第十章 折风险和交易风险(国际财务管理,Joseph F.Greco).pptVIP

Multinational Financial Management Alan Shapiro7th Edition J.Wiley Sons Power Points by Joseph F. Greco, Ph.D. California State University, Fullerton CHAPTER 10 折算风险和交易风险 的度量与管理 CHAPTER OVERVIEW I. 外汇风险的几种度量方法 II. 几种货币折算的方法 III. STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO.52 CHAPTER OVERVIEW (con’t) IV. 交易风险 V. 设计套期保值策略 VI. 折算风险管理 VII. 交易风险管理 PART I.外汇风险的几种度量方法 I. ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE A. Three Types of Exposure 1. 折算风险290: 也称会计风险,它是为编制财务报表和合并报表将国外经营企业财务报表中的当地货币转化为本国货币时引起的. ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE 2. 交易风险２９０: 是由那些已知的,受合约约束并且以外币表示的未来现金流入或流出的交易造成的. ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE 3. 经营风险２９０ 度量的是汇率波动可能使一个公司未来经营现金流量,即它未来收入和成本发生变动的程度. ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE 经济风险２９０ = Transaction + Operating Exposures PART II.几种货币折算的方法 I. FOUR METHODS OF TRANSLATION A. 流动/非流动法 ２９１ 1. 所有的国外子公司的流动资产和负债在折算成本币时用现行汇率. 2. 收益表中的流动资产和负债使用这一时期的平均汇率折算. ALTERNATIVE CURRENCY TRANSLATION METHODS B. 货币/非货币法２９１ 1. Monetary accounts use current rate 2. Pertains to - 现金 - 应付账款 - 应收账款 - 长期负债 ALTERNATIVE CURRENCY TRANSLATION METHODS 3. Nonmonetary accounts - use historical rates - Pertains to 存货 固定资产 长期投资 4. Income statement accounts - use average exchange rate for the period. ALTERNATIVE CURRENCY TRANSLATION METHODS C. 时态法 1. 是货币/非货币法的变形. 2. 如果存货以市场价值计价,则按现行汇率折算. ALTERNATIVE CURRENCY TRANSLATION METHODS D. 现行汇率法 所有的资产负债表和收益表项目都以现行汇率折算. PART III. STATEMENT OF INANCIAL ACCOUNTING STANDARDS NO. 52 I. FASB NO. 52 A. Dissatisfaction with FASB No. 8 true profitability often disguised by exchange rate volatility. B. Balance sheet translation uses current rate method. STATEMENT OF INANCIAL ACCOUNTING STANDARDS NO. 52 C. Income statement uses 1. Weighted average rate during period or 2. The rate in effect when revenue and expenses incurred. STATEMENT OF FINANCIA