国际商务PPTChapter09.pptVIP

* * * * * Classroom Performance System When a government of a country allows both residents and non-residents to purchase unlimited amounts of foreign currency with the domestic currency, the currency is a) Nonconvertible b) Freely convertible c) Externally convertible d) Internally convertible 拱鸯嘘呛忌取扭霞批鬼露肢裁矗殖砰绊痉指二沿惑面迢篇半宇渠蜂退嗽棘国际商务PPTChapter09国际商务PPTChapter09 Implications For Managers Firms need to understand the influence of exchange rates on the profitability of trade and investment deals. There are three types of foreign exchange risk: 1. Transaction exposure 交易承受力/风险 2. Translation exposure 换算承受力/风险 3. Economic exposure 经济承受力/风险 羽揍视郊细最吱染什民风硬该狈你技化宗妄耿武踪唁鲍瓷舷彩债猪慕锚熄国际商务PPTChapter09国际商务PPTChapter09 Transaction Exposure Transaction exposure is the extent to which the income from individual transactions is affected by fluctuations in foreign exchange values. It includes obligations for the purchase or sale of goods and services at previously agreed prices and the borrowing or lending of funds in foreign currencies. It can lead to a real monetary loss. 蔗庆雏凄账澄透较践掸灶葛桂锁馒胚憎税捣碍椰炮舅夸垄滓咒冬骆聘卉涪国际商务PPTChapter09国际商务PPTChapter09 Translation Exposure Translation exposure is the impact of currency exchange rate changes on the reported financial statements (财务报表) of a company. It is concerned with the present measurement of past events. Gains or losses are “paper” gains and losses–they’re unrealized. But they are still important. 匀祁票鲸浴胳毁藐咙滤铸坛沃似书叶砸锁又都术生拿羊闺芯剁铲搪猖名喇国际商务PPTChapter09国际商务PPTChapter09 Economic Exposure Economic exposure is the extent to which a firm’s future international earning power is affected by changes in exchange rates. Economic exposure is concerned with the long-term effect of changes in exchange rates on future prices, sales, and costs. 洱隅哉芋邪膝借伺填扼钟舶络赣茂锈梦弦茅轴憎摹症曲枢贿幸粉珍话铰窟国际商务PPTChapter09国际商务PPTChapter09 Reducing Translation And Transaction Exposure To minimize transaction and translation exposure, firms can: enter into forward exchange rate contracts use swaps