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"在市场利率变化的情况下，公司的问题之一是基本的收入-成本不相符，事实是，BC Hydro 公司 (一水电公司,其短期负债很少,其收入60%来自稳定的居民,40%来自大能源消耗企业这部分易受利率、物价影响) 的少量与＇随物价变化而变化的收入＇相关的负债首先遭到冲击。显然，解决方案是增加短期负债的比例。尽管这个方法很显然会增加物价周期的匹配，这将和关于资产负债到期的相关事务相反。人们在争论，60%的主要收入仍然很固定，对于整体效用的负债结构不应该重组，以实现风险管理目标。关于短期负债方法的评论还强调，将来历史相关性也许不再继续。与商品价格相关的收入和短期利率将不适用。" 原文对照＂The basic revenue-cost mismatch, the fact that BC Hydro held little short-term debt which would parallel the movement of revenues with commodity prices, was attacked first. The obvious solution was to increase the proportion of short-term debt. Although this approach would clearly increase the matching of commodity price cycles, it would do the opposite with regard to asset-liability maturity matching. It was argued that 60% of all power revenues were still very stable, and that the debt structure of the entire utility should not be reworked in order to pursue risk management goals. The critics of the short-term debt approach also emphasized that historical correlations might not hold up in the future. Movements of revenues and short-term interest rates correlated with commodity price movements may not hold true. The debate was heated.＂
问大家怎么理解这个解决方案啊~~还有最后一句话是什么意思啊
谢谢各位哦~~大家讨论下吧
[em04]
[em02] [此贴子已经被作者于2005-9-25 10:04:07编辑过]
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