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Advantages and Disadvantages Hedging在FRM考试中包含什么?

Advantages and Disadvantages Hedging是套期保值的优缺点的意思,在FRM考试中主要包含什么,今天,融跃小编为你说说!>>>点击领取2021年FRM备考资料大礼包(戳我免·费领取)

2021FRM备考资料大礼包

Hedging(套期保值):Disadvantages(缺点)

In Theory:理论上

Assume no transaction costs or taxes. The perfect capital markets assumption is not realistic in practice. (假设没有交易成本或税收,完全资本市场假设在实践中是不现实的)

In Practice:在实践中

Distract management from Its core business. (分散管理层对其核心业务的注意力)

Requires specialized skills, knowledge, infrastructure, and data acquisition and processing effort. (需要专业技能、知识、基础设施以及数据采集和处理工作)

A risk management strategy can drag a firm down even more quickly than the underlying risk. (风险管理策略可能会比潜在风险更快地拖累公司)

Even a well-developed risk management strategy has compliance costs(即使是一个完善的风险管理策略也会带来合规成本)

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Advantages(优点):

In Practice:在实践中

Possibility of lowering its cost of capital(降低资本成本的可能性)

Reducing the volatility of its earnings/cash flows Allow management to control its financial(减少其收益/现金流的波动性使管理层能够控制其财务状况)

performance to meet the requirements of the board of directors.(业绩达到董事会要求)

Result in operational improvements within a firm.(导致公司内部的运营改进)

Derivatives: cheaper than purchasing an insurance policy(衍生品:比购买保险更便宜)

The existence of progressive tax rates may result in volatile earnings (wrth no hedging).(累进税率的存在可能导致收益波动(无对冲))