What Is Transaction Risk?

什么是交易风险？

Transaction risk refers to the adverse effect that foreign exchange rate fluctuations can have on a completed transaction prior to settlement.

交易风险是指在结算之前，外汇汇率波动可能对已完成的交易产生的不利影响。

It is the exchange rate, or currency risk associated specifically with the time delay between entering into a trade or contract and then settling it.

它是汇率或货币风险，与交易或合约开始到结算之间的时间延迟密切相关。

Understanding Transaction Risk

关于交易风险

Typically, companies that engage in international commerce incur costs in that foreign country's currency or have to, at some point, repatriate profits back to their country. When they have to engage in these activities, there is often a time delay between agreeing on the terms of the foreign exchange transaction and executing it to complete the deal. This lag creates a short-term exposure to currency risk, which arises from the potential change in the price of one currency in relation to another.

通常，从事国际贸易的公司会产生以该国货币计价的成本，或者在某个时候不得不将利润汇回本国。当他们不得不参与这些活动时，在商定外汇交易条款和执行交易以完成交易之间往往会有一段时间的延迟。这种滞后造成短期货币风险，这种风险来自一种货币相对于另一种货币的价格的潜在变化。

Transaction risk can thus lead to unpredictable profits and losses related to the open transaction. Many institutional investors, such as hedge funds and mutual funds, and multinational corporations use forex, futures, options contracts, or other derivatives to hedge this risk.

因此，交易风险可能导致与公开交易相关的不可预测的利润和损失。许多机构投资者，如对冲基金和共同基金，以及跨国公司使用外汇、期货、期权合约或其他衍生品来对冲这种风险。

The longer the time differential between the initiation of a trade or contract and its settlement, the greater the transaction risk, because there is more time for the exchange rate to fluctuate. Transaction risk is inevitably beneficial to one party of the transaction but companies must be proactive to ensure that they protect the amount they expect to receive.

交易或合约开始和结算之间的时间差越长，交易风险就越大，因为汇率波动的时间就越长。交易风险不可避免地有利于交易的一方，但公司必须积极主动，以确保他们保护其预期收到的金额。

Example of Transaction Risk

交易风险示例

For example, if a U.S. company is repatriating profits from a sale in Germany. it will need to exchange the Euros (EUR) that it would have received for U.S. Dollars (USD). The company agrees to complete the transaction at a certain EUR/USD exchange rate. However, there is usually a time lag between when the transaction was contracted to when the execution or settlement happens. If in that time period, the Euro were to depreciate versus the USD, then the company would receive fewer U.S. Dollars when this transaction is settled.

例如，如果一家美国公司将在德国销售的利润汇回国内。它需要将收到的欧元兑换成美元。公司同意以一定的欧元/美元汇率完成交易。但是，从交易签订到执行或结算之间通常会有一段时间间隔。如果在此期间，欧元对美元贬值，那么在交易结算时，公司将收到较少的美元。

If the EUR/USD rate at the time of the transaction agreement was 1.20 then this means that 1 Euro can be exchanged for 1.20 USD. So, if the amount to be repatriated is 1,000 Euros then the company is expecting 1,200 USD. If the exchange rate falls to 1.00 at the time of settlement, then the company will only receive 1,000 USD. The transaction risk resulted in a loss of 200 USD.

如果交易协议签订时欧元/美元汇率为1.20，那么这意味着1欧元可以兑换1.20美元。因此，如果要汇回的金额是1,000欧元，那么公司预计收到1,200美元。如果结算时汇率跌至1.00，那么公司只能收到1,000美元。交易风险导致了200美元的损失。

Hedging Transaction Risk

对冲交易风险

Transaction risk creates difficulties for individuals and corporations dealing in different currencies, as exchange rates can fluctuate significantly over a short period. However, there are strategies companies can use to minimize any potential loss. The potentially negative effect resulting from volatility can be reduced through many hedging mechanisms.

交易风险给从事不同货币交易的个人和公司带来困难，因为汇率可能在短期内大幅波动。但是，公司可以使用一些策略来最小化任何潜在的损失。波动性带来的潜在负面影响可以通过许多对冲机制来降低。

A company could take out a forward contract that locks in the currency rate for a set date in the future. Another popular and cheap hedging strategy is options. By purchasing an option a company can set an "at worst" rate for the transaction. Should the option expire out of the money then the company can execute the transaction in the open market at a more favorable rate. Because the period of time between trade and settlement is often relatively short, a near-term contract is best-suited to hedge this risk exposure.

一家公司可以购买一份远期合约，锁定未来某个特定日期的汇率。另一种流行且简单的对冲策略是期权。通过购买期权，公司可以为交易设定一个“最坏”的利率。如果期权到期，那么公司可以在公开市场上以更有利的汇率执行交易。因为交易和结算之间的时间通常相对较短，所以短期合约最适合对冲这种风险。

What Is Currency Risk?

什么是货币风险？

Currency risk (exchange risk) refers to the possibility that a change in foreign currency exchange rates will negatively impact a business or investment. It applies to instances where an investment or project is denominated in or involves payments in foreign currency. Global corporations naturally face currency risk as they operate both domestically and overseas.

货币风险(汇率风险)是指外币汇率的变化可能会对业务或投资产生负面影响。它适用于投资或项目以外币计价或涉及外币支付的情况。跨国公司在国内外经营时，自然会面临货币风险。

How Can a Company Minimize Foreign Transaction Risk?

公司如何将对外交易风险降至最低？

If a company only operates domestically, there will be no transaction risk. However, if a company also has overseas customers or operates internationally, it can occur as exchange rates fluctuate. Such companies, if they decide the risk should be mitigated, can engage in hedging strategies that cover the period of time it is exposed. For example, such a company with 90-day payment terms could use 3-month FX options to lock in the current exchange rate.

如果一个公司只在国内经营，就不会有交易风险。但是，如果一家公司也有海外客户或在国际上运营，这种情况会随着汇率波动而发生。如果这些公司认为应该降低风险，它们可以在风险暴露期间采取对冲策略。例如，这样一家付款期限为90天的公司可以使用3个月的外汇期权来锁定当前汇率。

How Is Transaction Risk Different from Translation Risk?

交易风险和转换风险有什么不同？

Both transaction risk and translation risk are foreign currency risk exposures that some companies face. Transaction risk occurs when there is a change in exchange rates during the period when a transaction is made and when its payment terms are finally settled in foreign currency. Translation risk, on the other hand, is an accounting risk whereby the value of certain foreign assets or liabilities changes significantly on a company's balance sheet from period to period.

交易风险和转换风险都是一些公司面临的外汇风险。当进行交易期间以及交易的付款条件最终以外币结算时，如果汇率发生变化，就会产生交易风险。另一方面，转换风险是一种会计风险，即公司资产负债表上某些外国资产或负债的价值在不同时期发生重大变化。

（英文来源：Investopedia）