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SHAO · 2024年07月25日

老师，请教下

  1. CFA II
  2. FRA

* 问题详情，请 查看题干

NO.PZ202304050100007801

问题如下：

(1) If the US dollar were chosen as the functional currency for Acceletron in 2007, Redline could reduce its balance sheet exposure to exchange rates by:

选项：

A.

selling SGD30 million of fixed assets for cash.

B.

issuing SGD30 million of long-term debt to buy fixed assets.

C.

issuing SGD30 million in short-term debt to purchase marketable securities.

解释：

If the US dollar is the functional currency, the temporal method must be used, and the balance sheet exposure will be the net monetary assets of 125 + 230 – 185 – 200 = –30, or a net monetary liability of SGD30 million. This net monetary liability would be eliminated if fixed assets (non-monetary) were sold to increase cash. Issuing debt, either short-term or long-term, would increase the net monetary liability.

老师，是不是看exposure大小只看绝对值就行呢，绝对值大，不论正负，都代表exposure大，风险高，最小的exposure就是0

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王园圆_品职助教 · 2024年07月25日

同学你好，用绝对值来看exposure的大小，是可以的

但是同学要记得，上课老师特意强调过，正数的exposure就是net asset exposure,而复数的exposure就是net liabilities exposure，所以exposure的符号是有意义的哦

SHAO · 2024年07月26日

那net asset exposure与exposure=0相比，哪个对公司更好呢？是不是公司更追求net asset exposure呢

王园圆_品职助教 · 2024年07月26日

同学你好，不能这么说，对于公司来说，没有exposure确实是更好的，因为就意味着没有不确定性，也不承担汇率风险了

但是大部分有海外子公司的公司是不可能做到正好exposure=0的，那就要看汇率的变化方向和exposure的正负号结合，才能判断是不是对公司有好处了，具体可以参考以下讲义截图黄色部分就是会对公司有积极影响的exposure和汇率变化的组合

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