatives to hedge against the r

27、isk that associated with financial troubles and economies of scale. Yu et.al. (2001) stated that many of the Hong Kong firms had used derivatives instruments for risk management purpose to manage the associated with fore

28、ign exchange and interest rate derivative</p><p>　　There is various kind of instruments in the derivative markets. Below we describe the major types that are widely used in the market:</p><p>　　

29、(1)Forward contracts: represent agreements for postponed delivery of financial tools or commodities in which the buyer decides to purchase, and the seller decides to provide, at a specified future date, a specified instr

30、ument or commodity at an indicated price or yield. Forward contracts are not traded on organized exchanges, and their contractual terms are not standardized. The reporting exercise also includes deals where only the diff

31、erence between the contracted forward outright rate and the </p><p>　　(2)Swaps are contracts in which two participants agree to trade payment streams established on a specified notional amount for a period.

32、Forward exchange swap agreements are reported as swaps (Michael, 2012).</p><p>　　(3)Options: Option contracts grant either the right or the responsibility, depending upon whether the reporting organization i

33、s the buyer or the writer, respectively, to buy or sell a financial instrument or commodity at an agreed price up to a required future date (Michael, 2012).</p><p>　　(4)Forward rate agreement is a forward co

34、ntract in which the two participants agree to establish interest payments to each other at futures dates. One party makes a payment at a rate decided to in advance. The other party makes a disbursement at a rate to be de

35、termined later (Michael, 2012).</p><p>　　3.RESEARCH QUESTION</p><p>　　Managing risk by implementing financial derivatives can be controversial topic due to the events that were associated with l

36、ast financial crisis. Also, the financial derivatives topic considers being relative new particularly in the Middle East. More theoretical and empirical studies are needed particularly countries generate significant of t

37、heir income through oil production. In this paper, we are trying to fill this research gap. To assess and explain how publicly traded companies in United Ar</p><p>　　（1）Do the United Arab Emirate listed comp

38、anies use derivatives to hedge the risks?</p><p>　?。?）What are the risks that the derivatives are hedging?</p><p>　?。?）What are the types of derivative instruments that the companies are using?&

39、lt;/p><p>　?。?）What are the objectives of using such kinds of derivatives?</p><p>　　4.DEFINITION OF VARIABLES AND DATA</p><p>　　The past of 20 years, the financial derivatives have sho

40、wn growth in the engineering and the use. The increase in the growth of these instruments. Along with this growth, the regulation and disclosure of the utilization of the derivatives have been developed too.</p>&

41、lt;p>　　Therefore, companies in different countries are required to report the information about their use of the derivatives in their annual reports. In this study, we gathered and examined company-level data. The dat

42、a come from United Arab Emirate Financial Market. The first step is collecting the annual reports and financial reviews. The second phase identified whether the companies employed derivatives to hedge their financial ris

43、ks. The third phase would be determining the types of derivatives thes</p><p><b>　　5.RESULTS</b></p><p>　　Of all the 70 companies in the United Arab Emirate Financial stock market, 3

44、7 of them (or 82.9%) reported that they used at least one derivative to manage the risk of the company’s operation. It was interesting that the study has revealed that companies within the Hospitality, Telecommunication,

45、 and Pharmaceutical at 100% the companies reported that they used derivatives.</p><p>　　Also, the study showed the companies within the banking and financial services industry only 71% revealed used financia

46、l sector. Furthermore, the study revealed that Insurance, Real Estate, Construction, Industrial, and energy industries were 47.1%, 25%, 60%, 50%, and 50% respectively. It is interesting to note that 47.9% of the companie

47、s did not use any derivatives. The tourism, telecommunication, and pharmaceutical sectors, the percentage is the highest (100%). Here are some examples.</p><p>　　Gulf Pharmaceutical Co. and Gulf Medical Proj

48、ects within the pharmaceutical sector has used the financial derivatives as investment tools to support the company’s operation costs. Nance, Smith, and Smithson (1993), Geczy, Minton, and Schrand (1995), and Dolde (1995

49、) find that firms with high levels of research and development (R&D) expenses are more likely to use some form of derivatives instrument as an investment tool.</p><p>　　Another example, Abu Dhabi Nationa

50、l Hotels and National Corp For Tourism and Hotels sector were using the interest rate swaps hedging. According to Amirik Singh and Arun Upneja (2008) the lodging firms predominantly use interest rate swaps and options to

51、 manage interest rate risk due to underinvestment costs, financial distress costs, managerial risk aversion, information asymmetry, cash-flow volatility, proportion of floating-rate debt, foreign sales ratio, and firm si

52、ze are significant determi</p><p>　　In the telecommunication sectors, Sudan Telecommunication Co. Ltd, Ooredoo, and Emirates Telecommunication Group Company have used financial derivatives to hedge against f

53、oreign currency and interest rate risk. The result consistent with the findings of, Grant and Marshall (1997), Bodnar et al. (1999), Mallin et al. (2001) indicate that in hedging contractual obligations, forwards is the

54、most popular derivative instrument used to hedge currency risk, and swaps the most popular derivative instrum</p><p>　　The studied revealed that low use of the financial derivatives within Investment and the

55、 real estate industries. The use of the derivatives was only 25% while is consider to be below due to the high risk associated with the sector which agreed with the finding of the study of Fabozzi, et al. (2009) real est

56、ate markets represent a very large proportion of the total wealth in developed countries. The risk management tools available for hedging real-estate risk are very much in their infancy and ha</p><p>　　The s

57、tudy has also revealed that only 50% of the companies within the United Arab Emirate financial market has been using the interest rates financial derivatives to reduce the cost of borrowing. Furthermore, these companies

58、have used futures and options to hedged against the liabilities and assets 29% and 30% respectively. The other interesting finding that some of the companies started to use Islamic financial derivatives however the rate

59、is still low only 11% of the companies within the Unite</p><p>　　6.CONCLUSIONS</p><p>　　Our study has provided some preliminary information about the determinations and the use of financial deri

60、vatives among the companies in United Arab Emirate financial market. Our research has revealed some interesting patterns that can influence the company financial stability through risk management. In the future, more res

61、earch should be carried to assess the trend by using different statistics models such as time-series data or propensity score-matching methods.</p><p>　　Also, the comparison can be made between Dubai financi

62、al market to other Middle Eastern financial markets and such as Kuwaiti and Saudi Arabi. As well, study the companies that use Islamic financial tools compare to traditional financial derivatives as a tool to manage risk

63、s associated with the enterprise’s operation. If firm-level data are available, it is desirable to research the financial decisions concerning the use of derivatives and the outcomes of these decisions. As well compare t

64、he use</p><p><b>　　中文譯文：</b></p><p>　　利用金融衍生工具管理金融風(fēng)險：</p><p>　　阿拉伯聯(lián)合酋長國上市公司研究</p><p>　　摘要 通過對2015年公司的年度報告和財務(wù)報告進行審查，本文試圖確定阿拉伯聯(lián)合酋長國上市公司利用衍生工具來管理其金融風(fēng)險的方式。研究表明

65、，在投資和房地產(chǎn)行業(yè)中，金融衍生工具的利用率較低。其衍生工具的利用率僅為25%，而由于與該行業(yè)相關(guān)的高風(fēng)險，該利用率被認為低于行業(yè)風(fēng)險。在阿拉伯聯(lián)合酋長國金融市場中，用于對沖房地產(chǎn)風(fēng)險的風(fēng)險管理工具還處于起步階段，并且出現(xiàn)了流動性不足、缺乏關(guān)于建模的理論發(fā)展等問題。</p><p>　　關(guān)鍵詞：金融風(fēng)險，衍生工具，利率風(fēng)險，外匯風(fēng)險，阿拉伯聯(lián)合酋長國上市公司。</p><p><b&

66、gt;　　1.引言</b></p><p>　　許多公司致力于降低與利率、匯率、大宗商品價格和股票市場等業(yè)務(wù)相關(guān)的風(fēng)險。因此，很多公司都嚴重依賴金融衍生工具的使用。金融衍生工具在支持公司管理和降低風(fēng)險方面發(fā)揮著重要作用，使這些公司避免了金融市場波動的影響。</p><p>　　許多學(xué)者和從業(yè)人員對金融衍生工具的使用表示擔憂。一些學(xué)術(shù)研究，如?？说聽枺?005）和維克里（2008

67、），表明公司經(jīng)常利用利率風(fēng)險衍生工具來上市。布朗、克拉布和豪沙爾特(2002)的另一項研究發(fā)現(xiàn)，在黃金開采行業(yè)，企業(yè)風(fēng)險管理工具的使用往往受到當時的市場價格的影響。</p><p>　　雖然南斯、史密斯和史密森（1993）、米安（1996）、亨切爾和科塔里（2001）的其他研究表明，衍生工具的使用并不會在公司的風(fēng)險中產(chǎn)生有意義的差異。</p><p>　　本文的組織結(jié)構(gòu)如下。第2節(jié)綜述了相

68、關(guān)文獻。第3節(jié)闡述了研究的問題。第4節(jié)解釋了本研究的方法。第5節(jié)是結(jié)果。最后一節(jié)是結(jié)論。</p><p><b>　　2.文獻綜述</b></p><p>　　波動性、業(yè)務(wù)領(lǐng)域的不斷變化、利率變動和匯率變動的處理，容易使公司面臨虧損。2008年，金融市場出現(xiàn)了影響企業(yè)和整體經(jīng)濟的虧損。因此，許多公司開始在企業(yè)內(nèi)部探索和實施風(fēng)險管理。風(fēng)險管理是一種實踐，它可以預(yù)先識別潛

69、在的風(fēng)險并檢查這些事件, 以及采取必要的行動來減少或消除這些風(fēng)險。</p><p>　　金融衍生工具被認為是可以用來降低成本風(fēng)險的重要手段之一。在2002年伯克希爾哈撒韋公司的年度報告中，沃倫·巴菲特建議不要使用衍生工具，并認為它們是大規(guī)模毀滅性金融武器，給企業(yè)和經(jīng)濟帶來潛在的致命危險。然而，巴菲特對衍生工具的看法受到標準學(xué)者的抵制，即衍生工具可以用來降低風(fēng)險（史密斯和斯圖斯（1985））。</p

70、><p>　　巴特拉姆等人（2011）審查了利用金融衍生工具來減少總體風(fēng)險和系統(tǒng)風(fēng)險的情況。Nguyen和Faff （2010）表示，就利用和實施金融衍生工具會增加公司風(fēng)險這一情況，無論公眾多么擔憂，但證據(jù)表明，在大多數(shù)情況下，金融衍生工具用于對沖意圖。</p><p>　　正如克拉克和賈奇（2008）所討論的，對沖工具取決于暴露和風(fēng)險的類型。例如，外匯遠期和期權(quán)等短期工具用于對沖出口行為產(chǎn)生

71、的短期風(fēng)險，而外幣債務(wù)和外幣掉期成外幣（非本國貨幣）被用于對沖長期暴露于外國頭寸的資產(chǎn)。</p><p>　　帕帕約安努（2006）指出，較大的公司越有可能利用金融衍生工具來對沖與匯率風(fēng)險相關(guān)的風(fēng)險。使用衍生工具（例如外匯衍生工具）減少由于市場波動和不穩(wěn)定造成的損失的主要目標是使公司在現(xiàn)金流中保持穩(wěn)定并賺取收益，以減少與交易相關(guān)的風(fēng)險率。</p><p>　　公司選擇的外匯衍生工具主要集中

72、在場外外匯遠期(占所有外匯衍生工具的50％以上)、場外外匯期權(quán)(大約20%)和場外貨幣掉期(約10%)。馬斯里（2006）強調(diào)，使用衍生工具進行對沖意圖的目的是控制現(xiàn)金流量的不可預(yù)測性和不穩(wěn)定性，第二個原因是該公司的市場價值。</p><p>　　斯圖斯（2005）的另一項研究報告稱，28％的企業(yè)采用衍生工具來減少收益波動。阿德德吉和貝克（2002）指出，使用利率衍生工具是為了對沖與財務(wù)困難和規(guī)模經(jīng)濟相關(guān)的風(fēng)險。

73、俞等人（2001）表示，許多香港公司已經(jīng)使用衍生工具來進行風(fēng)險管理，以管理與外匯及利率衍生工具有關(guān)的交易。</p><p>　　衍生市場有各種各樣的工具。下面我們將介紹市場上廣泛使用的主要類型：</p><p>　?。?）遠期合約：代表延期交付買方?jīng)Q定購買的金融工具或商品的協(xié)議，賣方?jīng)Q定在指定的未來日期以指定的價格或收益提供指定的工具或商品。遠期合約不在有組織的交易所進行交易，而且它們的合

74、同條款也不具有標準性。報告工作還包括，合約到期遠期利率和現(xiàn)行即期利率之間的差額在到期時結(jié)算的交易，例如無本金交割遠期（即，不需要實物交割不可兌換貨幣的遠期合約），以及其他差價合約(邁克爾, 2012)。</p><p>　　（2）掉期合約：是指兩個當事人同意在某一期間內(nèi)以特定名義金額建立的交易支付流的合約。遠期外匯掉期協(xié)議被報告為掉期交易(邁克爾, 2012)。</p><p>　?。?）

75、期權(quán)：期權(quán)合約授予權(quán)利或責任，這取決于報告機構(gòu)是買方還是作者，分別購買或出售金融工具或商品，以約定的價格直到預(yù)定的日期(邁克爾, 2012)。</p><p>　?。?）遠期利率協(xié)議是一種遠期合約, 兩個當事人同意在期貨日相互支付利息。一方以預(yù)先決定的利率付款。另一方支付的利率將在稍后確定(邁克爾, 2012)。</p><p><b>　　3.研究的問題</b>&l

76、t;/p><p>　　由于與上次金融危機有關(guān)，通過實施金融衍生工具來管理風(fēng)險可能是有爭議的話題。此外，金融衍生工具是相對新的話題，特別是在中東地區(qū)。需要更多的理論和實證研究，特別是國家通過石油生產(chǎn)產(chǎn)生大量的收入。在本文中，我們正在努力填補這一研究空白。評估和解釋阿拉伯聯(lián)合酋長國的上市公司如何通過使用金融衍生工具來管理其金融風(fēng)險。以下問題將在本研究中加以闡述。</p><p>　?。?）阿拉伯聯(lián)

77、合酋長國上市公司是否使用衍生工具來對沖風(fēng)險？</p><p>　?。?）衍生工具對沖的風(fēng)險有哪些？</p><p>　　（3）公司使用的衍生工具的類型有哪些？</p><p>　?。?）使用此類衍生工具的目的是什么？</p><p>　　4.變量和數(shù)據(jù)的定義</p><p>　　過去二十年來，金融衍生工具在管理和使用方

78、面都有所增長。隨著金融衍生工具的增長，其使用的監(jiān)管和披露也得到了發(fā)展。</p><p>　　因此，不同國家的公司需要在其年度報告中報告有關(guān)其使用衍生工具的信息。在這項研究中，我們收集并審查了公司級的數(shù)據(jù)。這些數(shù)據(jù)來自阿拉伯聯(lián)合酋長國的金融市場。第一步是收集年度報告和財務(wù)審查。第二步是確定公司是否采用衍生工具來對沖其財務(wù)金融風(fēng)險。第三步是確定這些公司針對各類風(fēng)險使用的衍生工具的類型。</p><

79、p><b>　　5.結(jié)果</b></p><p>　　在阿拉伯聯(lián)合酋長國金融股市的70家公司中，其中37家（或82.9％）報告稱，他們至少使用一種衍生工具來管理公司的經(jīng)營風(fēng)險。有趣的是，該研究顯示，所有的酒店、電信和制藥公司公司報告說，他們使用衍生工具。</p><p>　　此外，研究顯示，銀行和金融服務(wù)行業(yè)只有71%的公司人披露了使用過的金融部門。再者，研究發(fā)

80、現(xiàn)保險、房地產(chǎn)、建筑業(yè)、工業(yè)和能源行業(yè)分別為47.1%、25%、60%、50%和50%。值得注意的是，47.9%的公司沒有使用任何衍生工具。旅游、電信和醫(yī)藥行業(yè)的比例最高（100%）。下面是一些例子。</p><p>　　在醫(yī)藥行業(yè)，海灣藥業(yè)有限公司和海灣醫(yī)療項目利用金融衍生工具作為投資工具，支持公司的經(jīng)營成本。南斯、史密斯和史密森（1993），葛克思、明頓和斯蘭德（1995），多爾德（1995）發(fā)現(xiàn)，研究與開發(fā)

81、（R＆D）費用較高的公司更有可能使用某種形式的衍生工具作為投資工具。</p><p>　　另一個例子，阿布扎比國家酒店和國家旅游和酒店部門正在利用利率掉期對沖。根據(jù)埃米爾科·辛格和阿倫·阿噴加（2008）的統(tǒng)計，住宿企業(yè)主要使用利率掉期和期權(quán)來管理利率風(fēng)險，因為投資成本不足、財務(wù)困境成本、管理風(fēng)險規(guī)避、信息不對稱、現(xiàn)金流波動性、浮動利率債務(wù)比例、對外銷售比率和公司規(guī)模等都是決定對沖的重要決定因

82、素。</p><p>　　在電信行業(yè)，蘇丹電信有限公司、奧雷多和阿聯(lián)酋電信集團公司均采用金融衍生工具對沖外匯和利率風(fēng)險。結(jié)果與格蘭特、馬歇爾（1997）、博德納爾等人的研究結(jié)果一致。馬林等人（2001）指出，在對沖合同義務(wù)中，遠期合約是用于對沖貨幣風(fēng)險的最受歡迎的衍生工具，以及用于對沖電信行業(yè)利率風(fēng)險的掉期最常用的衍生工具。</p><p>　　研究發(fā)現(xiàn)，在投資和房地產(chǎn)行業(yè)，金融衍生工具的

83、使用率很低。衍生工具的使用率僅為25％，而鑒于與該行業(yè)相關(guān)的高風(fēng)險，則此使用率被認為較低，這與法博齊（2009）的研究結(jié)果一致。在發(fā)達國家，房地產(chǎn)市場占總財富的很大一部分?？捎糜趯_房地產(chǎn)風(fēng)險的風(fēng)險管理工具還處于起步階段，并且存在流動性不足、模型缺乏理論發(fā)展等問題。</p><p>　　該研究還顯示，阿拉伯聯(lián)合酋長國金融市場中只有50％的公司一直在使用利率金融衍生工具來降低借貸成本。此外，這些公司已采用期貨和期權(quán)

84、對沖負債和資產(chǎn)，分別為29％和30％。另一個有趣的發(fā)現(xiàn)是，一些公司開始使用伊斯蘭金融衍生工具，然而，這個比率仍然很低，只有阿拉伯酋長國金融市場的11%的公司報告使用了這些工具。</p><p><b>　　6.結(jié)論</b></p><p>　　我們的研究提供了一些有關(guān)阿拉伯聯(lián)合酋長國金融市場公司中金融衍生工具的確定和使用的初步信息。我們的研究揭示了一些有趣的模式，可以

85、通過風(fēng)險管理來影響公司的金融穩(wěn)定性。未來，應(yīng)該通過使用不同的統(tǒng)計模型，如時間序列數(shù)據(jù)或傾向得分匹配方法，來對趨勢進行更多的研究。</p><p>　　此外，還可以比較迪拜金融市場與其他中東金融市場，如科威特和沙特阿拉伯。同樣，研究可以使用伊斯蘭金融工具的公司與傳統(tǒng)的金融衍生工具相比，將其作為管理與企業(yè)經(jīng)營相關(guān)風(fēng)險的工具。如果公司級的數(shù)據(jù)是可用的，最好是研究有關(guān)使用衍生工具的財務(wù)決策以及這些決策的結(jié)果，并將金融衍生