ACCA FM科目習題解析(二)

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來源: 正保會計網校編輯：正保會計網校 2019/12/26 09:00:14　字體：大小

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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:

	Bid	Offer
Spot exchange rate (dinars per $1):	57.31	57.52
Six-month forward rate (dinars per $1):	58.41	58.64
Spot exchange rate (€ per $1):	1.544	1.552
Three-month forward rate (€ per $1):	1.532	1.540
Six-month interest rates:
	Borrow	Deposit
Dinars	4.0%	2.0%
Dollars	2.0%	0.5%

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判斷這個題。

(dinars per 1):六個月后的匯率高于現在的匯率，也就是說現在借入一美元相當于57.3 dinars,六個月后就是58.4 dinars,而我們只需還57.3dinars，會有結余，所以對我們有利，所以可以借入dinars規避風險。(€ per 1):三個月后的匯率低于現在的匯率，也就是說現在借入一美元相當于1.544歐元，三個月后一美元只相當于1.532歐元，我們需要還1.544歐元，需要拿出大于一美元的錢，所以對我們是不利的，所以我們不能借入歐元。所以本題選B。

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