第十讲 经营风险管理.pptVIP

第十讲 经营风险的管理 Managing Operating Exposure to Currency Risk 教学要点: To definition of Operating Exposure to Currency Risk To discuss the exposure of shareholders’ equity The methods for Managing Operating Exposure Definition of Operating exposure It refers to the impact exchange rate fluctuations can have on a firm’s future cash flows． 即由于汇率的非预期变动引起企业未来营运现金流发生变化，从而使得企业的现值发生变动的可能性． Recall that corporate cash flows can be affected by exchange rate movements in ways not directly associated with foreign transactions. Cash flows that do not require convers