第四章 际企业资本成本与资本结构1.pptVIP

第四章 国际企业资本成本与资本结构 Multinational Cost of Capital Capital Structure 第一节、资本成本的内涵 Cost of Capital 第二节、个别资本成本的估算 Calculation of Individual Cost of Capital 第三节、加权资本成本 WACC 第四节、国际企业资本结构 Capital Structure for MNC 外汇风险的类型 Types of Foreign Exchange Exposure  Economic Exposure 经济风险 Exchange rate risk as applied to the firm’s competitive position. Transaction Exposure交易风险 Exchange rate risk as applied to the firm’s home currency cash flows. Translation Exposure折算风险 Exchange rate risk as applied to the firm’s consolidated financial statements. 交易风险管理方法Techniques to Eliminate Transaction Exposure Futures Hedge Forward Hedge Money Market Hedge Currency Option Hedge Calculating the Real Cost of Hedging Determining the Optimal Hedge Hedging Long-Term Transaction Exposure Long-Term Forward Contract Currency Swap Parallel Loan Alternative Hedging Techniques Leading and Lagging Cross-Hedging Currency Diversification 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 International Financial ManagementCase Study: Blades, Inc. Case Managing Transaction Exposure 1. Export Speedos to British Retailer 200,000 pairs at ￡80/pair for 2 years, may renew contract. 2. Continue export Speedos to Thailand Entertainment Products 180,000 pairs at Thai Baht 4594，2 years may renew contract 3. Imports from Thailand materials for Speedos enough to produce 72,000pairs. Prices not fixed, adjustable to market prices, now at Thai Baht 3,000. 4. Export quarterly each 50,000 to British Retailer, 45,000 to Thai Entertainment Products, payment made on first day of Jan. Apr. July. Oct. 5.Imports quarterly each 18,000 material from Thailand. Early payment, Beneficial, Why? 1. Using a spreadsheet, compare the hedging alternatives for the Thai Baht with a scenario under which Blades remains unhedged.