| Abstract | 第3-5页 |
| 摘要 | 第6-10页 |
| 1. Introduction | 第10-18页 |
| 1.1 Overseas Education for Chinese Students | 第12-16页 |
| 1.2 An Unrecognized Challenge - Embedded Exchange Rate Risk | 第16-18页 |
| 2. Literature Review | 第18-28页 |
| 2.1 Research on Pricing of Products and Services Sold Overseas | 第18-20页 |
| 2.2 Research on Exchange Rate Risk Hedging Method and Effectiveness | 第20-24页 |
| 2.3 Research on Optimal Hedging Ratio and the Determination of Model Factors | 第24-28页 |
| 3. Methodology | 第28-30页 |
| 4. LCP Design and its Underpinning Optimal Hedging | 第30-36页 |
| 4.1 Current Tuition Fee Payment Method | 第30-31页 |
| 4.2 Objective of LCP | 第31-32页 |
| 4.3 LCP Arrangement Details | 第32-36页 |
| 4.3.1 Available GBPCNY Hedging Tools | 第32页 |
| 4.3.2 University and Bank Cooperation | 第32-35页 |
| 4.3.3 The User-Interface of LCP | 第35-36页 |
| 5. Feasibility Analysis of LCP | 第36-43页 |
| 5.1 Legality of LCP | 第36-37页 |
| 5.1.1 Legality in China | 第36-37页 |
| 5.1.2 Legality in Foreign Countries | 第37页 |
| 5.2 Potential Benefit Analysis - Multi-win Outcome for University, Bank and Students | 第37-38页 |
| 5.3 Reliability - Cointegration Analysis of Spot and Forward Rates | 第38-41页 |
| 5.4 Potential Challenges | 第41-43页 |
| 6. Quantitative Analysis of LCP | 第43-52页 |
| 6.1 The Objective Function of the Hedge | 第43-44页 |
| 6.2 Determination of the Optimal Condition | 第44-47页 |
| 6.3 The Conditional Variance and Covariance of Exchange Rate | 第47-48页 |
| 6.4 Conditional Variances and Covariance of the Two Return Series | 第48-52页 |
| 7. Scenario and Sensitivity Tests of LCP | 第52-59页 |
| 7.1 Scenario Test of the LCP Performance | 第52-54页 |
| 7.2 Tests of the Sensitivity of Optimal Hedging Ratio | 第54-57页 |
| 7.2.1 Sensitivity with Regard to Student Intake | 第54-55页 |
| 7.2.2 Sensitivity with Regard to Exchange rates | 第55-57页 |
| 7.3 Discussion of the Correlation between A and Exchange Rate | 第57-59页 |
| 8. Conclusion | 第59-62页 |
| REFERENCES | 第62-66页 |
| Acknowledgements | 第66-67页 |
