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Hedging mit Futures vs. Hedging mit Optionen

Hedging mit Futures vs. Hedging mit Optionen

          
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About the Book

Studienarbeit aus dem Jahr 2003 im Fachbereich VWL - Geldtheorie, Geldpolitik, Note: 2,7, Universität Osnabrück (VWL), Veranstaltung: Options, Futures and other Derivatives, Sprache: Deutsch, Abstract: Die folgende Arbeit befasst sich mit dem Themenkomplex der optimalen Wahl eines Hedging Instruments. Es werden zwei Sicherungsinstrumente gegenübergestellt. Hierzu ist es sinnvoll, zunächst den Problemhintergrund vorzustellen und die Problemstellung zu erläutern. In Zeiten der Globalisierung beschäftigen sich grenzüberschreitend tätige Unternehmen immer mehr mit Fragen des internationalen Finanzmanagements. Dieses umfasst alle Aktivitäten einer internationalen Unternehmung zur Beschaffung, Verwaltung und Verwendung von Kapital.1 Durch die Ansiedlung von ausländischen Unternehmensteileinheiten gelingt ein schnellerer Zugang zu den nationalen und internationalen Finanzmärkten. Dadurch können mögliche Finanzierungschancen und andere Vorteile genutzt werden. Im Gegensatz zu nationalem Finanzmanagement spielen Währungsrisiken dabei eine große Rolle. Die Europäische Währungsunion hat diesem Nachteil schon Abhilfe geleistet, jedoch kann sie die Relevanz des internationalen Finanzmanagements für deutsche Unternehmen nicht voll beseitigen. Nach wie vor wird ein Großteil des Außenhandels mit den USA, Großbritannien oder Japan in der jeweiligen Währung abgewickelt.2 Lag der Preis für 1 US-Dollar am 01.06.2002 noch bei 1,0709 Euro, so lag er ein halbes Jahr später am 01.12.2002 nur noch bei 1,0062 Euro.3 Anhand dieses Beispiels soll gezeigt werden, welche Schwankungen innerhalb eines bestimmten Zeitraums auftreten können. Bei Geschäften in der Zukunft kann dieses für ein Unternehmen ein unkalkuliertes Risiko darstellen, wenn es einen ganz anderen Kurs als mit dem kalkulierten rechnet. Gerade wenn es "in die Millionen geht", sind solche Wechselkursschwankungen von sehr hoher Bedeutung. Die folgende Untersuchung geht daher der Frage nach, wie sich ein Unternehmen absichern kann un


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Product Details
  • ISBN-13: 9783638787376
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 2 mm
  • Width: 140 mm
  • ISBN-10: 3638787370
  • Publisher Date: 26 Sep 2007
  • Height: 216 mm
  • No of Pages: 28
  • Series Title: German
  • Weight: 45 gr


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