1,第四章 国际企业资本成本与资本结构 Multinational Cost of Capital & Capital Structure,第一节、资本成本的内涵 Cost of Capital 第二节、个别资本成本的估算 Calculation of Individual Cost of Capital 第三节、加权资本成本 WACC 第四节、国际企业资本结构 Capital Structure for MNC,2,2,第三章 外汇风险管理 Exchange Rate Risk Management,第一节 外汇风险的涵义 Definition of Exchange Rate Risk 第二节 交易风险及管理方法 Transaction Exposure Management 第三节 经济风险与折算风险 Economic and Translation Exposure 第四节 外汇风险管理策略 Strategy of Exchange Rate Risk Management 案例分析:Blades,inc.case P236,3,外汇风险的类型 Types of Foreign Exchange Exposure,Economic Exposure 经济风险 Exchange rate risk as applied to the firms competitive position. Transaction Exposure交易风险 Exchange rate risk as applied to the firms home currency cash flows. Translation Exposure折算风险 Exchange rate risk as applied to the firms consolidated financial statements.,4,交易风险管理方法 Techniques to Eliminate Transaction Exposure,Futures Hedge Forward Hedge Money Market Hedge Currency Option Hedge Calculating the Real Cost of Hedging Determining the Optimal Hedge Hedging Long-Term Transaction Exposure Long-Term Forward Contract Currency Swap Parallel Loan Alternative Hedging Techniques Leading and Lagging Cross-Hedging Currency Diversification,5,经济风险的管理 Proactive（主动的） Management of Economic Exposure,The six most commonly employed proactive policies are: Matching currency cash flows Risk-sharing agreements Back-to-back or parallel loans Currency swaps Leads and lags Reinvoicing center,6,6,折算、交易与经济风险之比较,n对换算风险而言，交易与责任、义务之清算早已完成，汇率变动只影响其帐面数据。 n对交易风险而言，汇率变动恰巧发生在交易达成，但尚未进行清算的期间，此外，该清算或必须以外币进行，如此对该公司才会形成交易风险。 n对经济风险而言，汇率变动乃是造公司预期的现金流量产生偏差。也就是说，交易尚未发生。,7,7,外汇风险管理策略,一、完全避免外汇风险的管理策略 二、消极的外汇风险管理策略 三、积极的外汇风险管理策略,8,International Financial Management Case Study:,Blades, Inc. Case Managing Transaction Exposure,9,1. Export Speedos to British Retailer 200,000 pairs at 80/pair for 2 years, may renew contract. 2. Continue export Speedos to Thailand Entertainment Products 180,000 pairs at Thai Baht 4594，2 years may renew contract 3. Imports from Thailand materials for Speedos enough to produce 72,000pairs. Prices not fixed, adjustable to market prices, now at Thai Baht 3,000. 4. Export quarterly each 50,000 to British Retailer, 45,000 to Thai Entertainment Products, payment made on first day of Jan. Apr. July. Oct. 5.Imports quarterly each 18,000 material from Thailand. Early payment, Beneficial, Why?,Identify The Hedging technique most appropriate for Blades.,12,1. Using a spreadsheet, compare the hedging alternatives for the Thai Baht with a scenario under which Blades remains unhedged. Do you think Blades should hedge or remain unhedged? If Blades should hedge, which hedge is most appropriate.,Based on the analysis, it appears that Blades should hedge its baht exposure. The money market hedge appears to be the most appropriate for Blades, because it results in the highest dollar value for the net baht inflows. There is only a 20 percent chance that remaining unhedged will result in a higher dollar amount to be received in 90days.,Forward Hedge: 3,283,695.00 Money Market Hedge: 3,448,614.03,16,Based on the analysis, it appears that Blades should hedge its pound exposure. The money market hedge appears to be the most appropriate for Blades, because it results in the highest dollar value for the pound inflows. There is no chance that the option hedge will result in a higher dollar amount to be received in 90days than the money market hedge, Only a 5% chance that remaining unhedged will result in a higher dollar amount that the money market hedge.,2. Using a spreadsheet, compare the hedging alternatives for the British pound receivables with a scenario under which Blades remains unhedged. Do you think Blades should hedge or remain unhedged? If Blades should hedge, which hedge is most appropriate for Blades.,Purchase put option:,Forward Hedge: $5,960,000.00 Money Market Hedge: $6,005,882.35 Purchase put option: 5% $6,000,000.00 Remain unhedeged 5% $6,080,000.00,20,3. In general, do you think it is easier for Blades to hedge its inflows or its outflows denominated in foreign currencies? Why?,In general, it is easier for Blades to hedge its inflows denominated in foreign currencies. This is because Blades outflows are subject to two uncertain variables, the amount of the payables denominated in the foreign currency due to fluctuations in market prices and the future exchange rate. Since Blades has export agreement with its major customers, its dollar inflows are uncertain only because of exchange rate changes.,21,4.Would any of the hedges you compared in questions 2 for the British pounds to be received in 90days require Blades to overhedge? Given Bladess exporting arrangements, do you think it is subject to overhedging with a money market hedge?,In this case, none of the hedges would require Blades, Inc. to overhedge. Usually, the put option hedge would require Blades to overhedge, since Ben Holt wishes to hedge the entire exposure and