andshort-termfinancing(跨國(guó)公司財(cái)務(wù)管理-joseph(完整版)
【正文】 ally where there are no forward hedges available 2. Another hedging method: advance inventory purchases of imported items, . inventory stockpiling. 20 INVENTORY MANAGEMENT d. Reason for Stockpiling: greater risk of delay e. Solution to higher carrying costs: Adjust affiliate’s profit margins to reflect added costs. 21 IV. SHORTTERM FINANCING IV. SHORTTERM FINANCING A. Strategy 1. Identify: key factors 2. Formulate/evaluate: objectives 3. Describe: available options 4. Develop a methodology: to calculate/pare costs 22 SHORTTERM FINANCING B. Key Factors 1. Deviations from Int’l Fisher Effect? a. If yes tradeoff required between cost and exchange risk b. If no costs are same everywhere 23 SHORTTERM FINANCING 2. Exchange Risk a. Offset foreign assets with foreign liabilities b. Borrow where no exposure increases exchange risk 3. Firm’s Risk Aversion direct relation to price incurred to reduce exposure 24 SHORTTERM FINANCING 4. Does Interest Rate Parity Hold? a. Yes. Currency is irrelevant. b. No. Cover costs may differ added risk may mean the forward premium/discount does not offset interest rate differentials. 25 SHORTTERM FINANCING 5. Political Risk: If high,
環(huán)評(píng)公示相關(guān)推薦
鄂ICP備17016276號(hào)-1