Measuring macroeconomic exposure: The case of Volvo Cars*
以沃尔沃汽车为例，用季度现金流作为目标变量，估计公司对汇率等宏观经济变量的暴露程度，并展示如何用暴露系数评估风险和选择债务币种。
Abstract Volvo Cars' economic exposure to exchange rates and other macroeconomic variables is estimated using quarterly cash flows as the firm's target variable. We discuss first several issues relating to management's view of the macroeconomic environment, as well as the firm's objective and structure. These issues must be addressed before multiple regression analysis can be implemented with the purpose of estimating exposures. the use of cash flow exposure coefficients for evaluating exposure and choosing currency denomination of liabilities is illustrated, and an out‐of‐sample analysis of the estimated exposure coefficients is carried out.