国际财务管理(英文版) 第11版 马杜拉 答案 Chapter 16.pdf

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1、Chapter16Long-TermFinancingLectureOutlineLong-TermFinancingDecisionSourcesofEquitySourcesofDebtCostofDebtFinancingMeasuringtheCostofFinancingActualEffectsofExchangeRateMovementsonFinancingCostsAssessingtheExchangeRateRiskofDebtFinancingUseofExchangeRateProbabilitiesUseofSimulationReducingExcha

2、ngeRateRiskOffsettingCashInflowsForwardContractsCurrencySwapsParallelLoansDiversifyingAmongCurrenciesInterestRateRiskfromDebtFinancingTheDebtMaturityDecisionTheFixedVersusFloating-rateDecisionHedgingWithInterestRateSwapsPlainVanillaSwapChapterThemeThischapterintroducesthelong-termsourcesoffund

3、savailabletoMNCs.ShouldtheMNCchoosebondsasamediumtoattractlong-termfunds,acurrencyfordenominationmustbechosen.ThisisacriticaldecisionfortheMNC.Whilethereisnoclear-cutsolution,thischapterillustrateshowsuchaproblemcanbeanalyzed.Asuggestedmethodofpresentingthisanalysisistorunthroughanexampleunder

4、assumedexchangerates.Thenstressthatfutureexchangeratesarenotknownwithcertainty.Therefore,thefirmshouldconsiderthepossiblecostsoffinancingunderavarietyofexchangeratescenarios.TopicstoStimulateClassDiscussion1.WhywouldU.S.firmsconsiderissuingbondsdenominatedinaforeigncurrency?2.Whatarethedesirab

5、lecharacteristicsrelatedtoacurrency’sinterestrate(highorlow)andvalue(strongorweak)thatwouldmakethecurrencyattractivefromaborrower’sperspective?CriticaldebateAreswapsdeceivingthemarket?Proposition.Yes.Interestratesarechargedtofirmsbecausethemarketestimatesthattheriskisappropriatefortheborrower.

6、ForMNC’stothenswaptheloansistoignorethisjudgmentandputslendersatriskandhencetheinterestsoftheshareholders.OpposingView.No.Thedifferenceinratesisoftensmallandhardlyrelatedtononpayment.Thereareotherreasonsforswapstodowithcurrenciesandchangingthenatureoftheloan,sothereisnosecondguessingthemarket.

7、Withwhomdoyouagree?Provideareasonedargumentastowhyyouagreeorwithoneoftheaboveviews.ANSWER:Theswaprateswillbeinlinewithforwardrates,sothatMNCswillnotbenefitfromborrowinglowinterestratecurrenciesandsimultaneouslyhedging.Astheforwardratesa