外文翻譯--小額貸款機(jī)構(gòu)外匯風(fēng)險管理和小額信貸投資基金

1、<p>　　中文4100字，2400單詞，12500英文字符</p><p>　　出處：Barrès I. The Management of Foreign Exchange Risk by Microfinance Institutions and Microfinance Investment Funds[M]// Microfinance Investment Funds. Sprin

2、ger Berlin Heidelberg, 2006:115-146.</p><p><b>　　原文：</b></p><p>　　The Management of Foreign Exchange Risk by Microfinance Institutions and Microfinance Investment Funds </p>&

3、lt;p>　　Isabelle Barres</p><p>　　The term “MFI” is used broadly in this chapter to encompass institutions that provide small-scale financial services, such as loans, savings, insurance, remittances and oth

4、er services (generally in amounts less than 250 % of GNP per capita). The term encompasses a wide variety of organizations: NGOs, credit unions, non-bank financial intermediaries, rural banks, etc.</p><p>　　

5、Most microfinance investment funds (MFIFs) and other funders such as official development agencies finance their activities in US dollars (USD) or Euros (EUR), which may be called “hard currencies.”However, most microfin

6、ance institutions (MFIs) operate in nondollarised or non-Euro-based economies and lend local currency to their clients.</p><p>　　Funding in one currency and lending in another, and the probability that the r

7、elative values of the two currencies will alter, creates foreign exchange (FX) risk. Volatile currency exchange rate fluctuations in many countries where MFIs operate make FX risk a serious issue, but one that has often

8、been accorded little urgency in microfinance. The accelerated development of microfinance through access to capital markets makes it imperative that foreign exchange be managed in ways that are consiste</p><p&

9、gt;　　Foreign exchange risk is one of many risks that MFIFs face. Interest rate risk is an additional risk that is related to FX risk. As currency values change, interest expense or income will also change. And, spreads b

10、etween interest rates on both sides of the balance sheet may change, that is, interest rates on money borrowed in one currency by a microfinance institution, for example, may diverge from interest rates on money loaned t

11、o micro entrepreneurs by the MFI. Each of these effects has impli</p><p>　　This chapter explores the nature of FX risk in debt funding by focusing on which party is likely to bear the risk of exchange rate f

12、luctuations in different situations at different points in a funding transaction. The importance of hedging is noted, and mechanisms are listed that MFIFs and MFIs use to address their respective FX risks.</p><

13、;p>　　The relationships between currency and risk described below apply to equity funds, while in the case of guarantee funds the situation is reversed. Equity investments, as capital, are always in the currency of the

14、 MFI. For the foreign equity investor, “foreign exchange risk becomes one of several risks associated with an investment rather than a central factor in making a loan.”Equity and guarantee funds, while not the focus of t

15、his chapter, are included in the Appendices with examples to identif</p><p>　　The most common foreign exchange risk possibilities are summarized in Table. These combinations involve positions in Euros (EUR)

16、and local currency, US dollars (USD) and local currency, and between EUR and USD, that comprise the currencies in which assets and liabilities are held by MFIs and MFIFs. Generalizing, we assume that before the MFI recei

17、ves funding, it has no currency mismatch. Its “operating currency,” the currency in which its assets are denominated, is the same as its “funding” curr</p><p>　　The example of change in value of the EUR agai

18、nst the USD is an interesting one to examine. Over a 2-year period, the EUR gained close to 40% of its value against USD. This large change in the relative values of two “hard” currencies was underestimated by many MFIs

19、and MFIFs. The EUR was launched in 2002 at USD 1.17, and subsequently fell to less than USD 0.90. Recently, however, the EUR has appreciated considerably against the USD, and many European MFIFs operating in EUR and lend

20、ing in USD in </p><p>　　The sharp appreciation of the EUR against the USD has created significant exchange losses on the EUR loans of many MFIs, which in some cases will require restructuring. The ASN-Novib

21、Fonds is an example. It is an MFIF in the Netherlands that lends in hard currency (both USD and EUR), with most of its portfolio concentrated in Latin America. It is seeking opportunities in Asia and Africa if the foreig

22、n exchange risks can be hedged. In the past, the ASN-Novib Fonds made EUR loans to MFIs operating</p><p>　　Regardless of who bears the direct currency risk (i. e., direct losses from currency fluctuations),

23、both parties are at risk for indirect losses resulting from currency risk. For example, if an MFIF suffers losses and downscales operations or changes the allocation of countries in which it invests, client MFIs may lose

24、 access to a funder that has been helpful in the past. On the other hand, MFIFs face increased credit risk (i. e., an indirect currency risk in this case), when MFIs have not hedge</p><p>　　Because of direct

25、 and indirect FX risks, MFIFs and MFIs are working together to develop hedging mechanisms in countries where the capital markets may offer few of the hedging options that are available in developed countries. To mitigate

26、 indirect currency risks, most MFIFs try to assess whether it is reasonable for their client MFIs to borrow in a certain currency. They examine their funding and operating currencies and monitor their overall foreign cur

27、rency exposure on a regular basis as part o</p><p>　　Interviews conducted by ADA, CGAP, and The MIX for the KfW symposium in 2004 shed some light on MFIFs’ perceptions of FX risk. The study found that percep

28、tions of the degree of risk linked to currency fluctuations depend largely on direct currency exposure, although most MFIFs interviewed expressed great concern for the larger issue whether or not they directly faced a ri

29、sk–because of the potential repercussions of a loss incurred by MFIs as a result of transactions with an MFIF.</p><p>　　When asked: “Is foreign exchange risk a big issue for the MFIs that you invest in?”, MF

30、IFs were almost unanimous in saying that foreign exchange risk is a major issue in lending to MFIs because it increases the risk of losses, regardless of who assumes the risk. MFIFs that shared this view included BIO, Co

31、rdaid, Luxmint-ADA, Rabobank, and Triodos. Some MFIFs, including BIO, Cordaid, and PlaNet Fund, were nevertheless willing to assume greater FX risk, or were generally less concerned about it, f</p><p>　　As n

32、oted previously, not all MFIFs need to hedge. MFIFs that offer funding in their currency of operations have no FX risk and therefore do not have hedging policies in place.</p><p>　　Excepting the 7 MFIFs that

33、 were not exposed to direct currency risk, 20 MFIFs, about 50% of the 39 that faced exposure from currency risk, did not have hedging mechanisms in place, as illustrated in Table . Failures to hedge adequately created l

34、osses for several of the MFIFs studied, including many European microfinance investors, such as NOVIB (on local currency loans and participations in Ethiopia, Kenya, Mexico, Mozambique, Peru, Senegal, Sri Lanka, Tanzania

35、 and Uganda), Cordaid (on loans in</p><p>　　How are exchange rate losses treated in accounting information? Some MFIFs show returns prior to exchange rate losses while others show returns after exchange rate

36、 losses. Lack of standardisation produces important differences in the overall return, often turning a positive return into a negative one. This difference should be taken into consideration when examining the financial

37、statements of MFIFs. A forthcoming edition of the MicroBanking Bulletin, focusing on the supply side of MFI funding, </p><p>　　Appendix 3 indicates that a few investment funds, primarily social funds, are wi

38、lling to assume direct currency risk by offering local currency loans to MFIs. However, most MFIFs invest in MFIs in hard currency, passing the FX risk to the MFIs, which then bear the responsibility for hedging by obtai

39、ning a hard currency guarantee or buying a derivative security that neutralises their risk. A number of MFIFs are lending in hard currencies, sometimes recklessly, in countries where the devaluation r</p><p>

40、;　　A recent survey conducted by CGAP and The MIX identified the funding structure and future funding projections of MFIs.Of the 216 MFIs that responded to the survey, 80 indicated that they were currently using hard curr

41、ency funding (USD or EUR) and indicated the amount.Of these 80 MFIs, 8 operated in dollarised economies (Ecuador and El Salvador) or in Euros (Kosovo). The remaining 72 were exposed to either USD or EUR currency risk: 61

42、 had an average exposure of USD 2.6 million and 11 had an avera</p><p>　　An average of 48% of USD loans and an average of 36% of EUR loans were hedged. Nevertheless, these averages hide important differences

43、 in hedging practices amongst MFIs. More interesting is the distribution of hedging (Table 4).</p><p>　　In either USD or EUR exposures, 72 MFIs should have hedged: 54% were not hedging at all, while 24% were

44、 fully hedged. The remaining 16 MFIs (or 22%) partially hedged their currency risk. For more details on exposures and the percentage of hedging by the MFIs in the survey that were operating in a non-USD or non-EUR countr

45、y, see Appendices 9, 10 and11. </p><p>　　Most of the 216 surveyed MFIs had some exposure to currency risk through their transactions with an average of one foreign lender, and/or desired to increase their fu

46、nding from foreign sources. In addition, 68 (or 31%) of the 216 MFIs surveyed indicated that foreign funders did not want to assume foreign exchange risk and that this was a challenge in obtaining foreign loans and equit

47、y. In addition, the sample results suggest that there is a high probability that MFIs that have access to foreign </p><p>　　Similar to the MFIFs, the performance of MFIs is affected not only by the actual ga

48、ins or losses incurred from foreign exchange, but also in the way these are accounted for. Adjustment methods used by external analysts such as rating agencies also contain considerable differences. It is important to ex

49、amine the specific accounting treatments when comparing the performance of MFIs.</p><p>　　Although FX risk occurs in almost every transaction between microfinance investors (especially foreign investors) and

50、 MFIs, too many MFIFs and MFIs are not hedging appropriately. Hedging is seldom used because common hedging mechanisms are not available in the countries where MFIs operate, or prohibitively costly for the small amounts

51、of the transactions involved. While hedging increases transaction costs, lack of hedging results in losses that can be significant, especially for MFIs and MFIFs t</p><p>　　In addition, MFIFs often compensat

52、e for FX risk by increasing their interest rates to MFIs to cover potential losses. FX risk therefore increases the lending costs for the MFIs (and ultimately, for their clients), regardless of whether or not they have a

53、ccess to local currency loans. Unless MFIFs are able to assume more of the FX risk linked to their lending to MFIs, other funding instruments such as guarantees may be more appropriate for MFIs that face small margins.&l

54、t;/p><p>　　“Best practices” for hedging by MFIFs should include strategies of when to hedge, how much to hedge, how to hedge. Sharing experiences with successful and innovative hedging mechanisms, such as FX in

55、surance funds, would greatly encourage MFIFs to absorb more of the FX risk that MFIs are so ill equipped to address, reducing costs for MFIFs and MFIs.</p><p><b>　　譯文：</b></p><p>　　小

56、額貸款機(jī)構(gòu)外匯風(fēng)險管理和小額信貸投資基金</p><p>　　術(shù)語“多邊投資框架”在這一章中使用廣泛，包括機(jī)構(gòu)（一般金額小于人均國民生產(chǎn)總值250％）提供的小規(guī)模金融服務(wù)，如貸款，儲蓄，保險，匯款和其他服務(wù)。這個術(shù)語包括了各種組織：非政府組織，信用合作社，非銀行金融中介機(jī)構(gòu)，農(nóng)村銀行等。</p><p>　　大多數(shù)小額信貸投資基金（MFIFs）和機(jī)構(gòu)或者其他出資者的官方融資傾向于美元或歐元

57、，可能稱這些貨幣為“硬貨幣”。然而，大多數(shù)小額信貸機(jī)構(gòu)卻在經(jīng)營非美元或者非歐元為基礎(chǔ)的經(jīng)濟(jì)和本地貨幣貸款的客戶。</p><p>　　資金的貨幣和貸款隨著利率的改變相對價值也將改變，造成外匯（FX）的風(fēng)險。揮發(fā)性是許多國家的貨幣兌換匯率波動引起的，也是小額信貸機(jī)構(gòu)經(jīng)營面臨的嚴(yán)重外匯風(fēng)險問題，而且經(jīng)常給予小額信貸緊迫性。小額信貸進(jìn)入資本市場的加速發(fā)展迫切需要好的外匯方式，最好的做法是一致的金融管理。直到這個被廣泛實(shí)

58、現(xiàn)，準(zhǔn)入，有利于資本市場的小額信貸就將受到阻礙。</p><p>　　外匯風(fēng)險是 MFIFs 面對的很多風(fēng)險之一。利率風(fēng)險是一個額外的，與其相關(guān)的外匯風(fēng)險。由于貨幣價值的變化，利息支出或收入也將發(fā)生變化。而且，由于利差，資產(chǎn)負(fù)債表可能也會改變。也就是由小額貸款機(jī)構(gòu)借入一種貨幣利率，脫離有關(guān)錢的利率跟由MFI所作的微企業(yè)家貸款。這些效果對 MFIF 和 MFI 的贏利有暗示性。出于經(jīng)濟(jì)目的，這些二階匯率風(fēng)險在這里不

59、進(jìn)一步討論。</p><p>　　本章探討的重點(diǎn)放在：資金在一個交易的不同點(diǎn)的匯率波動風(fēng)險，在不同情況下的外匯債務(wù)融資風(fēng)險的性質(zhì)。套期保值的重要性指出，使用機(jī)制和小額信貸機(jī)構(gòu)列出的MFIFs外匯，以解決它們各自的風(fēng)險。</p><p>　　貨幣和風(fēng)險之間的關(guān)系如下所述，適用于股票基金，對基金而言，情況正好相反。股權(quán)投資，資本，總是小額信貸機(jī)構(gòu)MFI投資的貨幣。對于外國投資者的權(quán)益，“外匯風(fēng)

60、險成為與投資有關(guān)，而不是在作出貸款時出現(xiàn)的風(fēng)險因素之一”公平與擔(dān)保資金，不是本章的重點(diǎn)，而是在包含的例子中確定當(dāng)他們面對貨幣風(fēng)險的對沖機(jī)制和他們使用的回避機(jī)制。</p><p>　　最常見的外匯風(fēng)險是Table.These組合中涉及歐元和當(dāng)?shù)刎泿诺牟糠?，美元（USD）和當(dāng)?shù)刎泿?，歐元和美元之間的關(guān)系，這其中包括貨幣資產(chǎn)和負(fù)債通過小額信貸機(jī)構(gòu)和MFIFs反映。概括地說，我們假設(shè)小額信貸機(jī)構(gòu)獲得資金之前，它沒有任何的

61、貨幣配置，其“經(jīng)營貨幣”的是其資產(chǎn)的計價貨幣，是作為其“融資”的貨幣，負(fù)債均與貨幣相同。</p><p>　　歐元兌美元價值變化的例子是一個有趣的研究。通過2年期間，歐元上漲近40％，其兌美元的價值。這兩種“硬”貨幣的相對估值的大變化是由許多小額信貸機(jī)構(gòu)和MFIFs發(fā)現(xiàn)的。歐元在2002年發(fā)起了1.17美元，其后跌幅超過不足0.90美元。然而，最近歐元對美元大幅升值，許多歐洲MFIFs歐元營運(yùn)和在拉丁美洲美元化的

62、國家美元貸款已經(jīng)發(fā)生了的重大交易損失。</p><p>　　歐元兌美元大幅升值創(chuàng)造了許多小額信貸機(jī)構(gòu)對歐元的貸款，這在某些情況下需要重組重大匯兌損失。ASN - Novib全宗就是一個例子。這是一個在荷蘭MFIF的例子，在硬通貨（包括美元和歐元）出現(xiàn)與拉丁美洲最集中的投資組合。它正在尋求如果外匯風(fēng)險可以對沖，在亞洲和非洲投資的機(jī)會。在過去的ASN - Novib Fonds的小額信貸機(jī)構(gòu)取得貸款，以歐元在美元化的

63、市場上進(jìn)行經(jīng)濟(jì)運(yùn)作，但其客戶小額信貸機(jī)構(gòu)和由此造成的損失，迫使對沖缺乏的ASN - Novib全宗停止套期保值歐元的資金，因?yàn)樗麄冋J(rèn)為這是很大的冒險小額信貸機(jī)構(gòu)。另一方面，小額信貸機(jī)構(gòu)以美元和歐元貸款的借款，相當(dāng)于歐元貨幣收益的本金和利息，償還美元有大幅度減少。</p><p>　　無論誰承擔(dān)直接貨幣的風(fēng)險（即，貨幣波動的直接損失），雙方都得承擔(dān)貨幣風(fēng)險造成的間接損失。例如，如果一個MFIF遭受損失或許會改變它的

64、國家投資，小額信貸機(jī)構(gòu)的分配可能會失去一個已經(jīng)在過去訪問過的客戶端或出資人。另一方面，MFIFs面臨更大的信用風(fēng)險（即，在這種情況下的間接貨幣風(fēng)險）時，微型金融機(jī)構(gòu)沒有對沖匯率風(fēng)險，并受到他們的影響其盈利能力和長期的生存能力由此造成損失。在這個意義上說，貨幣風(fēng)險的一些方面總是和小額信貸機(jī)構(gòu)與MFIF之間共享，無論誰有直接的風(fēng)險，正如上面的例子描繪的。</p><p>　　因直接和間接外匯風(fēng)險，MFIFs和小額信貸

65、機(jī)構(gòu)合作開發(fā)的國家機(jī)制在對沖資本市場可能提供的對沖期權(quán)是在發(fā)達(dá)國家中的少數(shù)幾個。為了減輕間接貨幣風(fēng)險，MFIFs試圖借他們的客戶的一定貨幣評估它們是否是合理的小額信貸機(jī)構(gòu)。他們以審視自己的資金，經(jīng)營貨幣和監(jiān)督作為其盡職調(diào)查過程的一部分。他們整理的定期外匯風(fēng)險，已通過MFIFs這些程序，包括生物，Cordaid，Etimos，Incofin，Luxmint，荷蘭合作銀行和Triodos。曝光的分析各不相同，并非在任何場合都能使用。非正式M

66、FIFs之間相互檢查也有助于提高對他們的分支機(jī)構(gòu)外匯風(fēng)險的意識。如ASN - Novib全宗已經(jīng)改變其政策，以減少小額信貸機(jī)構(gòu)的一些MFIFs貨幣風(fēng)險。</p><p>　　由阿達(dá)和扶貧協(xié)商小組混合進(jìn)行的專題討論會，在2004年德國復(fù)興信貸銀行采訪了一些對外匯研究的MFIFs，觀念主要是貨幣波動的風(fēng)險程度依賴于直接感知的貨幣風(fēng)險，雖然大部分MFIFs采訪表示更關(guān)注他們是否直接面對風(fēng)險的損失，小額信貸機(jī)構(gòu)實(shí)施與MF

67、IF交易可能產(chǎn)生的影響。</p><p>　　當(dāng)問道：“外匯風(fēng)險，為什么是小額信貸機(jī)構(gòu)的大問題”時，MFIFs表示，外匯風(fēng)險幾乎是一致的，是小額信貸機(jī)構(gòu)的貸款主要問題，因?yàn)樗黾恿颂潛p的風(fēng)險，不管是誰承擔(dān)風(fēng)險。MFIFs，共享這一觀點(diǎn)，包括生物，Cordaid，Luxmint，荷蘭合作銀行和Triodos。有些MFIFs，包括生物，Cordaid，基金和行星，但仍不愿意承擔(dān)更大的外匯風(fēng)險，或者是一般較少關(guān)注它。有

68、以下幾個原因：與外幣掛鉤的潛在風(fēng)險損失和有關(guān)緩解貨幣風(fēng)險的討論。雖然風(fēng)險程度不同，但還不夠從MFIFs和小額信貸機(jī)構(gòu)兩方面說明觀點(diǎn)。許多MFIFs和微型金融機(jī)構(gòu)，并沒有由于其風(fēng)險水平對對沖機(jī)制做以下各種原因的探討。德國復(fù)興信貸銀行研討會，通過市場分析的MIX 提供了小額信貸投資組合的貨幣崩潰。其中，46條規(guī)定超過40％的MFIFs有關(guān)其對沖政策信息，對沖政策細(xì)節(jié)表明，他們有一個適當(dāng)?shù)膶_政策。</p><p>　

69、　如前所述，并非所有MFIFs需要對沖。MFIFs，提供在經(jīng)營人民幣資金時沒有外匯風(fēng)險，因此，也沒有對沖的地方政策。</p><p>　　面對貨幣風(fēng)險，沒有到位的對沖機(jī)制。失敗歸因于對沖的幾個充分的MFIFs創(chuàng)建損失研究，包括歐洲許多小額投資者，如NOVIB（當(dāng)?shù)刎泿刨J款和埃塞俄比亞，肯尼亞，墨西哥，莫桑比克，秘魯，塞內(nèi)加爾，斯里蘭卡，坦桑尼亞和烏干達(dá)參股）和Cordaid（在孟加拉國波斯尼亞和黑塞哥維那，巴西，

70、哥倫比亞，多米尼加共和國，加納，印度，印度尼西亞，摩洛哥，秘魯，菲 律賓）等，以及其他貸款。</p><p>　　匯率是如何處理會計信息中的損失，有些MFIFs顯示返回之前的匯率損失，同時另一些返回匯率損失后的回報。缺乏標(biāo)準(zhǔn)化生產(chǎn)的重要差異，整體回報，往往把一負(fù)一正回報。這種差異應(yīng)考慮在審查MFIFs的財務(wù)報表中。一個即將公告的關(guān)于小額信貸機(jī)構(gòu)的資金供應(yīng)方面為重點(diǎn)的微型版本，將提供從標(biāo)準(zhǔn)化和缺乏透明度的問題發(fā)生于

71、MFIFs更多的細(xì)節(jié)，已到位的對沖機(jī)制報告表示他們對沖程度的差異：完全對沖匯率風(fēng)險，對沖硬通貨的風(fēng)險，但不是他們的當(dāng)?shù)刎泿棚L(fēng)險。對于不對沖匯率風(fēng)險最常見的原因是MFIFs愿意承擔(dān)風(fēng)險。尚未對沖其外匯風(fēng)險，MFIFs被確定于附錄5。其他MFIFs已不只是對沖，因?yàn)樗麄儾恢苯用鎸ω泿棚L(fēng)險載于附錄6中列出。有些MFIFs也選擇承擔(dān)外匯風(fēng)險，而不是對沖，為了不增加他們的貸款的成本和潛在面臨失去客戶的風(fēng)險。</p><p>

72、;　　附錄3顯示的是，一些投資基金，主要是社會資金，通過提供小額信貸機(jī)構(gòu)的直接貸款承擔(dān)當(dāng)?shù)刎泿棚L(fēng)險。然而，大多數(shù)MFIFs投資于硬通貨的小額信貸機(jī)構(gòu)，通過小額信貸機(jī)構(gòu)的外匯風(fēng)險，然后獲得硬通貨擔(dān)?；蛸徺I衍生安全品對沖他們的風(fēng)險。一些硬貨幣貸款有時硬拼，所在國家的貨幣貶值的風(fēng)險較高，小額信貸機(jī)構(gòu)就會選擇不對沖。類似MFIFs，小額信貸機(jī)構(gòu)面臨著不同的風(fēng)險水平，不僅取決于貨幣的組合和借錢給他們的客戶，而且對是否借用或借用的貨幣資金量也會考慮

73、。</p><p>　　CGAP和MIX最近做的調(diào)查顯示了參加調(diào)查的小額信貸公司的目前資金框架和未來資金預(yù)測。其中216個參加調(diào)查的小額信貸公司中，80個表示他們現(xiàn)在使用硬貨幣資金（美元或歐元）并說明了數(shù)量。在這80個公司中，有8個運(yùn)營在美元化經(jīng)濟(jì)體中（厄瓜多爾和薩爾瓦多）或歐元經(jīng)濟(jì)體中（科索沃），剩余的72個公司都面臨著美元或歐元貨幣危機(jī)：61個公司面臨平均2，600,000美元的風(fēng)險，11個公司面臨平均3,8

74、00,000歐元的風(fēng)險.</p><p>　　平均48%的美元貸款和36%的歐元貸款對沖。盡管如此，這些平均數(shù)在小額信貸公司的對沖做法中仍隱藏著很大的不同。對沖的分配則更加有趣（見表4）。</p><p>　　無論在美元還是歐元風(fēng)險中，72個小額信貸公司本應(yīng)該對沖：結(jié)果其中54%一點(diǎn)也不對沖，而24%則完全對沖。剩下的16個小額信貸公司（或者說22%）部分對沖他們的貨幣風(fēng)險。想要了解更多關(guān)

75、于此次調(diào)查中關(guān)于非美元化或歐元化經(jīng)濟(jì)體的小額信貸公司風(fēng)險和對沖百分比，請參見附錄9，10，11。</p><p>　　大部分216調(diào)查暴露了小額信貸機(jī)構(gòu)平均與一位外國銀行交易有貨幣風(fēng)險,并想從外國增加他們的資金。此外,68%的216小額信貸機(jī)構(gòu)調(diào)查表明,外國評委們不愿承擔(dān)外匯風(fēng)險, 這在獲得國外貸款，是一大挑戰(zhàn),。此外,樣本結(jié)果顯示小額信貸機(jī)構(gòu)在國外貸款正常時不套期保值有高可能性。該套期問題如此重要是因?yàn)?可以幫

76、助小額信貸機(jī)構(gòu)減少貨幣風(fēng)險也會增加他們在獲得外國貸款和減少外匯損失的興趣。</p><p>　　類似小額信貸機(jī)構(gòu)，其表現(xiàn)不僅影響了實(shí)際的收益和虧損的外匯，而且包括在這些方式的入賬。由外部分析家使用，例如評級機(jī)構(gòu)的調(diào)整方法也含有相當(dāng)大的差異，更重要的是檢查具體會計處理方法，比較小額信貸機(jī)構(gòu)的表現(xiàn)。</p><p>　　雖然外匯風(fēng)險幾乎發(fā)生在每一個小額交易投資者特別是外國投資者和微型金融機(jī)構(gòu)，

77、太多的MFIFs和小額信貸機(jī)構(gòu)不適當(dāng)規(guī)避風(fēng)險。套期保值很少使用，因?yàn)楣餐奶灼诒Ｖ禉C(jī)制不可以在各國操作,或在很少小額信貸機(jī)構(gòu)操作,但代價是望而卻步的參與交易。雖然對沖增加了交易的成本、套期保值的損失，可顯著的效果是小額信貸機(jī)構(gòu)缺乏和MFIFs不具備的多元化投資組合。</p><p>　　此外，MFIFs往往通過提高利率彌補(bǔ)外匯風(fēng)險，小額信貸機(jī)構(gòu)以彌補(bǔ)潛在的損失。因此，無論他們是否獲得當(dāng)?shù)刎泿刨J款，都增加了有外匯風(fēng)