外匯風(fēng)險(xiǎn)管理之二ppt課件(編輯修改稿)
2025-02-06 01:01 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 ? Leads and lags ? Reinvoicing center Matching: Debt Financing as a Financial Hedge Matching currency cash flows. ? One way to offset an anticipated continuous long exposure to a particular pany is to acquire debt denominated in that currency (matching). ? Another alternative would be for the US firm to seek out potential suppliers of raw materials or ponents in Canada as a substitute for US or other foreign firms. ? In addition, the pany could engage in currency switching, in which the pany would pay foreign suppliers with Canadian dollars. Currency Clauses: RiskSharing: ? An alternate method for managing a longterm cash flow exposure between firms is risk sharing. ? This is a contractual arrangement in which the buyer and seller agree to “share” or split currency movement impacts on payments between them. ? This agreement is intended to smooth the impact on both parties of volatile and unpredictable exchange rate movements. BacktoBack Loans: ? A backtoback loan, also referred to as a parallel loan or credit swap, occurs when two business firms in separate countries arrange to borrow each other’s currency for a specific period of time. ? At an agreed terminal date they return the borrowed currencies. ? Such a swap creates a covered hedge against exchange loss, since each pany, on its own books, borrows the same currency it repays. Using a BacktoBack Loan for Currency Hedging Currency Swaps: ? A currency swap resembles a backtoback loan except that it does not appear on a firm’s balance sheet. ? In a currency swap, a firm and a swap dealer or swap bank agree to exchange an equivalent amount of two different currencies for a specified amount of time. 31 Using a CrossCurrency Swap to Hedge Currency Exposure Leads and Lags: Retiming the transfer of funds ? Firms can reduce economic exposure by accelerating or decelerating the timing of payments that must be made or received in foreign currencies. ? Intrapany leads and lags is more feasible as related panies presumably embrace a mon set of goals for the consolidated group. ? Interpany leads and lags requires the time preference of one independent firm to be imposed on another. Leading and lagging Underl y i ng ca s h fl o w s Lea di ng La g g i ng €1 0 m il li on + €7 .5 m il li on + €7 .5 m il li on + €7 .5 m il li on €1 0 m il li on €1 0 m il li on Jan F eb Mar Ap r Ju n e May Ju ly Au g Reinvoicing Centers: ? There are three basic benefits arising from the creation of a reinvoicing center: ? Managing foreign exchange exposure ? Guaranteeing the exchange rate for future orders ? Managing intrasubsidiary cash flows Use of a Reinvoicing Center Managing operating exposure through operations ? Take advantage of the MNC’s ability to respond to differences in real foreign exchange rates ? Plant location: Gain access to lowcost labor or capital resources ? Product sourcing: Shift production to countries with low real costs ? Market selection: Shift marketing efforts toward countries with higher demand or “overvalued” currencies Pricing strategy in int’l markets ? An example ? For the classic Japanese exporter, an appreciation of the euro increases the purchasing power of eurozone customers ? Pricing alternatives include ? Hold the euro price constant ? Sell the same quantity ? Bigger yen profit margin per unit ? Hold the yen price constant ? Lower euro price ? Higher sales volume The price elasticity of demand ? Optimal pricing depends on the price elasticity of demand = (DQ/Q)/(DP/P) ? Measures the sensitivity of quantity sold to a percentage change in price ? price elastic demand a small change in price results in a large change in quantity
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