外汇经济风险管理.pptVIP

Management of Economic Exposure 9 o Chapter Objectives J This chapter provides a way to measure economic exposure, discusses its determinants, and presents methods for managing and hedging economic exposure.  Chapter Outline How to Measure Economic Exposure Operating Exposure: Definition An Illustration of Operating Exposure Determinants of Operating Exposure Managing Operating Exposure  Chapter Outline How to Measure Economic Exposure Operating Exposure: Definition An Illustration of Operating Exposure Determinants of Operating Exposure Managing Operating Exposure  Economic Exposure o Economic exposure is the sensitivity of the future home currency value of the firm s assets and liabilities and the firms operating cash flow to random changes in exchange rates 经济风险又称为经营风险,是指由于意料之外的 外汇汇率变化而导致企业产品成本、价格等发生 变化,从而导致企业在一定期间内收益或现金流量 减少的一种潜在损失。  经济风险的案例 例一:學西哥比索连续两周持续下滑,除外汇交易 利投资商外,还有很多 亦为之心痛不已。 福特汽车公司说比索事件会减少它下年对墨西哥 出可 入墨西哥的 00辆,比1992年增 本以为在 自由贸易协定”的帮 上价的工资降低但分可象 汽车“以比索计量的成本已急剧上 公司盈利有太大的帮助,因为墨西哥大部 分用于组装汽车的零部件是在美国生产的。 结论:汇率变化会影响从事国际贸易的企业。