2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、原文：原文：ExptStrategicCurrencyHedgingInrecentyearsinternationalfirmshavebecomeincreasinglyawareofhowtheiroperationswouldbeaffectedbycurrencyrisksbeyondtheircontrol.Volatileexchangeratesmightdestabilizefirms’strategieseconom

2、icperfmance.Toreducetheirexchangerateriskexposuresinternationalfirmsactivelyutilizehedginginstrumentssuchasfuturesoptionsswaps.Indeedmuchofthegrowthinfinancialderivativesmarketscomesfromcpations.Mostoftheliteratureonrisk

3、aversionexchangerateuncertaintydealswithallocationhedgingdecisionsofamonopolisticperfectlycompetitivefirm.Twonotableresultshaveemanatedfromtheliterature.Firstthe‘separationtheem’statesthatthefirm’sproductiondecisionisaff

4、ectedneitherbythefirm’sattitudetowardsrisknbytheincidenceoftheexchangerateuncertaintyifthefirmhasaccesstoacurrencyfuturesmarket.Secondthe‘fullhedgingtheem’statesthatthefirmshouldeliminateallexchangerateriskbyholdingafull

5、hedgeifthecurrencyfuturesmarketisunbiased.Itgoeswithoutsayingthatmonopolyperfectcompetitionareexceptionsratherthananmintherealwld.Thepurposeofthispaperistherefetoreexaminetheoptimalityoftheseparationfullhedgingtheemsinaf

6、ramewkofimperfectcompetition.Thepaperbringstogethertheoligopolytheytheliteratureondecisionmakingunderuncertaintytowkoutthestrategiceffectsofhedgingontheequilibriumofaninternationalcduopoly.Tothisendweconsideranexptingfei

7、gnfirmthatcompeteswithahomefirminthehomemarket.Theexpterfacesanuncertainspotexchangeratefitsrevenueatthetimeofitsoutputdecision.Anunbiasedcurrencyfuturesmarketisavailablefthefeignfirmtohedgeitsexchangerateriskexposure.If

8、thehedgingdecisionismadepritotheproductiondecisionhedgingisshowntohavestrategiceffectsunderplausibleassumptionsonthepreferencesoftheexptingfeignfirm.Thisisclearlynotthefirstpapertoaddresstheissueofoligopolyexchangemarket

9、pritotheresolutionoftheexchangerateuncertainty.TheinverseindustrydemofthehomogeneousgoodattheendoftheperiodisspecifiedbyadownwardslopingfunctionP(QHQF)thatgivestheperunitsellingpricedenominatedinthehomecurrencyatthattime

10、.WeassumethattheoutputofthehomefirmQHtheexptofthefeignfirmQFarestrategicsubstitutesasdefinedbyBulowetal.(1985)sothat（QHQF）P’（QHQF）QH0和U’（∏F）0.Let’sbethespotexchangerateexpressedinunitsofthefeigncurrencyperunitofthehomecu

11、rrencyattheendoftheperiod.Sincethesellingpriceofthehomogeneousgoodisdenominatedinthehomecurrency?Scannotbeperfectlypredictedextantthefeignfirminevitablyfacesexchangerateriskexposureof?SP(QHQF)QF.Tohedgeitsexchangerateris

12、kexposurethefeignfirmcantradeinfinitelydivisiblecontractsinacurrencyfuturesmarketatthebeginningoftheperiodeachofwhichcallsfdeliveryofFunitsofthefeigncurrencyperunitofthehomecurrencyattheendoftheperiod.Sincetherearenocomm

13、issionfeesmarginrequirementscapitaloutlaystransactionsinthecurrencyfuturesmarketarecostless.Intheabsenceofbasisriskthefuturesexchangerateattheendoftheperiodconvergestothespotexchangerateatthattime?S.Tofocusonthefeignfirm

14、’shedgingmotivevisvisitsspeculativemotiveweassumethroughoutthepaperthatthecurrencyfuturesmarketisunbiasedsothatFissetequaltotheexpectedvalueoftheendofperiodspotexchangerate?S.Thefeignfirm’sromprofitattheendoftheperiod∏Fd

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