题目
To hedge risk, the firm's toolbox includes derivatives such as swaps, futures, forwards, and options. About the use of derivatives to hedge, each of the following is true EXCEPT which is inaccurate?
选项
A.Derivatives represent a decision to transfer (or mitigate) the risk（ ） when the firm either wants to retain or avoid the risk.
B.Because hedging can only mute the volatility of accrual-based earnings, hedging cannot increase (or even alter) the firm's cash flows and therefore cannot influence agency risks.
C.A large conglomerate (i.e., a firm with multiple business units operating in different industries\/sectors) is more likely to create natural hedges than a small, focused firm.
D.Airlines can cross-hedge the cost of jet fuel with futures contracts on (crude or heating) oil, but if the commodity's price drops rapidly, unhedged airlines are likely to outperform their hedged competitors.
答案
B
解析
Hedging can make sense for investors if it is used as a tool to increase the firm's cash flows (rather than to reduce equity investor risk). For example, firms may need to offer their customers a stable price over the next three years, which may be impossible without hedging a key cost input. If hedging like this increases customer demand, then equity investors are happy . Equity investors are also happy if the firm uses hedging to reduce its tax bill. Again, hedging has the effect of increasing after-tax revenues. Finally, equity investors are not the only stakeholders, and certainly not the only decision-makers. Managers, regulators, and general staff expect the firm to be financially sound and protected from sudden mishaps. Less legitimately, managers may use hedging to ensure their firm meets key short-term targets (e.g., stock analyst expectations) that affect their prestige and compensation. Risk managers need to pay close attention to how derivatives can leverage agency risks.如果将对冲用作增加公司现金流量（而不是降低股权投资者的风险）的工具，对投资者来说就有意义。 例如，企业可能需要在未来三年中为客户提供稳定的价格，而这可能是不对冲关键成本投入的情况。 如果这样的对冲增加了客户需求，那么股票投资者就会高兴。 如果公司使用对冲来减少其税单，股票投资者也将感到高兴。 同样，对冲增加了税后收入。 最后，股权投资者不是唯一的利益相关者，当然也不是唯一的决策者。 经理，监管人员和一般员工期望公司财务状况良好，并免受突发事故的影响。 有一种不太合法的操作是，管理人员可能会使用对冲来确保公司达到影响其声望和薪酬的关键短期目标（例如，股票分析师的期望）。 风险管理人员需要密切注意衍生产品可能会产生代理风险。