1.we investigate risk reduction from using different hedging instruments, and particular interest is directed towards the impact of transaction exposure hedges and translation exposure hedges respectively.
我們研究通過使用各種套期保值工具來規避風險，尤其關心這些工具在規避交易風險和轉換風險中所起到的作用。
2.He and Ng (1998) also examined the relationship between FX exposure and variables that were assumed to reflect derivatives usage.
他和Ng（1998）也研究了外匯風險和若幹變量之間的關系，這些變量被假設為反映了衍生工具的使用情況。
3.The evidence showed that exposure increased with the fraction of sales classified as foreign.
有證據表明風險暴露與海外銷售額同步增長。
4. They used recently reported information on financial instruments with off-balance sheet risk, which firms in the U.S. have been required to report under SFAS No 105 since 1991, to investigate whether currency derivatives usage reduced firms’ FX exposure.
根據SFAS第105條的規定，美國企業自1991年起必須公布具有表外業務風險的金融工具的有關信息，他們最近利用這些信息研究了使用貨幣衍生品是否能夠幫助企業規避外匯風險。
5. The reasons for this are that translation gains (losses) tend to be (i ) unrealized and have little direct impact on firms’ cash flows, and (ii ) poor estimators of real changes in firm value.
原因是轉換盈利（或虧損）往往無法實現，並且對企業現金流的直接影響很小，此外，轉換盈利（或虧損）也無法有效評估企業價值的真實變化。