ACCA FM科目習(xí)題解析(二)

Park Co is based in a country whose currency is the dollar ($). The company regularly imports goods denominated in euro (€) and regularly sells goods denominated in dinars. Two of the future transactions of the company are as follows:

Three months: Paying €650,000 for imported goods

Six months: Receiving 12 million dinars for exported capital goods

Park Co has the following exchange rates and interest rates available to it:

The finance director of Park Co believes that the upward-sloping yield curve reported in the financial media means that the general level of interest rates will increase in the future, and therefore expects the reported six-month interest rates to increase.

Which hedging methods will assist Park Co in reducing its overall foreign currency risk?

(1) Taking out a long-term euro-denominated loan

(2) Taking out a dinar-denominated overdraft

A 1 only

B 2 only

C Both 1 and 2

D Neither 1 nor 2

【解析】

這個(gè)小題我們直接看給出的匯率表就很容易做出判斷。我們用很通俗的方法來(lái)判斷這個(gè)題。

(dinars per 1):六個(gè)月后的匯率高于現(xiàn)在的匯率，也就是說(shuō)現(xiàn)在借入一美元相當(dāng)于57.3 dinars,六個(gè)月后就是58.4 dinars,而我們只需還57.3dinars，會(huì)有結(jié)余，所以對(duì)我們有利，所以可以借入dinars規(guī)避風(fēng)險(xiǎn)。(€ per 1):三個(gè)月后的匯率低于現(xiàn)在的匯率，也就是說(shuō)現(xiàn)在借入一美元相當(dāng)于1.544歐元，三個(gè)月后一美元只相當(dāng)于1.532歐元，我們需要還1.544歐元，需要拿出大于一美元的錢(qián)，所以對(duì)我們是不利的，所以我們不能借入歐元。所以本題選B。

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