[국제경영] Dell Mercosur 사례 분석(영문)

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2010.08.07 / 2019.12.24
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추천 연관자료

목차: 1. Company background
1-1.
What is Dell?
1-2.
Direct model - the competitive advantage
1-3.
How Dell works globally
2. Mercosur
2-1. Introduction
2-2. Domestic affairs
2-3. Foreign affairs
3. Analysis
3-1. Foreign-Exchange Risk
3-2. Transaction Exposure
3-3. Forward contract`s meaning
3-4. Hedging strategy-Transaction exposure
3-5. Hedging strategy for transaction exposure`s problem.
3-6. Translation Exposure
3-7. Economic Exposure
3-8. Dell Mercosur’s reaction
3-9. Dell Mercosur’s outcome
4. Recommendation
4-1. Fundamental problem
4-2. Alternatives
5. Discussion
5-1. Which strategies do you support to cope Dell Mercosur’s Transaction risk? ..
5-2. Should Dell Mercosur`s parent company hedge Translation Exposure?
6. Option contract`s meaning
6-1. Definition
6-2. Call option’s value(Profit) at expiration date
6-3. Option contract premium .
7. Reference Book and Material

본문내용: crisis in 1999. Brazil, Argentina, and Colombia are countries that underwent economic crisis most
frequently
from
1980.
In
1992,
Brazil’s
inflation
rate
reached
1.175%.
Moreover
Brazil
was
supported by IMF bailout in 1998.
The range of fluctuation of the foreign exchange rate in Brazil real shows dramatic movement.
LG Business report targeting BRICs, Mexico and South Korea, researched in 2008 said that real
value when it was lowest position devaluated by 33%, compared its highest score. It is second
largest fluctuation range after South Korea.
Brazil
economic
condition
was
getting
worse
especially
in
2002.
Real:USD
exchange
rate
skyrocketed with very unstable domestic and foreign affairs. Real was weakened from 2.4 reals per
US dollar on May 2002, to 2.7 on June and 2.9 on July. Furthermore, Lula da Silva, the presidential
candidates had a chance of getting elected the possibility of presidential election of Brazil,
exchange rate much more soared. The rate went beyond 3 reals per US dollar on August, and
surged to almost 4 reals per US dollar on October 2002.
R$/US$(2002)
4
3
R$/US$
2
01
02
03
04
05
06
07
08
09
10
11
12

2-2. Domestic affairs

The most influential factor that made the Brazil real exchange rate unstable was a president
election. Luiz Inacio Lula da Silve, known simply as Lula, the leader of the Worker’s Party had held
the lead throughout the year. Many foreign investors felt nervous because Lula showed very
strong left-leaning position previously. It accelerated outflow of capital overseas and became a chief
factor of a speedy rising of exchange rate. In addition, Brazil suffered from an electric power
shortage because of the severe drought in 2001. Due to that Brazil even conducted the electric
power allocation system.

2-3. Foreign affairs
Argentina, a major economic partner of Brazil, met the worst social and economic crisis on
December 20 2001, since the Great Depression. Three presidents are turned over in two weeks on
responsibility of financial crisis. During the last week of 2001, the interim government led by
Rodriguez Saa defaulted on the larger part of the public debt totalling no less than $132 billion.
In 2003 Argentina’s unemployment rate soared at nearly 25% and nominal wages dropped lowest
amount for last sixty years. Financial Crisis of Argentina damaged Brazil economy that was closely
connected with Argentina. Besides, the global economic slump resulted from 9.11 troubled Brazil.

3. Analysis

3-1. Foreign-Exchange Risk

As we saw in the previous part, the value of real fluctuated dramatically as the political and
economic environments became instable in Brazil and nearby countries. The fluctuation of real
caused extreme fluctuation in exchange rate and this condition gave severe risk to Dell Mercosur.
This kind of risk is called Foreign-exchange risk.
There are 3 types of exposure in foreign-exchange risk: Transaction Exposure, Translation exposure,
and Economy Exposure. Now, we are going to take a closer look at each exposure, their effect on
Dell Mercosur and what kind of countermeasure the company needs to have.

3-2. Transaction Exposure

Transaction exposure is a type of foreign exchange risk faced by companies that engage in
international trade. It is the risk that exchange rate fluctuations will change the value of a contract
before it is settled. Transaction exposure is also called transaction risk.
Briefly, Transaction exposure is negative influence upon Dell Mercosur`s cash flow.
In order to hedge transaction exposure, Dell Mercosur is using forward contracts. Before finding
out how the strategy works, let’s take a look at what forward contract is.

참고문헌: EuKyung Lee(이의경), 『Financial management』, (Kyungmoon-Sa, 2006)
1)
2) John Hull, 『Fundamentals of Futures and Options Markets』 , (Prentice Hall,
2008)

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