andmanagingeconomicexposure(跨國(guó)公司財(cái)務(wù)管理-(完整版)
【正文】 nt location D. Raising productivity 33 MANAGING OPERATING EXPOSURE IV. Planning For ExchangeRate Changes A. With better planning and more petitive options, firms can change strategies substantially B. before the impact of an currency change makes itself felt. C. Implication: paction of adjustment period following an exchangerate 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！ 。 and fluctuations in the real exchange rate delineate the firm’s true economic exposure. 11 PART III. IDENTIFYING ECONOMIC EXPOSURE III. CASE STUDIES OF ECONOMIC EXPOSURE A. ASPEN SKIING COMPANY 1. Firm’s exchange rate risk affected its sales revenues. 12 IDENTIFYING ECONOMIC EXPOSURE A. ASPEN SKIING COMPANY (con’t) 2. Although there was no translation risk, the global market with its exchange rate risk and its petitors impacted market demand. 13 IDENTIFYING ECONOMIC EXPOSURE B. PETROLEOS MEXICANOS (PEMEX) 1. The firm’s exchange rate risk affected cost but not revenues. 2. Economic impact a. Revenues: none b. Costs: d
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