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NO.PZ202304050100007801

问题如下：

(1) 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：

selling SGD30 million of fixed assets for cash.

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

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

解释：

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.

净敞口算出来了是-30，但是依然不知道该选哪一个，麻烦老师我讲解下

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王园圆_品职助教 · 2024年08月23日

同学你好，请看以下讲义截图黄色公式，首先，因为用temporal method,所以exposure是monetary asset-monetary liabilities计算得到的，而得到的是-30M，说明这是一个净负债的敞口

现在题目问怎样才能降低这个敞口，那就是降低负债——那就是要么减少monetary liabilities，要么增加monetary asset两个思路

A说把固定资产卖掉换成现金——因为固定资产是非现金性资产，不会影响monetary asset的大小，而现金的增加可以实际使monetary asset变大，所以直接A就解决题目的要求了

而 B和C其实都是一样的问题，他们都是通过增加monetary liabilities来增加monetary asset，但是公式左右两边同时增加30M最后计算结果是不变的，所以B和C都没有用，不会使敞口下降，不能选

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2023-09-21 14:23 2 · 回答

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