【正文】 ation. ? Historical exchange rates can be used for certain equity accounts, fixed assets, and inventory items, ? while current exchange rates can be used for current assets, current liabilities, ine, and expense items. 58 Two basic methods ? The current rate method ? The temporal method ? Regardless of which method is employed, a translation method must not only designate at what exchange rate individual balance sheet and ine statement items are remeasured, but also designate where any imbalance is to be recorded (current ine or an equity reserve account). 59 The current rate method ? the most prevalent in the world today. ? Assets and liabilities are translated at the current rate of exchange ? Ine statement items are translated at the exchange rate on the dates they were recorded or an appropriately weighted average rate for the period ? Dividends (distributions) are translated at the rate in effect on the date of payment ? Common stock and paidin capital accounts are translated at historical rates 60 ? Gains or losses caused by translation adjustments are not included in the calculation of consolidated ine. ? Rather, translation gains or losses are reported separately and accumulated in a separate equity reserve account (on the B/S) with a title such as cumulative translation adjustment (CTA). ? The biggest advantage of the current rate method is that the gain or loss on translation does not pass through the ine statement but goes directly to a reserve account (reducing variability of reported earnings). 61 the temporal method ? Under the temporal method, specific assets are translated at exchange rates consistent with the timing of the item’s creation. ? This method assumes that a number of individual line item assets such as inventory and plant and equipment are restated regularly to reflect market value. ? Gains or losses resulting from remeasurement are carried directly to current consolidated ine, and not to equity reserves (increased variability of consolidated earnings). 63 Managing Translation Exposure ? The main technique to minimize translation exposure is called a balance sheet hedge. ? A balance sheet hedge requires an equal amount of exposed foreign currency assets and liabilities on a firm’s consolidated balance sheet. 64 The cost of a balance sheet hedge depends on relative borrowing costs. ? These hedges are a promise in which the denomination of balance sheet accounts is altered, perhaps at a cost in terms of interest expense or operating efficiency, to achieve some degree of foreign exchange protection. 65 66 折算、交易與經(jīng)濟(jì)風(fēng)險(xiǎn)之比較 ? ?對(duì)「 換算風(fēng)險(xiǎn) 」而言，交易與責(zé)任、義務(wù)之清算早已完成，匯率變動(dòng)只影響其帳面數(shù)據(jù)。 ? ?對(duì)「 交易風(fēng)險(xiǎn) 」而言，匯率變動(dòng)恰巧發(fā)生在交易達(dá)成，但尚未進(jìn)行清算的期間，此外，該清算或必須以外幣進(jìn)行，如此對(duì)該公司才會(huì)形成交易風(fēng)險(xiǎn)。 ? ?對(duì)「 經(jīng)濟(jì)風(fēng)險(xiǎn) 」而言，匯率變動(dòng)乃是造公司預(yù)期的現(xiàn)金流量產(chǎn)生偏差。也就是說，交易尚未發(fā)生。 67 第四節(jié) 外匯風(fēng)險(xiǎn)管理策略 一、完全避免外匯風(fēng)險(xiǎn)的管理策略 二、消極的外匯風(fēng)險(xiǎn)管理策略 三、積極的外匯風(fēng)險(xiǎn)管理策略 68 外匯風(fēng)險(xiǎn)管理的過程 ? （ 一 ） 識(shí)別風(fēng)險(xiǎn) ? 企業(yè)在對(duì)外交易中要了解究竟存在哪些外匯風(fēng)險(xiǎn) ， 是交易風(fēng)險(xiǎn) 、 會(huì)計(jì)風(fēng)險(xiǎn) 、 還是經(jīng)濟(jì)風(fēng)險(xiǎn) 。 或者了解面臨的外匯風(fēng)險(xiǎn)哪一種是主要的 ， 哪一種是次要的；哪一種貨幣風(fēng)險(xiǎn)較大 ， 哪一種貨幣風(fēng)險(xiǎn)較?。煌瑫r(shí) ， 要了解外匯風(fēng)險(xiǎn)持續(xù)時(shí)間的長短 。 ? （ 二 ） 衡量風(fēng)險(xiǎn) ? 即預(yù)測匯率走勢 ， 對(duì)外匯風(fēng)險(xiǎn)程度進(jìn)行測算 。 外匯敞口額越大 、 時(shí)間越長 、 匯率波動(dòng)越大 ， 風(fēng)險(xiǎn)越大 。 因此 ，應(yīng)經(jīng)常測算各時(shí)期的外匯敞口額有多少 ， 匯率的預(yù)期變化幅度有多大 。 ? （ 三 ） 駕馭風(fēng)險(xiǎn) ? 即在識(shí)別和衡量的基礎(chǔ)上采取措施控制外匯風(fēng)險(xiǎn) ， 避免產(chǎn)生較大損失 。 69 一、完全避免外匯風(fēng)險(xiǎn)的管理策略 ? 這種管理策略指企業(yè)在涉外業(yè)務(wù)中盡可能地阻止匯率風(fēng)險(xiǎn)的形成，或通過各種套期保值手段消除實(shí)際業(yè)務(wù)中發(fā)生的一切敞口頭寸，以避免匯率波動(dòng)可能帶來的風(fēng)險(xiǎn)損失的匯率風(fēng)險(xiǎn)管理策略。 70 ? 例如，養(yǎng)老基金等經(jīng)濟(jì)實(shí)體對(duì)風(fēng)險(xiǎn)的承擔(dān)能力十分有限，哪怕是微小的風(fēng)險(xiǎn)損失也會(huì)使企業(yè)喪失信譽(yù)，在資金來源和經(jīng)營中出現(xiàn)嚴(yán)重困難。 ? 這樣的企業(yè)將穩(wěn)定經(jīng)營作為衡量經(jīng)理能力的首要標(biāo)準(zhǔn)，從而經(jīng)理十分厭惡風(fēng)險(xiǎn)。 ? 這種風(fēng)險(xiǎn)管理策略的另一理論基礎(chǔ)是，經(jīng)理是生產(chǎn)和經(jīng)營方面的專家，但是他們不了解匯率的運(yùn)動(dòng)趨勢。因此，采用這種風(fēng)險(xiǎn)管理策略可以揚(yáng)長避短，使經(jīng)理集中精力搞好本職工作。 71 二、消極的匯率風(fēng)險(xiǎn)管理策略 ? 這種策略指企業(yè)對(duì)匯率風(fēng)險(xiǎn)采取聽之任之的基本態(tài)度，勇于承擔(dān)一切匯率風(fēng)險(xiǎn)的風(fēng)險(xiǎn)管理策略。如果匯率變動(dòng)對(duì)其有利，它就獲取風(fēng)險(xiǎn)報(bào)酬；如果匯率變動(dòng)對(duì)其不利，它就承擔(dān)風(fēng)險(xiǎn)損失。 72 三、積極的外匯風(fēng)險(xiǎn)管理策略 ? 這種策略指企業(yè)積極地預(yù)測匯率走勢，并根據(jù)不同的預(yù)測對(duì)不同的涉險(xiǎn)項(xiàng)目分別采取不同措施的風(fēng)險(xiǎn)管理策略。例如，在預(yù)期匯率變動(dòng)對(duì)其不利時(shí)，企業(yè)采取完全或部分避險(xiǎn)的管理手段；在預(yù)期匯率變動(dòng)對(duì)其有利時(shí)，企業(yè)承擔(dān)匯率風(fēng)險(xiǎn)以期獲取風(fēng)險(xiǎn)報(bào)酬。 73