ACCA F9試題：Risk Management

發(fā)布時(shí)間：2015-08-25 13:47 來(lái)源：高頓網(wǎng)校我要發(fā)言 [字號(hào)：大中小]

正文	問(wèn)題：Sally Sitter Co has to pay a French supplier 100,000 euros in 3 months time. The company's financial director wishes to avoid exchange rate exposure, and is looking at four options. 　　Options 　　1 Do nothing for three months, then buy the euros at the spot rate. 　　2 'Lead' with the payment, and pay in full now, buying the euros at today's spot rate. 　　3 Buy euros now, put them on deposit for three months, and pay the debt with these euros plus accumulated interest. 　　4 Arrange a forward exchange contract to buy the euros in three months time. 　　Which of these options would provide cover against exchange rate exposure? 　　A. Options 1, 2, 3 and 4. 　　B. Options 4 only. 　　C. Options 2, 3 and 4. 　　D. Options 3 and 4. 　　答案：The correct answer is: Options 2, 3 and 4. 　　解析：Leading with the payment eliminates the foreign currency exposure by removing the liability. Borrowing short term in euros to meet the payment obligation in 3 months' time matches assets and liabilities in euros and so provides cover against the exposure. A forward exchange contract is a well-used method of hedging against transaction exposure.
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