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?