第9章 全球财务管理

全球财务管理制度随着全球化的发展，财务管理在国际范围内的重要性越来越突出。

全球财务管理制度是国际企业进行财务活动的基础，它涉及到跨国企业的资金管理、投资决策、跨国交易、外汇风险管理等多个方面。

全球财务管理制度的建立和完善对于促进跨国企业的发展和合作具有重要意义。

下面将从全球财务管理制度的概念、特点、发展趋势和影响等方面进行深入探讨。

一、全球财务管理制度的概念全球财务管理制度是指在全球范围内，跨国企业进行财务活动所遵循的制度和规则。

它是全球金融市场和财务环境的总体框架，包括国际货币体系、国际金融市场、跨国金融机构以及国际财务管理的相关法律法规。

在全球财务管理制度中，国际公司需要遵循国际财务规范，保持财务透明度，降低外汇风险，实现风险管理和财务控制的有效性。

二、全球财务管理制度的特点1. 国际化程度高：全球财务管理制度是国际企业进行财务活动的总体框架，涉及多个国家和地区的金融市场和财务环境。

国际公司需要在全球范围内进行资金融通、投资决策、跨国交易等活动，需要遵循国际财务规范和法律法规。

2. 复杂性强：全球财务管理制度涉及到跨国企业的资金管理、风险管理、金融监管等多个方面，具有较高的复杂性。

国际公司需要在不同国家和地区的金融环境中进行财务活动，面临着各种复杂的风险和挑战。

3. 风险性大：全球财务管理制度涉及到跨国企业的外汇风险、信用风险、市场风险等多种风险，具有一定的风险性。

国际公司需要在全球财务管理制度中有效管理和控制各种风险，确保财务活动的正常开展。

4. 法律性强：全球财务管理制度涉及到国际财务法律法规、国际会计准则、国际资金流动等方面的规定和要求，具有较强的法律性。

国际公司需要遵循相关法律法规，保持财务透明度和合规性，避免财务风险和法律纠纷。

三、全球财务管理制度的发展趋势1. 国际化程度持续提升：随着全球化的深入发展，国际企业之间的财务联系日益密切，全球财务管理制度的国际化程度将继续提升。

国际公司需要根据全球财务管理制度的发展趋势，合理规划财务活动，提升全球化经营水平。

注册会计师财务管理科目章节注册会计师（Certified Public Accountant，简称CPA）财务管理科目是注册会计师考试的重要科目之一，涵盖了会计、财务、管理等方面的知识。

本文将围绕注册会计师财务管理科目的章节展开讨论。

第一章：财务管理概述本章主要介绍财务管理的基本概念和职能，包括财务管理的定义、目标和职责等。

同时，还会探讨财务管理的原则和方法，以及财务管理在企业中的作用和意义。

第二章：财务报表分析财务报表是企业财务状况和经营成果的重要反映，财务报表分析则是通过对财务报表数据的分析和比较，评估企业的财务状况和经营能力。

本章将介绍财务报表分析的基本方法和指标，包括比率分析、趋势分析和竞争对比分析等。

第三章：资本预算决策资本预算决策是企业投资决策的核心内容，涉及到企业长期投资项目的选择和评估。

本章将介绍资本预算决策的基本概念和方法，包括净现值法、内部收益率法和投资回收期法等，以及不同投资项目之间的比较和选择。

第四章：成本与收益管理成本与收益管理是企业管理的重要内容，涉及到企业成本的控制和效益的提高。

本章将介绍成本与收益管理的基本理论和方法，包括成本分类与计算、成本控制与分析、收益管理和绩效评价等。

第五章：资金管理资金管理是企业经营管理的关键环节，涉及到企业资金的筹集、配置和运营。

本章将介绍资金管理的基本原理和方法，包括资金需求与预测、资金筹集与融资、资金投资与运营、现金管理和风险管理等。

第六章：财务风险管理财务风险管理是企业面临的风险进行识别、评估和控制的过程，包括市场风险、信用风险、流动性风险等。

本章将介绍财务风险管理的基本原理和方法，包括风险识别与评估、风险控制与应对、风险管理工具和策略等。

第七章：财务管理伦理与法规财务管理伦理与法规是财务管理的基本准则和规范，涉及到企业财务活动的合规性和道德性。

本章将介绍财务管理伦理与法规的基本要求和实施措施，包括会计伦理、财务报告准则、内部控制和审计等。

CHAPTER 9 MANAGEMENT OF ECONOMIC EXPOSURESUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. How would you define economic exposure to exchange risk?Answer: Economic exposure can be defined as the possibility that the firm’s cash flows and thus its market value may be affected by the unexpected exchange rate changes.2. Explain the following statement: “Exposure is the regression coefficient.”Answer: Exposure to currency risk can be appropriately measured by th e sensitivity of the firm’s future cash flows and the market value to random changes in exchange rates. Statistically, this sensitivity can be estimated by the regression coefficient. Thus, exposure can be said to be the regression coefficient.3. Suppose that your company has an equity position in a French firm. Discuss the condition under which the dollar/franc exchange rate uncertainty does not constitute exchange exposure for your company.Answer: Mere changes in exchange rates do not necessarily constitute currency exposure. If the French franc value of the equity moves in the opposite direction as much as the dollar value of the franc changes, then the dollar value of the equity position will be insensitive to exchange rate movements. As a result, your company will not be exposed to currency risk.4. Explain the competitive and conversion effects of exchange rate changes on the firm’s operating cash flow.Answer: The competitive effect: exchange rate changes may affect operating cash flows by altering the firm’s competitive position.The conversion effect: A given operating cash flows in terms of a foreign currency will be converted into higher or lower dollar (home currency)amounts as the exchange rate changes.5. Discuss the determinants of operating exposure.Answer: The main determinants of a firm’s operating exposure are (1) the structure of the markets in which the firm sources its inputs, such as labor and materials, and sells its products, and (2) the firm’s ability to mitigate the effect of exchange rate changes by adjusting its markets, product mix, and sourcing.6. Discuss the implications of purchasing power parity for operating exposure.Answer: If the exchange rate changes are matched by the inflation rate differential between countries, firms’ competitive positions will not be altered by exchange rate changes. Firms are not subject to operating exposure.7. General Motors exports cars to Spain but the strong dollar against the peseta hurts sales of GM cars in Spain. In the Spanish market, GM faces competition from the Italian and French car makers, such as Fiat and Renault, whose currencies remain stable relative to the peseta. What kind of measures would you recommend so that GM can maintain its market share in Spain.Answer: Possible measures that GM can take include: (1) diversify the market; try to market the cars not just in Spain and other European countries but also in, say, Asia; (2) locate production facilities in Spain and source inputs locally; (3) locate production facilities, say, in Mexico where production costs are low and export to Spain from Mexico.8. What are the advantages and disadvantages of financial hedging of the firm’s operating exposure vis-à-vis operational hedges (such as relocating manufacturing site)?Answer: Financial hedging can be implemented quickly with relatively low costs, but it is difficult to hedge against long-term, real exposure with financial contracts. On the other hand, operational hedges are costly, time-consuming, and not easily reversible.9. Discuss the advantages and disadvantages of maintaining multiple manufacturing sites as a hedge against exchange rate exposure.Answer: To establish multiple manufacturing sites can be effective in managing exchange risk exposure, but it can be costly because the firm may not be able to take advantage of the economy of scale.10. Evaluate the following statement: “A firm can reduce its currency exposure by diversifying across different business lines.”Answer: Conglomerate expansion may be too costly as a means of hedging exchange risk exposure. Investment in a different line of business must be made based on its own merit.11. The exchange rate uncertainty may not necessarily mean that firms face exchange risk exposure. Explain why this may be the case.Answer: A firm can have a natural hedging position due to, for example, diversified markets, flexible sourcing capabilities, etc. In addition, to the extent that the PPP holds, nominal exchange rate changes do not influenc e firms’ competitive positions. Under these circumstances, firms do not need to worry about exchange risk exposure.PROBLEMS1. Suppose that you hold a piece of land in the City of London that you may want to sell in one year. As a U.S. resident, you are concerned with the dollar value of the land. Assume that, if the British economy booms in the future, the land will be worth £2,000 and one British pound will be worth $1.40. If the British economy slows down, on the other hand, the land will be worth less, i.e., £1,500, but the pound will be stronger, i.e., $1.50/£. You feel that the British economy will experience a boom with a 60% probability and a slow-down with a 40% probability.(a) Estimate your exposure b to the exchange risk.(b) Compute the variance of the dollar value of your property that is attributable to the exchange rate uncertainty.(c) Discuss how you can hedge your exchange risk exposure and also examine the consequences of hedging.Solution: (a) Let us compute the necessary parameter values:E(P) = (.6)($2800)+(.4)($2250) = $1680+$900 = $2,580E(S) = (.6)(1.40)+(.4)(1.5) = 0.84+0.60 = $1.44Var(S) = (.6)(1.40-1.44)2 + (.4)(1.50-1.44)2= .00096+.00144 = .0024.Cov(P,S) = (.6)(2800-2580)(1.4-1.44)+(.4)(2250-2580)(1.5-1.44)= -5.28-7.92 = -13.20b = Cov(P,S)/Var(S) = -13.20/.0024 = -£5,500.You have a negative exposure! As the pound gets stronger (weaker) against the dollar, the dollar value of your British holding goes down (up).(b) b2Var(S) = (-5500)2(.0024) =72,600($)2(c) Buy £5,500 forward. By doing so, you can eliminate the volatility of the dollar value of your British asset that is due to the exchange rate volatility.2. A U.S. firm holds an asset in France and faces the following scenario:In the above table, P* is the euro price of the asset held by the U.S. firm and P is the dollar price of the asset.(a) Compute the exchange exposure faced by the U.S. firm.(b) What is the variance of the dollar price of this asset if the U.S. firm remains unhedged against thisexposure?(c) If the U.S. firm hedges against this exposure using the forward contract, what is the variance of thedollar value of the hedged position?Solution: (a)E(S) = .25(1.20 +1.10+1.00+0.90) = $1.05/€E(P) = .25(1,800+1,540+1,300 +1,080) = $1,430Var(S) = .25[(1.20-1.05)2 +(1.10-1.05)2+(1.00-1.05)2+(0.90-1.05)2]= .0125Cov(P,S) = .25[(1,800-1,430)(1.20-1.05) + (1,540-1,430)(1.10-1.05)(1,300-1,430)(1.00-1.05) + (1,080-1,430)(0.90-1.05)]= 30b = Cov(P,S)/Var(S) = 30/0.0125 = €2,400.(b) Var(P) = .25[(1,800-1,430)2+(1,540-1,430)2+(1,300-1,430)2+(1,080-1,430)2]= 72,100($)2.(c) Var(P) - b2Var(S) = 72,100 - (2,400)2(0.0125) = 100($)2.This means that most of the volatility of the dollar value of the French asset can be removed by hedging exchange risk. The hedging can be achieved by selling €2,400 forward.MINI CASE: ECONOMIC EXPOSURE OF ALBION COMPUTERS PLCConsider Case 3 of Albion Computers PLC discussed in the chapter. Now, assume that the pound is expected to depreciate to $1.50 from the current level of $1.60 per pound. This implies that the pound cost of the imported part, i.e., Intel’s microprocessors, is £341 (=$512/$1.50). Other variables, such as the unit sales volume and the U.K. inflation rate, remain the same as in Case 3.(a) Compute the projected annual cash flow in dollars.(b) Compute the projected operating gains/losses over the four-year horizon as the discounted present value of change in cash flows, which is due to the pound depreciation, from the benchmark case presented in Exhibit 12.4.(c) What actions, if any, can Albion take to mitigate the projected operating losses due to the pound depreciation?Suggested Solution to Economic Exposure of Albion Computers PLCa) The projected annual cash flow can be computed as follows:______________________________________________________Sales (40,000 units at £1,080/unit) £43,200,000Variable costs (40,000 units at £697/unit) £27,880,000Fixed overhead costs 4,000,000Depreciation allowances 1,000,000Net profit before tax £15,315,000Income tax (50%) 7,657,500Profit after tax 7,657,500Add back depreciation 1,000,000Operating cash flow in pounds £8,657,500Operating cash flow in dollars $12,986,250______________________________________________________b) ______________________________________________________Benchmark CurrentVariables Case Case______________________________________________________Exchange rate ($/£) 1.60 1.50Unit variable cost (£) 650 697Unit sales price (£) 1,000 1,080Sales volume (units) 50,000 40,000Annual cash flow (£) 7,250,000 8,657,500Annual cash flow ($) 11,600,000 12,986,250Four-year present value ($) 33,118,000 37,076,946Operating gains/losses ($) 3,958,946______________________________________________________c) In this case, Albion actually can expect to realize exchange gains, rather than losses. This is mainly due to the fact that while the selling price appreciates by 8% in the U.K. market, the variable cost of imported input increased by about 6.25%. Albion may choose not to do anything.。

国际财务管理杰夫马杜拉中文版摘要：：1.国际财务管理概述2.国际财务管理的核心概念3.国际财务管理的主要任务4.国际财务管理策略与方法5.我国在国际财务管理中的实践与挑战6.结论与展望接下来，我将根据为您详细撰写一篇文章：正文：国际财务管理（IFM）是一个涉及跨国企业在不同国家进行财务活动的领域。

IFM 的目标是确保企业在进行全球业务时能够有效地管理风险、优化资源配置并实现利润最大化。

1.国际财务管理概述IFM 涵盖了广泛的主题，包括外汇风险管理、国际投资决策、跨国公司财务结构、国际税收筹划以及国际贸易融资等。

IFM 不仅需要了解国内财务知识，还需要熟悉国际金融市场、国际金融法规以及国际商业环境。

2.国际财务管理的核心概念IFM 的核心概念包括汇率风险、利率风险、流动性风险和信用风险等。

了解这些风险对于制定有效的财务管理策略至关重要。

此外，还需要掌握国际财务市场的基本知识，例如外汇市场、国际债券市场和跨国公司股票市场等。

3.国际财务管理的主要任务IFM 的主要任务包括：制定全球财务策略、优化全球资本结构、进行全球投资决策、管理全球风险、制定全球财务报告以及遵守国际税收法规等。

这些任务有助于企业在全球范围内实现财务目标。

4.国际财务管理策略与方法IFM 策略和方法包括：风险管理、投资组合优化、财务预测和预算、财务分析和报告等。

企业可以根据自身需求选择合适的方法和策略来管理其国际财务活动。

5.我国在国际财务管理中的实践与挑战随着我国企业“走出去”的步伐加快，国际财务管理在我国的重要性日益凸显。

然而，我国企业在进行国际财务管理时面临着诸多挑战，如汇率波动、融资困难、税收筹划复杂以及合规风险等。

因此，我国企业需要不断提高其国际财务管理能力，以应对这些挑战。

6.结论与展望国际财务管理对企业的全球化战略至关重要。

企业应充分利用现有的IFM 策略和方法，以实现其全球财务目标。