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营运资本管理是财务管理的一个重要方面。它主要处理短期资金来源和运用事项。如短期国库券、存款单、商业票据、银行贷款等。随着公司经营规模的扩大,公司对短期资金的需求表现出稳定增长的势头。然而,由于公司短期资金利率变化无常,营运资本管理中的成本风险能否避免,是企业十分关心的问题。金融期货为防范公司不可预计的成本风险提供了保护。现假设某公司于1995年6月决定锁定一张1000万元,90天期预期8月份交易的商业票据贷款的成本。商业票据的贴现率目前是10%,公司可卖出到期值
Working capital management is an important aspect of financial management. It mainly deals with short-term funding sources and operational matters. Such as short-term treasury bills, deposit slips, commercial paper, bank loans and so on. With the expansion of the company’s operating scale, the company’s demand for short-term funds showed a steady growth. However, due to the volatility of the company’s short-term capital interest rate, whether the cost risk in the management of working capital can be avoided is a matter of great concern to the company. Financial futures provide protection against the company’s unpredictable cost risks. It is now assumed that in June 1995, a company decided to lock in a cost of 10 million yuan, 90 days of expected commercial paper loan transactions in August. The discount rate for commercial paper is currently 10%, and the company can sell the maturity value