跨国公司财务管理Chap.pdf


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CHAPTER 6
Measuring and Managing Exposure To
Exchange Rate Fluctuations
Libo Yin, School of Finance, Central University of Finance and Economics
Email: ******@
Chapter Objectives
1. Measuring exposure
. To discuss the relevance of an MNC’s
exposure to exchange rate risk;
. To explain how transaction exposure can be
measured;
. To explain how economic exposure can be
measured; and
. To explain how translation exposure can be
measured.
2014/9/23 CUFE--International Finance Management 2
2. Managing transaction exposure
. To identify the commonly used techniques for
hedging transaction exposure;
. To explain how each technique can be used
to hedge future payables and receivables;
. To compare the advantages and
disadvantages of the identified hedging
techniques; and
. To suggest other methods of reducing
exchange rate risk when hedging techniques
are not available.
2014/9/23 CUFE--International Finance Management 3
3. Managing economic exposure
and translation exposure
. To explain how an MNC’s economic exposure
can be hedged; and
. To explain how an MNC’s translation
exposure can be hedged.
2014/9/23 CUFE--International Finance Management 4
Is Exchange Rate Risk Relevant?
Purchasing Power Parity Argument
 Exchange rate movements will be matched by
price movements.
PPP does not necessarily hold.
2014/9/23 CUFE--International Finance Management 5
The Investor Hedge Argument
 MNC shareholders can hedge against
exchange rate fluctuations on their own.
The investors may not have complete
information on corporate exposure. They may
not have the capabilities to correctly insulate
their individual exposure too.
2014/9/23 CUFE--International Finance Management 6
Currency Diversification Argument
 An MNC that is well diversified should not be

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