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21年9-12月ACCA AFM精读解析 :Scenario 2
文章来源：网络
发布时间：2022-01-26 13:47
阅读：350次
1、Thereare a number of ways the functional areas of a treasury department could addvalue to Brandon Co’s expansion plans
资金管理部门可以通过多种方式为BrandonCo的扩张计划增值
（1）Liquidity management流动性管理
As BrandonCo expands,the increasein the volume of transactions across the group will require a greateremphasis on liquidity management,including the need to support Brandon Co’sworking capital requirement.A centralised treasury department could add value by netting offsubsidiaries’debt and credit balances,which would reduce the number oftransactions and hence transaction costs
随着Brandon Co的扩张，整个集团交易量的增加将需要更加重视流动性管理，包括需要支持Brandon Co的营运资金要求。集中资金管理部门可以通过抵消子公司的借方和贷方余额来增加价值，这将减少交易数量和交易成本。
（2）Currency management货币管理
Theexpansion outside the eurozone introduces foreign exchange risk into the group and the needto manage the impact of currency flows on Brandon Co’s earnings and shareholdervalue.Effective currencymanagement,including the use of derivatives,can have a significant impact on shareholdervalue for companies with overseas assets.A centralised treasury departmentwill have the resources toemploy experts with the knowledge required to manage these risks.Itwould also be possible to employ techniques across the group,such as matchingincome earned by one subsidiary with expenditure by another subsidiary in thesame currency,reducingrisk and the need for external hedging methods.
欧元区以外的扩张将外汇风险引入集团，需要管理影响Brandon公司的收益和股东价值的货币流。有效的货币管理，包括使用衍生品对拥有海外资产的公司的股东价值产生重大影响。集中的资金部门将有资源聘请具有管理这些风险所需知识的专家。它也将是可以在整个集团内采用技术，例如将一家子公司的收入与另一家子公司的支出相匹配同一货币的另一家子公司，降低了风险和对外部对冲方法的需要。
（3）Funding融资
The treasury department will play a role insourcing the appropriate debt instruments and matching maturities to the timehorizon of the investment as well as managing the relationship with lenders.Acentralised treasury department could add value by pooling funding requirementsacross the group to achieve better rates by borrowing in bulk
资金部门将在寻找适当的债务工具和匹配到期时间方面发挥作用，同时管理资与资方的关系。一个集中的资金部门通过集中整个集团的资金需求，通过大额借贷来实现更好的利率从而增加价值。
（4）Corporate finance企业融资
The corporate finance functionwould undertake the equity issue(s)to raise part of the funds required for theoverseas expansion and be involved with the strategic decision-makingsuch as formulating a dividend policy which meets the needs of shareholders.A centralised treasurydepartment would have the appropriate level of oversight of Brandon Co’s groupactivities to provide operational,strategic and corporate finance advice toenhance value.It can advise on short-term investment strategies,evaluate subsidiary performance and manage Brandon Co’s financial structure tominimise the cost of capital.
公司财务职能将承担股权发行以筹集海外所需的部分资金扩张并参与战略决策，例如制定满足公司需求的股息政策。一个集中的资金部门将对Brandon公司的集团活动进行适当层级的监督提供运营、战略和公司财务建议以提高价值。它可以为短期投资提供建议战略、评估子公司业绩并管理Brandon Co的财务结构，以最大限度地降低资本成本。
2、目前的时点是11月1日，1月31日需要借款3,600万元，5月31日归还借款
（1）利率远期合同
意味着需要一个三个月后持续4个月的远期合同：FRA rate 5·90%(3–7)since the funds will be required in three months’time for a period of fourmonths.
如果利率上升至6.6%
（2）利率期货
因为是1月份需要进行借款，因此在题目中选择3月份到期的利率期货。
计算需要的合约数：Numberof contracts=$36,000,000/$500,000 x 4 months/3 months=96 contracts
计算行权时的基差：
Spot price(1 November)–futures price=basis(100–5·70)–93·95=0·35
未到期的基差数Unexpiredbasis on 31 January=2/5 x 0·35=0·14
如果银行的利率升到了6.6%
（3）使用利率期权
Buy Marchput options to hedge against an increase in interest rates.As above,96contracts are required
购买3月的看跌期权，需要96张合约。
购买的期权支付的期权费Premium=0·00087 x$500,000 x 3/12 x 96=$10,440
如果银行的利率升到了6.6%
建议
The forward rate agreement andfutures market provide broadly similar results.The outcome of theforward rate agreement hedge is marginally lower and may be the preferredchoice.In theory,both methods provide a fixed interest payment and a certaincash outflow but futurescontracts are subject to basis risk and margin requirements.
远期利率协议和期货市场提供了大致相似的结果。远期利率协议的结果对冲略低，可能是首选。理论上，这两种方法都提供固定的利息支付和某些现金流出，但期货合约受基差风险和保证金要求的约束。
If thecentral bank rate increases to 6·6%,the option is the least attractive hedgingmethod due to the expensive premium.Unlike forward rate agreements and futures contracts,however,optionsdo not have to be exercised and allow Brandon Co to benefit from upsidepotential if the central bank base rate falls.Treasury staff would needto assess the likelihood and amount of a possible reduction in interest rateswhen assessing the viability of the option.
如果央行利率提高到6·6%，由于期权费昂贵，期权是最没有吸引力的套期保值方法。然而，与远期利率协议和期货合约不同的是，期权不必被行使，如果央行基准利率下降，Brandon Co可以将受益于上行潜力。资金管理人员需要评估利率下降的可能性和金额，从而评估期权的可行性。
If theboard is to achieve its objective of minimising risk exposure,the certain cashflow associated with the forward rate agreement will be more attractive thanthe variable outcomeassociated with the options.
如果董事会要实现其最小化风险敞口的目标，远期利率相关的特定现金流协议将比与期权相关的可变结果更具吸引力。
3、Smoothing平滑
Smoothing is a relativelystraightforward technique for managing interest rate risk.Under this approach,Brandon Co would make an assessment about possible interest rate movements anddivide its debt between variable and fixed rate loans according to what itcould afford.If the central bank increases the base rate to 6·6%,onlythe variable rate loans will cost more.The fixed rate will be relativelycheaper and will reduce the overall financial burden compared to the scenariowhere all the loans are at a variable rate.If the base rate falls,Brandon Cobenefits from a cheaper variable rate but will still have to service its fixedrate debt at the higher rate
平滑是管理利率风险的一种相对简单的技术。在这种方法下，Brandon Co将对可能的利率变动进行评估，并将其债务分为浮动利率贷款和固定利率贷款到它所能负担的程度。
如果央行将基准利率提高到6·6%，只有浮动利率贷款的成本会更高。固定利率会相对与所有贷款均为浮动利率的情况相比，成本更低，并且将减少整体财务负担。如果基准利率下降，Brandon公司受益于较低的浮动利率，但仍需以较高的利率偿还其固定利率债务利率。
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毕业于新加坡管理发展学院商业管理专业，后取得牛津布鲁克斯大学荣誉理学士学位。 现任中博教育全职讲师；曾先后任职于新加坡上市公司，Mary Chia Holdings Limited三年多；立信会计师事务所有限公司（BDO）七年，具有丰富的上市公司审计、咨询、IPO工作经验；希尔顿酒店管理公司（Hilton Worldwide）财务部担任财务副总监一职两年。 爱好旅行和阅读，认为不管是生活还是看书一直都是生活不可或缺的一部分。
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