国际企业资本成本与资本结构

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1、第四章国际企业资本成本与资本结构MultinationalCostofCapital&CapitalStructure第一节、资本成本的内涵CostofCapital第二节、个别资本成本的估算CalculationofIndividualCostofCapital第三节、加权资本成本WACC第四节、国际企业资本结构CapitalStructureforMNC12第三章外汇风险管理ExchangeRateRiskManagement第一节外汇风险的涵义DefinitionofExchangeRateRi

2、sk第二节交易风险及管理方法TransactionExposureManagement第三节经济风险与折算风险EconomicandTranslationExposure第四节外汇风险管理策略StrategyofExchangeRateRiskManagement案例分析:Blades,inc.caseP2362外汇风险的类型TypesofForeignExchangeExposureEconomicExposure经济风险Exchangerateriskasappliedtothefirm’scom

3、petitiveposition.TransactionExposure交易风险Exchangerateriskasappliedtothefirm’shomecurrencycashflows.TranslationExposure折算风险Exchangerateriskasappliedtothefirm’sconsolidatedfinancialstatements.3交易风险管理方法TechniquestoEliminateTransactionExposureFuturesHedgeFor

4、wardHedgeMoneyMarketHedgeCurrencyOptionHedgeCalculatingtheRealCostofHedgingDeterminingtheOptimalHedgeHedgingLong-TermTransactionExposureLong-TermForwardContractCurrencySwapParallelLoanAlternativeHedgingTechniquesLeadingandLaggingCross-HedgingCurrencyDiv

5、ersification4经济风险的管理Proactive（主动的）ManagementofEconomicExposureThesixmostcommonlyemployedproactivepoliciesare:MatchingcurrencycashflowsRisk-sharingagreementsBack-to-backorparallelloansCurrencyswapsLeadsandlagsReinvoicingcenter56折算、交易与经济风险之比较n对「换算风险」而言，交易

6、与责任、义务之清算早已完成，汇率变动只影响其帐面数据。n对「交易风险」而言，汇率变动恰巧发生在交易达成，但尚未进行清算的期间，此外，该清算或必须以外币进行，如此对该公司才会形成交易风险。n对「经济风险」而言，汇率变动乃是造公司预期的现金流量产生偏差。也就是说，交易尚未发生。67外汇风险管理策略一、完全避免外汇风险的管理策略二、消极的外汇风险管理策略三、积极的外汇风险管理策略7InternationalFinancialManagementCaseStudy:Blades,Inc.CaseManagin

7、gTransactionExposure81.ExportSpeedostoBritishRetailer200,000pairsat￡80/pairfor2years,mayrenewcontract.2.ContinueexportSpeedostoThailandEntertainmentProducts180,000pairsatThaiBaht4594，2yearsmayrenewcontract3.ImportsfromThailandmaterialsforSpeedosenoughto

8、produce72,000pairs.Pricesnotfixed,adjustabletomarketprices,nowatThaiBaht3,000.4.Exportquarterlyeach50,000toBritishRetailer,45,000toThaiEntertainmentProducts,paymentmadeonfirstdayofJan.Apr.July.Oct.5.Importsquarterlyeach18,000mate