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Topic: Exchange rate risk for the value of airplane companies (china or British)
现在最棘手的就是1400的research proposal! 要求比较严格复杂！
占我们总分的50%。
1. 首先那个老师说明一个题目不能只有一个自变量（variable）要选择多个自变量影响变量的关系式
a. 比如：share price Y= liquidity(x1)+size(x2)+profit(x3)…….
然后用spss做所有的关系分析，是否significant, explain!!
b. 这个题目我的想法是首先分析哪几个方面对于航空公司来讲会有exchange rate risk. 比如：用美金买飞机，在外国销售票务，在外国机场停泊费(当然还远远不够,只是我想的)。。。。等等, 由于这些涉及到exchange rate risk 的变量导致firm的value （Y）有怎么样的变化SPSS（，这就得详细查航空公司的annually report 了，还得看一些公司内部的database）。
c. 要有hypothesis: 如：航空公司在哪些方面的exchange rate risk 直接影响公司价值？？
2. 现阶段航空公司有什么方法正在hedge exchange rate risk，通过这篇research 我们得到什么别的结论能够帮助航空公司hedge risk！！
3. 老师说必须要提出你新的想法和见解，improve company performance

B3. Identify key factors and discuss how they are related to each other in a theoretical framework.

As to the studies on the foreign exchange risk exposure of the firms, there are two main aspects. One is about whether the foreign exchange risk exposure of the firms is significant and analyzes the relationship of between the foreign exchange risk exposure and the value of the firms. The other one refers to the influencing factors of the foreign exchange risk exposure. This is an important area in foreign exchange risk management. The impact of the foreign exchange risk exposure on the firm value is mainly due to the changes of the foreign exchange rate. And the correlation degree between the firm value and the changes of the foreign exchange rate could be use to represent the foreign exchange risk exposure of the firms. If the correlation degree is high, the firms might have significant foreign exchange risk exposure and they should take some measure to control it. If the test is not significant, the change of the foreign exchange rate might have little effect on the firms. In order to know the situation of the foreign exchange risk exposure better, I plan to study the influencing factors of the foreign exchange risk exposure. And in this paper, I consider the firm size is a main factor, based on the thought of Solakoglu (2005). With this, the foreign exchange risk could be managed better.

B4. Explain what variables you would use to represent these factors, carefully explaining how you would measure them.

Based on the analysis on the relative literatures and the actual situation in China, I would take the cash flow method and use the operating income to represent the firm’s value. According to the choice of exchange rate, Bodnar and Gentry, as well as Jorion consider that nominal exchange rate has significant correlation. Moreover, the nominal exchange rate in China couldn’t reflect well the actual level of RMB exchange rate. And the peg policy makes the RMB/USD exchange rate reposeful for many years. So the study should use real exchange rate. I would choose 10 countries according to the export-import trade quantity and competition degree with Chinese textile firms, such as the U.S., Japan, France, India, Maxico, Korea, Pakistan and so on, to calculate the real exchange rate weighted by the trade quantity. In addition, I will choose the total asset as the variable to represent the size of the firms.

B5. Propose relevant hypotheses for empirical testing.

Shapiro (1999) considers that the foreign exchange could affect the future cash flow through the import and export. Then a more flexible exchange rate mechanism will directly increase the foreign exchange r本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。