ChaseDream
搜索
1234下一页
返回列表 发新帖
查看: 4618|回复: 36

[阅读小分队] 揽瓜阁阅读做题小分队 第170天 金融衍生品

[复制链接]
发表于 2021-9-29 20:39:12 | 显示全部楼层 |阅读模式
请大家在本帖回复:
1. 文章大概结构
2. 自己写的答案

解析+文章翻译明晚微信群里公布

报名活动,加微信号killgmat

关注考什么试微信公众号~获取第一时间考试新闻,心经和经验分享


Risk is an inherent part of business, and managing its potential consequences means anticipating those events that could generate adverse and costly outcomes for an organization, while taking actions to advert and/or diminish the effects of such events. Futures contracts, forward contracts, swaps, inverse floaters and options are a group of financial instruments called derivatives that are available to hedge against financial risk. These securities are an agreement to buy or sell an asset whose value is set by the market price or interest rate of some other security. Derivatives are useful in corporate risk management, yet because they are complex, highly leveraged and complicated they can lead to significant losses if not properly exercised.

Inappropriate uses of derivatives have led to highly publicized failures. For instance, Britain’s Barings Bank, which financed America’s 1803 Louisiana Purchase, collapsed in 1995 when one of its derivatives traders lost $1.4 billion. For nearly 20 years, California’s Orange County successfully managed an investment fund that generated outstanding returns as long as interest rates declined; but when interest rates increased, the purchase of very risky derivative products resulted in the fund losing about $2 billion. Still when properly implemented, such as hedging rather than speculating to increase profits, derivatives have significant benefits, which is why a high percentage of American companies use derivatives regularly.

A particular derivative known as futures is useful for managing and reducing a variety of risks related to interest rate, stock price and exchange rate fluctuations. Long hedges are futures contracts that are bought to guard against price increases, while short hedges are futures contracts that are sold to guard against price declines. The futures markets allow a firm to be protected against changes that occur between when a decision is made and when a transaction is completed. A firm’s risk aversion and its ability to assume the risk in consideration influence its decision to hedge, and the futures markets allow a firm flexibility in the timing of its financial transactions.

1. Company A records its revenue streams in the currency of the country with which it is doing trade. Believing that the cost of raw materials from one of its domestic suppliers will decline and the currency rate of one of its foreign trading partners will increase, which of the following scenarios is ideal based on information contained within the passage?
a. The company could enter into a long hedge with both its supplier and its foreign trade partner.
b. The company could enter into a long hedge with its foreign trading partner and a short hedge with its supplier.
c. The company could enter into a long hedge with its supplier and a short hedge with its foreign trading partner.
d. The company could sell futures contracts to both its supplier and its foreign trading partner.
e. The company could buy futures contract from both its supplier and its foreign trading partner.

2. According to information contained in the passage, which of following is accurately supported?
a. Derivatives are too complex to be soundly used.
b. Derivatives are one of the best financial tools available for managing the risks associated with interest rate, stock price and exchange rate variability.
c. Derivatives are beneficial to circumvent potential risks a company may face.
d. A firm needs to have flexibility in the timing of its financial transactions.
e. In spite of their pitfalls, derivatives are necessary to help a company speculate against risks

3. Which of the following statements is NOT supported about derivatives and their use?
(A) Because derivatives are complicated and highly leveraged, these financial instruments need to be carefully scrutinized.
(B) Derivatives are best implemented when a company is speculating to maximize its profits.
(C) Companies use derivatives because of their potential benefits.
(D) Many firms employ derivatives as a vehicle to manage inherent risks.
(E) Whether a firm decides to hedge may be influenced by its willingness to assume certain risks.

4. The author’s discussion of Baring Bank and Orange County is meant to
(A) Ignite continued research into the mechanism of derivatives
(B) Provide supporting evidence of the controversy surrounding derivatives
(C) Demonstrate the potential risks of using derivatives
(D) Advocate the application of derivatives in spite of the financial fallouts some companies have experienced
(E) Refute the conclusions some may have on not using derivatives

5. Which of the following best states the passage’s primary intention?
(A) Derivatives, while useful, can be financially detrimental to a firm if mismanaged.
(B) Risk management is an important ingredient for running a successful business.
(C) Futures are a most potent financial vehicle in managing a firm’s risk.
(D) If used properly, derivatives can be an important tool in the art of risk management.
(E) Interest rate, stock price and exchange rate fluctuations present viable risks to any corporation.


参考答案:BCBCD

本帖子中包含更多资源

您需要 登录 才可以下载或查看,没有帐号?立即注册

x
发表于 2021-9-29 23:20:33 发自 iPhone | 显示全部楼层
dbdcd
发表于 2021-9-30 00:23:56 | 显示全部楼层
风险管理。金融衍生工具的介绍,其有好有坏。
金融工具的不当使用+两个例子;金融工具合理使用带来好处。
一种特别的金融衍生工具—远期的用处。
CDBCD
发表于 2021-9-30 07:09:19 发自手机 Web 版 | 显示全部楼层
mark
发表于 2021-9-30 20:40:59 | 显示全部楼层
Mark一下!               

本帖子中包含更多资源

您需要 登录 才可以下载或查看,没有帐号?立即注册

x
发表于 2021-9-30 21:21:12 | 显示全部楼层
文章大概结构
企业中的风险可以用derivative来规避!很复杂,如果用的不合适就会造成损失
引出一个用的不恰当导致failure的例子:BBBank
介绍一种derivate:Futures 怎么用

1. B 第三段第二句
Long hedges are futures contracts that are bought to guard against price increases, while short hedges are futures contracts that are sold to guard against price declines.

2. C
A. 小心的用还是可以有用的
第二段最后一句:derivatives have significant benefits, which is why a high percentage of American companies use derivatives regularly.
B. best 没说
D E有点干扰
文章里讲的是:the futures markets allow firm flexibility in the timing of its financial transactions.

3. B Best ❌

4. C 讲了个例子

5. D √
发表于 2021-10-1 11:44:48 | 显示全部楼层
商业处处有风险;预防风险的衍生物可以有效规避风险,但它们很复杂没用好可能带来损失
不恰当使用J就失败:例子;但如果用得好有很多好处,所以大部分公司会使用
一个特别的衍生物futures,长期和短期规避风险不同用法;具体好处
BEBCD
发表于 2021-10-1 14:08:18 | 显示全部楼层
BDBCD
发表于 2021-10-1 15:54:27 | 显示全部楼层
thx
发表于 2021-10-1 16:18:20 | 显示全部楼层
1、什么是衍生品,衍生品有用,但使用不当会造成巨大损失
2、损失举例
3、衍生品中的future的使用场景举例

1、B
2、c
3、B 对应哪里?
4、C
5、D
您需要登录后才可以回帖 登录 | 立即注册

Mark一下! 看一下! 顶楼主! 感谢分享! 快速回复:

手机版|ChaseDream|GMT+8, 2024-3-29 16:16
京公网安备11010202008513号 京ICP证101109号 京ICP备12012021号

ChaseDream 论坛

© 2003-2023 ChaseDream.com. All Rights Reserved.

返回顶部