Hartmax公司是美国最大的男用成衣制造商和零售商。这间总部设在芝加哥的公司每年生产约300万套成衣,旗下拥有Hart Schaffner and Marx、Kuppenheimer和皮尔卡丹等知名品牌。自上世纪80年代后期,Hartmax通过兼并和开设新店面开始其扩张行动。这些举措直接导致其银行短期贷款从1987年的5700万美元上升到1989年的2.67亿美元。贷款的增加使公司管理层开始关注其贷款的利率风险。为此,公司面临三种对冲策略的选择: A:将短期债务置换成长期债务。 B:通过利率掉期(interest Rate Swap) Hartmax is the largest male garment manufacturer and retailer in the United States. The Chicago-based company produces about 3 million ready-made garments a year and owns well-known brands such as Hart Schaffner and Marx, Kuppenheimer and Pierre Cardin. Since the late 1980s, Hartmax began its expansion by merging and opening new stores. These initiatives led directly to the increase of their bank short-term loans from 57 million U.S. dollars in 1987 to 267 million U.S. dollars in 1989. The increase in loans led the company’s management to focus on the interest rate risk of its loans. To this end, the company faces three options for hedging strategies: A: Replace short-term debt with long-term debt. B: Through interest rate swaps (interest Rate Swap)