国际金融（原书第12版）教学课件作者大卫.艾特曼（DavidEiteman）阿瑟.斯通西M12_EITE1342_12E_IM_C12课件.pdfVIP

Chapter 12 Operating Exposure ? Questions 12-1. By Any Other Name. Operating exposure has other names. What are they, and what do the words in these names suggest about the nature of operating exposure? Economic exposure emphasizes that the exposure is created by the economic consequences of an unexpected exchange rate change. Economic consequences, in turn, suggests that the impact is due to the response of external forces in the economy, rather than, say, something directly under the control of management. Competitive exposure suggests that the consequences of an unexpected exchange rate change are due to a shift in the competitive position of a firm, vis-á-vis its competitors. Strategic exposure suggests that matters of long-range cost changes and price setting, needed to anticipate or adjust to an unexpected change in exchange rates, are matters of corporate strategy; i.e., how the company positions itself in anticipation of risks caused by exchange rate changes. 12-2. Exposure Type Comparison. From a cash flow measurement perspective, what is the major difference between losses from transaction exposure and from operating exposure? Both exposures deal with changes in expected cash flows. Transaction exposure deals with changes in near-term cash flows that have already been contracted for (such as foreign currency accounts receivable, accounts payable, and other debts). Operating exposure deals with changes in long-term cash flows that have not been contracted for but would be expected in the normal course of future business. One might view operating exposure as “anticipated future transactions exposure,” although the concept is broader because the impact of the exposure might be through sales volume or operating cost changes. Given a known exchange rate change, the cash flow impact of transaction exposure can be measured precisely whereas the cash flow impact of operating exposure remains a conjecture about the future. 12-3. Intracompany Cash Flows. What are th