企業(yè)財務會計管理

企業(yè)財務會計管理Ex-CerealProductionEx-Kelloggproducescereal.Amajorcomponentandcostfactorissugar.Forecastedincome&salesvolumeissetbyusingafixedsellingprice.Changesincostcanimpacttheseforecasts.Tofixyoursugarcosts,youwouldideallyliketopurchaseallyoursugartoday,sinceyouliketoday’sprice,andmadeyourforecastsbasedonit.But,youcannot.Youcan,however,signacontracttopurchasesugaratvariouspointsinthefutureforapricenegotiatedtoday.Thiscontractiscalleda“ForwardContract.”Thistechniqueofmanagingyoursugarcostsiscalled“Hedging.”TypeofContracts1-SpotContract-AKforimmediatesale&deliveryofanasset.2-ForwardContract-AKbetweentwopeopleforthedeliveryofanassetatanegotiatedpriceonasetdateinthefuture.3-FuturesContract-AKsimilartoaforwardcontract,exceptthereisanintermediarythatcreatesastandardizedcontract.Thus,thetwopartiesdonothavetonegotiatethetermsofthecontract.TheintermediaryistheCommodityClearingCorp(CCC).TheCCCguaranteesalltrades&“provides”asecondarymarketforthespeculationofFutures.TypesofFuturesCommodityFutures-Sugar -Corn -OJ-Wheat -Soybeans -PorkbelliesFinancialFutures-Tbills -Yen -GNMA-Stocks -EurodollarsIndexFutures-S&P500 -ValueLineIndex-VanguardIndexFuturesContractConceptsNotanactualsaleAlwaysawinner&aloser(unlikestocks)Kare“settled”everyday.(MarkedtoMarket)Hedge-KusedtoeliminateriskbylockinginpricesSpeculation-KusedtogambleMargin-notasale-postpartialamountHogK=30,000lbsTbillK=$1.0milValuelineIndexK=$indexx500Ex-Settlement&SpeculateYouarespeculatinginHogFutures.YouthinkthattheSpotPriceofhogswillriseinthefuture.Thus,yougoLongon10HogFutures.Ifthepricedrops.17centsperpound($.0017)whatistotalchangeinyourposition?30,000lbsx$.0017lossx10Ks=$510.00lossSinceyoumustsettleyouraccounteveryday,youmustgiveyourbroker$510.0050.6350.80-$510centsperlbsYouareanIllinoisfarmer.Youplanted100acresofwinterwheatthisweek,andplanonharvesting5,000bushelsinMarch.Iftoday’swheatpriceis$1.56perbushel,andyouwouldliketolockinthatprice,whatwouldyoudo?SinceyouarelonginWheat,youwillneedtogoshortonMarchwheat.Since1K=5,000bushels,youshouldshortonecontractandcloseyourpositioninMarch.Ex-CommodityHedgeEx-CommodityHedge

realworldInJune,farmerJohnSmithexpectstoharvest10,000bushelsofcornduringthemonthofAugust.InJune,theSeptembercornfuturesaresellingfor$2.94perbushel(1K=5,000bushels).FarmerSmithwishestolockinthisprice.ShowthetransactionsiftheSeptspotpricerisesto$3.05.RevenuefromCrop:10,000x3.05 30,500June:Short2K@2.94=29,400Sept:Long2K@3.05=30,500.LossonPosition-------------------------------(1,100)TotalRevenue$29,400

Ex-CommoditySpeculation

realworldNov:Short3MayK(.4400x38,000x3)= +50,160Feb:Long3MayK(.4850x38,000x3)= -55,290 Lossof10.23%= -5,130YouhavelivedinNYCyourwholelifeandareindependentlywealthy.Youthinkyouknoweverythingthereistoknowabotporkbellies(uncurredbacon)becauseyourbutlerfixesitforyoueverymorning.Becauseyouhavedecidedtogoonadiet,youthinkthepricewilldropoverthenextfewmonths.OntheCME,eachPBKis38,000lbs.Today,youdecidetoshortthreeMayKs@44.00centsperlbs.InFeb,thepricerisesto48.5centsandyoudecidetocloseyourposition.Whatisyourgain/loss?MarginTheamount(percentage)ofaFuturesContractValuethatmustbeondepositwithabroker.SinceaFuturesContractisnotanactualsale,youneedonlypayafractionoftheassetvaluetoopenaposition=margin.CMEmarginrequirementsare15%Thus,youcancontrol$100,000ofassetswithonly$15,000.

Ex-CommoditySpeculation

realworld-withmarginNov:Short3MayK(.4400x38,000x3)= +50,160Feb:Long3MayK(.4850x38,000x3)= -55,290 Loss= -5,130Loss 5130 5130 Margin 50160x.15 7524YouhavelivedinNYCyourwholelifeandareindependentlywealthy.Youthinkyouknoweverythingthereistoknowabotporkbellies(uncurredbacon)becauseyourbutlerfixesitforyoueverymorning.Becauseyouhavedecidedtogoonadiet,youthinkthepricewilldropoverthenextfewmonths.OntheCME,eachPBKis38,000lbs.Today,youdecidetoshortthreeMayKs@44.00centsperlbs.InFeb,thepricerisesto48.5centsandyoudecidetocloseyourposition.Whatisyourgain/loss?

------------=-------------------- =------------=68%lossFinancialFuturesGoal(Hedge)-Tocreateanexactlyoppositereactioninpricechanges,fromyourcashposition.Commodities-Simplebecauseassetstypesarestandard.Financials-Difficultbecauseassetstypesareinfinte.-Youmustattempttoapproximateyourpositionwithfuturesvia“HedgeRatios.”

Exle-Hedge CashPosition FuturesPositionNov Long$1,000 Short1K@$970March Sell@$930 Long1K@$900 loss$70 gain$70Netposition=$0 Ex-FinancialFuturesExle-HedgeReality CashPosition FuturesPositionNov Long$1,000 Short1K@$970March Sell@$930 Long1K@$920 loss$70 gain$50Netposition=$20loss Ex-FinancialFuturesEx-FinancialFuturesYouarelongin$1milofbonds(15yr8.3125%bonds)ThecurrentYTMis10.45%andthecurrentpriceis82-17.Youwanttocashoutnow,butyouraccountantwantstodeferthetaxesuntilnextyear.TheMarchBondKissellingfor80-09.SinceeachKis$100,000,youneedtoshort10MarchKs.InMarchyoucashoutwiththeBondprice=70-26andtheKprice=66-29.Whatisthegain/loss?

Cash Futures BasisNov $825,312 $802,812 +(2-8)March $708,125 $669,062 +(3-29)Gain/Loss ($117,187) $133,750 +(1-21)NetGain=$16,563(=1-21x$1mil)FinancialFuturesTheartinFinancialfuturesisfindingtheexactnumberofcontractstomakethenetgain/loss=$0.ThisiscalledtheHedgeRatio#ofKs=----------------------------------XHedgeRatio

$FaceValueCash$FaceValueofFuturesKHRG