第十章 折算风险和交易风险(国际财务管理,Joseph F.Greco)
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3. Nonmonetary accounts - use historical rates - Pertains to 存货 固定资产 长期投资 Income statement accounts - use average exchange rate for the period.
4.
11
ALTERNATIVE CURRENCY TRANSLATION METHODS
24
3.
MANAGING TRANSLATION EXPOSURE
风险对冲 a. offsetting exposures in one currency with exposures in the same or another currency b. gains and losses on the two currency positions will offset each other.
9
ALTERNATIVE CURRENCY TRANSLATION METHODS
B. 货币/非货币法２９１ 1. Monetary accounts use current rate 2. Pertains to - 现金 - 应付账款 - 应收账款 - 长期负债
10
ALTERNATIVE CURRENCY TRANSLATION METHODS
23
MANAGING TRANSLATION EXPOSURE
2. 签订远期合约 reducing a firm’s translation exposure by creating an offsetting asset or liability in the foreign currency.
29
MANAGING TRANSACTION EXPOSURE
Managing transaction exposure: A transaction exposure arises whenever a company is committed to a foreign currency-denominated transaction. Protective measures include using: forward contracts, price adjustment clauses, currency options, and HC invoicing.
5
ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE 2. 交易风险２９０: 是由那些已知的,受合约约束并且以外 币表示的未来现金流入或流出的交易造 成的.
6
ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE 3. 经营风险２９０ 度量的是汇率波动可能使一个公司未 来经营现金流量,即它未来收入和成本发 生变动的程度.
28
MANAGING TRANSACTION EXPOSURE
Central idea: Hedging Hedging a particular currency exposure means establishing an offsetting currency position Whatever is lost or gained on the original currency exposure is exactly offset by a corresponding foreign exchange gain or loss on the currency hedge
26
MANAGING TRANSLATION EXPOSURE
4. increasing soft-currency liabilities
i.e. reduce the level of cash, tighten credit terms to decrease accounts receivable, increase LC borrowing, delay accounts payable, and sell the weak currency forward.
7
ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE 经济风险２９０
= Transaction + Operating Exposures
8
PART II.几种货币折算的方法
I. FOUR METHODS OF TRANSLATION A. 流动/非流动法 ２９１ 1. 所有的国外子公司的流动资产和 负债在折算成本币时用现行汇率. 2. 收益表中的流动资产和负债使用 这一时期的平均汇率折算.
C. 时态法 1. 是货币/非货币法的变形. 2. 如果存货以市场价值计价,则按现行 汇率折算.
12
ALTERNATIVE CURRENCY TRANSLATION METHODS
D. 现行汇率法
所有的资产负债表和收益表项目都以 现行汇率折算.
13
PART III. STATEMENT OF INANCIAL ACCOUNTING STANDARDS NO. 52
I. FASB NO. 52 A. Dissatisfaction with FASB No. 8 true profitability often disguised by exchange rate volatility. B. Balance sheet translation uses current rate method.
1
CHAPTER 10
折算风险和交易风险 的度量与管理
2
CHAPTER OVERVIEW
I. 外汇风险的几种度量方法
II.
III.
几种货币折算的方法
STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO.52
3
CHAPTER OVERVIEW (con’t)
IV. 交易风险 V. 设计套期保值策略
VI. 折算风险管理
VII. Biblioteka Baidu易风险管理
4
PART I.外汇风险的几种度量方法
I. ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE A. Three Types of Exposure 1. 折算风险290: 也称会计风险,它是为编制财务报表 和合并报表将国外经营企业财务报表中的当地 货币转化为本国货币时引起的.
14
PART IV.交易风险
I. WHEN DOES IT OCCUR? A. 产生于以外币表示的，已达成的交易在未 来发生汇兑损益的可能性.
20
PART V.设计套期保值策略
III. 设计保值策略２９８ A. 目标２９８ B. 标准的保值方法的成本和好处３００ －３０２ Ｃ. 集中管理与分散管理３０３ D. 风险管理的管理304
Multinational Financial Management
Alan Shapiro 7th Edition J.Wiley & Sons
Power Points by Joseph F. Greco, Ph.D. California State University, Fullerton
25
MANAGING TRANSLATION EXPOSURE
B. Basic hedging strategy for reducing translation exposure: 1. increasing hard-currency(likely to appreciate) assets 2. decreasing soft-currency(likely to depreciate) assets 3. decreasing hard-currency liabilities
30
22
PART VI.折算风险管理
I. MANAGING TRANSLATION EXPOSURE A. 3 Available Methods 1. 调整资金流量 altering either the amounts or the currencies of the planned cash flows of the parent or its subsidiaries to reduce the firm’s local currency accounting exposure.
27
PART VII.交易风险管理
I. METHODS OF HEDGING A. 远期 market hedge３０７ B. 货币 market hedge３０９ C. 风险转移３１１ D. 定价决策３１１ E. 风险对冲３１２ F. 货币风险分担３１４ G. 货币双限３１４ H. 交叉套期保值３１６ I. 外币期权318
4.
11
ALTERNATIVE CURRENCY TRANSLATION METHODS
24
3.
MANAGING TRANSLATION EXPOSURE
风险对冲 a. offsetting exposures in one currency with exposures in the same or another currency b. gains and losses on the two currency positions will offset each other.
9
ALTERNATIVE CURRENCY TRANSLATION METHODS
B. 货币/非货币法２９１ 1. Monetary accounts use current rate 2. Pertains to - 现金 - 应付账款 - 应收账款 - 长期负债
10
ALTERNATIVE CURRENCY TRANSLATION METHODS
23
MANAGING TRANSLATION EXPOSURE
2. 签订远期合约 reducing a firm’s translation exposure by creating an offsetting asset or liability in the foreign currency.
29
MANAGING TRANSACTION EXPOSURE
Managing transaction exposure: A transaction exposure arises whenever a company is committed to a foreign currency-denominated transaction. Protective measures include using: forward contracts, price adjustment clauses, currency options, and HC invoicing.
5
ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE 2. 交易风险２９０: 是由那些已知的,受合约约束并且以外 币表示的未来现金流入或流出的交易造 成的.
6
ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE 3. 经营风险２９０ 度量的是汇率波动可能使一个公司未 来经营现金流量,即它未来收入和成本发 生变动的程度.
28
MANAGING TRANSACTION EXPOSURE
Central idea: Hedging Hedging a particular currency exposure means establishing an offsetting currency position Whatever is lost or gained on the original currency exposure is exactly offset by a corresponding foreign exchange gain or loss on the currency hedge
26
MANAGING TRANSLATION EXPOSURE
4. increasing soft-currency liabilities
i.e. reduce the level of cash, tighten credit terms to decrease accounts receivable, increase LC borrowing, delay accounts payable, and sell the weak currency forward.
7
ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE 经济风险２９０
= Transaction + Operating Exposures
8
PART II.几种货币折算的方法
I. FOUR METHODS OF TRANSLATION A. 流动/非流动法 ２９１ 1. 所有的国外子公司的流动资产和 负债在折算成本币时用现行汇率. 2. 收益表中的流动资产和负债使用 这一时期的平均汇率折算.
C. 时态法 1. 是货币/非货币法的变形. 2. 如果存货以市场价值计价,则按现行 汇率折算.
12
ALTERNATIVE CURRENCY TRANSLATION METHODS
D. 现行汇率法
所有的资产负债表和收益表项目都以 现行汇率折算.
13
PART III. STATEMENT OF INANCIAL ACCOUNTING STANDARDS NO. 52
I. FASB NO. 52 A. Dissatisfaction with FASB No. 8 true profitability often disguised by exchange rate volatility. B. Balance sheet translation uses current rate method.
1
CHAPTER 10
折算风险和交易风险 的度量与管理
2
CHAPTER OVERVIEW
I. 外汇风险的几种度量方法
II.
III.
几种货币折算的方法
STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO.52
3
CHAPTER OVERVIEW (con’t)
IV. 交易风险 V. 设计套期保值策略
VI. 折算风险管理
VII. Biblioteka Baidu易风险管理
4
PART I.外汇风险的几种度量方法
I. ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE A. Three Types of Exposure 1. 折算风险290: 也称会计风险,它是为编制财务报表 和合并报表将国外经营企业财务报表中的当地 货币转化为本国货币时引起的.
14
PART IV.交易风险
I. WHEN DOES IT OCCUR? A. 产生于以外币表示的，已达成的交易在未 来发生汇兑损益的可能性.
20
PART V.设计套期保值策略
III. 设计保值策略２９８ A. 目标２９８ B. 标准的保值方法的成本和好处３００ －３０２ Ｃ. 集中管理与分散管理３０３ D. 风险管理的管理304
Multinational Financial Management
Alan Shapiro 7th Edition J.Wiley & Sons
Power Points by Joseph F. Greco, Ph.D. California State University, Fullerton
25
MANAGING TRANSLATION EXPOSURE
B. Basic hedging strategy for reducing translation exposure: 1. increasing hard-currency(likely to appreciate) assets 2. decreasing soft-currency(likely to depreciate) assets 3. decreasing hard-currency liabilities
30
22
PART VI.折算风险管理
I. MANAGING TRANSLATION EXPOSURE A. 3 Available Methods 1. 调整资金流量 altering either the amounts or the currencies of the planned cash flows of the parent or its subsidiaries to reduce the firm’s local currency accounting exposure.
27
PART VII.交易风险管理
I. METHODS OF HEDGING A. 远期 market hedge３０７ B. 货币 market hedge３０９ C. 风险转移３１１ D. 定价决策３１１ E. 风险对冲３１２ F. 货币风险分担３１４ G. 货币双限３１４ H. 交叉套期保值３１６ I. 外币期权318