第十讲 经营风险管理.ppt

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 conversion of currencies do not reflect transaction exposure. Yet, these cash flows may also be influenced significantly by exchange rate movements. The importance of managing operating exposure can be seen from the case of the bankruptcy of Laker Airways, and from the the 1997-98 Asian crisis. How Financial Markets Affected Laker Airlines A firm’s operating exposure is determined by its use of the debt markets, as well as by foreign exchange market conditions. Consider the case of Laker Airway, a British airline that generated much of its revenue in British pounds. A large proportion of its expenses , however, were denominated in dollars. As the dollar strengthened in the foreign exchange market in 1981, Laker needed larger amounts in pounds to cover its dollar-denominated expenses. In January 1981, Laker borrowed $131 million in the financial markets from a group of U.S. and European banks. As the dollar continued go strengthen, the firm’s revenues could not adequately cover its dollar-denominated expenses. Consequently, Laker Airways went bankrupt. It might have avoided bankruptcy if it had reduced its operating exposure, either by reducing its dollar-denominated expenses or by increasing its dollar-denominated revenue. Overall, Laker’s performance was affected by conditions in the foreign exchange market along with its decision to borrow dollars in the debt markets. 美国跨国公司的运营