D. Best Practices for Exchange Rate Risk Management
D 匯率風險管理的最佳慣例
For their currency risk management decisions, firms with significant exchange rate exposure often need to establish an operational framework of best practices (Allen, 2003; Jacque, 1996). These practices or principles may include:
對於自己的外匯匯率風險管理來說，具有明顯匯率風險暴露的企業往往需要建立壹個由最佳慣例構成的運作框架(Allen, 2003; Jacque, 1996)。這些慣例或原則可以包括：
1. Identification of the types of exchange rate risk that a firm is exposed to and measurement of the associated risk exposure. As mentioned before, this involves determination of the transaction, translation and economic risks, along with specific reference to the currencies that are related to each type of currency risk. In addition, measuring these currency risks—using various models (e.g. VaR )—is another critical
element in identifying hedging positions.
1. 壹個企業所暴露在內的匯率風險類型的鑒別，以及相關風險暴露的衡量。如前面已提到過的那樣，這牽涉到交易風險、外幣折算風險和經濟風險的確定，以及與每種外匯匯率風險有關的貨幣的具體參照。除此以外，用各種不同模型（例如VaR）衡量這些外匯匯率風險在鑒別套期保值情況中是另壹個關鍵的要素。
2. Development of an exchange rate risk management strategy. After identifying the types of currency risk and measuring the firm’s risk exposure, a currency strategy needs to be established on how to deal with these risks. In particular, this strategy should specify the firm’s currency hedging objectives—whether and why the firm should fully or partially hedge its currency exposures. Furthermore, a detailed currency hedging approach should be established. It is imperative that a firm details the overall currency risk management strategy on the operational level, including the execution process of currency hedging, the hedging instruments to be used, and the monitoring procedures of currency hedges.
2. 壹項匯率風險管理戰略的制定。在鑒別匯率風險的類型，並衡量了該企業的風險暴露後，關於如何處理這些風險，需要確立壹項外匯匯率戰略。特別是，這壹戰略應該規定該企業的外匯匯率套期保值目標――是否和為什麽該企業應該全部或部分套期保值自己的外匯匯率風險。而且，應該確立壹個詳細的外匯匯率套期保值方法。勢在必行的是壹個企業要在運作的層面上詳細制定總的外匯風險管理戰略，包括外匯匯率套期保值的實施過程，要采用的對沖工具，以及外匯匯率套期保值的監控程序。
3. Creation of a centralized entity in the firm’s treasury to deal with the practical
aspects of the execution of exchange rate hedging. This entity will be responsible for
exchange rate forecasting, the hedging approach mechanisms, the accounting procedures regarding currency risk, costs of currency hedging, and the establishment of benchmarks for measuring the performance of currency hedging. (These operations may be undertaken by a specialized team headed by the treasurer or, for large multinational firms, by a chief dealer.)
3. 在企業的財務部門創立壹個集中的實體來處理匯率套期保值實施中的實踐方面。這壹實體將負責匯率的預測、套期保值方法的機理、關於外匯匯率風險的會計程序，以及為衡量外匯匯率套期保值的成績制定基準。（這些運作可以由壹個由財務主任牽頭的專門化小組進行，或者對大多數跨國企業來說，由壹名首席交易員來進行。）
4. Development of a set of controls to monitor a firm’s exchange rate risk and ensure appropriate position taking. This includes setting position limits for each hedging instrument, position monitoring through mark-to-market valuations of all currency positions on a daily basis (or intraday), and the establishment of currency hedging benchmarks for periodic monitoring of hedging performance (usually monthly).
4. 制定壹套控制規定來監控企業的匯率風險，並確保采取適當的定位。這包括對每壹種對沖工具設定成交量限制，通過對在日常基礎上（或壹日內）的所有調到市價的估值進行交易量監控，以及為定期監控套期保值成績制定外匯匯率套期保值基準（通常是每個月）。
5. Establishment of a risk oversight committee. This committee would in particular approve limits on position taking, examine the appropriateness of hedging instruments and associated VaR positions, and review the risk management policy on a regular basis.
5. 建立壹個風險監管委員會。這個委員會對交易量的選取將特別批準壹個限制，審查對沖工具和有關VaR位置的適當程度，並定期評價風險管理政策。
Managing exchange rate risk exposure has gained prominence in the last decade, as a result of the unusual occurrence of a large number of currency crises. From the corporate managers’ perspective, currency risk management is increasingly viewed as a prudent approach to reducing a firm’s vulnerabilities from major exchange rate movements (Van Deventer, Imai, and Mesler, 2004). This attitude has also been reinforced by recent international attention on both accounting and balance sheet risks.
管理匯率風險暴露在過去十年已顯得很突出，因此大量的外匯匯率危機不尋常的發生。從公司管理者的觀點看，外匯匯率風險的管理日益被看作是壹種降低企業因重大的匯率變動引起的易損性的審慎途徑(Van Deventer, Imai, 和 Mesler, 2004)。這壹態度也已經被最近國際上對會計風險和資產負債表風險的關註而增強了。