企業(yè)風(fēng)險管理生命周期理論-西南航空公司客機的燃油套期保值案例【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：ALifecycleViewofEnterpriseRiskManagementTheCaseofSouthwestAirlinesJetFuelHedgingIqbalM.KhanTheobjectiveofthispaperistoillustratethelifecycleofenterpriseriskmanagementusingthecaseofjetfuelpriceriskwith

2、inSouthwestAirlinesInc.(abbreviatedSWA).Itisconjecturedherethatmanagingmarketpriceriskfollowsadistinctlifecycleasafirmmovesfromcreationthroughmaturity.Obviouslytheexperiencesofdifferentfirmsvarydramaticallybutdistinctper

3、iodscanoftenbeidentified.WeusethehistyofSWAtosuggestthemainlifecycleperiods.Weleavetofurtherresearchthetaskofidentifyingrefiningtheseperiodsfalargesampleoffirms.FanotherperspectiveonSWAseeCarterRogersSimkinsTrean(2009).T

4、heimplicationsofthelifecycleperspectiveareveryimptant.SouthwestAirlinesWenowreviewthehistyofjetfuelhedgingatSouthwestAirlines.Thishistyisdividedintofourseasons:thefmativeperiodtheexplationperiodtheenthusiasticperiodthese

5、asonedperiod.A.Fmativeperiod(19711998)ThefirstmentionofjetfuelderivativespositionsatSWAwasinthe199410K.Themotivefenteringthesederivativespositionsappearedtobetohelpprotectagainstincreasesinjetfuelprices.In1994SWArepteden

6、teringfixedpricedswapscapscollarsonjetfuel.SWAreptedthequantityasnotmethan11percentofthencurrentusagewith5percentbasedonfixedpriceswaps.In1995althoughthequantityofhedgingpedtonotmethan2percentofthencurrentusageSWAreptedu

7、singheatingoilcontractsaswellasjetfuelcontracts.Theimpactonfuelexpensesappearinsignificanttheoutstingpositionsimmaterial.Thelanguageinthe10Knowappearstobestrayingfrommostacademicdefinitionsofhedgingactivities.SWAenjoyeda

8、$14.8milliongainfromhedgingactivitiesin1999.ByFebruary242000theyhadhedged5785100100percentoftheirquarterlyfuelrequirementsfthefourquartersoftheyear2000.Theyalsoenteredintofiveyearswapsimplyingawillingnesstopursuelongerdu

9、rationcontractsthatlockinjetfuelpriceslongbefeanycontractualrevenueswerelockedin.DuringthisperiodSWAappearedtoshiftdramaticallyintheirhedgingpositionsinlightofcurrentjetfuelmarketconditions.FexampleinDecember1998indertot

10、akeadvantageofhisticallylowjetfuelpricestheyenteredintoafixedpriceswapagreementhedged77percentoffirstquarter199956percentofsecondquarter1999jetfuelrequirements.InJanuary1999SWAmanagementincreasedtheirhedgingpositionsfqua

11、rter2of1999to74percentofjetfuelrequirements.Thethirdfourthquartersof1999showedSWAwithnothinghedgedbecausejetfuelpricesrelatedfuturespriceswerehigher.Hence1999sawadramaticmovetoivehedginghedgingonlywhenmanagement’sviewoft

12、hefuturedictatedpotentiallyprofitablederivativestransactions.Interestinglyasthemanagement’sphilosophywaschangingsowastheindustry’smanagementofcounterpartycreditrisk.SWAbeganimplementingbilateralcollateralprovisionsrequir

13、ingcashdepositswhenmarketvaluesofthederivativespositionsexceededcertainthresholds.Bytheendof1999SWAhadonecounterpartyinthisbilateralprovisionwerenegotiatingwithotherderivativesproviders.2In2000SWAenjoyed$113.5millioninga

14、insfromhedgingactivitieshad80percentoftheir2001anticipatedjetfuelrequirementshedged32percentoftheir2002anticipatedjetfuelrequirementshedged.Theyalsohadasmallptionhedgedthrough2005.Henceboththequantitydurationoftheirhedgi

15、ngpositionsgrew.Theywereusingcalloptionscollarstructuresfixedpriceagreementsinbothheatingoilcrudeoilmarkets.Thefairmarketvalueoftheirpositionswas$98.3millionwith$73.9millionclassifiedascurrentastheywereapplyingSFAS133cas