andmanagingeconomicexposure(跨國公司財務(wù)管理-(參考版)
2025-01-12 17:16本頁面
【正文】 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 impact of currency changes has led to ignoring the important impact on future cash flows. 22 AN OPERATI
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