andmanagingeconomicexposure(跨國(guó)公司財(cái)務(wù)管理-(存儲(chǔ)版)
【正文】 nit’s cash flows are correlated with variations in the nominal exchange rate 18 AN OPERATIONAL MEASURE OF EXCHANGE RISK where CFt = CFt CFt1 and CFt is the dollar value of total affiliate(parent)cash flows in period t EXCHt = EXCHt EXCHt1 equals the average nominal exchange rate during period t u = a random error term ttt uEXCHaCF ??? ?19 AN OPERATIONAL MEASURE OF EXCHANGE RISK 1. Output measures: a. Beta coefficient (?) measures the association of changes in cash flows to exchange rate changes. 20 AN OPERATIONAL MEASURE OF EXCHANGE RISK b. the higher the percentage change of cash flow to changes in exchange rates, the greater the economic exposure (higher beta values). 21 AN OPERATIONAL MEASURE OF EXCHANGE RISK VI. SUMMARY: A. The focus of the accounting profession on the balance sheet impact of currency changes has led to ignoring the important impact on future cash flows. 22 AN OPERATIONAL MEASURE OF EXCHANGE RISK B. For firms incurring costs and selling products in foreign countries, the effect of currency changes may be less important in the long run. 23 AN OPERATIONAL MEASURE OF EXCHANGE RISK C. To measure exposure properly, you must focus on inflationadjusted or real exchange rates instead of nominal or actual exchange rates. 24 AN OPERATIONAL MEASURE OF EXCHANGE RISK D. It is difficult in practice to determine what the actual economic impact of a currency change will be. 25 PART VI. MANAGING OPERATING EXPOSURE I. INTRODUCTION
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