[case study]번역 Foreign_exchange 해석

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케이스 스터디 번역본 입니다.

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수동적 정책 : 상업(운영) 노출의 50% 회피
The policy adopted was generally to hedge 50% of all significant foreign exchange commercial (operating) exposures on a regional level. GM policy differentiated between "commercial" exposures-cash flows associated with the ongoing business such as receivables and payables-and "financial" exposures such as debt repayments and dividends. GM policy also outlined what sorts of derivative instruments were to be used for hedging.
채택된 정책은 (대륙별)지역본부 수준에서 중요한 외환 상업(영업) 노출의 50%를 회피하는 것이었다. GM 정책은 “상업” 노출과 “재정”노출을 차별화하는 것이다. GM 정책은 어떤 종류의 파생상품이 회피하는데 사용되는지를 명시한다.

Commercial (operating) exposures With operations, sales units, and investments spanning the globe, GM had direct or indirect commercial exposures to virtually every meaningful currency. Each regional center collected monthly forecasts of accounts receivable and accounts payable, usually for the twelve coming months, from all of the GM entities within its region and totaled the net exposures (receivables minus payables) by currency pair. This information was compiled into a matrix presenting the exposure totals by currency pair for each regional unit (General Motors North America, General Motors Europe, General Motors Asian Pacific, and General Motors Latin America, Africa, Middle East) and then aggregating them up to a corporate grand total for General Motors as a whole. (See Exhibit 6 for the summary of exposures by currency pair.) In practical use, this provided GM executives with granular information about the currency exposures created by ongoing business operations.

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