ch21internationalcashmanagement國際金融管理英-資料下載頁
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【正文】 inated in different currencies. ? The degree to which such a portfolio will reduce risk depends on the correlations among the currencies. Investing Excess Cash C21 27 Use of Dynamic Hedging to Manage Cash ? Dynamic hedging refers to the strategy of hedging when the currencies held are expected to depreciate, and not hedging when they are expected to appreciate. ? The overall performance is dependent on the firm’s ability to accurately forecast the direction of exchange rate movements. Investing Excess Cash C21 28 Online Application C21 29 Impact of International Cash Management on an MNC’s Value ? ? ? ?? ?? ????????????????????nttmjtjtjk1=1 , ,1ER ECF E = Value E (CFj,t ) = expected cash flows in currency j to be received by the . parent at the end of period t E (ERj,t ) = expected exchange rate at which currency j can be converted to dollars at the end of period t k = weighted average cost of capital of the parent Returns on International Cash Management C21 30 ? Cash Flow Analysis: Subsidiary Perspective 164。 Subsidiary Expenses 164。 Subsidiary Revenue 164。 Subsidiary Dividend Payments 164。 Subsidiary Liquidity Management ? Centralized Cash Management Chapter Review C21 31 Chapter Review ? Techniques to Optimize Cash Flows 164。 Accelerating Cash Inflows 164。 Minimizing Currency Conversion Costs 164。 Managing Blocked Funds 164。 Managing Intersubsidiary Cash Transfers ? Complications in Optimizing Cash Flows 164。 CompanyRelated Characteristics 164。 Government Restrictions 164。 Characteristics of Banking Systems C21 32 Chapter Review ? Investing Excess Cash 164。 How to Invest Excess Cash 164。 Centralized Cash Management 164。 Determining the Effective Yield 164。 Implications of Interest Rate Parity 164。 Use of the Forward Rate as a Forecast 164。 Use of Exchange Rate Forecasts 164。 Diversifying Cash Across Currencies 164。 Use of Dynamic Hedging to Manage Cash C21 33 Chapter Review ? Impact of International Cash Management on an MNC’s Value C21 34 謝謝觀看 /歡迎下載 BY FAITH I MEAN A VISION OF GOOD ONE CHERISHES AND THE ENTHUSIASM THAT PUSHES ONE TO SEEK ITS FULFILLMENT REGARDLESS OF OBSTACLES. BY FAITH I BY FAIT
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