ادارة مخاطر اسعار الصرف باستعمال ادوات التحوط المالي والتشغيلي : دراسة تحليلية لعدد من الشركات متعددة الجنسية مايكروسفت ونوكيا وتويوتا موتر وانتيل وكوكا كولا == Exchange Rate Risk Management By Financial And Operational Hedging An Applied Study
Author name:
اعتصام جابر عبد الرضا الشكرجي
Supervisor name:
محمد علي ابراهيم العامري
General topic:
Administration and Economics
Specific topic:
Business Administration
Degree:
Doctorate
University:
University of Baghdad - Faculty Of Administration And Economics - Department Of Business Administration
Language:
Arabic
University location:
Baghdad
First pages:
07T3419 - p.pdf
Abstract:
يسعى البحث الحالي الى تحقيق هدف رئيس يتمثل في اختبار اثر استخدام ادوات التحوط المالي والتشغيلي في تخفيض مخاطر اسعار الصرف او تحييدها، اذ تمثل هذه المخاطر معظلة فكرية شكلت محور اهتمام الباحثين في مجال المالية الدولية لصعوبة تحديد الاثر النهائي لتقلبات قيم | The chief purpose of this study is to investigate the ability to reduce the effect of exchange rate fluctuation on firm value , by employing appropriate hedging strategies to provide the firms force to adopted with complex and highly uncertainty conditions , characteristic of the most of the financial markets The simple of this study is the giant fife Multinational on the world ,as the last rating with unique and highly performance ,and by implementing many of financial and statistics models to computation the necessary features to measuring & managing exchange rate exposure and its effects on firm value. A practical analysis is provide the truth of all study's hypothesis , and it is reach to many of conclusion, the most important of them are : : 1.The change rate of real exchange rate is less than the change rate of nominal exchange rate ,cause the RER is offset by foreign and local relative prices f on long rune 2. Stem from unexpected fluctuation on nominal exchange rate , asymmetric transaction exposure 3. Stem from unexpected fluctuation on real exchange rate , Asymmetric operational exposure. 4. All of, even the Multinational with unique and highly performance, exposes to nominal and real exchange rate risk.5. Result from uses of currency derivative ,reduce of transaction exposure.6. Stem from increased of foreign actions ,the proxy is foreign sales to total sales, access on exchange rate exposure.7.Result from uses of operational hedging , decrease of operational risk of exchange rate.8. The integration of financial and operational hedging are reducing exchange rate risk effectively and increase the firm value. 9. There is significant and strong relation among financial and operational hedging and firm value.10. There is effect of Firm - specific characteristics ,as size , liquidity, profitability and Firm debt on exchange rate exposure and firm value.
