ACCA FM科目习题解析(二)

来源: 正保会计网校编辑：正保会计网校 2019/12/26 09:00:14　字体：大小

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】

这个小题我们直接看给出的汇率表就很容易做出判断。我们用很通俗的方法来判断这个题。

(dinars per 1):六个月后的汇率高于现在的汇率，也就是说现在借入一美元相当于57.3 dinars,六个月后就是58.4 dinars,而我们只需还57.3dinars，会有结余，所以对我们有利，所以可以借入dinars规避风险。(€ per 1):三个月后的汇率低于现在的汇率，也就是说现在借入一美元相当于1.544欧元，三个月后一美元只相当于1.532欧元，我们需要还1.544欧元，需要拿出大于一美元的钱，所以对我们是不利的，所以我们不能借入欧元。所以本题选B。

以上内容选自于正保会计网校学员答疑精华，由正保会计网校原创整理并编辑发布，其它机构未经授权请勿转载！

如有其它疑问和问题可在线咨询客服；如需报考ACCA或者了解当地机考考点、考试信息，欢迎点击下方按钮申请，我们将有专业的辅导老师与您联系，为您提供考试评估、注册、报考等全方位的指导。