外汇风险管理之二ppt课件.ppt

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1、1第三章外汇风险管理ExchangeRateRiskManagement第一节外汇风险的涵义DefinitionofExchangeRateRisk第二节交易风险及管理方法TransactionExposureManagement第三节经济风险与折算风险EconomicandTranslationExposure第四节外汇风险管理策略StrategyofExchangeRateRiskManagement2TodiscusstherelevanceofanMNC’sexposuretoexchangeraterisk;Toexplainhowtransacti

2、onexposure，economicexposure，translationexposurecanbemeasured;Toidentifythecommonlyusedtechniquesforhedgingtransactionexposure;ChapterObjectives3第一节外汇风险的涵义DefinitionForeignexchangeexposureisameasureofthepotentialforafirm’sprofitability,netcashflow,andmarketvaluetochangebecauseofachan

3、geinexchangerates.指一个经济实体或个人，在涉外经济活动中（如对外贸易、国际交流等）因外汇汇率的变动，使其以外币计价的资产或负债价值涨跌而蒙受损失的可能性。4第二节交易风险及管理方法TransactionExposureManagementTransactionexposureexistswhenthefuturecashtransactionsofafirmareaffectedbyexchangeratefluctuations.Iftransactionexposureexists,theMNCshould1、identifythedeg

4、reeoftransactionexposure,2、decidewhethertohedgeandhowmuchtohedgebasedonitsdegreeofriskaversionandexchangerateforecasts,and3、chooseamongthevarioushedgingtechniquesavailableifitdecidestohedge.5AnMNC’soverallexposurecanbeassessedbyconsideringeachcurrencypositiontogetherwiththecurrency’

5、svariabilityandthecorrelationsamongthecurrencies.AnMNC’soverallexposurecanbeassessed6TechniquestoEliminateTransactionExposureHedgingtechniquesinclude:Futureshedge,Forwardhedge,Moneymarkethedge,andCurrencyoptionhedge.MNCswillnormallycomparethecashflowsthatcouldbeexpectedfromeachhedgi

6、ngtechniquebeforedeterminingwhichtechniquetoapply.HedgingPayablesHedgingReceivablesFuturesPurchasecurrencySellcurrencyhedgefuturescontract(s).futurescontract(s).ForwardNegotiateforwardNegotiateforwardhedgecontracttobuycontracttosellforeigncurrency.foreigncurrency.MoneyBorrowlocalBor

7、rowforeignmarketcurrency.Convertcurrency.Converthedgetoandtheninvesttoandtheninvestinforeigncurrency.inlocalcurrency.CurrencyPurchasecurrencyPurchasecurrencyoptioncalloption(s).putoption(s).TechniquestoEliminateTransactionExposureVehiclesAdvantagesDisadvantagesForwardExacthedge;Larg

8、ebid-askspreadsonSm