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ID:48071959
大小:1.52 MB
页数:73页
时间:2019-05-06
《外汇风险管理之二ppt课件.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、1第三章外汇风险管理ExchangeRateRiskManagement第一节外汇风险的涵义DefinitionofExchangeRateRisk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StrategyofExchangeRateRiskManagement2TodiscusstherelevanceofanMNC’sexposuretoexchangeraterisk;Toexplainhowtransacti
2、onexposure,economicexposure,translationexposurecanbemeasured;Toidentifythecommonlyusedtechniquesforhedgingtransactionexposure;ChapterObjectives3第一节外汇风险的涵义DefinitionForeignexchangeexposureisameasureofthepotentialforafirm’sprofitability,netcashflow,andmarketvaluetochangebecauseofachan
3、geinexchangerates.指一个经济实体或个人,在涉外经济活动中(如对外贸易、国际交流等)因外汇汇率的变动,使其以外币计价的资产或负债价值涨跌而蒙受损失的可能性。4第二节交易风险及管理方法TransactionExposureManagementTransactionexposureexistswhenthefuturecashtransactionsofafirmareaffectedbyexchangeratefluctuations.Iftransactionexposureexists,theMNCshould1、identifythedeg
4、reeoftransactionexposure,2、decidewhethertohedgeandhowmuchtohedgebasedonitsdegreeofriskaversionandexchangerateforecasts,and3、chooseamongthevarioushedgingtechniquesavailableifitdecidestohedge.5AnMNC’soverallexposurecanbeassessedbyconsideringeachcurrencypositiontogetherwiththecurrency’
5、svariabilityandthecorrelationsamongthecurrencies.AnMNC’soverallexposurecanbeassessed6TechniquestoEliminateTransactionExposureHedgingtechniquesinclude:Futureshedge,Forwardhedge,Moneymarkethedge,andCurrencyoptionhedge.MNCswillnormallycomparethecashflowsthatcouldbeexpectedfromeachhedgi
6、ngtechniquebeforedeterminingwhichtechniquetoapply.HedgingPayablesHedgingReceivablesFuturesPurchasecurrencySellcurrencyhedgefuturescontract(s).futurescontract(s).ForwardNegotiateforwardNegotiateforwardhedgecontracttobuycontracttosellforeigncurrency.foreigncurrency.MoneyBorrowlocalBor
7、rowforeignmarketcurrency.Convertcurrency.Converthedgetoandtheninvesttoandtheninvestinforeigncurrency.inlocalcurrency.CurrencyPurchasecurrencyPurchasecurrencyoptioncalloption(s).putoption(s).TechniquestoEliminateTransactionExposureVehiclesAdvantagesDisadvantagesForwardExacthedge;Larg
8、ebid-askspreadsonSm
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