文档介绍：INTERNATIONAL
FINANCIAL
MANAGEMENT
EUN / RESNICK
Third Edition
Chapter Objective:
This chapter discusses various methods available for the management of transaction exposure facing multinational firms.
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Chapter Fourth
Management of Transaction Exposure
Chapter Outline
Three Types of Exposure
Forward Market Hedge
Money Market Hedge
Options Market Hedge
Cross-Hedging Minor Currency Exposure
Hedging Contingent Exposure
Hedging Recurrent Exposure with Swap Contracts
Chapter Outline (continued)
Hedging Through Invoice Currency
Hedging via Lead and Lag
ting
Should the Firm Hedge?
What Risk Management Products do Firms Use?
KEY TERMS
Option 期权,选择权
Put option 出售选择权,卖权,看跌期权
Call option 购买选择权,买权,看涨期权
Futures 期货
ting 风险对销
Foreign exchange risk (exposure) 外汇风险
Economic exposure 经济风险
Operating exposure 经营风险
Transaction exposure 交易风险
Translation exposure 折算风险
KEY TERMS
Contingent exposure 或有风险
Recurrent exposure 周期性风险
Hedging 套期保值,对冲操作
Money market hedge 货币市场套期保值
Forward market hedge 远期市场套期保值
Options market hedge 期权市场套期保值
Position 头寸,对营业资金的称谓
Long position 多头头寸
Short position 空头头寸
Three Types of Exposure
Foreign exchange risk:
defined as the variability in the firm’s value that is caused by uncertain exchange rate changes.
Three basic types of exposure:
Ⅰ.Transaction exposure
Ⅱ.Economic exposure
Ⅲ.Translation exposure
Economic Exposure = Transaction Exposure +Operating Exposure
Ⅰ.Transaction exposure
arises from fixed-price contracts(outstanding foreign currency-denominated contracts) in a world of constantly changing exchange rates.
The resulting exchange gains and losses are determined by the nature of the contracts already entered into and are real.
As a cash flow exposure, transaction exposure is part of pany’s economic exposure.
Three Types of Exposure
Suppose Rolls-Royce,the British jet engine manufacturer,sells engines to . airlines and buys parts from . Suppose it has accounts receivable of $ billion and accounts payable of $74