国际财务管理（原书第8版）课件PPTEun_CH09_Accessible.pptx

International Financial ManagementEighth EditionChapter 9Management of Economic Exposure? McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.Chapter OutlineHow to Measure Economic ExposureOperating Exposure: DefinitionAn Illustration of Operating ExposureDeterminants of Operating ExposureManaging Operating ExposureSummaryEconomic Exposure (1 of 2)Changes in exchange rates can affect not only firms that are directly engaged in international trade but also purely domestic firms.If the domestic firm’s products compete with imported goods, then their competitive position is affected by the strength or weakness of the local currency.Consider a U.S. bicycle manufacturer who sources, produces, and sells only in the U.S.Since the firm’s product competes against imported bicycles, it is subject to foreign exchange exposure.Economic Exposure (2 of 2)Their customers are comparing the cost and features of the domestic bicycle against Japanese, British, and Italian bicycles.Exchange rate risk is applied to the firm’s competitive position.Any anticipated changes in the exchange rates would already have been discounted and reflected in the firm’s value. Economic exposure can be defined as the extent to which the value of the firm would be affected by unanticipated changes in exchange rates.Exhibit 9.1: Exchange Rate Exposure of U.S. Industry Portfolios (1 of 2) IndustryMarket BetabForex BetacAerospace0.9990.034Apparel1.2640.051Beverage1.145-0.437Building materials1.1070.604Chemicals1.074-0.009Computers, office equipment0.9280.248Electronics, electrical equipment1.2020.608*Food1.080-0.430Forest and paper products1.1170.445Furniture0.9011.217*Industrial and farm equipment1.1250.473Metal products1.081-0.440Metals1.1640.743*Exhibit 9.1: Exchange Rate Exposure of U.S. Industry Portfolios (2 of 2)IndustryMarket BetabForex BetacMining