andmanagingeconomicexposure(跨國公司財務管理-(編輯修改稿)
2025-01-28 17:16 本頁面
【文章內(nèi)容簡介】 titative assessment of economic exposure depends on underlying assumptions concerning: A. future cash flows。 B. sensitivity to exchange rate changes. 16 PART V. AN OPERATIONAL MEASURE OF EXCHANGE RISK V. NEED FOR A WORKABLE APPROACH A. Regression Analysis 1. Variables a. Independent: changes in parent’s cash flows b. Dependent: Average nominal exchange rate change. 17 AN OPERATIONAL MEASURE OF EXCHANGE RISK B. REGRESSION EQUATION approach based on the operational definition of the exchange risk faced by a parent or one of its affiliates: a pany faces exchange risk to the extent that variations in the dollar value of the unit’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 i
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