澳大利亚公司外汇风险管理的真实案例

AnOperating/EconomicExposureAustralianCaseStudy:Foster’sGroupLimitedBeerScottMcCarthy*&AdelinaIspriani*SeniorLecturerinFinanceQueenslandUniversityofTechnologyBrisbane,Queensland,AustraliaContact:Tel.:[phone];Fax:[phone];Email:[e-mail]largeAustralianmultinationalcorporationasacasestudyexaminingforeignexchangeoperatingexposure.Wefirstlyreviewtheimportanceofoperatingexposureforabusinessandthenexamineindetailthecompany’sexposureandpoliciestomanagetheexposure.Asensitivityanalysisisalsoconductedtoexaminehowmovementsinthevalueofexchangeratesaffectthecompany.Weconcludewithsomesuggestionsastohowthecompanycouldfurtherprotectitselffromadversemovements.JELclassification:F31Keywords:operatingexposure;hedging1.IntroductionCompaniesthatengageininternationalbusinesshaverevenues,costs,assetsandliabilitiesdenominatedinforeigncurrencies.Asbusinessbecomesincreasinglyglobal,moreandmorecompaniesfindthatitisnecessarytopaycarefulattentiontoforeignexchangeexposureandtodesignandimplementappropriatehedgingstrategies(EunandResnick,2001).Thesecompanieshedgebecausetheybelievethathedgingcanprotectthemfromunforseenadversecurrencymovement.Furthermore,theproponentsofhedgingstatethathedgingcouldreduce1thevolatilityoffuturecashflowthereforeimprovingthefirm’splanningcapability,andthatthereductionofriskinthefuturecashflowreducesthepossibilitythatthefirm’scashflowwillfallbelowanecessaryminimum(Moffet,StonehillandEiteman,2003:173-174).Thepurposeofthispaperistoanalysetheoperationofaparticularcompanyandtodescribetheappropriateoperationalhedgingstrategyforthecompanybasedontheanalysis.Thepaperwillprovideareviewofpreviousstudiesthatconsiderhowcompaniesmanagetheireconomicexposureandprovideananalysisofthechosencompany’soperationtoidentifytheexchangeriskfacedbythecompany.Ananalysistodeterminethesensitivityofthecompany’scashflowtochangesinexchangerateswillalsoprovide.2.LiteratureReviewTheeffectsofexchangeratemovementsareimportanttofirmsengagingininternationalbusiness.Itisusualtodifferentiatethreetypesofcurrencyexposure.Thefirstistranslationexposure,alsoknownasaccountingexposure.Thisreferstotheimpactexchangeratechangescanhaveonafirm’svaluefromproducingaconsolidatedsetofaccounts.Thatis,whentheparentandallsubsidiariesaccountsarecombinedforagroupreport.Thesecondistransactionexposurethatisdefinedasthepotentialchangeinthevalueofafinancialpositionduetochangesintheexchangeratebetweentheinceptionofacontractandthesettlementofthecontract.Thethirdisoperatingexposurethatistheextenttowhichanexchangeratechange,incombinationwithpricechanges,willalteracompany’sfutureoperatingcashflow.2.1.TheimportanceofeconomicexposureTransactionandoperatingexposurearecashflowexposures,buttheliteraturebySrinivasulu(1981),AggarwalandSoenen(1989),Pringle(1991)andGrantandSoenen(1991)indicatedthatoperatingexposureisthemoreimportantcashflowexposureofthetwo.Thisliteraturealsoindicatesthatcorporationswouldexperienceoperatingexposureaffectingtheirprofitsmoresignificantlythantransactionandtranslationexposure.Operatingexposuretakesintoaccountthecompetitivesituationofthefirm;itaccountsfortheimpactexchangeratechangescouldhaveonthefirm’sfuturecosts,revenues,andprofits.Italsoincludesanticipatedcustomerordersandvendorpurchasesthataredenominatedin2foreigncurrency(Duangploy,Bakay,andBelk,1997:90).Furthermore,Shapiro(2002:307)arguesthatapurelydomesticfirmproducingsolelyforthedomesticmarketandusingonlydomesticsourcesofinputcouldfaceoperatingexposurebecausechangesinthevalueofdomesticcurrencywouldaffectitscompetitiveposition.Forexample,aUK-basedmanufacturerwithallcostsandrevenuesinsterling(GBP)mayfaceimportcompetitionfromacompanywithcostsdenominatedinAustraliandollars(AUD);iftheAUDdepreciatesagainsttheGBP,thecompetitorwouldgainacompetitiveadvantageovertheUKmanufacturer.Therefore,BelkandGlaum(inBelkandEdelshain,1997:6)emphasisethattheconceptofoperatingexposureisthemostappropriatebasisforcorporateexchangeriskmanagementanditisconsistentwiththeobjectiveofcorporatemanagement,thatis,maximisationofthevalueofthefirm.Thereisevidencethatcorporationsconsideroperatingexposuretobethemostsignificantelementoftotalcurrencyexposure.AsurveybyBelkandEdelshain(1997)onBritishTimes1000corporationsdemonstratedtheperceivedpervasivenessofoperatingexposure.Accordingtothissurvey,fivetimesasmanyrespondentsconsideredvulnerabilitytooneormoreoperatingexposuretohavegreaterprofitimpactthanvulnerabilitytotransactionexposure;fifteentimesasmanyrespondentsconsideredtheadvantagegainedfromoneormoreoperatingexposurestohavemoreprofitimpactthanadvantagegainedfromtransactionexposure(BelkandEdelshain,1997:16).However,studiesbyAggarwalandSoenen(1989),BelkandGlaum(1990),andBatten,MellorandWan(1993)showthatalargeproportionoffirmsputmucheffortonmanagingtransactionexposureratherthanmanagingoperatingexposure.Thereasonsbehindthisincludethatmanagementexperiencedifficultyinidentifyingandmeasuringoperatingexposure,operatingexposureissometimesunhedgeable,anditisnotreportedintheaccounts(Cowdell,1993).1.2.Managingoperatin