金融代写|衍生品代写Derivatives代考|FIN265

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金融代写|衍生品代写Derivatives代考|HEDGING CORPORATE RISK EXPOSURES

When deciding whether to hedge, a corporate is faced with several possible strategies. These will be considered from the perspective of an automotive metal consumer to give the examples a context.

Do not hedge – Here the decision not to hedge may be driven by the fact that the metal may only make up a small proportion of the finished product and so price fluctuations will only have a limited impact on margins. It may also be that the producer can pass on any increase in the price of the underlying metal to the consumers without impacting their own margins. If the underlying price were to fall, the producer can of course cut the final price, but the price reduction may be as large as the underlying price falls.

Hedge to guarantee future unit costs – In this instance the manufacturer tries to lock in much of the future cost of a production run by hedging a significant proportion of the commodity price exposures. This allows the price of the final product to be fixed and ensures that there is an adequate margin. It also benefits the end customer, as they are immune to excessive price volatility.

Timing mismatch between raw material cost and final product income This situation arises if the manufacturing process is relatively long, and the price of the final product is linked in part to a commodity price. Having paid for the raw material, the manufacturer will be exposed to a fall in the price of the commodity prior to its sale. If the company were able to receive the raw material on a constant basis and match this with sales of their final production, the timing mismatch may not be a significant issue. However, in reality companies may receive irregular shipments of the raw material and may also choose to carry large levels of stocks. Thus, the timing mismatch issue becomes more acute.

金融代写|衍生品代写Derivatives代考|Tactical considerations

Only after the strategic issues have been addressed should the tactical side of hedging be considered. Some of the key issues to be addressed include:

  • What is the nature of the specific exposures to which the company is faced?
  • How certain are the exposures?
  • When should the hedge start? Now? In the future?
    What percentage of the underlying exposure should be covered? (i.e. how much risk are they willing to take?)
  • Is there a specific target rate or price that the customer is trying to achieve (e.g. some form of budget rate)
  • What is the company’s current view on the market? This could be with respect to:
  • Direction of the market
  • Timing
  • Magnitude
  • What hedging instruments is the company allowed to use?
  • Is the company willing to pay a premium fee for protection?
    Corporate hedgers may be reluctant to express a view on the future movement of the market, sometimes claiming that they are not qualified to express a view on the market. However, it would be fair to say that any view expressed by an investment is just that – an opinion rather than a guarantee. A more efficient hedge could be constructed by a bank if the customer were able to express a view on these elements as option based strategies are normally three dimensional – they extract value from directional movements in the underlying price, the time to maturity, as well as implied volatility (i.e. the magnitude of expected price movements).

Reasonably many hedgers may be concerned about the potential outcome of the hedging strategy. This can be addressed through scenario analysis. By constructing a few simple ‘what if scenarios the potential outcome of the hedged position could be shown. Indeed, the use of scenarios should ideally feed back into the strategic questions that are addressed at the start of the process. We argued that all hedging strategies should be placed within a larger context, as most firms hedge to solve a particular problem, such as a share price decline or an adverse movement in cash flow. The scenario analysis should feed back into how the hedged position will influence this key metric. Readers interested in this approach are referred to Charles Smithson (1998) for an example.

金融代写|衍生品代写Derivatives代考|FIN265

金融代写|衍生品代写Derivatives代考|HEDGING CORPORATE RISK EXPOSURES

在决定是否进行对冲时,公司面临着几种可能的策略。将从汽车金属消费者的角度考虑这些内容,以便为示例提供背景信息。

不进行套期保值 – 此处决定不套期保值的原因可能是金属仅占成品的一小部分,因此价格波动对利润率的影响有限。也可能是生产商可以将基础金属价格的任何上涨转嫁给消费者,而不会影响他们自己的利润。如果标的价格下跌,生产商当然可以下调最终价格,但降价幅度可能与标的价格下跌的幅度一样大。

对冲以保证未来的单位成本——在这种情况下,制造商试图通过对冲大部分商品价格风险来锁定大部分生产的未来成本。这样可以固定最终产品的价格,并确保有足够的利润。它也有利于最终客户,因为他们不受价格过度波动的影响。

原材料成本和最终产品收入之间的时间错配 如果制造过程相对较长,并且最终产品的价格部分与商品价格挂钩,就会出现这种情况。在为原材料付款后,制造商将在商品销售前面临商品价格下跌的风险。如果公司能够持续接收原材料并将其与最终产品的销售相匹配,那么时间不匹配可能不是一个重大问题。然而,在现实中,公司可能会收到不定期的原材料发货,也可能会选择持有大量库存。因此,时序失配问题变得更加尖锐。

金融代写|衍生品代写Derivatives代考|Tactical considerations

只有在解决了战略问题之后,才应考虑对冲的战术方面。需要解决的一些关键问题包括:

  • 公司面临的具体风险的性质是什么?
  • 曝光的确定性如何?
  • 对冲应该什么时候开始?现在?在将来?
    应覆盖多少百分比的潜在风险敞口?(即他们愿意承担多少风险?)
  • 是否有客户试图达到的特定目标费率或价格(例如某种形式的预算费率)
  • 公司目前对市场的看法是什么?这可能是关于:
  • 市场方向
  • 定时
  • 震级
  • 公司允许使用哪些套期保值工具?
  • 公司是否愿意为保护支付额外费用?
    企业套期保值者可能不愿对市场的未来走势发表看法,有时声称他们没有资格对市场发表看法。然而,公平地说,投资所表达的任何观点都只是一种观点而不是保证。如果客户能够对这些要素表达观点,银行可以构建更有效的对冲,因为基于期权的策略通常是三个维度的——它们从标的价格、到期时间以及到期时间的方向变动中提取价值。隐含波动率(即预期价格变动的幅度)。

相当多的套期保值者可能会担心套期保值策略的潜在结果。这可以通过情景分析来解决。通过构建一些简单的“假设情景”,可以显示对冲头寸的潜在结果。事实上,理想情况下,情景的使用应该反馈到流程开始时解决的战略问题。我们认为,所有对冲策略都应该放在更大的背景下,因为大多数公司对冲是为了解决特定问题,例如股价下跌或现金流的不利变动。情景分析应反馈对冲头寸将如何影响这一关键指标。对这种方法感兴趣的读者可以参考 Charles Smithson (1998) 的示例。

金融代写|衍生品代写Derivatives代考

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