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ID:60859188
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页数:53页
时间:2020-12-24
《ofTransactionExposure(国际财务管理-英文版)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、INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKSecondEdition13ChapterThirteenManagementofTransactionExposureChapterObjective:Thischapterdiscussesvariousmethodsavailableforthemanagementoftransactionexposurefacingmultinationalfirms.0ChapterOutlineForwardMarketHedgeMoneyMarketHe
2、dgeOptionsMarketHedgeCross-HedgingMinorCurrencyExposureHedgingContingentExposureHedgingRecurrentExposurewithSwapContracts1ChapterOutline(continued)HedgingThroughInvoiceCurrencyHedgingviaLeadandLagExposureNettingShouldtheFirmHedge?WhatRiskManagementProductsdoFirmsUse?2Forw
3、ardMarketHedgeIfyouaregoingtooweforeigncurrencyinthefuture,agreetobuytheforeigncurrencynowbyenteringintolongpositioninaforwardcontract.Ifyouaregoingtoreceiveforeigncurrencyinthefuture,agreetoselltheforeigncurrencynowbyenteringintoshortpositioninaforwardcontract.3YouareaU.
4、S.importerofBritishwoolensandhavejustorderednextyear’sinventory.Paymentof£100Misdueinoneyear.Question:Howcanyoufixthecashoutflowindollars?ForwardMarketHedge:anExampleAnswer:Onewayistoputyourselfinapositionthatdelivers£100Minoneyear—alongforwardcontractonthepound.4MoneyMar
5、ketHedgeThisisthesameideaascoveredinterestarbitrage5MoneyMarketHedgeTheimporterofBritishwoolenscanhedgehis£100millionpayablewithamoneymarkethedge:Borrow$112.05millionintheU.S.Translate$112.05millionintopoundsatthespotrateS($/£)=$1.25/£Invest£89.64millionintheUKati£=11.56%
6、foroneyear.Inoneyearyourinvestmentwillhavegrownto£100million.SpotexchangerateS($/£)=$1.25/£360-dayforwardrateF360($/£)=$1.20/£U.S.discountratei$=7.10%Britishdiscountratei£=11.56%6MoneyMarketHedgeWheredothenumberscomefrom?Weoweoursupplier£100millioninoneyear—soweknowthatwe
7、needtohaveaninvestmentwithafuturevalueof£100million.Sincei£=11.56%weneedtoinvest£89.64millionatthestartoftheyear.Howmanydollarswillittaketoacquire£89.64millionatthestartoftheyearifthespotrateS($/£)=$1.25/£?7MoneyMarketHedgeSupposeyouwanttohedgeapayableintheamountof£ywitha
8、maturityofT:i.Borrow$xatt=0onaloanatarateofi$peryear.(Notethat$x=£y/(1+i£)Tatthespotrate.)ii.Exc
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