题目
A large publicly held company refines crude oil into gasoline and sells gasoline wholesale with long-term contracts at fixed prices. The firm also owns the land, with full rights, from which it pumps crude oil. The firm financed the purchase of the land by issuing floating-rate bonds. This firm could reduce the volatility of its earnings by entering into a(n): I Interest-rate swap II Oil commodity swap
选项
A.I only
B.II only
C.Both I and II
D.Neither I nor II
答案
A
解析
The firm owns its own production resources and sells wholesale with long-term contracts at fixed prices, so it does not face commodity price risk in acquiring crude oil. Hence, a commodity swap based on oil will not reduce earnings volatility. The firm has issued floating rate notes, however, so its earnings will be sensitive to changes in interest rates. Entering into the pay-fixed side of an interest-rate swap would reduce this source of earnings volatility. 题目问的是如何使公司减少波动，也就是对冲各种波动（如价格，利率等）的风险。 首先这个公司是用原油（原材料）生产汽油（产成品），所以会面临成本和收入的价格波动，但题目中说1）这个公司已经签了固定价格卖石油，所以收入端的价格波动已经对冲。2）公司有原油开采权，所以成本端的价格波动被对冲。 其次，公司发行浮动利率债券（担心利率上涨，收益率波动），所以要进行利率互换