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西红柿面 · 2024年03月19日

Marketable Securities为什么不算Monetary Assets啊?

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NO.PZ201602060100001702

问题如下:

If the US dollar were chosen as the functional currency for Acceletron in 2007, Redline could reduce its balance sheet exposure to exchange rates by:

选项:

A.

selling SGD30 million of fixed assets for cash.

B.

issuing SGD30 million of long-term debt to buy fixed assets.

C.

issuing SGD30 million in short-term debt to purchase marketable securities.

解释:

A is correct.

If the US dollar is the functional currency, the temporal method must be used, and the balance sheet exposure will be the net monetary assets of 125 + 230 185 200 = 30, or a net monetary liability of SGD30 million. This net monetary liability would be eliminated if fixed assets (non-monetary) were sold to increase cash. Issuing debt, either short-term or long-term, would increase the net monetary liability.

考点:balance sheet exposure

解析:如果US dollar 是functional currency, 说明functional currency = reporting currency, 选择temporal method.

Exposure= monetary assets – monetary liability =125 + 230 185 200 = 30,负号代表exposure为净负债的头寸。

现在是net liability exposure,我们就想把这个负数变得更接近于0,这样就减少敞口了。

【提示】不管是net asset exposure还是net liability exposure,只要存在(即不等于0)就是有风险。对于net asset exposure来说担心汇率贬值,子公司货币贬值那么转换完的net asset就变少,对公司来说会有损失。net liability exposure则在子公司货币升值的情况下转换完的liability更多了,对公司来说也不是好事。所以综上所述,只要exposure不等于0,就是有风险敞口,所以降低exposure,就是要让它更接近于0。

A:如果卖掉fixed assets (non-monetary资产减少) ,cash增加(monetary assets增加,monetary asset的增加可以抵消exposure净负债的头寸,选项A正确。

B:发债买固定资产。发债会导致monetary liability 增加,固定资产属于non-monetary asset,所以这个操作会增加ML,但MA不变,那么最终增大净负债的头寸。会使exposure更大,选项B不正确。

C:发行短期债买marketable securities,会使monetary liability增加。marketable securities属于non-monetary asset,MA不变,所以这个操作会增加ML,但MA不变,那么最终增大净负债的头寸。会使exposure更大,选项C不正确。

【提示】根据教材:Monetary items are cash and receivables (payables) that are to be received (paid) in a fixed number of currency units. 即只有cash和receivables属于货币性资产,因此如无特别说明,market securites我们作为non-monetary asset来处理。

Monetary Assets的定义不就是类似Cash且没有实物形态的东西吗?比如cash、Receivable等等,那Marketable Securities为什么不算Monetary Assets啊?

1 个答案
已采纳答案

王园圆_品职助教 · 2024年03月19日

同学你好,monetary asset是有严格定义的,是指其金额是固定的不可变动的资产,类似现金,应收账款,应付账款这种

而market securities由于其价值一直在变动,就不属于monetary而是non-monetary资产

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