toexchangeratefluctuations(國際金融管理-山東-資料下載頁
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【正文】 nslation Exposure C10 31 ? An MNC’s degree of translation exposure is dependent on: ?the proportion of its business conducted by its foreign subsidiaries, ?the locations of its foreign subsidiaries, and ?the accounting method that it uses. Translation Exposure C10 32 ? According to World Research Advisory estimates, the translated earnings of based MNCs in aggregate were reduced by $20 billion in the third quarter of 1998 alone simply because of the depreciation of Asian currencies against the dollar. ? In 2023, the weakness of the euro also caused several MNCs to report lower earnings than expected. Translation Exposure C10 33 Online Application C10 34 Impact of Exchange Rate Exposure 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 Transaction Exposure Economic Exposure C10 35 ? Is Exchange Rate Risk Relevant? 164。 Purchasing Power Parity Argument 164。 The Investor Hedge Argument 164。 Currency Diversification Argument 164。 Stakeholder Diversification Argument 164。 Response from MNCs ? Types of Exposure 164。 Transaction, Economic, and Translation Exposures Chapter Review C10 36 Chapter Review ? Transaction Exposure 164。 Transaction Exposure to “Net” Cash Flows 164。 Transaction Exposure Based on Currency Variability 164。 Transaction Exposure Based on Currency Correlations 164。 Transaction Exposure Based on ValueatRisk C10 37 Chapter Review ? Economic Exposure 164。 Economic Exposure to Local Currency Appreciation Depreciation 164。 Economic Exposure of Domestic Firms MNCs 164。 Measuring Economic Exposure Sensitivity of Earnings Cash Flows to Exchange Rates C10 38 Chapter Review ? Translation Exposure 164。 Does Translation Exposure Matter? Cash Flow Perspective Stock Price Perspective 164。 Determinants of Translation Exposure 164。 Examples of Translation Exposure ? Impact of Exchange Rate Exposure on an MNC’s Value C10 39 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 FAITH
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