第三章 外汇风险管理之二.ppt

经济风险指意料之外的汇率变动使企业计划收益蒙受损失的可能性。 第一，它所针对的是意料之外的汇率变动，意料之中的汇率变动不会给企业带来经济风险。 第二，它所针对的是计划收益，由于意料之中的汇率变动对企业收益的影响已经在计算计划收益的过程中加以考虑，所以经济风险并未包括汇率变动对企业收益的全部影响。 Cash Flows of Jefferson Controls, a U.S.-Based MNE with French and Canadian Affiliates and Trade with Mexico （二）经济风险的管理Proactive（主动的） Management of Economic Exposure The six most commonly employed proactive policies are: Matching currency cash flows Risk-sharing agreements Back-to-back or parallel loans Currency swaps Leads and lags Reinvoicing center 1、Matching: Debt Financing as a Financial Hedge Matching currency cash flows. One way to offset an anticipated continuous long exposure to a particular company is to acquire debt denominated in that currency (matching). Another alternative would be for the US firm to seek out potential suppliers of raw materials or components in Canada as a substitute for US or other foreign firms. In addition, the company could engage in currency switching, in which the company would pay foreign suppliers with Canadian dollars. 2、Currency Clauses: Risk-Sharing: An alternate method for managing a long-term cash flow exposure between firms is risk sharing. This is a contractual arrangement in which the buyer and seller agree to “share” or split currency movement impacts on payments between them. This agreement is intended to smooth the impact on both parties of volatile and unpredictable exchange rate movements. 3、Back-to-Back Loans: A back-to-back loan, also referred to as a parallel loan or credit swap, occurs when two business firms in separate countries arrange to borrow each other’s currency for a specific period of time. At an agreed terminal date they return the borrowed currencies. Such a swap creates a covered hedge against exchange loss, since each company, on its own books, borrows the same currency it repays. Using a Back-to-Back Loan for Currency Hedging 4、Currency Swaps: A currency swap resembles a back-to-back loan except that it does not appear on a firm’s balance s