Studienarbeit aus dem Jahr 2003 im Fachbereich VWL - Internationale Wirtschaftsbeziehungen, Note: 2,0, Universität Duisburg-Essen (Institut für internationale und regionale Wirtschaftsbeziehungen), Veranstaltung: Internationalization of Firms, Sprache: Deutsch, Abstract: Das allgemeine Wechselkursrisiko ist für jedes Unternehmen bedeutend, welches Geschäfte mit ausländischen Partnern abwickelt und dabei als Fakturierungswährung eine Fremdwährung vereinbart hat. Unter dem Wechselkursrisiko versteht man dabei die Gefahr, dass durch den Übergang von einer Währung auf eine andere Währung der Erfolg eines Unternehmens beeinträchtigt wird.1 Unternehmen können allerdings auch indirekt einem Wechselkursrisiko ausgesetzt sein. Dies ist z.B. dann möglich, wenn ein ausschließlich national agierendes Unternehmen einen ausländischen Konkurrenten hat, welcher bei bestimmten Wechselkursänderungen seine Konkurrenzfähigkeit steigern kann. In der Literatur wird das allgemeine Wechselkursrisiko regelmäßig in drei verschiedene Teilkomponenten aufgegliedert. Hierbei handelt es sich um - das Währungsumrechnungsrisiko (translation risk) - das Währungstransaktionsrisiko (transaction risk) - und um das Ökonomische Wechselkursrisiko (economic risk). Das translation risk wird in der Regel von multinationalen Konzernen getragen, welche Auslandsniederlassungen in verschiedenen Währungsräumen haben. Dabei sind die Unternehmen insofern einem Risiko ausgesetzt, als dass sich Wechselkursänderungen zwischen zwei Berichtsperioden negativ auf das konsolidierte Konzernergebnis auswirken können. Bei einem Währungsverlust, welcher durch das translation risk begründet ist, ist zu beachten, dass es sich ausschließlich um einen nicht liquiditätswirksamen Verlust handelt. Erst im Falle einer Retransferierung der gesamten Aktiva und Passiva der Auslandsniederlassung an die Muttergesellschaft würde es zu einem liquiditätswirksamen Verlust kommen. [...] 1 Vgl. Büschgen (1993), S. 225.

This book was written from the perspective of international accounting to show how risk mitigation applies to the multinational firms with complex global transactions and assets. It analyses the interplay of currencies, exchange rates, interest rates, and accounting systems. Financial risk management is a specialized area of international accounting that requires specific training, tools and techniques, if one is to be successful in mitigating risk for an international business. Financial risk management refers to the practices used by corporate finance managers and accountants to limit and control uncertainty in the firm’s total portfolio. Financial risk management aims to minimize the risk of loss from unexpected changes in the prices of currencies, interest rates, commodities, and equities. In the context of international accounting, financial risk management also contains an element of political, legal and “culture” risk—exposure to uncertainty in the outcomes of business transactions and asset transfers that comes with most international business operations. Risk management has become an integral part of international business strategy, and accountants use quantitative tools to measure and analyze risk. The job of the Chief Financial Officer is to identify and address all types of risk, establish support and control mechanisms for dealing with it, and set the course for the risk management team in terms of its policies and objectives. The financial practices commonly employed include diversification; asset allocation ; and hedging. These practices are examined in light of their applications for international business, where accountants must cope with many more types and degrees of risk. A firm’s long-term strategy, such as investment risk, credit risk, and insurance risk are the basis focus for a financial analysis.

Written for the undergraduate student, Fundamentals of Multinational Finance, Second Edition is a focused, streamlined adaptation of the market-leading classic, Multinational Business Finance. Committed to preparing the leaders of tomorrow's multinational enterprises, the authors have included numerous mini-cases and real-world examples to teach students to recognize the challenges and benefit from the opportunities inherent in modern global markets. Lucid explanations and engaging vignettes are rendered in the authoritative voice of the best-selling authors.

A comprehensive guide to managing global financial risk From the balance of payment exposure to foreign exchange and interest rate risk, to credit derivatives and other exotic options, futures, and swaps for mitigating and transferring risk, this book provides a simple yet comprehensive analysis of complex derivatives pricing and their application in risk management. The risk posed by foreign exchange transactions stems from the volatility of the exchange rate, the volatility of the interest rates, and factors unique to individual companies which are interrelated. To protect and hedge against adverse currency and interest rate changes, multinational corporations need to take concrete steps for mitigating these risks. Managing Global Financial and Foreign Exchange Rate Risk offers a thorough treatment of price, foreign currency, and interest rate risk management practices of multinational corporations in a dynamic global economy. It lays out the pros and cons of various hedging instruments, as well as the economic cost benefit analysis of alternative hedging vehicles. Written in a detailed yet user–friendly manner, this resource provides treasurers and other financial managers with the tools they need to manage their various exposures to credit, price, and foreign exchange risk. Managing Global Financial and Foreign Exchange Rate Risk covers various swaps in this geometrically growing field with notional principal in excess of $120 trillion. From caplet and corridors to call and put swaptions this book covers the micro structure of the swaps, options, futures, and foreign exchange markets. From credit default swap and transfer and convertibility options to asset swap switch and weather derivatives this book illustrates their simple pricing and application. To show real-world examples, each chapter includes a case study highlighting a specific problem, as well as a set of steps to solve it. Numerous charts accompanied with actual Wall Street figures provide the reader with the opportunity to comprehend and appreciate the role and function of derivatives, which are often misunderstood in the financial market. This detailed resource will guide the individual, government and multinational corporations safely through the maze of various exposures. A must-read for treasures, controllers, money mangers, portfolio managers, security analyst and academics, Managing Global Financial and Foreign Exchange Rate Risk represents an important collection of up-to-date risk management solutions. Ghassem A. Homaifar is a professor of financial economics at Middle Tennessee State University. He has Master of Science in Industrial Management from State University of New York at Stony Brook and PhD in Finance from University of Alabama in 1982. He is the author of numerous articles that have appeared in the Journal of Risk and Insurance, Journal of Business Finance and Accounting, Weltwirtschsftliches Archiv Review of World Economics, Advances in Futures and Options Research,Applied Financial Economics, Applied Economics, International Economics, and Global Finance Journal.