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【正文】 Exposure Financial Management of Operating Exposure If have stable SF revenues want to finance them with stable SF debt so that only SF revenues at risk. Year 1 2 3 ... SF revenues SF10 mln SF10 mln SF10 mln ... SF interest liabilities SF9 mln SF9 mln SF9 mln ... Net SF revenues SF1 mln SF1 mln SF1 mln ... Example: Swiss subsidiary of . firm ? If wellestablished, can directly issue SF debt ? If new, use a currency swap – . firm issues dollar debt – . firm swaps that debt for SF debt with a swap dealer Currency swap 1. . firm issues $ debt . firm $ liabilities Currency swap 2. . firm enters into a currency swap . firm $ liabilities swap dealer Pays SF Receives $ Currency swap $ revenues cover $ liabilities . firm $ liabilities swap dealer Pays SF Receives $ Currency swap Net effect: . firm has effectively issued SF debt to finance its foreign subsidiary . firm $ liabilities swap dealer Pays SF Receives $ Strategic Management of Operating Exposure ? In medium to longrun, all firms have exchange raterelated operating exposure. Example: “domestic” . car pany (Chrysler?) – Costs in . dollars – Sales, revenues in . dollars ? Yen depreciation makes Japanese cars more petitive, reducing Chrysler?s revenues ? Real exchange rate movements affect the overall petitive environment – monitoring/measuring such effects important – hedging can be difficult (and questionable) ? Firms respond strategically to exchange raterelated problems and opportunities – marketing initiatives – production initiatives ? GoodyearMexico – 37% Mexico peso devaluation 12/94 – Previously sold tires in Mexico – Became major exporter to ., Europe, South America Examples Examples ? . textile industry – . cannot pete in laborintensive textiles – Major investment in capitalintensive textiles niches ? Industrial fabrics ? Sheets, towels – Increased service ponent ? Quick Reponse puterized inventory management and ordering program for coordinating textile mills/apparel manufacturers/retailers Strategic Management of Operating Exposure Marketing Initiatives – Market selection – Product Strategy – Pricing Strategy – Promotional Strategy Pr
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