国际财务管理 综合案例.pdfVIP

国际财务管理 综合案例 - 1 - 国际财务管理 综合案例 - 2 - 国际财务管理 综合案例 - 3 - 国际财务管理 综合案例 - 4 - 国际财务管理 综合案例 Goal: To examine the role of risk management in foreign exchange rate exposure. Thought questions: 1. In what way(s) is Tiffany exposed to exchange-rate risk subsequent to its new distribution agreement with Mitsukoshi? How serious are these risks: 2. Should Tiffany actively management its yen-dollar exchange-rate risk? Why or why not? 3. If Tiffany were to manage exchange-rate risk activity, what should be the objectives of such a program? Specifically, what exposures should be actively managed? How much of these exposures should be covered, and for how long? 4. As instruments for risk management, what are the chief differences of foreign-exchange options and forward or futures contracts? What are the advantages and disadvantages of each? Which, if either, of these types of instruments would be most appropriate for Tiffany to use if it chose to manage exchange-rate risk? - 5 - 国际财务管理 综合案例 - 6 - 国际财务管理 综合案例 - 7 - 国际财务管理 综合案例 - 8 - 国际财务管理国际财务管理 综合案例综合案例 - 9 -- 9 - 国际财务管理 综合案例 - 10 - 国际财务管理