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国际财务管理微型案例.pdf

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国际财务管理微型案例 CapitalCrystalInc.—UsingCurrencyFuturesandOptions CapitalCrystalInc.isamajorimporterofCrystalfromGermany.Thecrystalis soldtoprestigiousretailstoresthroughouttheU.S.Theimportsaredenominated inGermanmarks(DM).Everyquarter,CapitalneedsDM500million.Itis presentlyattemptingtodeterminewhetheritshouldusecurrencyfuturesor currencyoptionstohedgeimportsthreemonthsfromnow.Ifitwillhedgeatall. Thespotrateofthemarkis$.60.Athree-monthfuturescontractonthemarkis availablefor$.59perunit.Acalloptiononthemarkisavailablewitha three-monthexpirationdateandanexercisepriceof$.60.Thepremiumtobe paidonthecalloptionis$.01perunit. Capitalisveryconfidentthatthevalueofthemarkwillrisetoatleast$.62in threemonths.Ithasbeenveryaccurateinitspreviousforecastsofthemark’s value.ThemanagementstyleofCapitalisveryrisk-averse.Managersreceivea bonusattheendoftheyeariftheysatisfyminimalperformancestandards.The bonusisfixed,regardlessofhowhighabovetheminimumlevelone’s performanceis.Ifperformanceisbelowtheminimum,thereisnobonus,and futureadvancementwithinthecompanyisunlikely. a)AsafinancialmanagerofCapital,youhavebeenassignedthetaskof choosingamongthreepossiblestrategies:(1)hedgetheDMpositionby purchasingfutures,(2)hedgetheDMpositionbypurchasingcalloptions,or(3) donothedge.Offeryourrecommendationandjustifyit. b)Assumethepreviousinformationthatwasprovided,exceptforthisdifference: Capitalhasreviseditsforecastofthemarktobeworth$.57threemonthsfrom now.Giventhisrevision,recommendwhetherCapitalshould(1)hedgetheDM positionbypurchasingfutures,(2)hedgetheDMpositionbypurchasingcall options,or(3)nothedge.Justifyyourrecommendation.Isyourrecommendation consistentwithmaximizingshareholderwealth? -1- 国际财务管理微型案例 CORPORATEDILEMMA 1.MonitoringthePeso’sValue Viacom’sBlockbusterEntertainmentGrouphasbeenverysuccessfulinitsgrowthofvideo storesthroughouttheU.S.inrecentyears,ithasdevelopedanetworkofstoresinvarious foreigncountries.OneofitsmorerecenttargetsisMexico,whereithasplantstoestablisha majorp