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ID:51972964
大小:545.00 KB
页数:18页
时间:2020-03-26
《现代财务管理全套配套课件詹姆斯R.麦圭根 Ch21 MMK11e.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、21RiskManagement©2009South-Western/CengageIntroductionThischapterdescribesthevariousmotivesthatcompanieshavetomanagefirm-specificrisks.Italsoexplainsbasicnon-hedgingandhedgingstrategiesusedtoreducerisk.23WhatisRisk?Riskisthepossibilitythattheactualcashflowsfr
2、omaninvestmentoranyotherbusinesstransactionwillbedifferentfromexpectedcashflows.Riskmanagementoccurswhenafirmtakesdeliberatestepstominimizethatdifference.4WhyManageRisk?Caneliminateunsystematicriskbyholdingawell-diversifiedportfolioDiversificationcan’tproduce
3、otherimportantbenefitsPreservationofvaluableinvestmentopportunities5RiskManagementBenefitsReducestheprobabilityoffinancialdistressReduceslossfromforcedliquidationEnablesmaintenanceofcapitalexpendituresbystabilizinginternallygeneratedfundsAllowsmanagerialperfo
4、rmancetobeevaluatedonthebasisoffactorsundermanager’scontrol6Non-HedgingStrategiesAcquisitionofinformationtoreducetheriskofmakingpoordecisionsDiversificationofcustomerandsupplierbaseInsuranceControlmeasuresoveroperatingenvironmentFlexibilityinuseofassets7Hedgi
5、ngStrategiesForRiskManagementAhedgelimitstheriskassociatedwithfluctuationsinaprice.Hedgingresultsfromthecreationofapositioninaforwardcontract,afuturescontract,oranoption.8ForwardContractsAforwardcontractisanagreementtobuyorsellanassetDeliverypriceLongposition
6、:agreetobuyShortposition:agreetosellSpotpricePerformancerisk9MoreAboutForwardContractsNoorganizedmarketSubjecttoperformanceriskMostcommonintheforeignexchangemarketExampleOfForeignCurrencyExchangeRates1011FuturesContractsAstandardizedcontractTradedonanorganize
7、dexchangeRequiredailysettlementMarkingtomarketDeliverypriceandspotpriceLongandshortpositionsMaintenanceofamarginaccount12FuturesContractsFuturesexchangesprovideStandardizedcontractsAclearinghousetohandleallpaymentsbetweenbuyersandsellers121314LongHedgeExample
8、WaituntilJuneandbuythecopperBuythecoppertodayandstoreituntilneededExecutealonghedgebypurchasingthecopperinthefuturesmarketforJunedeliveryattheJunefuturespriceHalsteadIndustriesanticipates
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