andmanagingeconomicexposure(跨國公司財務管理--預覽頁
【正文】 change. 34 MANAGING OPERATING EXPOSURE V. Financial Management of Exchange Rate Risk: Financial manager’s Role in Marketing and Production A. Provide local manager with fore casts of inflation and exchange rate changes. B. Identify and focus on petitive exposure. 35 MANAGING OPERATING EXPOSURE C. Design the evaluation criteria so that operating managers neither rewarded or penalized for unexpected exchangerate changes. D. Estimate and hedge the operating exposure after adjustments made. 36 演講完畢，謝謝觀看！ 。 the sources of the firm’s inputs。???6 FOREIGN EXCHANGE RISK AND ECONOMIC EXPOSURE B. Real Exchange Rates and Risk 1. Nominal v. real exchange rates: the real rate has been adjusted for price changes. 7 FOREIGN EXCHANGE RISK AND ECONOMIC EXPOSURE 3. SUMMARY a. the economic impact of a currency change depends on the offset by the difference in inflation rates or the real exchange rate. b. It is the relative price changes that ultimately determine a firm’s longrun exposure. 8 PART II. THE ECONOMIC CONSEQUENCES OF EXCHANGE RATE CHANGES II. ECONOMIC CONSEQUENCES A. Transaction exposure 1. Onbalance sheet 2. Offbalance sheet 9 THE ECONOMIC CONSEQUENCES OF EXCHANGE RATE CHANGES II. ECONOMIC CONSEQUENCES (con’t) B. Operating Exposure : real rate change 1. Pricing flexibility is key 2. Product differentiation 3. Substitution of inputs 10 THE ECONOMIC CONSEQUENCES OF EXCHANGE RATE CHANGES II. SUMMARY The sector of the economy in which the firm operat
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