NO.PZ2023091901000009
问题如下:
The CFO of a publicly traded computer manufacturing
company is assessing the concerns and motivations of different stakeholder
groups with respect to the firm’s hedging strategies. Which of the following
statements is correct?
选项:
A.
If the firm’s equity investors hold a well-diversified
portfolio of investments, they would typically prefer that the firm hedge risks
specific to the computer industry.
B.
Debt investors would typically prefer that the company
use hedging strategies to increase the stability of its revenue stream.
C.
The firm should typically not hedge the foreign
exchange risk of long-term contracts to international customers
D.
Equity investors would typically not reward the firm
for using hedging to reduce its tax exposure over a multi-year period
解释:
Explanation: B is
correct. Debt investors generally have little or no upside from a firm’s
revenue volatility, so they would prefer that the firm use hedging strategies
to make its revenue stream more stable.
A is incorrect. If
the equity investors are already diversified, they would generally prefer that
the firm not hedge its firm-specific risks, since most of the risks specific to
the firm are already diversified away in the investors’ portfolios.
C is incorrect.
Foreign exchange exposure is typically not a core competency of a computer
manufacturer, so it would make sense in many instances for the firm to hedge this
exposure. Also, since the firm is exposed for a longer period of time, this
provides an additional argument in favor of hedging.
D is incorrect. Hedging tax exposure in this manner
increases after-tax earnings, so equity investors would prefer that the firm
uses hedges in this case
老师可以讲一下这两者的区别吗