开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

amarelleqy · 2021年06月17日

是我对exposure的概念理解有误吗?

* 问题详情,请 查看题干

NO.PZ201602060100001702

问题如下:

2. 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:

A is correct.

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.

考点:balance sheet exposure

解析:

如果US dollar 是functional currency, 说明functional currency = reporting currency, 选择temporal method.

Exposure= monetary assets – monetary liability =125 + 230 185 200 = 30,负号代表exposure为净负债的头寸。

如果卖掉fixed assets (non-monetary) ,cash增加,monetary assets增加,可以抵消净负债的头寸,选项A正确。

选项B是Issuing debt, monetary liability 增加,固定资产属于non-monetary asset,MA不变,最终增大净负债的头寸。

选项C发行短期债,monetary liability增加,marketable securities属于non-monetary asset,MA不变,最终增大净负债的头寸。

(根据教材:Monetary items are cash and receivables (payables) that are to be received (paid) in a fixed number of currency units. market securites一般属于non-monetary asset)

这道题让求exposure的变化。

我理解在TM方式下,exposure就是货币型资产-货币型负债

货币性资产的增加会导致暴露在汇率风险下的资产会增加。

那么选项A是增加cash,cash属于货币型资产,所以cash头寸的增加一定会导致exposure上升啊?

1 个答案

纠纠_品职答疑助手 · 2021年06月18日

嗨,努力学习的PZer你好:


同学你好,

我们这里发现monetary asset 之前是125 + 230 = 355。

Monetary liability = 185 + 200 =385

所以净的exposure是负的30。


如果卖掉固定资产的话 30 Dollar的固定资产的话现金增加30,头寸会从原来的30变成 0。

所以是导致头寸下降。


同学不能光看cash是增加头寸的,我们要和增加头寸后对exposure的影响综合起来看,看它对exposure绝对值的影响是大还是小。


----------------------------------------------
加油吧,让我们一起遇见更好的自己!

  • 1

    回答
  • 1

    关注
  • 1110

    浏览
相关问题

NO.PZ201602060100001702 问题如下 If the US llwere chosen the functioncurrenfor Acceletron in 2007, Reine coulreits balansheet exposure to exchange rates by: A.selling SG0 million of fixeassets for cash. B.issuing SG0 million of long-term to buy fixeassets. C.issuing SG0 million in short-term to purchase marketable securities. A is correct.If the US llis the functioncurrency, the tempormethomust use anthe balansheet exposure will the net monetary assets of 125 + 230 – 185 – 200 = –30, or a net monetary liability of SG0 million. This net monetary liability wouleliminateif fixeassets (non-monetary) were solto increase cash. Issuing bt, either short-term or long-term, woulincrease the net monetary liability. 考点balansheet exposure解析如果US ll是functioncurrency, 说明functioncurren= reporting currency, 选择tempormethoExposure= monetary assets – monetary liability =125 + 230 – 185 – 200 = –30,负号代表exposure为净负债的头寸。现在是net liability exposure,我们就想把这个负数变得更接近于0,这样就减少敞口了。【提示】不管是net asset exposure还是net liability exposure,只要存在(即不等于0)就是有风险。对于net asset exposure来说担心汇率贬值,子公司货币贬值那么转换完的net asset就变少,对公司来说会有损失。net liability exposure则在子公司货币升值的情况下转换完的liability更多了,对公司来说也不是好事。所以综上所述,只要exposure不等于0,就是有风险敞口,所以降低exposure,就是要让它更接近于0。A如果卖掉fixeassets (non-monetary资产减少) ,cash增加(monetary assets增加),monetary asset的增加可以抵消exposure净负债的头寸,A正确。B发债买固定资产。发债会导致monetary liability 增加,固定资产属于non-monetary asset,所以这个操作会增加ML,但MA不变,那么最终增大净负债的头寸。会使exposure更大,B不正确。C发行短期债买marketable securities,会使monetary liability增加。marketable securities属于non-monetary asset,MA不变,所以这个操作会增加ML,但MA不变,那么最终增大净负债的头寸。会使exposure更大,C不正确。【提示】根据教材Monetary items are cash anreceivables (payables) thare to receive(pai in a fixenumber of currenunits. 即只有cash和receivables属于货币性资产,因此如无特别说明,market securites我们作为non-monetary asset来处理。 Monetary Assets的定义不就是类似Cash且没有实物形态的东西吗?比如cash、Receivable等等,那Marketable Securities为什么不算Monetary Assets啊?

2024-03-19 12:25 1 · 回答

NO.PZ201602060100001702问题如下 If the US llwere chosen the functioncurrenfor Acceletron in 2007, Reine coulreits balansheet exposure to exchange rates by: A.selling SG0 million of fixeassets for cash.B.issuing SG0 million of long-term to buy fixeassets.C.issuing SG0 million in short-term to purchase marketable securities. A is correct.If the US llis the functioncurrency, the tempormethomust use anthe balansheet exposure will the net monetary assets of 125 + 230 – 185 – 200 = –30, or a net monetary liability of SG0 million. This net monetary liability wouleliminateif fixeassets (non-monetary) were solto increase cash. Issuing bt, either short-term or long-term, woulincrease the net monetary liability. 考点balansheet exposure解析如果US ll是functioncurrency, 说明functioncurren= reporting currency, 选择tempormethoExposure= monetary assets – monetary liability =125 + 230 – 185 – 200 = –30,负号代表exposure为净负债的头寸。现在是net liability exposure,我们就想把这个负数变得更接近于0,这样就减少敞口了。【提示】不管是net asset exposure还是net liability exposure,只要存在(即不等于0)就是有风险。对于net asset exposure来说担心汇率贬值,子公司货币贬值那么转换完的net asset就变少,对公司来说会有损失。net liability exposure则在子公司货币升值的情况下转换完的liability更多了,对公司来说也不是好事。所以综上所述,只要exposure不等于0,就是有风险敞口,所以降低exposure,就是要让它更接近于0。A如果卖掉fixeassets (non-monetary资产减少) ,cash增加(monetary assets增加),monetary asset的增加可以抵消exposure净负债的头寸,A正确。B发债买固定资产。发债会导致monetary liability 增加,固定资产属于non-monetary asset,所以这个操作会增加ML,但MA不变,那么最终增大净负债的头寸。会使exposure更大,B不正确。C发行短期债买marketable securities,会使monetary liability增加。marketable securities属于non-monetary asset,MA不变,所以这个操作会增加ML,但MA不变,那么最终增大净负债的头寸。会使exposure更大,C不正确。【提示】根据教材Monetary items are cash anreceivables (payables) thare to receive(pai in a fixenumber of currenunits. 即只有cash和receivables属于货币性资产,因此如无特别说明,market securites我们作为non-monetary asset来处理。 如意 B/S中拿什么汇率计算呢

2022-12-09 17:50 1 · 回答

NO.PZ201602060100001702 问题如下 If the US llwere chosen the functioncurrenfor Acceletron in 2007, Reine coulreits balansheet exposure to exchange rates by: A.selling SG0 million of fixeassets for cash. B.issuing SG0 million of long-term to buy fixeassets. C.issuing SG0 million in short-term to purchase marketable securities. A is correct.If the US llis the functioncurrency, the tempormethomust use anthe balansheet exposure will the net monetary assets of 125 + 230 – 185 – 200 = –30, or a net monetary liability of SG0 million. This net monetary liability wouleliminateif fixeassets (non-monetary) were solto increase cash. Issuing bt, either short-term or long-term, woulincrease the net monetary liability. 考点balansheet exposure解析如果US ll是functioncurrency, 说明functioncurren= reporting currency, 选择tempormethoExposure= monetary assets – monetary liability =125 + 230 – 185 – 200 = –30,负号代表exposure为净负债的头寸。现在是net liability exposure,我们就想把这个负数变得更接近于0,这样就减少敞口了。【提示】不管是net asset exposure还是net liability exposure,只要存在(即不等于0)就是有风险。对于net asset exposure来说担心汇率贬值,子公司货币贬值那么转换完的net asset就变少,对公司来说会有损失。net liability exposure则在子公司货币升值的情况下转换完的liability更多了,对公司来说也不是好事。所以综上所述,只要exposure不等于0,就是有风险敞口,所以降低exposure,就是要让它更接近于0。A如果卖掉fixeassets (non-monetary资产减少) ,cash增加(monetary assets增加),monetary asset的增加可以抵消exposure净负债的头寸,A正确。B发债买固定资产。发债会导致monetary liability 增加,固定资产属于non-monetary asset,所以这个操作会增加ML,但MA不变,那么最终增大净负债的头寸。会使exposure更大,B不正确。C发行短期债买marketable securities,会使monetary liability增加。marketable securities属于non-monetary asset,MA不变,所以这个操作会增加ML,但MA不变,那么最终增大净负债的头寸。会使exposure更大,C不正确。【提示】根据教材Monetary items are cash anreceivables (payables) thare to receive(pai in a fixenumber of currenunits. 即只有cash和receivables属于货币性资产,因此如无特别说明,market securites我们作为non-monetary asset来处理。 1)这个题想问下,exposure如果是负数,就比如-30,题目里面的数字,是变成0,方向为减少;变成-60方向为增加。这样算吗?2)如果是为正数呢CR的exposure不是基本为正数吗,比如70,那么是变成100为减少;变成50为增加么?有点儿晕了

2022-08-30 09:45 1 · 回答

NO.PZ201602060100001702 想问一下tempormetho。如果non monetary资产中的部分按照fair value计价的金融资产也按照current rate汇率转换。那这部分是否也应该包含在exposure计算中?

2022-02-19 11:40 1 · 回答

NO.PZ201602060100001702 current methota-tl 和 tempormethoma-ml,风险敞口都是越接近于零越小吗? 谢谢

2022-02-06 20:57 1 · 回答