andmanagingeconomicexposure(跨國(guó)公司財(cái)務(wù)管理--在線瀏覽
2025-02-11 17:16本頁(yè)面
【正文】 Power Points by Joseph F. Greco, . California State University, Fullerton 1 CHAPTER 11 MEASURING AND MANAGING ECONOMIC EXPOSURE 2 CHAPTER OVERVIEW I. FOREIGN EXCHANGE RISK AND ECONOMIC EXPOSURE II. THE ECONOMIC CONSEQUENCES OF EXCHANGE RATE CHANGES III. IDENTIFYING ECONOMIC EXPOSURE IV. CALCULATING ECONOMIC EXPOSURE V. AN OPERATIONAL MEASURE OF EXCHANGE RISK VI. MANAGING OPERATING EXPOSURE 3 PART I. FOREIGN EXCHANGE RISK AND ECONOMIC EXPOSURE I. FOREIGN EXCHANGE RISK A. Economic exposure focuses on the impact of currency fluctuations on firm’s value. 1 . Expectations about the fluctuation must be incorporated in all basic decisions of the firm. 4 FOREIGN EXCHANGE RISK AND ECONOMIC EXPOSURE 2. Definitions: a. Accounting exposure impact on firm’s balance sheet b. Economic exposure 1.) Transaction 2.) Operating 5 FOREIGN EXCHANGE RISK AND ECONOMIC EXPOSURE THE REAL EXCHANGE RATE thtftt iiee)1()1(39。???6 FOREIGN EXCHANGE RISK AND ECONOMIC EXPOSURE B. Real Exchange Rates and Risk 1. Nominal v. real exchange rates: the real rate has been adjusted for price changes. 7 FOREIGN EXCHANGE RISK AND ECONOMIC EXPOSURE 3. SUMMARY a. the economic impact of a currency change depends on the offset by the difference in inflation rates or the real exchange rate. b. It is the relative price changes that ultimately determine a firm’s longrun exposure. 8 PART II. THE ECONOMIC CONSEQUENCES OF EXCHANGE RATE CHANGES II. ECONOMIC CONSEQUENCES
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