跨国公司 风险对冲.pptVIP

Economic Exposure If the German Mark value of the US dollar rises, this will cause the Mark price of the U.S. goods to increase for German consumers. If the German Mark value of the U.S. dollar falls, this will cause the dollar price of the German product to increase. If German Mark value of the U.S. dollar increases, another American competitor of this U.S. company may import a similar German product more cheaply with lower dollar price in the U.S. market. Chapter 7 Financial Management of MNCsSection 2 Management of Foreign Exchange Exposures 1.调整生产经营战略 1.1 生产经营分散化 通常跨国公司在许多国家和地区组织企业经营活动，在汇率变化情况下，以一个子公司的收益弥补另一个子公司的损失，以在某一市场上的优势弥补另一个市场上的弱势，从而抵销正负风险，从总体上保持公司收入的稳定性。 Chapter 7 Financial Management of MNCsSection 2 Management of Foreign Exchange Exposures 1.2 财务活动多样化 跨国公司谋求从不同的资金市场和资金渠道寻求各种 货币资金，在汇率变动情况下，通过货币多样化组合 中不同货币价值的此长彼消，来避免或减轻风险。 2. 加强外汇风险管理 2.1长期资金风险管理 长期资金风险管理的目标是确保公司资产、业务 经营和股东利益的长期最大化。 Chapter 7 Financial Management of MNCsSection 2 Management of Foreign Exchange Exposures 公司常用的三种对策： * 预测 若干年内汇率变动的有效范围，以便有针对 性地采取保护措施。 * 估计若干年内，外汇流入和流出之间的差额所引 起的风险。 * 对预期风险进行保值的对冲，以便减少或消除可 能的风险。 Chapter 7 Financial Management of MNCsSection 2 Management of Foreign Exchange Exposures 2.2 日常资金风险管理 日常资金风险管理的目标是减少公司日常性业务 活动中由交易及折算暴露引起的外汇风险，以求 近期每股税后盈利最大化。 * Hedging * Leads and lags * Transfer price * Swap Chapter 7 Financial Management of MNCsSection 2 Management of Foreign Exchange Exposures 2.2.1 Hedging （对冲） A type of economic insurance used by dealers in commodities, foreign exchange and securities, manufacturers, and other producers to prevent loss due to price (exchange rate) fluctuations. Hedging consists of counterbalancing a present sale or purchase by a purchase or sale of a similar commodity or of a different commodity, usually for delivery at some future date. The desired result is that the profit or loss on a current sale or purchase be offset by the loss o