国际财务管理 微型案例.pdf

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1、国际财务管理微型案例CapitalCrystalInc.—UsingCurrencyFuturesandOptionsCapitalCrystalInc.isamajorimporterofCrystalfromGermany.ThecrystalissoldtoprestigiousretailstoresthroughouttheU.S.TheimportsaredenominatedinGermanmarks(DM).Everyquarter,CapitalneedsDM500million.Itispresentl

2、yattemptingtodeterminewhetheritshouldusecurrencyfuturesorcurrencyoptionstohedgeimportsthreemonthsfromnow.Ifitwillhedgeatall.Thespotrateofthemarkis$.60.Athree-monthfuturescontractonthemarkisavailablefor$.59perunit.Acalloptiononthemarkisavailablewithathree-monthexpi

3、rationdateandanexercisepriceof$.60.Thepremiumtobepaidonthecalloptionis$.01perunit.Capitalisveryconfidentthatthevalueofthemarkwillrisetoatleast$.62inthreemonths.Ithasbeenveryaccurateinitspreviousforecastsofthemark’svalue.ThemanagementstyleofCapitalisveryrisk-averse

4、.Managersreceiveabonusattheendoftheyeariftheysatisfyminimalperformancestandards.Thebonusisfixed,regardlessofhowhighabovetheminimumlevelone’sperformanceis.Ifperformanceisbelowtheminimum,thereisnobonus,andfutureadvancementwithinthecompanyisunlikely.a)Asafinancialman

5、agerofCapital,youhavebeenassignedthetaskofchoosingamongthreepossiblestrategies:(1)hedgetheDMpositionbypurchasingfutures,(2)hedgetheDMpositionbypurchasingcalloptions,or(3)donothedge.Offeryourrecommendationandjustifyit.b)Assumethepreviousinformationthatwasprovided,e

6、xceptforthisdifference:Capitalhasreviseditsforecastofthemarktobeworth$.57threemonthsfromnow.Giventhisrevision,recommendwhetherCapitalshould(1)hedgetheDMpositionbypurchasingfutures,(2)hedgetheDMpositionbypurchasingcalloptions,or(3)nothedge.Justifyyourrecommendation

7、.Isyourrecommendationconsistentwithmaximizingshareholderwealth?-1-国际财务管理微型案例CORPORATEDILEMMA1.&MonitoringthePeso’sValueViacom’sBlockbusterEntertainmentGrouphasbeenverysuccessfulinitsgrowthofvideostoresthroughouttheU.S.inrecentyears,ithasdevelopedanetworkofstoresin

8、variousforeigncountries.OneofitsmorerecenttargetsisMexico,whereithasplantstoestablishamajorpresence.MexicotendstohavemuchhigherinflationthantheU.S.andal