第四章 国际企业资本成本与资本结构1.ppt

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
第四节、国际企业资本结构
Capital Structure for MNC
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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, P236
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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 firm’petitive position.
Transaction Exposure交易风险
Exchange rate risk as applied to the firm’s home currency cash flows.
Translation Exposure折算风险
Exchange rate risk as applied to the firm’s consolidated financial statements.
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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
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经济风险的管理Proactive(主动的) Management of Economic Exposure
The six monly employed proactive policies are:
Matching currency cash flows
Risk-sharing agreements
Back-to-back or parallel loans
Currency swaps
Leads and lags
Reinvoicing center
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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。
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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
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International Financial ManagementCase Study:
Blades, Inc. Case
Managing Transaction Exposure
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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 Th