McKinsey - The right way to hedge

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1、McKinseyonFinanceNumber36,21025Summer2010ThefivetypesMcKinseyFivewaysCFOsofsuccessfulconversationswithcanmakecostcutsPerspectivesonacquisitionsgloballeaders:stickCorporateFinanceDavidRubensteinofandStrategyTheCarlyleGroup82132AsingularmomentWhyAsia’sbanksTherightwayformergerval

2、ue?underperformtohedgeatM&A1TherightwaytohedgeDecidinghowandwhattohedgerequiresacompany-widelookatthetotalcostsandbenefits.BryanFisherandHedgingishot.Shiftsinsupply-and-demanddestroymorevaluethanwasoriginallyatrisk.AnkushKumardynamicsandglobalfinancialturmoilhavecreatedPerhapsi

3、ndividualbusinessunitshedgeoppositeunprecedentedvolatilityincommoditypricesinsidesofthesamerisk,ormanagersexpendtoorecentyears.Meanwhile,executivesatcompaniesmuchefforthedgingrisksthatareimmaterialtoathatbuy,sell,orproducecommoditieshavecompany’shealth.Managerscanalsounder-face

4、dequallydramaticswingsinprofitability.estimatethefullcostsofhedgingoroverlooknaturalManyhavesteppeduptheiruseofhedginghedgesindeferencetocostlyfinancialones.Notoattempttomanagethisvolatilityand,insomequestion,hedgingcanentailcomplexcalculationsinstances,toavoidsituationsthatcou

5、ldputaanddifficulttrade-offs.Butinourexperience,company’ssurvivalinjeopardy.keepinginmindafewsimplepointerscanhelpnipproblemsearlyandmakehedgingstrategiesWhendonewell,thefinancial,strategic,andoper-moreeffective.ationalbenefitsofhedgingcangobeyondmerelyavoidingfinancialdistress

6、byopeningupHedgeneteconomicexposureoptionstopreserveandcreatevalueaswell.ToomanyhedgingprogramstargetthenominalButdonepoorly,hedgingincommoditiesoftenrisksof“siloed”businessesratherthanaoverwhelmsthelogicbehinditandcanactuallycompany’sneteconomicexposure—aggregated2riskacrossth

7、ebroadenterprisethatalsoincludesCompaniescanbeexposedtoindirectriskstheindirectrisks.1Thissiloedapproachisathroughbothbusinesspractices(suchasproblem,especiallyinlargemultibusinessorgani-contractingtermswithcustomers)andmarketzations:managersofbusinessunitsordivisionsfactors(fo

8、rinstance,changesinthecom-focusontheirownriskswithoutc