Introduction to the International Financial Markets
Part_1_Chapter_1_Introduction_to_international_Financial_accounting
I NTRODUCTION TO INTERNATIONAL FINANCIAL REPORTINGB ACKGROUNDI NTERNATIONAL FINANCIAL REPORTINGAccounting can be defined as thesystematic gathering and organization of information about the financial position, the performance and the cash flows of an entity. This information is on the one hand the basis for the structured financial information that is provided to stakeholders of the entity, usually in the form of financial statements that consist of a statement of financial position (balance sheet), a statement of profit or loss and other comprehensive income, a statement of cash flows, a statement of changes in equity and notes. Individual financial statements are the financial statements of one entity, consolidated financial statements present financial statements for a Group of entities as if it is one entity. Financial reporting standards are the national or international guidelines that are used to prepare these financial statements. This part of accounting is called financial accounting.On the other hand, financial information also used for internal purposes, i.e.to provide information for management decisions. There are less legal restrictions for the preparation of this information. This part of accounting is often called management accounting or managerial accounting.International financial accounting is often used as a synonym for the accounting standards of the International Accounting Standards Board (IASB), although researchers in international financial accounting are also interested in differences between national financial reporting standards, reasons for these differences, harmonization of financial reporting standards, the arguments pro-and contra harmonization or standardization.After a small introduction on international financial accounting, this course will focus on the standards of the International Accounting Standards Board (IASB), which are called International Financial Reporting Standards (IFRS).D IFFERENCES IN ACCOUNTING SYSTEMSWhen comparing national financial reporting standards that are applicable in different countries, researchers did not find objective differences in the basic concepts: accrual basis, historical cost, going concern, prudence. More differences are found in presentation and disclosure. A significant amount of differences can be found in the specific accounting rules and methods.D IFFERENCES IN PRESENTATION AND DISCLOSURE–Statement of financial position (balance sheet): Some entities use a liquidity format (assets and liabilities are gathered based on their liquidity, so that the liquidity position is immediately clear for the reader of the financial statements), while others have all the assets on one side (the left side, or the debit side) and the liabilities on the other side ( the right side, or the credit side).In the US (and US inspired entities/companies) assets and liabilities are organized based on increasing liquidity, while European entities usually organize their assets and liabilities based on decreasing liquidity.–Statement of Profit and Loss (Income Statement)/ Statement of Comprehensive Income (Statement of Profit or loss and other comprehensive income): First of all some jurisdictions require only a statement of profit or loss (income statement) which is a detail of the changes in retained earnings over the period, while other jurisdictions also require details of all other transactions (excluding transactions with shareholders) that havean impact on equity which is called the statement of other comprehensive income. For the statement of profit or loss (income statement) entities often have the choice between analyzing the costs by nature or by function.Sometimes revenues and costs are ta ken together by function leading to operating profit, financial profit, …while in other cases all revenues are taken together on the one hand and all costs are taken together on the other hand.–Statement of cash flows: There are two methods to present the cash flows of an entity: the direct and the indirect method. Although the direct method gives more information to the user of the financial statements, it also requires a different system to gather the information in order to establish this type of statement of cash flows. Most companies use the indirect presentation of their cash flows.–Jurisdictions also differ in their requirements to present a statement of changes in equity, the details of the disclosures, the presentation of earnings per share, the definition and presentation of unusual, exceptional or extraordinary items, the requirements for interim reporting etc.D IFFERENCES IN ACCOUNTING PRINCIPLES AND THEIR APPLICATION–The use of historical cost or revaluated amounts: In some jurisdictions entities are not allowed to revalue for example their fixed assets, there is a strict application of the historical cost principle. In other jurisdictions the revaluation of fixed assets is allowed but the revaluation gains and losses are not presented as profit or loss.Entities have to use a separate account in equity. In general, the use of revaluated amounts is also more common – if allowed- for the measurement of financial instruments.–Criteria for consolidation of subsidiaries: the definition of control and the resulting consolidation scope is very important and differs amongst jurisdictions. Sometimes control is solely based on the relative number of shares which opens the door for structuring entities so that they are not consolidated. The treatment of special purpose vehicles (SPV’s or SPE’s) is largely dependent on the definition of control and the consolidation scope.–The method of accounting for pension costs: the recognition and measurement of the liability due to pension obligations is very different amongst jurisdictions. Treatment of actuarial gains and losses, presentation of interest costs, changes to pension plans, curtailments, …–Identification and description of extraordinary items: Extraordinary can be defined both in terms of amount or in terms of nature. Sometimes it refers to non-recurring items.–The method of determining inventory cost: some jurisdictions allow direct costing, while others only allow full costing. Next to that some jurisdictions do not allow LIFO, next to FIFO and weighted average.–The definition of control, significant influence and joint control and the consolidation scope: a group of entities is defined as the parent entity with the subsidiaries, associates and joint ventures. To determine which companies belong to a group of entities and have to be consolidated to establish the consolidated financial statements, an entity has to determine which entities it controls (subsidiaries), in which entities it has joint control (joint arrangements) and in which entities it has significant influence (associates). Reporting standards differ in how much the substance over form principle prevails.–The method of accounting for an investment: investments in other entities that are not considered to be subsidiaries, joint arrangements or associates are financial instruments. These investments can be measured at cost or at fair value. Changes in fair value can be recognised in profit or loss or in other comprehensive income.–The method of accounting for acquisitions, and goodwill: Goodwill is the difference between a consideration paid to control another entity (acquire a subsidiary) and the assets and liabilities of this entity. The manner in which this difference is calculated and subsequently treated (systematically amortized or tested for impairment on a yearly basis) can significantly differ between accounting standards.–The method of accounting for income taxes: In some jurisdictions entities are only required to account for income taxes, while according to other regulations entities have to recognise deferred taxes. Also the measurement,recognition and presentation of these taxes can differ.–The method of accounting for reserves and minorities: National accounting standards often take into account business laws that require companies to recognise specific reserves. For example, some jurisdictions require companies to recognise reserves which cannot be distributed as long as certain conditions are not met. Also the presentation of non-controlling interests (minorities) within or outside equity and the treatment of transactions with non-controlling interests can differ.–The method of accounting for contingent liabilities: In some jurisdictions the accounting for contingent liabilities is more prudent than in others, therefore leading to more provisions for future costs and losses.R EASONS FOR DIFFERENCES IN FINANCIAL REPORTINGAn accounting system (the accounting regulation in a specific country, but also the choices that a company makes within this regulation) is the result of the specific conditions and circumstances of an environment.The following are examples of characteristics that can have an impact on the financial reporting in a specific country:-International factors: Some countries use the knowledge and efforts of international organisations like for example the International Accounting Standards Board (IASB) to adapt their accounting legislation (eg The Netherlands, most developing countries,…). Other companies, like Belgium, consider that the existing accounting systems are best adapted to the specific local situation and do not adapt the legislation to the international evolution.-Provision of finance: The fact that some companies are rather “equity” financed (i.e. an important part of their financial resources is provided by shareholders) and other are rather “debt” financed has a significant impact on accounting systems. In countries where companies are largely financed by shareholders (eg the UK or the Netherlands) financial reporting that is relevant for investment decisions (for example, will the company make enough profit to pay dividends). In countries where companies rely more on debt financing (eg Belgium or Italy), the financial statements will be focussed on creditor protection (for example, is the company capable to repay its debt and the interests on this debt).-Activities, growth and inflation: Accounting systems follow the activities of the companies and the economic situation of the country in which they are applied. For example, how to treat inflation was only treated in Belgium in the 1970-ies when inflation was a problem. The technique of depreciation and amortization of assets was created in the industrial evolution, when companies started to invest for significant amounts in plants and machines for which it was no longer a fair representation to take the cost at the moment of the investment.-Financial markets: Stock exchange commissions (like the SEC in the US and the FSMA in Belgium) review financial statements of listed companies. Since their approval is essential for the listing of the company, their interpretation of the accounting rules will influence the accounting of listed companies.-Taxes: In some countries the fiscal authorities use information provided in the financial statements to determine taxable income. Sometimes expenses are only tax deductible if they are also recognised in the income statement (eg Germany). The accounting in these countries is more tax oriented (we could even say tax polluted) than the accounting in countries where separate accounts are filed for tax purposes (eg the Netherlands).-Professional organizations, legal framework: In some countries the accounting profession is rather young and/or the professional organisation of the accountants has little power to set accounting rules. In these countries the accounting rules are usually incorporated in the law. In other countries only a limited set of accounting rules is fixed by law, the rest is regulated by the accounting profession.-Political systems, social climate, culture: The accounting system of countries that do not allow companies to charge interests usually do not have accounting rules to treat interest. When politicians consider that certain information is useful, they can request extra disclosures (for example number of employees with no specific education, number of women as opposed to men,...). And last but not least cultural differences have an impact on how accounting rules are applied. For example in some countries accountants are by nature more “prudent”which results in for example more provisions in the financial statements. Even if the same set of accounting standards is applied.For a more in debt discussion of similarities and differences in financial reporting please refer to Nobes and Parker (2008).A RGUMENTS PRO AND CONTRA HARMONISATIONA TTEMPTS TO HARMONIZE FINANCIAL REPORTINGEU-D IRECTIVESAccounting harmonization fits in the general objective of the EU to achieve free movement of persons, capital and goods. In particular, through the publication of accounting directives in the early 70’s the EU wanted to facilitate investing and financing, lower the efforts of preparing consolidated financial statements, improve mergers and acquisitions, provide a basis for macro-economic accounting and set the first step towards European tax harmonization.Although the European Union published the 4th, the 7th and the 8th Directive on accounting, financial reporting and auditing, differences between national accounting standards still resulted in significant differences in financial reporting. Two studies are often mentioned in that context: Simmonds and Azières (1989) and Radebaugh and Gray (1993). Simmonds and Azières (1989) used the financial statements of Hero AG to calculate the result of the company using the different principles for financial reporting in different European countries (note that Spain and Italy did not yet implement the EU directives as laws). Radebaugh and Gray (1993) did a similar research and calculated for a sample of European companies the result based on the most common accounting principles.T HE WAR OF THE GAAP SIn the early 1990s the European Commission decided to stop the harmonization attempt via Directives. At that time large European Companies (the so-called global players) either used the accounting standards of the US (US GAAP) or the accounting standards of the IASB (at that time called IAS).While US GAAP was more comprehensive, the IAS were politically more acceptable since developed by a wide range of countries and not specifically adapted for the US environment. In 2002, Regulation (EC) 1606/2001 on theapplication of international accounting standards was published. This regulation requires all companies listed in the EU to apply IAS for their consolidated financial statements as of 2005. Member States can decide to extent the application of IFRS to non-listed entities or to separate financial statements.The EU decided that these standards would be implemented in the European countries after an endorsement mechanism and after translation into the 20 official European languages. Standards that are endorsed are published in the Official Journal of the European Union as regulations in the different European languages and become law in the European jurisdictions as of that moment. Contrary to the Directives, there is no subsequent implementation of these decisions via local laws.The endorsement process takes a significant amount of time and can lead to a difference between the effective date published by the IASB and the effective date in Europe.T HE STANDARDS AND INTERPRETATIONS OF THE IASBT HE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)The IASB is an international independent organization with headquarters in London, with the objective to develop a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. It has no legal power to oblige entities to apply their standards.The standards and interpretations that are issued by the IASB are called International Financial Reporting Standards (IFRS). Standards that were issued before 2001 are called International Accounting Standards (IAS), as of 2001 standards are called International Financial Reporting Standards (IFRS). The same goes for interpretations: older interpretations are called SIC- interpretations, while newer ones are called IFRIC– interpretations. The committee within the IASB that publishes interpretations is called IFRS Interpretations Committee (IFRS IC). A list of standards and interpretations as at 1/2/2015 is given in appendix A of this chapter.A PPLICATION OF IFRS IN E UROPE AND THE REST OF THE WORLDIFRS are now used extensively around the world as the basis for preparing financial reports, with one exception: The United States. Although the SEC permits foreign private issuer to use IFRS since November 2007 and was very active in exploring whether and how to IFRS into the financial reporting system for US Domestic users at that time., there is at this moment no policy decision about whether (and if so, when and how) IFRS should be incorporated into the US financial reporting system.Belgium decided to extent the application of IFRS to consolidated financial statements of all banks and insurance companies (listed and non-listed) and to separate and consolidated financial statements of real estate companies.Application of IFRS in Belgium:D ISCUSSIONS AND CASES1.What is the difference between cost accounting and management accounting?Cost accounting is the common way of accounting, include the presentation and disclosure of financial information.Management accounting or managerial accounting is the financial information collected for internal purpose, it has less legal restrictions for the preparation.2.Define the following concepts and give an example:a.Accrual basisAccrual means the adding together of interest or different investments over a period of time. Eg, a company delivers a product to a customer who will pay for it 30 days later in the next fiscal year, which starts a week after the delivery. The company recognizes the proceeds as a revenue in its current income statement still for the fiscal year of the delivery, even though it will get paid in cash during the following accounting period. The proceeds are also an accrued income (asset) on the balance sheet for the delivery fiscal year, but not for the next fiscal year when cash is received.b.Historical costHistorical cost is the original nominal monetary value of an economic item. Eg,a company acquires an asset in year 1 for $100;the asset is still held at the end of year 1, when its market value is $120;the company sells the asset inyear 2 for $115.At the end year 1 the asset is recorded in the balance sheet at cost of $100. No account is taken of the increase in value from $100 to $120 in year 1. In year 2 the company records a sale of $115. The cost of sales is $100, being the historical cost of the asset. This gives rise to a gain of $15 which is wholly recognized in year 2.c.Going concernA going concern is a business that functions without the threat of liquidation for the foreseeable future, usually regarded as at least within 12 months. It implies for the business the basic declaration of intention to keep running its activities at least for the next year, which is a basic assumption to prepare financial statements considering the conceptual framework of the IFRS. Hence, the declaration of going concern means that the entity has neither the intention nor the need to liquidate or curtail materially the scale of its operations.d.PrudenceUnder the prudence concept, do not overestimate the amount of revenues recognized or underestimate the amount of expenses. You should also be conservative in recording the amount of assets, and not underestimate liabilities. The result should be conservatively-stated financial statements.e.Substance over formSubstance over form is an accounting principle used "to ensure that financial statements give a complete, relevant, and accurate picture of transactions and events". If an entity practices the 'substance over form' concept, then the financial statements will show the overall financial reality of the entity (economic substance), rather than the legal form of transactions (form).3.Give the external factors that influence a national accounting systemInternational market, components, going ab road, …4.Give the advantages/disadvantages of a single set of global standardsWorld-wide comparability; Consolidation; Credibility and cost of capital; Access to foreign capital markets; Market efficiency; Lower national standard setting costsCost of education and implementation; Standards are not adapted to the specific environment; International accounting standards focused on international firms and their issues5.What is the IASB ? What are its objectives ?The IASB is an international independent organization with the objective to develop a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles.6.Explain the link between the statement of financial position (balance sheet), the statement of profit or loss(income statement), the statement of other comprehensive income and the statement of changes in equity.Astatement of financial position reports on a company's assets, liabilities, and owners’ equity at a gi ven point in time.A statement of comprehensive incom, reports on a company's income, expenses, and profits over a period of time. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.A Statement of changes in equity reports on the changes in equity of the company during the stated period.A cash flow statement reports on a company's cash flow activities, particularly its operating, investing and financing activities.7.Explain why buying a share is riskier than buying a bond.8.What is the difference between a share and a bond ?9.Which companies have to apply IFRS in Belgium ? For which financial statements ?10.Give challenges that the companies may face when applying IFRS.Retrospective adjustment would cost a lot of trouble.R EFERENCESDeloitte, 2015, IFRS in your pocket, 2015.IASB, Who we are and what we do, July 2015Nobes C. and R. Parker, 2008, Comparative international accounting,Radebaugh L. and Gray, 1993, International Accounting and Multinational Enterprises, John Wiley & Sons.Roberts C., P. Weetman and Paul Gordon, International financial reporting, FT Prentice Hall.Simmonds A. and Azières O.,1989, Accounting for Europe. Succes by 2000 AD ?, Touche RossA PPENDIX A–S TANDARDS AND INTERPRETATIONS AS AT 1/2/2015S TANDARDSIFRS 1 – First-time adoption of International Financial Reporting StandardsIFRS 2 – Share-based paymentIFRS 3 – Business combinationsIFRS 4 – Insurance contractsIFRS 5 – Non-current assets held for sale and discontinued operationsIFRS 6 – Exploration for and evaluation of mineral resourcesIFRS 7 – Financial instruments: DisclosuresIFRS 8- Operating segmentsIFRS 9 – Financial instrumentsIFRS 10 – Consolidated financial statementsIFRS 11 – Joint arrangementsIFRS 12 – Disclosure of interests in other entitiesIFRS 13 – Fair value measurementIFRS 14 – Regulatory deferral accountsIFRS 15 – Revenue from contracts with customersIAS 1 – Presentation of financial statementsIAS 2 – InventoriesIAS 7 – Statement of cash flowsIAS 8 – Accounting policies, changes in accounting estimates and errorsIAS 10 – Events after the reporting periodIAS 11 – Construction contracts (will be superseded by IFRS 15 as of 1 January 2018)IAS 12 – Income taxesIAS 16 – Property, plant and equipmentIAS 17 – LeasesIAS 18 – Revenue (will be superseded by IFRS 15 as of 1 January 2018)IAS 19 – Employee benefitsIAS 20 – Accounting for government grants and disclosure of government assistanceIAS 21 – The effects of changes in foreign exchange ratesIAS 23 – Borrowing costsIAS 24 – Related party disclosuresIAS 26 – Accounting and reporting by retirement benefit plansIAS 27 – Separate financial statementsIAS 28 – Investments in associates ad joint venturesIAS 29 – Financial reporting in hyperinflationary economiesIAS 32 – Financial instruments: presentationIAS 33 – Earnings per shareIAS 34 – Interim financial reportingIAS 36 - Impairment of assetsIAS 37 – Provisions, contingent liabilities and contingent assetIAS 38 – Intangible assetsIAS 39 –Financial instruments : Recognition and measurement (will be superseded by IFRS 9 effective 1 January 2018 where IFRS 9 is applied)IAS 40 – Investment propertyPart 1 – Chapter 1: Introduction to international financial reporting IAS 41 – AgricultureI NTERPRETATIONSIFRIC 1 – Changes in existing decommissioning, restoration and similar liabilitiesIFRIC 2 –Members’ shares in cooperative entities and similar instrumentsIFRIC 4 – Determining whether an arrangement contains a leaseIFRIC 5 – Rights to interests arising from decommissioning, restoration and environmental rehabilitation funds IFRIC 6 – Liabilities arising from participating in a specific market – Waste electrical and electronic equipment IFRIC 7 – Applying the restatement approach under IAS 29 Financial reporting in hyperinflationary economies IFRIC 9 – Reassessment of embedded derivativesIFRIC 10 – Interim financial reporting and impairmentIFRIC 12 – Service concession arrangementsIFRIC 13 – Customer loyalty programmes (will be superseded by IFRS 15 as of 1 January 2018)IFRIC 14 – IAS 19: The limit on a defined benefit asset, minimum funding requirements and their interactionIFRIC 15 – Agreements for the construction of real estateIFRIC 16 – Hedges of a net investment in a foreign operationIFRIC 17 – Distributions of non-cash assets to ownersIFRIC 18 – Transfers of assets from customersIFRIC 19 – Extinguishing financial liabilities with equity instrumentsIFRIC 20 – Stripping costs in the production phase of a surface mineIFRIC 21 - LeviesSIC 7 – Introduction of the EuroSIC 10 – Government assistance: No specific relation to operating activitiesSIC 15 – Operating leases: IncentivesSIC 25 – Income taxes: Change sin the tax status of an entity or its shareholdersSIC 27 – Evaluating the substance of transactions involving advertising servicesSIC 29 – Disclosures- Service concession arrangementsSIC 31 – Revenue: Barter transactions involving advertising services (will be superseded by IFRS 15 as of 1 January 2018)SIC 32 – Intangible assets: Web site costsPage | 11。
国际学术会议英语课件Chapter1Introduction
Sample demonstration
I. Listen to the following six passages of introductions in an oral presentation and then match the numbers of the passage on the left column with the topics (A-F) on the right column.
Passage 3 C. Saying what you plan to do in your presentation and why
Passage 4 D. Getting the audience to do something Passage 5 E. Getting the audience to imagine situations
Number of the passage
The skills the speakers use
Passage 1 A. Saying something personal about yourself
Passage 2
B. Asking the audience a question or get them to raise their hands
▪ In the Conclusion it should pick out the main points from the main body and summarize them for your audience. So the conclusion is similar to the Introduction in fact.
Passage 6 F. Giving interesting facts that relates directly to the audience
introduction to international
introduction to internationalBased on the basic principles and rules of international law, the course "Introduction to international law" analyzes the basic, key and difficult issues of international law, and integrates the teaching of basic theories, interpretation of the international situation and analysis of the latest practice of international law.The author asks, "is international law law law?" Start the research on the ontology of international law, correct and transform the problems into "what is international law?", through historical and practical investigation, On this premise, the interpretation of Dialectics of international law and the thinking of methodology of international law have been carried out, and the close relationship between international law and jurisprudence, jurisprudence, international relations and philosophy has been formed. Through the analysis of the values of international law such as justice and harmony, through the reflection of sovereignty, the core concept of international law, the questioning of the concept of "impunity", the investigation of the compliance mechanism of international law, and the interpretation of the international social contract, the ideal of international law, the concept ofconstructing the Chinese theory of international law is initially put forward.。
香港科大商学院的教材
ACCT《Financial Accounting 》Authors: Libby Publisher: McGraw Hill《Financial Accounting: A Global Perspective》Authors: Libby Publisher: McGraw Hill《Introduction to Managerial Accounting》Authors: Brewer Garrison Publisher: McGraw Hill《Managerial Accounting》Authors: Garrison Publisher: McGraw Hill《Cost Accounting: A Managerial Emphasis》Authors: Charles T. Horngren Publisher: Pearson《Intermediate Accounting: IFRS Edition 》Authors: Kieso Publisher: Wiley《Intermediate accounting》Authors: Earl K. Stice, James D. Stice, K Publisher: South-Western/Cengage Learning《Auditing and Assurance Services》Authors: Messier Publisher: McGraw Hill《IFRS Practical Implementation Guide and Workbook》Authors: Mirza Orrell Holt Publisher: Wiley《Modern Introduction to International Law》Authors: Peter Malanczuk Publisher: Routledge《Principles of Accounting 》Authors: WILD,Larson,Chiappetta Publisher: McGraw Hill《Financial Accounting in an Economic Context》Authors: Jamie Pratt Publisher: Wiley《Accounting : What the Numbers Mean》Authors: David Marshall Publisher: McGraw HillECON《Microeconomics》Authors: Parkin Publisher: Pearson《Microeconomics》Authors: Michael Parkin Publisher: Pearson《Macroeconomics》Authors: Olivier Blanchard Publisher: Pearson《Introductory Econometrics A Modern Approach》Authors: Jeffrey M. Woolridge Publisher: Cengage《Managerial Economics and Business Strategy》Authors: Michael R. Baye Publisher: McGraw Hill《Microeconomic Theory: Basic Principles and Extensions 》Authors: Snyder/Nicholson Publisher: Thomson《The Economics of Money, Banking and Financial Markets》Authors: Frederic S. Mishkin Publisher: Pearson《Introduction to Econometrics: Brief Ed.》Authors: James Stock Publisher: Pearson《International Economics: Theory & Policy》Authors: Paul Krugman and Maurice Obstfel Publisher: Pearson《Fundamental Methods of Mathematical Economics 》Authors: Alpha C. Chiang, Kevin Wainwrigh Publisher: McGraw Hill《Issues in Economics Today》Authors: Guell Publisher: McGraw Hill《Managerial Economics Asia Pacific Edition》Authors: Ivan Png and Chi-Wo J. Cheng Publisher: PearsonFINA《Fundamentals of Corporate Finance》Authors: Jonathan Berk Publisher: Pearson《Financial Markets and Institutions》Authors: Frederic S. Mishkin Publisher: Pearson《Investment》Authors: Bodie Publisher: McGraw Hill《Options Futures & Other Derivatives》Authors: John Hull Publisher: Pearson《Financial Markets & Corporate Strategy》Authors: Mark Grinblatt Publisher: McGraw Hill《Corporate Finance》Authors: Jonathan Berk Publisher: Pearson《Corporate Finance》Authors: Ross, Westerfield, Jaffe Publisher: McGraw Hill 《Essentials of Corporate Finance》Authors: Ross Publisher: McGraw Hill 《Fundamentals of Corporate Finance》Authors: Jonathan Berk Publisher: Pearson 《International Financial Management》Authors: Cheol S. Eun, Bruce G. Resnick Publisher: McGraw Hill《Financial Institutions Management (A Risk Management Approach)》Authors: Anthony Saunders Publisher: McGraw Hill《Valuation: Analyzing Global Investment Opportunities》Authors: Sheridan Titman Publisher: Pearson《Bond Markets, Analysis, and Strategies 》Authors: Frank J. Fabozzi Publisher: Pearson《Corporate Finance Essentials》Authors: Ross,Westerfield,Jordan Publisher: McGraw Hill《Essentials of Corporate Finance》Authors: Ross Westerfield Jordan Publisher: McGraw Hill《Fundamentals of Investing》Authors: Gitman & Joehnk Publisher: Pearson 《Modern Financial Management》Authors: Ross, Westerfield, Jaffe Publisher: McGraw Hill《Money, Banking and Financial Markets》Authors: Ceccheti Publisher: McGraw Hill MGMT《Essentials of Contemporary Management》Authors: Gareth R. Jones Publisher: McGraw Hill《Organizational Behavior (Essentials)》Authors: Steven McShane Publisher: McGraw Hill《Leadership: Enhancing the Lessons of Experience》Authors: Richard L. Hughes Publisher: McGraw Hill《The Mind and Heart of the Negotiator》Authors: Leigh L. Thompson Publisher: Pearson《Strategic Management: Creating Competitive Advantages》Authors: Dess Lumpkin Eisner Publisher: McGraw Hill《The Management of Strategy Concepts and Cases》Authors: R. Duane Ireland Publisher: Cengage《International Management: Culture, Strategy and Behavior》Authors: Fred Luthans Publisher: McGraw Hill《International Business: Competing in the Global Marketplace》Authors: Charles W. L. Hill Publisher: McGraw Hill《Strategic Management and Competitive Advantage》Authors: Jay B. Barney and William S. Hes Publisher: Pearson《Entrepreneurship:Successfully Launching New Ventures》Authors: Bruce R. Barringer Publisher: Pearson《Entrepreneurial Small Business》Authors: Katz,Green Publisher: McGraw Hill 《International Management: Text and Cases 》Authors: Beamish Publisher: McGraw Hill《Management》Authors: Stephen P. Robbins, Mary Coulter Publisher: PearsonFundamentals of Corporate FinanceLIYashuai1266845252Business Statistics confirmation ID 490Intermediate accounting confirmation ID 491.IFRS Practical Implementation Guide and Workbook confirmation ID 492. Essentials of Corporate Finance confirmation ID 494Modern Financial Management confirmation ID 495.。
Part_1_Chapter_1_Introduction_to_international_financial_reporting
From national accounting standards to global standards
• Advantages of a single set of global accounting standards:
– – – – – – – – – – – More accurate and timely information. Lower risk for small investors. Easier access to foreign capital markets. Increased credibility of domestic capital markets among foreign capital providers and potential foreign merger partners. Increased credibility of financial statements of companies in lessdeveloped countries. Lower cost of capital for companies. No need for reconciliation another country’s accounting standards. Comparability of financial data across borders. Increased market efficiency. Greater transparency and greater understandability. Reduced national standard-setting costs.
Advanced accounting and international financial reporting standards Pag. 5
《国际金融教学课件》international fina
信用风险
研究如何评估和管理与借贷相关 的风险。
操作风险
学习如何识别和应对企业运营过 程中的风险。
全球投资
了解跨国投资的重要性，以及企 业如何扩大全球市场份额。
金融市场与货币制度
证券市场
探索股票市场、债券市场和商品市场，了解不同金融工具的功能和特点。
货币政策
了解央行的货币政策和利率框架，以及其对经济和金融市场的影响。
金融制度
研究国际金融机构如世界银行和国际货币基金组织的作用。
外汇市场与汇率制度
《国际金融教学课件》 international fina
国际金融是研究不同国家之间财务和投资活动的学科。本课程旨在深入介绍 国际金融的重要概念和原则，帮助学生理解全球金融市场和货币制度。
国际金融简介
金融全球化
全球经济一体化和国际金融的崛 起为国际商务提供了更多机遇和 挑战。
世界货币
探索不同国家货币的价值和国际 汇率对商业和投资的影响。
外汇市场
了解全球外汇市场的运作机制和 参与者。
汇率制度
研究不同类型的汇率制度和其对 国际贸易的影响。
国际资金流动
探索国际资金流动和国际支付系 统。
跨国投资与企业国际化
跨国投资
研究企业如何将资本和资源投 资到不同国家和地区。
国际贸易
了解国际贸易的重要性以及全 球价值链的形成。
企业国际化
探索企业如何扩大全球业务， 应对跨文化挑战。
国际财务和会计规范
国际会计准则 财务分析 税务筹划
了解国际会计准则，包括财务报表和会计原则。
学习分析公司的财务状况和业绩，并作出决策。
研究国际税务筹划，确保企业在全球市场上合规 运营。
国际支付与结算
跨文化交际
Unit 1 —— An Introduction1)Economic Globalization –the integration of national economies intothe international economy 经济全球化2)Barter System –trade surplus produce in exchange for products andservices without the medium of money 物物交换3)Global Village –all the different parts of the world form onecommunity linked together by electronic communications 地球村4)Melting Pot –assimilation 民族同化5)Cultural Diversity –the mix of people from various backgrounds inthe labor force with a full mix of cultures and co-cultures to which members belong 文化多样性6)Intercultural Communication –communication between people whosecultural backgrounds are distinct enough to alter their communication 跨文化交际7)Culture – a learned set of shared interpretations about beliefs,values, and norms, which affect the behavior of a relatively large group of people8)Enculturation –all the activities of learning one’s culture 文化习得9)Acculturation –the process which adopts the changes brought aboutby another culture and develops an increased similarity between the two cultures 文化适应10)Ethnocentrism –the belief that your own culture backgrounds issuperior 民族中心主义11)Communication –to share with or to make common, as in giving toanother a part of share of your thoughts and knowledge12)Source –the person with an idea he or she desires to communicate13)Encoding –the process of putting an idea into a symbol 编码14)Message –the encoded thought 信息15)Channel –the means by which the encoded message is transmitted16)Noise –anything that distorts the message 干扰17)Receiver –the person who attends to the message 信息接受者18)Decoding –assign meaning to the symbol received 解码19)Context –the environment in which the communication takes place 1)What are the four trends that lead to the development of the globalvillage?Convenient transportation systems, Innovative communication systems, Economic globalization, Widespread migrations.2)What are the three aspects where the cultural differences exist? Verbal difference: language, thought patterns...Non-verbal communication: body language, time concept, spacious language, paralanguage, environment...Values: worldviews, beliefs, attitudes...3)What are the three ingredients of culture?Products, Behaving, Ideas(beliefs, values, world views...)4)How to understand cultural iceberg?Culture above waterline:a tip of iceberg, visible, tangible, changeableCulture below waterline:majority of iceberg, invisible, intangible, resistible5)What are the characteristics of culture?Culture is shared, learned, dynamic and ethnocentric.6)What are the characteristics of communication?Communication is dynamic, irreversible, symbolic, transactional, systematic and contextual.7)What are three basic aspects of communication? And on what aspect doesthe intercultural communication greatly depend on?Our individual personality, The culture we operate in, The physical environment that surrounds us.Whether a communication is successful or not depends greatly on the circumstances.Unit 2 —— Daily Verbal Communication(I)1)Verbal Intercultural Communication –people from different culturalbackgrounds communicate with each other by using language2)Pragmatics –the study of the effect that language has on humanperceptions and behavior 语用学1)How is Chinese addressing different from English addressing? Addressing by names:In Chinese the surname comes first and is followed by the given name, but in English this order is reversed.English-speaking people address others by using the first name while Chinese use full names.Addressing by relationship:Chinese custom of addressing others with kinship terms should not be carried over into English.Addressing by title office profession:In English, only a few occupations or titles are used.2)Who should be introduced first when people meet each other in the west? Senior, female, guest.3)How is Chinese hospitality different from American hospitality?In China, a guest usually observes the principle of avoiding bringing trouble to the host. In America, it is the host who tries to avoid interfering in guest’s freedom of action by leaving room for the guests to make choices.Unit 3 —— Daily Verbal Communication(II)1) A Cultural Assumption –we assume that a person has particular valuesand attitudes based on their cultural backgrounds 文化假定1)How would Americans misunderstand the Chinese responses to thecompliments?English speakers tend to accept the compliments, at least in form, whereas the Chinese tend to efface themselves in words assigning to the others. It would be a mistake, however, to think that native English speakers never use self-effacing responses to compliments.2)Why are the Chinese reluctant to pay a compliment?Traditional Chinese customs don’t require people to express thanks for the small favors that others have done them.3)How is the Chinese different from Americans in expressing gratitude? Chinese people don’t usually say “Thank you”to those who are very close and who are in a lower power. Saying “Thank you”is very common in America, even between parents and children, husband and wife.4)What are the social functions of compliments?Reinforcing solidarity, Greeting people, Expressing thanks, Getting over embarrassment, Congratulation, Encouraging people, Softening criticism, Starting a conversation.Unit 4 —— Verbal Communication1)Semantics –the study of the meaning of words 语义2)Denotation –literal meaning or definition of a word本意3)Connotation –suggestive meaning 隐含意4)Taboo –some objects, words or actions that are avoided by aparticular group of people, or in certain culture for religious or social reasons 禁忌语5)Euphemism –the act of substituting a mild, indirect or vague termfor one considered harsh, blunt or offensive 委婉语1)What are the four major verbal differences between Chinese andEnglish?Culturally loaded words, Cultural reflections on proverbs, Taboos, Differences in cultural thought patterns.2)How is the Chinese writing style different from the American style?Unit 5 —— Nonverbal Communication1)Chronemics –the study of how people perceive and use time 时间学2)Monochronic Time –do one thing at a time一元时间，单向记时制3)Polychronic Time –be involved in many things at once多元时间4)Proxemics –the perception and use of space(body distance and bodytouch) 空间学5)Kinesics –the study of body language(posture, stance, gesture, etc)身势学6)Paralanguage –involving sounds but not words and lying betweenverbal and nonverbal communication(speed, volume, pause, silence, etc) 副语言1)What are the different features of M-Time and P-Time?M-Time is noted for its emphasis on schedules, segmentation and promptness. It features one event at a time. M-Time cultures place great emphasis on schedules. P-Time practiced by most other people is less rigid and clock-bound. People from P-Time cultures schedule several activities at the same time, and time for them is more flexible and more human-centered.Unit 6 —— Cross-gender Communication1)What are the differences between sex and gender?Sex is biological, permanent and with an individual property. Gender is socially-constructed, varied over time and across cultures and with a social and relational quality.2)What are the two primary influences on gender socialization?The two primary influences are family communication, particularly between mothers and children, and recreational interaction among children. Girls tend to define self in relation to others, while boys typically define self independent of others. While girls are more likely to play house, play hide and seek, or jump rope, boys are inclined to play competitive team sports like football and baseball.Unit 7 —— Cultural Variations in Negotiation Styles Unit 9 —— Intercultural Personhood1) A Planetary Culture – integrates eastern mysticism with westernscience and rationalism 星际文化2)Intercultural person –represents someone whose cognitive, affectiveand behavioral characteristics are not limited but open to growth beyond the psychological parameters of his or her own culture 跨文化人格1)What contrasting world views can be drawn from Buddhism andChristianity?Christians sees each one was born with sins and therefore we should salvage ourselves. The salvation of the individual is achieved through hard work and piety. Christianity recognizes the importance of work and free ownership of property.Buddhists believe that there is a supreme and wonderful truth that the universe runs based on a dynamic balance. Buddhists don’t attach themselves to the impermanent objects and the pursuit of materialwell-being. Thus, little support is accorded to free enterprise.2)What are the American cultural values like in terms of ValueOrientation put forward by Kluckhohn and Strodtbeck?Human nature is evil but perfectible. (生而有罪)Relation to the nature is mastery with nature. (人定胜天)Future orientation (将来导向型)Doing leads to external achievements.Individual: Self is more important than group.3)What are the Chinese cultural values like in terms of ValueOrientation put forward by Kluckhohn and Strodtbeck?Human nature is good but corruptible. （人性本善）Relation to the nature is harmony with nature. (和谐共处)Past orientation (过去导向型)Being-and-becoming is a kind of spiritual good of inner harmony and peace. Group: In cultures with group values, people make decisions by consensus.4)Identify the features of each of four Hofstede’s cultural dimensionsand apply it in the case study?Individualism VS Collectivism (个人主义 vs 集体主义)High VS Low power distance (Hierarchy等级 vs Equality平等)High VS Low uncertainty avoidance (Stability稳定 vs Risk-taking冒险) Masculinity VS Femininity (男性主义 vs 女性主义)。
国际经济法英语介绍作文
国际经济法英语介绍作文Introduction。
International economic law refers to the rules, regulations, and principles that govern the economic relations between countries. It encompasses a wide range of issues, including trade, investment, finance, and intellectual property. The primary objective of international economic law is to promote economic growth and development by facilitating international trade and investment while ensuring that the benefits ofglobalization are shared equitably among nations.Body。
International economic law is a complex and dynamic field that has evolved significantly over the past few decades. The World Trade Organization (WTO) is the most prominent institution that governs international trade. The WTO is responsible for enforcing the rules and principlesof international trade, including the most-favored-nation principle, which requires countries to treat all trading partners equally, and the national treatment principle, which requires countries to treat foreign goods and services as they would treat their own. The WTO also provides a platform for negotiating and resolving trade disputes between countries.Another critical aspect of international economic law is investment law. International investment law governs the relationship between foreign investors and host countries. The primary objective of investment law is to promote and protect foreign investment by providing investors withlegal protections and ensuring that host countries do not expropriate or discriminate against foreign investors. The International Centre for Settlement of Investment Disputes (ICSID) is the primary institution that governs investment disputes between investors and host countries.International finance law is another critical aspect of international economic law. International finance law governs the relationship between countries andinternational financial institutions, such as the International Monetary Fund (IMF) and the World Bank. The primary objective of international finance law is to promote economic stability and growth by providing countries with access to international financial resources and ensuring that countries maintain sound economic policies.Finally, intellectual property law is an essential aspect of international economic law. Intellectual property law governs the protection and enforcement of patents, trademarks, and copyrights. The primary objective of intellectual property law is to promote innovation and creativity by providing inventors and creators with legal protections and incentives.Conclusion。
如何参加国际大赛英语作文
如何参加国际大赛英语作文To participate in an international competition, there are several steps you can take. Firstly, you need to identify the competition you are interested in and check the eligibility criteria. This could include factors such as age, nationality, or language proficiency. Once you have confirmed your eligibility, you can proceed to the next step.The next step is to prepare your entry. This could involve brainstorming ideas, conducting research, and organizing your thoughts. It is important to have a clear and concise argument or message in your essay. You should also pay attention to the language you use, ensuring it is appropriate for the competition and reflects your own unique style.After preparing your entry, it is crucial to proofread and edit your essay. This will help eliminate any grammatical or spelling errors and ensure that your ideasare effectively communicated. It may also be beneficial to seek feedback from others, such as teachers or peers, to gain different perspectives and improve your essay further.Once you are satisfied with your essay, you can submit it according to the competition guidelines. This could involve sending it via email, uploading it to a website, or mailing a physical copy. Make sure to double-check the submission deadline and follow any specific instructions provided.After submitting your essay, all you can do is wait for the results. It is important to remain patient and not get discouraged if you do not win. Participating in international competitions is a valuable experience in itself, as it allows you to challenge yourself and showcase your skills on a global platform.In conclusion, participating in an international competition requires careful planning, preparation, and submission. By following these steps, you can increase yourchances of success and make the most of this opportunity to showcase your abilities. Good luck!。
介绍世贸组织的英语作文
介绍世贸组织的英语作文The World Trade Organization (WTO) is an international organization that regulates and promotes trade between its member countries. It was established on January 1, 1995, replacing the General Agreement on Tariffs and Trade (GATT), which had been in place since 1948.The WTO has 164 member countries, which account forover 98% of world trade. Its main objective is to ensurethat trade flows as smoothly, predictably, and freely as possible. It aims to achieve this by negotiating and enforcing trade agreements, resolving trade disputes, and providing technical assistance and training to its members.One of the key functions of the WTO is to negotiate and enforce trade agreements. These agreements are designed to reduce barriers to trade, such as tariffs and quotas, andto promote fair competition. The most important of these agreements is the General Agreement on Tariffs and Trade (GATT), which covers trade in goods. Other agreements covertrade in services, intellectual property, and trade-related aspects of investment.Another important function of the WTO is to resolve trade disputes between its members. The WTO has a dispute settlement mechanism that allows member countries to bring complaints against each other for alleged violations of WTO rules. The dispute settlement process is designed to be quick, transparent, and effective, and it has been used to resolve many high-profile trade disputes.The WTO also provides technical assistance and training to its members, particularly developing countries. This assistance is designed to help these countries participate more fully in the global trading system and to benefit from the opportunities that trade can provide. The WTO also works closely with other international organizations, such as the World Bank and the International Monetary Fund, to promote economic development and poverty reduction.Despite its many successes, the WTO has faced criticism from some quarters. Some critics argue that theorganization is too focused on promoting free trade at the expense of other important goals, such as environmental protection and labor rights. Others argue that the WTO is undemocratic and unaccountable, and that it favors the interests of developed countries over those of developing countries.In conclusion, the WTO is an important international organization that plays a key role in promoting and regulating global trade. While it has faced criticism, particularly from some developing countries, it has also achieved many successes in reducing trade barriers, resolving disputes, and promoting economic development. As the global economy continues to evolve, the role of the WTO will remain an important one in ensuring that trade flows as smoothly and fairly as possible.。
国际贸易组织英语作文
国际贸易组织英语作文Title: The Evolution of Artificial Intelligence and Its Impact on Society。
Artificial intelligence (AI) has revolutionized the way we live, work, and interact with the world. From its humble beginnings as a theoretical concept to its current ubiquity in our daily lives, AI has transformed nearly everyindustry and facet of society. This article explores the evolution of AI, its key milestones, and the profound impact it has had on our world.I. Introduction。
Artificial intelligence is defined as the simulation of human intelligence processes by machines, especially computer systems. It is a branch of computer science that aims to create intelligent machines that can perform tasks that typically require human intelligence, such as visual perception, speech recognition, decision-making, andlanguage translation.The evolution of AI can be traced back to the mid-20th century, when computer scientists and researchers began exploring the possibilities of creating intelligent machines. Since then, AI has undergone significant advancements, driven by advancements in computing power, data availability, and algorithm development.II. Early Developments。
国际展会演讲稿范文英文
Good morning/afternoon/evening! It is a great honor to stand here before you all today at the [Name of the International Trade Fair] to share my thoughts and insights on the topic of [Topic of the speech]. As we all know, this is a significant event that brings together businesses from all corners of the world to explore new opportunities, forge partnerships, and showcase their latest innovations.First and foremost, let me extend my warmest welcome to all of you. We are gathered here to witness the convergence of ideas, cultures, and economies. The [Name of the International Trade Fair] has always been a platform for fostering international cooperation and promoting global trade. It is a testament to the relentless pursuit of excellence and the endless possibilities that lie ahead.In today's rapidly evolving global landscape, we find ourselves at a crossroads where innovation, sustainability, and collaboration play a pivotal role. As we navigate through these challenging times, it is crucial for us to embrace change and strive for a better future. In this speech, I will highlight the key trends and challenges that we are facing, and propose some practical solutions to ensure sustainable growth and success in the international business arena.1. Embracing Digital TransformationThe digital revolution has transformed the way we live, work, and interact with one another. In the business world, it has become imperative for companies to embrace digital transformation to stay competitive. This involves leveraging advanced technologies such as artificial intelligence, blockchain, and the Internet of Things (IoT) to optimize operations, enhance customer experiences, and drive innovation.To achieve digital transformation, businesses must invest in the right technology infrastructure, cultivate a culture of innovation, and foster a skilled workforce. By doing so, they can create new opportunities, improve efficiency, and reduce costs. Let us not forget that digital transformation is not just about technology; it is also about reimagining business models and adapting to the changing needs of consumers.2. Nurturing Innovation and EntrepreneurshipInnovation is the lifeblood of any thriving economy. It drives economic growth, creates jobs, and improves the quality of life. To foster innovation, governments, businesses, and educational institutions must work together to create an environment that encourages creativity, risk-taking, and collaboration.Entrepreneurship plays a crucial role in driving innovation. By supporting startups and small businesses, we can unleash the entrepreneurial spirit and tap into the vast potential of human creativity. This includes providing access to funding, mentorship, and networking opportunities. Additionally, we must invest in research and development to keep our industries at the forefront of technological advancements.3. Embracing Sustainability and Responsible Business PracticesAs we strive for economic growth, we must not forget our responsibility towards the environment and society. Sustainability has become a key concern for businesses, consumers, and governments alike. By adopting responsible business practices, companies can reduce their carbon footprint, minimize waste, and contribute to a more sustainable future.To achieve sustainability, businesses must prioritize environmental, social, and governance (ESG) factors in their decision-making processes. This involves investing in renewable energy, implementing sustainable supply chains, and promoting ethical labor practices. By doing so, they can not only mitigate risks but also create long-term value for their stakeholders.4. Fostering International CollaborationIn today's interconnected world, collaboration is more important than ever. By working together, countries and businesses can leverage their strengths, share knowledge, and overcome challenges more effectively. This is particularly relevant in areas such as trade, technology, and climate change.To foster international collaboration, we must build trust, promote dialogue, and establish strong partnerships. This involves participating in multilateral forums, negotiating fair trade agreements, and respecting the principles of international law. By doing so, we can create a more peaceful, prosperous, and sustainable world.5. Leveraging the Power of Data and AnalyticsData has become the new oil of the digital age. By harnessing the power of data and analytics, businesses can gain valuable insights into consumer behavior, market trends, and operational inefficiencies. This enables them to make informed decisions, optimize their strategies, and drive growth.To leverage data and analytics effectively, businesses must invest in advanced data management systems, develop skilled data scientists, and ensure data privacy and security. By doing so, they can create new opportunities, improve customer experiences, and drive innovation.In conclusion, the [Name of the International Trade Fair] is a fantastic opportunity for us to come together, share our experiences, and explore new possibilities. As we navigate through the challenges and opportunities ahead, let us remember that success lies in embracing change, fostering collaboration, and working towards a sustainable future.Thank you for your attention, and I look forward to engaging in a lively discussion with you all. Let us make the most of this event and create a lasting impact on the global business landscape.Thank you.。
国际经济法英语演讲稿9
The Kinds of Government Action Within the Scope of the Subsidy andCountervailing Measure RulesGood day everyone, my topic today is the kinds of government action within the scope of the subsidy and countervailing measure rules.Since China join WTO, it has experienced dozens of countervailing investigations by America and Canada. On the one hand, the frequent countervailing investigations conducted by the United States and Canada on China are a manifestation of the rise of trade protectionism, on the other hand, they also reflect that China does have some inappropriate subsidy policies. There are two aspects to analyze the current situation of China's government subsidies: one is to analyze whether these subsidies are conducive to China's industrial development and the increase of national welfare from the perspective of economics; the other is to analyze whether these subsidies conform to the "SCM Agreement" of WTO. These two aspects are indispensable. If they only meet the requirements of economics and are contrary to the SCM Agreement, these subsidies will be vulnerable to countervailing and can not be sustained for a long time; if only meeting the requirements of the SCM Agreement and having little economic significance, such subsidies are just a waste of subsidy funds.So far, there are still some prohibitive and specific subsidy policies in China that are contrary to the SCM Agreement, such as China's export subsidy policy. Export subsidies are the primary prohibited policy in SCM Agreement. From the central government to the local governments at all levels have formulated a considerable number of export subsidy measures and policies. For example, the export enterprises or products, especially the advanced technology-based enterprises and export enterprises, are given preferential policies such as income tax and turnover tax rebate,cost or expense subsidies. At the same time, China's practice of import substitution involves many prohibited subsidies opposed by the SCM Agreement. The existence of these policies itself provides a fundamental basis for countervailing investigation in developed countries. In addition, the evaluation mechanism of subsidy projects has not been established, and the phenomenon of low subsidy efficiency is also widespread. As limited financial funds are not used in industries that need subsidies and more efficient fields, there are some hidden dangers in China's industrial security. Finally, the caliber of each department is not uniform when filling in the questionnaire. When receiving a countervailing investigation, the investigating country usually asks the relevant government departments to fill in whether to give tax and whether the enterprise has received relevant subsidies in the form of questionnaire. This work will involve the customs, tax departments, statistical departments, etc. if there is no sufficient communication and coordination, the questionnaire will often be in the form of a questionnaire Fill in loopholes frequently, give people a handle. However, the relevant departments in China have not fully found the favorable defense points in the questionnaire filling, and the filling strategies also need to be improved.In a word, we need to pay more attention on the government actions of dealing with subsidy and countervailing. With this kind of study, we could have a more comprehensive view in international trade.Thank you for listening, I`m glad to answer any question.。
An Introduction to International Economics01
Subjects in International Economics
International Trade Theory International Trade Policy Balance of Payments Foreign Exchange Markets Adjustments in the Balance of Payments
Most nations impose restrictions on immigration to reduce the inflow of lowskilled people, while often encouraging the immigration of highly-skilled, technical workers.
14
Current International Economic Problems
Trade Protectionism in Industrial Countries
What are the reasons for this protection? What are the implications of this protection for the
These capital movements lead to more efficient use, and generally benefit both borrower and lender.
9
Subjects in International Economics
International Trade Theory
Exchange Rates Financial Crises in Emerging Market Economies
世界杯介绍信英语作文模板
世界杯介绍信英语作文模板World Cup Introduction Letter。
Dear [Recipient's Name],。
I am writing to you to introduce the World Cup, one of the most prestigious and highly anticipated sporting events in the world. The World Cup is a global football tournament that brings together teams from all over the world to compete for the title of world champion. It is organized by the Fédération Internationale de Football Association (FIFA) and takes place every four years.The first World Cup was held in 1930 in Uruguay, and since then, it has become a symbol of unity, passion, and excellence in the world of sports. The tournament has grown in popularity and has become a global phenomenon, capturing the hearts and minds of millions of football fans around the world.The World Cup is not only a showcase of top-tier football talent but also a celebration of diversity and cultural exchange. Teams from different countries come together to compete, bringing with them their unique styles of play, traditions, and national pride. The tournament creates a sense of unity and camaraderie among nations, transcending geographical and political boundaries.The World Cup is also a platform for footballers to showcase their skills and talents on the world stage. It provides them with an opportunity to shine and make a name for themselves on the international scene. Many legendary players have made their mark in World Cup history, leaving behind a legacy that is remembered and celebrated by football fans for generations.The tournament consists of several stages, starting with the qualification rounds, where teams compete to earn a spot in the final tournament. The final tournament, which features 32 teams, is held in a different host country each time, adding an element of excitement and anticipation as fans from around the world travel to support their teams.The World Cup is not just about the matches on the field; it is also about the atmosphere and the passion that surrounds the event. The tournament brings people together, creating a sense of unity and excitement that is unparalleled in the world of sports. The energy and enthusiasm of the fans, the colorful displays of national flags and jerseys, and the festive atmosphere make the World Cup a truly unique and unforgettable experience.In addition to the sporting spectacle, the World Cup has a significant impact on the host country's economy, infrastructure, and tourism. It provides an opportunity for the host nation to showcase its culture, hospitality, and organizational capabilities to the world. The tournament also generates significant revenue for the local economy and leaves a lasting legacy in terms of infrastructure development and tourism promotion.In conclusion, the World Cup is a global phenomenon that transcends borders, languages, and cultures. It is a celebration of football, unity, and excellence, bringing together nations and people from all walks of life. The tournament has a profound impact on the world of sports and leaves a lasting legacy that is remembered and cherished by football fans around the world.Thank you for taking the time to learn about the World Cup. I hope this introduction has given you a glimpse of the excitement and passion that surrounds this extraordinary event. I encourage you to join us in celebrating the next edition of the World Cup and experience the magic of football on the world stage.Best regards,。
面向国际英语演讲稿
面向国际英语演讲稿Thank you for the opportunity to speak to you today. It is an honor to address such a diverse and esteemed audience, and I am grateful for the chance to share my thoughts on the topic of "Facing International English".English has become the global language of communication, and as such, the ability to speak it fluently is a valuable skill. Whether you are a student, a professional, or simply someone who enjoys traveling, being able to communicate effectively in English can open up a world of opportunities.When speaking in English to an international audience, it is important to be mindful of cultural differences and to use language that is inclusive and respectful. It is also important to speak clearly and confidently, and to use appropriate body language and gestures to enhance your message.In preparing for an international English speech, it is essential to consider your audience and tailor your message to their needs and interests. Researching the cultural norms and expectations of your audience can help you to avoid inadvertently causing offense and ensure that your message is well-received.One of the key challenges of speaking in English to an international audience is the potential for misunderstandings due to differences in accents, idiomatic expressions, and cultural references. To overcome this challenge, it is important to speak slowly and clearly, and to use simple, straightforward language. It can also be helpful to provide visual aids or written materials to support your message.In addition to language and cultural considerations, it is important to be mindful of the content of your speech. When speaking to an international audience, it is important to choose topics that are relevant and of interest to a global audience. Avoiding topics that are specific to a particular region or culture can help to ensure that your message resonates with your audience.In conclusion, speaking in English to an international audience can be a rewarding and enriching experience. By being mindful of cultural differences, speaking clearly and confidently, and choosing relevant and inclusive topics, you can effectively communicate your message to a global audience. Thank you for your attention, and I look forward to the opportunity to continue this important conversation.。
介绍国贸英语演讲稿范文
Ladies and Gentlemen,Good morning/afternoon/evening. It is a great pleasure to stand before you today to share my insights on the ever-evolving landscape of global trade and its impact on international business. The world has become more interconnected than ever before, and as we navigate through the complexities of this globalized era, it is crucial to understand the dynamics that shape our trade relations. In this speech, I will discuss the key trends in global trade, the role of technology, and the challenges and opportunities that lie ahead.I. IntroductionGlobal trade has been the backbone of the world economy for centuries, fostering economic growth, job creation, and cultural exchange. With the advent of globalization, the scope and scale of international trade have expanded exponentially. Today, we witness a highly dynamic and competitive market where nations, businesses, and individuals engage in cross-border transactions. In this context, it is essential to analyze the current state of global trade and prepare for the future challenges and opportunities.II. Key Trends in Global TradeA. Trade Agreements and DisputesThe past few years have been marked by significant trade agreements and disputes. The United States-Mexico-Canada Agreement (USMCA), also known as NAFTA 2.0, replaced the North American Free Trade Agreement (NAFTA) and aimed to modernize trade relations between the three countries. Similarly, the Regional Comprehensive Economic Partnership (RCEP) was signed by 15 Asia-Pacific countries, aiming to promote economic integration and reduce trade barriers.However, trade disputes have also become a frequent occurrence. The United States and China, the world's two largest economies, engaged in a trade war that impacted global markets and supply chains. These disputes highlight the importance of negotiation, diplomacy, and mutual cooperation in maintaining stable and sustainable trade relations.B. The Rise of E-commerceE-commerce has revolutionized the way we conduct business, breaking down geographical barriers and expanding market access. Online platforms have enabled businesses to reach customers worldwide, and consumers can enjoy a wider variety of products at competitive prices. According to Statista, the global e-commerce market is projected to reach $4.9 trillion by 2021, reflecting the increasing importance of online trade in the global economy.C. Digitalization and TechnologyThe integration of technology in global trade has accelerated the paceof economic development. Artificial Intelligence (AI), blockchain, and the Internet of Things (IoT) have transformed supply chains, logistics, and payment systems. These technologies have improved efficiency, reduced costs, and enhanced transparency in international trade.III. The Role of Technology in Global TradeA. BlockchainBlockchain technology has gained significant attention in the field of global trade due to its ability to create secure, transparent, and tamper-proof digital ledgers. This technology can streamline trade processes, reduce fraud, and enhance trust between parties involved in cross-border transactions. Moreover, blockchain can facilitate smart contracts, enabling automatic execution of agreements when predefined conditions are met.B. AI and Machine LearningAI and machine learning algorithms can analyze vast amounts of data to predict market trends, optimize supply chains, and identify potential risks. These technologies can help businesses make informed decisions, reduce costs, and enhance operational efficiency. For instance, AI-powered chatbots can assist customers in different languages, improving customer satisfaction and engagement.C. IoT and LogisticsThe Internet of Things (IoT) has revolutionized the logistics sector by enabling real-time tracking of goods, optimizing transportation routes, and reducing carbon emissions. IoT devices can monitor the condition of products during transit, ensuring their quality and safety. This technology can also help businesses identify inefficiencies in their supply chains and implement improvements.IV. Challenges and Opportunities in Global TradeA. Challenges1. Trade Disputes: As mentioned earlier, trade disputes can lead to increased tariffs, reduced market access, and economic instability. It is crucial for countries to engage in constructive dialogue and find mutually beneficial solutions to these disputes.2. Digital Divide: The digital divide between developed and developing countries can hinder the growth of e-commerce and digital trade. Bridging this gap requires investment in infrastructure, education, and technology transfer.3. Environmental Concerns: The environmental impact of global trade, such as carbon emissions and resource depletion, is a significant concern. Sustainable trade practices and green technologies areessential to mitigate these effects.B. Opportunities1. Market Expansion: Global trade offers businesses the opportunity to expand their market reach and tap into new customer segments. This can lead to increased revenue and growth.2. Innovation and Collaboration: International trade fosters innovation through collaboration between companies and research institutions across borders. This can lead to the development of new products and services that benefit society.3. Job Creation: Global trade creates employment opportunities, particularly in sectors such as manufacturing, logistics, and services.As countries integrate into the global economy, they can benefit from the creation of jobs and the transfer of skills.V. ConclusionIn conclusion, the global trade landscape is characterized by rapid changes and evolving dynamics. As we navigate through the complexities of this interconnected world, it is essential to embrace technological advancements, engage in constructive dialogue, and address the challenges and opportunities that arise. By doing so, we can ensure a sustainable and prosperous future for global trade and international business.Thank you for your attention. I welcome any questions you may have regarding the topics discussed today.[End of Speech]。
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1386
5182 4190 11.9 1-12 4178 260
了解身边的国际金融问题
• • • • • • • • 人民币升值：什么公司的股票价格上涨 我们身边的故事：中国集装箱集团公司 什么企业会因为不熟悉国际金融市场而损失 7页，专栏1-1 15，16页，表1-1， 表1-2 亚洲金融危机 国际金融市场的变化与我们息息相关 全球化的日益发展
张智革，2010 1-8
中国经济融入世界的30年
年份 进口 出口 FDI (In) FDI (Out) 国际储备
1978 108.9 1983 213.9 1988 475.2 1993 1039.6 1998 1402.4 2003 4128 2008 11331 2009 10056
97.5 222.3 552.7 917.4 1837.1 4384 14285 12017
张智革，2010 1-25
对美国（储备发行国）的要求
• 外汇市场上保持被动，实行自由贸易，既无国 际收支平衡的压力，也无汇率目标。毋须官方 持有他国货币作为外汇储备 • 保证美国资本市场对外国政府与私人开放（无 论是筹资还是存款） • 维持作为国际信贷（美元资产）净提供者的一 定头寸，并限制财政赤字 • 独立制订美国的货币政策，并以此制订（世界） 可贸易商品的美元价格水平
Source：中华人民共和国2009年国民经济和社会发展统计公报
涉外经济对广东省尤为重要
• 广东省2009年GDP39082亿元 （约合5723亿 美元） • 进出口总额6111亿美元。其中，出口3590亿 美元；进口2522亿；实现顺差1068亿 • 出口依存度： 3590/5723=62.7% • 进口依存度：2522/5723=44.1% • 贸易依存度106.8% • 接近20%的GDP是从国外赚的 • 我们需要了解一些国际经济活动的理论
张智革，2008 1-23
大战的间歇期: 1918-1939
• WWI 开始时，各国纷纷放弃了金本位 • 为战争融资导致各归开始印钞票而通货膨胀 • 战争结束后U.S. (‘19), Great Britain (‘25), & France(‘28) 重新回到金本位 • Britain 用以前的汇率和价格出口 • U.S. 同样，但是改变了 gold/$ 比率，贬值美元 促进出口，其余各国效仿 • 1939：国际金本位制崩溃
张智革，2008 1-24
Bretton Woods System
• 成立永久性国际金融机构：IMF 借钱给外汇紧 张的国家 • Dollar 作为储备货币：美元-黄金本位制，双挂 钩 • 固定汇率：汇率平价1%以内，但长期或出现 “根本上失衡”，可以经IMF的同意之后，调整 汇率 • 货币可兑换性：但有三个例外，资本项目、战 后过渡时期，“稀缺货币” • 定额认缴：25% • 短期国际收支不平衡时，可以使用储备及向IMF 贷款 • 成员国的货币政策是自主的
Source：根据中 华人民共和国国 家外汇管理局 2008年国际收支 平衡表整理
张智革，2010
3.1 资产
3.2 负债 三. 储备资产 3.3 在IMF的储备头寸 3.4 外汇 四.净 误 差 与 遗 漏
-1061
-149.9 -4190 -11ห้องสมุดไป่ตู้9 -4178 -260
326
5032 0 0 0 0
1-13
张智革，2010
日益重要的国际经济活动
张智革，2008
1-14
国际金融市场的职能
• • • • 国际资本流动 国际贸易支付 国际风险规避 国际资本炒作
张智革，2010
1-15
国际金融市场与国内金融市场的差异
• • • • • • 币种 政府作用 交易目的 交易方式 交易主体 法律依据
张智革，2008
张智革，2010 1-21
国际金本位制
货币钉住 黄金保证 可兑换性 基础在于 商品贸易
由于黄金不便携带 人们用纸币 ——可以用黄金赎回—— 来取代
寻求达到 “贸易平衡” 的均衡
张智革，2008 1-22
国际金本位制的缺陷及崩溃
• • • • • 贸易的不平衡未必能够自我调节 各国政府必须要遵守金本位制的基本要求 国际价格的波动受黄金产量的波动影响 黄金的产量增长不能满足国际贸易发展的需要 黄金地位的削弱 金铸币本位制 金块本位制 金汇兑本位制 • 大萧条使国际经济秩序被破坏
1-19
国际货币体系
• 国际金融市场的运行必须在一定的国际货币体系 框架内 • 国际货币体系的内容 国际储备资产的确定：跨国支付的工具 汇率制度的确定：浮动还是固定、是否可以自由 兑换 国际收支的调节方式 • 国际货币体系的实际运作方式与国际协定有不一 致的地方
张智革，2010 1-20
国际金本位制（1879-1913）
张智革，2010 1-27
张智革，2010
1-5
中国官方定义的国际金融市场
• 自2005年起，中国人民银行每年发布《国际金 融市场报告》，报告中的国际金融市场包括： 1、全球外汇市场：货币兑换 2、国际货币市场：跨国短期借贷 3、国际债券市场：跨国中、长期融资 4、国际股票市场：中、长期融资，世界主要股 票市场 5、衍生工具市场： 6、国际黄金市场： 7、国际商品期货市场：
张智革，2010 1-26
固定汇率制对其他国家的要求
• 以美元固定国内货币的官方面值，汇率上下浮动 不超过1% • 经常项目可兑换（允许有过渡期），可以使用资 本控制来隔离本国金融市场，但要逐步开放资本 项目与国内金融市场 • 美元作为各国干预外汇市场的主要手段，各国以 美国长期国债来持有官方储备 • 各国长期货币供增加给要服从于固定汇率制的目 标，维持物件水平与美国通胀水平相似 • 通过调整财政政策（政府净储蓄）来弥补私人投 资与储蓄的差额，并控制经常项目不平衡
1-16
相 关
• • • • • • 货币银行学 国际经济学 世界经济学 国际金融学 金融工程学 投资学
课 程
张智革，2008
1-17
课程内容概览
• Session 1：国际金融的制度基础——国际货币 体系 • Session 2：外汇市场交易机制 • Session 3：汇率理论 • Session 4：外汇市场的效率及其检验 • Session 5：离岸金融市场：第九、十章 • Session 6：货币与利率期货市场 • Session 7：货币与利率期权市场 • Session 8： 货币与利率互换市场
张智革，2010
1-2
课本内容概览
• • • • • • • • 导论和概览：第一、二章 外汇市场：第三——八章 离岸金融市场：第九、十章 衍生证券市场：第十一——十三章 国际资产组合：第十四、十五章 国际资产组合与金融风险管理：第十六章 监管问题：第十七章 统计资料：附录
1-3
张智革，2010
其它阅读材料
张智革，2010 1-7
国际金融市场的产生与发展
• 对于国外商品与服务的需求：国际贸易不断发 展的必然要求，商品流带动资金流、货币兑换 • 信用货币取代实物货币使交易更加复杂 • 资本在世界各国的收益不同：各国利率水平的 巨大差异 • 国际收支出现短期不平衡的问题 • 国际交往的增加 • 生产要素全球配置的要求：跨国劳动力的流动、 资本的国际化
Session 1
Introduction to the International Financial Markets
张智革，2010
1-1
国际金融市场
• • • • 张智革 E-mail: lnszhang@ Tel：84110687 Office：行政中心410
张智革，2010 1-6
本课程将要讨论的国际金融市场
• 国际货币体系的游戏规则 • 外汇市场：不同国家之间的货币是如何兑换的， 货币兑换所遵循的游戏规则 • 国际货币市场与国际资本市场：如何通过国际 金融市场从境外融资 • 衍生金融工具：国际金融市场上各种金融产品 是如何定价的 • 国际金融市场参与者如何作出决策 • 国际金融市场的运作机制
• Peter Howells & Keith Bain, The Economics of Money, Banking and Finance, 1998, Addison Wesley Longman Limited • John C. Hull, Options, Futures & Other Derivatives(4th edition) 1999, Prentice Hall • Charles Kindleberg, A Financial History of Western European, 1984 • 中国人民银行，2010年国际金融市场报告 • International Monetary Fund, Global Financial Stability Report • Bank of International Settlements，Quarterly Report
张智革，2008 1-18
经常浏览以下网址
http://www.
张智革，2008
Source：广东省2009年国民经济和社会发展统计公报
项 一.经常项目
目
差额 4261 3489
贷方 17259 15817
借方 12998 12328
从国际收支 看中国与世 界的交往
A.货物和服务
B.收益
2.投资收益 C.经常转移 二.资本和金融项目 A.资本项目 B. 金融项目 1. 直接投资 1.1 我国在外直接投资 1.2 外国在华直接投资 2. 证券投资 2.1 资产 2.2 负债 3. 其它投资
314
250 458 189.6 30.51 159 943 -535 1478 426.6 327.5 99.1 -1211