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ACCA FM知识点：The cause of interest rate risk

文章来源：ACCA全球官网

发布时间：2021-11-05 11:14

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ACCA FM《财务管理学习指南》的G部分规定了以下与利率风险管理相关的内容：

(a)讨论和应用利率风险管理的传统和基本方法，包括：

(i)匹配和平滑

(ii)资产负债管理

(iii)远期利率协议

(b)确定用于对冲利率风险的主要利率衍生工具类型，并解释如何使用它们进行对冲。

本文介绍的知识点是利率风险管理内容的利率风险的成因。

Section G of the Financial Management Study Guide specifies the following relating to the management of interest rate risk:

(a)Discuss and apply traditional and basic methods of interest rate risk management,including:

(i)matching and smoothing

(ii)asset and liability management

(iii)forward rate agreements

(b)Identify the main types of interest rate derivatives used to hedge interest rate risk and explain how they are used in hedging.

(No numerical questions will be set on this topic)

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The cause of interest rate risk

Risk arises for businesses when they do not know what is going to happen in the future,so obviously there is risk attached to many business decisions and activities.Interest rate risk arises when businesses do not know:

(i)how much interest they might have to pay on borrowings,either already made or planned,or

(ii)how much interest they might earn on deposits,either already made or planned.

If the business does not know its future interest payments or earnings,then it cannot complete a cash flow forecast accurately.It will have less confidence in its project appraisal decisions because changes in interest rates may alter the weighted average cost of capital and the outcome of net present value calculations.

There is,of course,always a risk that if a business had committed itself to variable rate borrowings when interest rates were low,a rise in interest rates might not be sustainable by the business and then liquidation becomes a possibility.

Note carefully that the primary aim of interest rate risk management(and indeed foreign currency risk management)is not to guarantee a business the best possible outcome,such as the lowest interest rate it would ever have to pay.The primary aim is to limit the uncertainty for the business so that it can plan with greater confidence.

相关阅读：【ACCA FM知识点：Traditional and basic approaches】

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