andmanagingeconomicexposure(跨國公司財務(wù)管理-(更新版)
【正文】 ecreased c. Net effect: increased US$ flows 14 IDENTIFYING ECONOMIC EXPOSURE C. TOYOTA MOTOR COMPANY 1. Exchange rate risk affected BOTH revenues and costs. 2. Flow back effect: previously exported goods return with increased domestic petition. 3. Lower profit margins domestically 15 PART IV. CALCULATING ECONOMIC EXPOSURE IV. A quantitative assessment of economic exposure depends on underlying assumptions concerning: A. future cash flows。Multinational Financial Management Alan Shapiro 7th Edition Sons Power Points by Joseph F. Greco, . California State University, Fullerton 1 CHAPTER 11 MEASURING AND MANAGING ECONOMIC EXPOSURE 2 CHAPTER OVERVIEW I. FOREIGN EXCHANGE RISK AND ECONOMIC EXPOSURE II. THE ECONOMIC CONSEQUENCES OF EXCHANGE RATE CHANGES III. IDENTIFYING ECONOMIC EXPOSURE IV. CALCULATING ECONOMIC EXPOSURE V. AN OPERATIONAL MEASURE OF EXCHANGE RISK VI. MANAGING OPERATING EXPOSURE 3 PART I. FOREIGN EXCHANGE RISK AND ECONOMIC EXPOSURE I. FOREIGN EXCHANGE RISK A. Economic exposure focuses on the impact of currency fluctuations on firm’s value. 1 . Expectations about the fluctuation must be incorporated in all basic decisions of the firm. 4 FOREIGN EXCHANGE RISK AND ECONOMIC EXPOSURE 2. Definitions: a. Accounting exposure impact on firm’s balance sheet b. Economic exposure 1.) Transaction 2.) Operating 5 FOREIGN EXCHANGE RISK AND ECONOMIC EXPOSURE THE REAL EXCHANGE RATE thtftt iiee)1()1(39。 the sources of the firm’s inpu
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