Multinational Financial Management
介绍财务管理专业的英语作文范文
介绍财务管理专业的英语作文范文全文共3篇示例，供读者参考篇1Introduction to Financial Management MajorFinancial management is a specialized field within the broader area of business administration. It involves overseeing an organization's financial resources, including budgeting, forecasting, financial modeling, investment analysis, and risk management. Financial management professionals are responsible for ensuring that an organization's finances are in good order and that financial goals are met.Students studying financial management will learn key concepts and techniques that are essential for making sound financial decisions. These include financial analysis, financial markets and institutions, capital budgeting, investment management, risk management, and financial reporting. With this knowledge, graduates can pursue careers in a wide range of industries, including banking, investment management, consulting, and corporate finance.One of the core principles of financial management is the time value of money. This principle states that a dollar today is worth more than a dollar in the future, due to the potential for earning interest on that dollar. Understanding this concept is crucial for making investment decisions, as it helps professionals evaluate the potential returns and risks associated with different investment opportunities.Another important aspect of financial management is risk management. Financial managers must assess and mitigate risks that could impact an organization's financial performance. This involves identifying potential risks, such as market fluctuations, interest rate changes, or credit defaults, and developing strategies to manage or minimize these risks.Financial management professionals also play a critical role in budgeting and forecasting. By analyzing historical financial data and market trends, they can develop accurate budgets and financial forecasts that help guide an organization'sdecision-making process. This involves identifying financial goals, setting budgets, monitoring performance, and making adjustments as needed to achieve those goals.In addition to technical skills, financial management professionals must also possess strong analytical andcommunication skills. They must be able to analyze complex financial data, interpret financial reports, and communicate their findings effectively to stakeholders within the organization. Strong problem-solving skills are also essential for addressing financial challenges and developing creative solutions.Overall, a degree in financial management provides students with a solid foundation in financial principles and practices, as well as the skills needed to succeed in a dynamic and competitive industry. Graduates of financial management programs can pursue a variety of career paths, ranging from financial analyst to investment manager to financial planner.In conclusion, financial management is a vital field that plays a crucial role in helping organizations achieve their financial goals. By studying financial management, students can gain the knowledge and skills needed to thrive in this challenging and rewarding profession. Whether pursuing a career in banking, investment management, or corporate finance, financial management professionals have the opportunity to make a positive impact on the financial health and success of organizations.篇2Title: Introduction to Financial Management MajorFinancial management is a crucial aspect of any organization, ensuring the efficient allocation and management of financial resources. A major in financial management equips individuals with the knowledge and skills to make informed financial decisions, analyze financial data, and develop strategies to achieve financial goals.In a financial management major, students typically study courses in financial accounting, financial analysis, investment management, risk management, and corporate finance. These courses provide a strong foundation in financial principles and practices, enabling graduates to pursue careers in various industries such as banking, investment management, consulting, and corporate finance.One of the key skills developed in a financial management major is financial analysis. Students learn how to interpret financial statements, evaluate financial performance, and conduct financial forecasts and projections. These skills are essential for making informed decisions regarding investments, financial strategies, and resource allocation.Another important aspect of a financial management major is risk management. Students learn how to identify, assess, andmitigate financial risks that may impact an organization's financial health. By understanding risk management techniques, graduates are better equipped to protect and enhance an organization's financial stability.Furthermore, a major in financial management emphasizes the importance of strategic financial planning. Students learn how to develop financial plans, set financial goals, and implement strategies to achieve those goals. This strategic mindset is crucial for managing financial resources effectively and optimizing financial performance.In addition to technical knowledge and skills, a financial management major also hones students' critical thinking, problem-solving, and communication abilities. These soft skills are essential for analyzing complex financial data, identifying financial trends, and communicating financial information effectively to stakeholders.Overall, a major in financial management offers a solid foundation for a rewarding career in finance. Graduates with a background in financial management are highly sought after by employers for their expertise in financial analysis, risk management, and strategic financial planning. Whether working as a financial analyst, investment manager, or corporate financemanager, individuals with a financial management major are well-positioned to succeed in the dynamic and fast-paced world of finance.篇3Introduction to Financial Management MajorFinancial management is a specialized field of study that focuses on the management of money and assets within an organization. It plays a crucial role in the success and sustainability of businesses, organizations, and even individuals. Students who choose to major in financial management will gain a deep understanding of financial concepts and principles, as well as develop key skills that are essential for a successful career in the field.One of the key areas of focus in financial management is financial analysis. This involves evaluating the financial health of an organization by analyzing its financial statements, cash flow, and profitability. Students will learn how to interpret financial data, identify trends, and make recommendations for improving financial performance.Another important aspect of financial management is investment management. This involves making decisions abouthow to allocate funds in order to achieve the highest return on investment. Students will learn about different investment options, such as stocks, bonds, and real estate, as well as the risks and rewards associated with each.Risk management is also a critical component of financial management. This involves identifying and assessing potential risks that could impact an organization's financial performance, and developing strategies to mitigate those risks. Students will learn how to analyze risks, implement risk management policies, and monitor risk exposure.In addition to these core areas, students majoring in financial management will also gain a strong foundation in accounting, finance, economics, and business law. They will develop strong analytical skills, quantitative skills, and communication skills, all of which are essential for success in the field.A degree in financial management can lead to a wide range of career opportunities in both the public and private sectors. Graduates may pursue careers in corporate finance, investment banking, financial planning, risk management, consulting, and more. They may work for corporations, financial institutions, government agencies, nonprofits, or start their own businesses.Overall, a major in financial management provides students with a solid foundation in financial theory and practice, as well as the skills and knowledge needed to succeed in a variety of financial roles. It is a challenging and rewarding field of study that offers numerous opportunities for professional growth and development.。
国际财务管理(考试要点整理)
Chapt3 Balance of Payments 国际收支平衡表
9. The Balance of Payments
The Balance of Payments is the statistical record of a country ’s international transactions over a certain period of time presented in the form of double-entry bookkeeping. 特定时间区段内以复 式记账法对一国的国际交易的统计记录。 The Balance of Payments Identity 国际收支平衡恒等式 BCA + BKA + BRA = 0 Where: BCA = balance on current account BKA = balance on capital account BRA = balance on the reserves account Under a pure flexible exchange rate regime, BCA + BKA = 0
7. Incompatible trinity or macroeconomic trilemma
Impossible triangle refers to the economic, social and fiscal and monetary policy targeting faced many difficulties, difficult to get three goals simultaneously. In terms of monetary policies, free capital flow, exchange rate stability and monetary policy independence nor the three too. “不可 能三角” （Impossible triangle）是指经济社会和财政金融政策目标选择面临诸多困境，难以同 时获得三个方面的目标。在金融政策方面，资本自由流动、汇率稳定和货币政策独立性三者 也不可能兼得。
跨国公司财务管理培训课程(PPT38张)
具体财务管理目标的国际比较
美、日公司目标比较 美国
1.投资收益 2.更高股价 3.市场份额 4.改善工作条件
日本
1.改进产品，引进新产品 2.市场份额 3.投资回报 4.更高股价
解答3：“国际财务管理”有哪些议题？
外汇风险管理 国际融资管理 国际投资管理 营运资金的管理与控制
基 础
高度全球化和一体化的经济体
石 油 电 器
主板 键盘 （韩国） 芯片
（中国）
开发
（美国）
组装（马拉 西亚）
服装
消费
面食
生产
（印、美）
IBM
汽车 汽车
问题二： 什么是国际财务管理？
•
解答1：国际财务的特点
外汇风险与政治风险 2. 市场的不完善 3. 扩大的市场机遇
1.
区分国际财务 国内财务
1.外汇风险与政治风险
授课教材
毛付根 主编，《跨国公司财务管理》，东北财经大学出版社，
5
参考资料
参考书目
1.Cheol S﹒Eun、Bruce G.Resnick著，《国际财务管理》（第4版），机 械工业出版社，2007年9月 2.Jeff Madura，《国际财务管理》，东北财经大学出版社，2000.11
3. Alan C. Shapiro，《跨国公司财务管理基础》，清华大学出版社， 1998.8
解答2： 国际财务管理的目标
基础： 运用各种金融工具来处理外汇风险和政治风险，以适应 不完善的市场，在更广阔的国际机遇中获得更大的利益 。 核心：股东权益最大化。 即：企业做出的商业决定和投资都是为了将企业的主人— —股东，财富最大化。 注：（不同的地区，核心目标有一定的差别） “法国和德国整体利益”：譬如股东被看作雇员、客户、 供应商、银行等公司股份持有者的一种，即公司利益相 关者的整体利益最大化； “日本家族企业利益”：整个家族集团的繁荣和发展，期财务的重要性？
英国留学国际金融专业
英国留学国际金融专业英国留学金融专业详解分类及介绍国外关于金融专业的设置，是两方面都有。
一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。
另一方面就是和国内类似的宏观金融的研究。
专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。
在参考专业排名时需要考虑会计与金融、经济、商学三个方向。
金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。
金融学：对金融各个细分领域的综合介绍。
下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：Introductory Research Methods for Accounting and Finance; 会计与金融学方法导论Essentials of Finance;金融学精要Derivative Securities衍生证券选修一门：Portfolio Investment证券投资International Macroeconomics and Global Capital Markets国际宏观经济学与全球资本市场Foundations of Finance Theory金融学基础第二学期Financial Econometrics金融计量经济学Advanced Empirical Finance高级实证金融学Corporate Finance; 公司金融选修一门International Finance国际金融Financial Statement Analysis财务报表分析Real Options in Corporate Finance公司金融中的实物期权Mergers and Acquisitions: Economic and Financial Aspects关于企业并购的经济金融思考Dissertation毕业论文公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。
国际财务管理作业Chapter 1 - Test Bank (注释版)
Chapter 1—Multinational Financial Management: An Overview1. The commonly accepted goal of the MNC (跨国公司) is to:a. maximize short-term earnings.b. maximize shareholder wealth (股东财富).c. minimize risk.d. A and C.e. maximize international sales.ANS: B PTS: 12. With regard to corporate goals, an MNC (跨国公司) is mostly concerned with maximizing ____, and apurely domestic firm (纯粹的国内企业) is mostly concerned with maximizing ____.a. shareholder wealth (股东财富); short-term earningsb. shareholder wealth (股东财富); shareholder wealth (股东财富)c. short-term earnings; sales volumed. short-term earnings; shareholder wealth (股东财富)ANS: B PTS: 13. For the MNC (跨国公司), agency costs (代理成本) are typically:a. non-existent.b. larger than agency costs (代理成本) of a small purely domestic firm (纯粹的国内企业).c. smaller than agency costs (代理成本) of a small purely domestic firm (纯粹的国内企业).d. the same as agency costs (代理成本) of a small purely domestic firm (纯粹的国内企业).ANS: B PTS: 14. Which of the following (下列哪个) could reduce agency problems (代理问题) for an MNC (跨国公司)?a. stock options as managerial compensation.b. hostile takeover (收购) threat.c. investor monitoring.d. all of the above (上述全部) are forms of corporate control that could reduce agencyproblems (代理问题) for an MNC (跨国公司).ANS: D PTS: 15. The valuation (评价) of an MNC (跨国公司) should rise when an event causes the expected cashflows (预期的现金流) from foreign to ____ and when foreign currencies denominating these cashflows are expected to ____.a. decrease; appreciateb. increase; appreciatec. decrease; depreciated. increase; depreciateANS: B PTS: 16. Which of the following (下列哪个) theories identifies specialization (专业化) as a reason forinternational business (国际商务)?a. Theory of Comparative Advantage (比较优势理论) (比较优势).b. Imperfect markets (不完全的市场) theory.c. product cycle (产品周期) theory.d. none of the aboveANS: A PTS: 17. Which of the following (下列哪个) theories identifies the non-transferability of resources (资源的不可转移性) as a reason for international business (国际商务)?a. Theory of Comparative Advantage (比较优势理论) (比较优势).b. Imperfect markets (不完全的市场) theory.c. product cycle (产品周期) theory.d. none of the aboveANS: B PTS: 18. Which of the following (下列哪个) theories suggests that firms seek to penetrate new markets (进入新的市场) over time?a. Theory of Comparative Advantage (比较优势理论) (比较优势).b. Imperfect markets (不完全的市场) theory.c. product cycle (产品周期) theory.d. none of the aboveANS: C PTS: 19. Which of the following (下列哪个) industries would most likely take advantage of lower costs insome less developed foreign countries?a. assembly line production.b. specialized professional services.c. nuclear missile planning.d. planning for more sophisticated computer technology.ANS: A PTS: 110. Due to the risks involved in international business (国际商务), firms should:a. only consider international business (国际商务) in major countries.b. maintain international business (国际商务) to no more than 20% of total business.c. maintain international business (国际商务) to no more than 35% of total business.d. none of the aboveANS: D PTS: 111. A product cycle (产品周期) is the process by which a firm provides a specialized sales or servicestrategy, support assistance, and possibly an initial investment in the franchise in exchange for periodic fees.a. Trueb. FalseANS: F PTS: 112. Licensing (许可) is the process by which a firm provides its technology (copyrights, patents,trademarks, or trade names) in exchange for fees or some other specified benefits.a. Trueb. FalseANS: T PTS: 113. The agency costs (代理成本) of an MNC (跨国公司) are likely to be lower if it:a. scatters its subsidiaries across many foreign countries.b. increases its volume of international business (国际商务).c. uses a centralized management style.d. A and B.ANS: C PTS: 114. An MNC (跨国公司) may be more exposed to agency problems (代理问题) if most of its shares areheld by:a. a few mutual funds (共同基金)b. a widely dispersed set of individual investorsc. a few pension funds (养老基金)d. all of the above (上述全部) would prevent agency problems (代理问题)ANS: B PTS: 115. The Sarbanes-Oxley Act improves corporate governance (公司治理) of MNCs (跨国公司) because it:a. makes executives more accountable for verifying financial statementsb. eliminates stock options as a form of compensationc. ties executive compensation to firm performanced. places a limit on the amount of funds that managers can spendANS: A PTS: 116. MNCs (跨国公司) can improve their internal control (内部控制) process by all of the following,except (除了):a. establishing a centralized data base of informationb. ensuring that all data are reported consistently among subsidiariesc. ensuring that the MNC (跨国公司) always borrows from countries where interest rates arelowestd. using a system that checks internal data for unusual discrepanciesANS: C PTS: 117. Franchising (特许经营) is the process by which national governments sell state owned operations tocorporations and other investors.a. Trueb. FalseANS: F PTS: 118. The parent of MNC (跨国公司) can implement compensation plans (补偿计划) that directly rewardthe subsidiary (子公司) managers for enhancing the value (价值) of the MNC (跨国公司).a. Trueb. FalseANS: T PTS: 119. If a publicly-traded MNC (跨国公司)'s managers make poor decisions that reduce its value (价值), itmay encourage other firms to acquire it.a. Trueb. FalseANS: T PTS: 120. Institutional investors such as mutual funds (共同基金) or pension funds (养老基金) which have largeholdings (控股) of an MNC (跨国公司)'s stock do not normally want to take control of it and therefore have no influence over management of the MNC (跨国公司).a. Trueb. FalseANS: F PTS: 121. In comparing exporting (出口) to direct foreign investment (国外直接投资) (DFI), an exporting (出口)operation will likely incur ____ fixed production costs (固定生产成本) and ____ transportation costs (运输成本) than DFI.a. higher; higherb. higher; lowerc. lower; lowerd. lower; higherANS: D PTS: 122. Which of the following (下列哪个) is an example of direct foreign investment (国外直接投资)?a. exporting (出口) to a country.b. establishing Licensing (许可) arrangements in a country.c. purchasing existing companies in a country.d. investing directly (without brokers) in foreign stocks.ANS: C PTS: 123. According to the text (教科书), a disadvantage of Licensing (许可) is that:a. it prevents a firm from importing (进口).b. it is difficult to ensure quality control of the production process.c. it prevents a firm from exporting (出口).d. none of the aboveANS: B PTS: 124. ____ are most commonly classified as a direct foreign investment (国外直接投资).a. Foreign acquisitions (国外并购)b. Purchases of international stocksc. Licensing (许可) agreementsd. Exporting (出口) transactionsANS: A PTS: 125. Imperfect markets (不完全的市场) represent conditions under which factors of production (生产要素)are immobile.a. Trueb. FalseANS: T PTS: 126. The Sarbanes-Oxley Act (SOX) was enacted in 2002 required MNCs (跨国公司) and other firms toimplement an internal reporting process that could be easily monitored by executives and the board of directors.a. Trueb. FalseANS: T PTS: 127. If markets were perfect, then labor and other costs of production would be perfectly stable (nomovement across borders).a. Trueb. FalseANS: F PTS: 128. The valuation (评价) of an MNC (跨国公司) is reduced if the required return on its investments inforeign countries is reduced.a. Trueb. FalseANS: F PTS: 129. Which of the following (下列哪个) is not mentioned in the text (教科书) as an additional riskresulting from international business (国际商务)?a. exchange rate fluctuations.b. political risk (政治风险).c. interest rate risk.d. exposure (曝险) to foreign economies.ANS: C PTS: 130. Licensing (许可) obligates a firm to provide ____, while Franchising (特许经营) obligates a firm toprovide ____.a. a specialized sales or service strategy; its technologyb. its technology; a specialized sales or service strategyc. its technology; its technologyd. a specialized sales or service strategy; a specialized sales or service strategye. its technology; an initial investmentANS: B PTS: 131. Which of the following (下列哪个) is not a way in which agency problems (代理问题) can be reducedthrough corporate control?a. executive compensation.b. threat of hostile takeover (收购).c. acquisition of a foreign subsidiary (子公司).d. monitoring by large shareholders.ANS: C PTS: 132. The goal of a multinational corporation (MNC (跨国公司)) is the maximization of shareholder wealth(股东财富).a. Trueb. FalseANS: T PTS: 133. A centralized management style, where major decisions about a foreign subsidiary (子公司) are madeby the parent company, results in an increase in agency costs (代理成本).a. Trueb. FalseANS: F PTS: 134. If a U.S. firm sets up a plant in Mexico to benefit from (受益于) low cost labor, it will likely have acomparative advantage (比较优势) over other firms in Mexico that sell the same product.a. Trueb. FalseANS: F PTS: 135. Although MNCs (跨国公司) may need to convert currencies occasionally, they do not face anyexchange rate risk (汇率风险), as exchange rates are stable over time.a. Trueb. FalseANS: F PTS: 136. One of the most prevalent factors conflicting with the realization of the goal of an MNC (跨国公司) isthe existence of agency problems (代理问题).a. Trueb. FalseANS: T PTS: 137. A centralized management style for an MNC (跨国公司) results in relatively (相对) high agency costs(代理成本).a. Trueb. FalseANS: F PTS: 138. The Imperfect markets (不完全的市场) theory states that factors of production (生产要素) aresomewhat immobile, allowing firms to capitalize on a foreign country's resources.a. Trueb. FalseANS: T PTS: 139. If a U.S.-based MNC (跨国公司) focused completely on importing (进口), then its valuation (评价)would likely be adversely affected (受到不利影响) if most currencies were expected to appreciate against the dollar over time.a. Trueb. FalseANS: T PTS: 140. The acquisition of a foreign subsidiary (子公司) is commonly considered by MNCs (跨国公司)because the cost is less expensive than establishing a new subsidiary (子公司) of the same size.a. Trueb. FalseANS: F PTS: 141. If a U.S.-based MNC (跨国公司) focused completely on exporting (出口), then its valuation (评价)would likely be adversely affected (受到不利影响) if most currencies were expected to appreciate against the dollar over time.a. Trueb. FalseANS: F PTS: 142. If markets were perfect, then labor and other costs of production would be easily transferable.a. Trueb. FalseANS: T PTS: 143. International trade (国际贸易):a. is a relatively (相对) conservative approach to foreign market penetration (市场渗透).b. entails minimal risk.c. does not require large amount of investment.d. all of the above (上述全部).ANS: D PTS: 144. Assume that (假设) an American firm wants to engage in international business (国际商务) withoutmajor investment (重大投资) in the foreign country. Which method is least (最不)appropriate in this situation?a. International trade (国际贸易)b. Licensing (许可)c. Franchising (特许经营)d. Direct foreign investment (国外直接投资)ANS: D PTS: 145. The valuation (评价) of MNC (跨国公司) accounts for all the cash flows received by the foreignsubsidiaries plus all the cash flows remitted by the subsidiaries.a. Trueb. FalseANS: F PTS: 146. The MNC (跨国公司)'s value (价值) depends on all of the following, except (除了):a. MNC (跨国公司)'s required rate of return (必要回报率)b. Amount of MNC (跨国公司)'s cash flows in particular currencyc. The exchange rate at which cash flows are converted to dollarsd. The value (价值) of MNC (跨国公司) depends on all of the above (上述全部) factorsANS: D PTS: 147. Which of the following (下列哪个) is not an example of political risk (政治风险)?a. Government may impose taxes on subsidiary (子公司)b. Government may impose barriers on subsidiary (子公司)c. Consumers may boycott the MNC (跨国公司)d. Consumers' income levels will decrease, thus decreasing consumption.ANS: D PTS: 148. A microeconomic perspective focuses on external forces such as economic conditions that can affectthe value (价值) of an MNC (跨国公司).a. Trueb. FalseANS: F PTS: 149. Assume that (假设) an MNC (跨国公司) has a subsidiary (子公司) in Italy, which exports its productsto various countries in Europe. Since all of the countries where it exports use Euro as their currency, this MNC (跨国公司) is not subject to the exchange rate risk (汇率风险).a. Trueb. FalseANS: F PTS: 150. International trade (国际贸易) generally results in ____ exposure (曝险) to international political risk(政治风险) and ____ exposure (曝险) to international economic conditions, when compared to other methods of international business (国际商务).a. higher; lowerb. higher; higherc. lower; higherd. lower; lowerANS: D PTS: 151. Assume that (假设) Boca Co. wants to expand its business to Japan, and wants complete control overthe operations in Japan. Which method of international business (国际商务) is most appropriate for Boca Co?a. Joint ventureb. Licensing (许可)c. Partial acquisition of existing Japanese firmd. Establishment (建立) of Japanese subsidiary (子公司)ANS: B PTS: 152. A decentralized management style of MNC (跨国公司) results in relatively (相对) high agency costs(代理成本).a. Trueb. FalseANS: T PTS: 153. The Establishment (建立) of a new subsidiary (子公司) is commonly considered by MNCs (跨国公司)because the cost is less expensive than acquiring a foreign subsidiary (子公司) of the same size.a. Trueb. FalseANS: T PTS: 154. Assume that (假设) Live Co. has expected cash flows (预期的现金流) of $200,000 from domesticoperations, SF200,000 from Swiss operations, and 150,000 euros from Italian operations at the end of the year. The Swiss franc's value (价值) and euro's value (价值) are expected to be $.83 and $1.29 respectively, at the end this year. What are the expected dollar cash flows of Live Co?a. $200,000b. $559,500c. $582,500d. $393,500ANS: B PTS: 155. Saller Co. has a subsidiary (子公司) in Mexico. The expected cash flows (预期的现金流) in pesos tobe received in the future from this subsidiary (子公司) have not changed since last month, but thevaluation (评价) of Saller Co. has declined since last month. What could've caused this decline invalue (价值)?a. A weaker Mexican economyb. Lower Mexican interest ratesc. Depreciation of the Mexican pesod. Appreciation of the Mexican peso.ANS: C PTS: 156. Jensen Co. wants to establish a new subsidiary (子公司) in Mexico that will sell computers to Mexicancustomers and remit earnings back to the U.S. parent. The value (价值) of this project will befavorably affected if the value (价值) of the peso ____ while it establishes the new subsidiary (子公司) and ____ when the subsidiary (子公司) starts operations.a. depreciates; appreciatesb. appreciates; appreciatesc. appreciates; depreciatesd. depreciates; depreciatesANS: A PTS: 157. A macroeconomic perspective focuses on the financial management decisions that affect the value (价值) of MNC (跨国公司).a. Trueb. FalseANS: F PTS: 158. An MNC (跨国公司) will always use the same required rate of return (必要回报率) in the valuation(评价) of foreign projects, as it would for its domestic projects.a. Trueb. FalseANS: F PTS: 159. Livingston Co. has a subsidiary (子公司) in Korea. The subsidiary (子公司) reinvests half of its netcash flows into operations and remits half to the parent. Livingston's expected cash flows (预期的现金流) from domestic business are $100,000 and the Korean subsidiary (子公司) is expected to generate 100 million Korean won at the end of the year. The expected value (价值) of won is $.0012. What are the expected dollar cash flows of Livingston Co.?a. $100,000b. $200,000c. $160,000d. $60,000ANS: C PTS: 160. A U.S.-based MNC (跨国公司) has many foreign subsidiaries in Europe and does not expect toincrease its investment there. Its value (价值) should increase if the value (价值) of the euro weakens over time.a. Trueb. FalseANS: F PTS: 161. If managers of foreign subsidiaries make decisions that maximize the value (价值)s of their respectivesubsidiaries, they automatically maximize the value (价值) of the entire corporation.a. Trueb. FalseANS: F PTS: 162. A decentralized management style, where subsidiary (子公司) managers make the relevant decisionsregarding their subsidiary (子公司), may result in better decision making, as subsidiary (子公司) managers are generally better informed about their subsidiary (子公司)'s operations.a. Trueb. FalseANS: T PTS: 163. U.S.-based MNCs (跨国公司) are typically not monitored by mutual funds (共同基金) and pensionfunds (养老基金), as these institutions (机构) rarely hold stock in MNCs (跨国公司).a. Trueb. FalseANS: F PTS: 164. The Sarbanes-Oxley Act ensures a more transparent process for managers to report on the productivityand financial condition of their firm.a. Trueb. FalseANS: T PTS: 165. The Theory of Comparative Advantage (比较优势理论) (比较优势) begins by assuming that a givenfirm first becomes established in its home country and may subsequently penetrate foreign markets via geographic or product differentiation.a. Trueb. FalseANS: F PTS: 166. Under the Imperfect markets (不完全的市场) Theory, it is assumed that factors of production (生产要素) are entirely mobile, so that firms can capitalize on a foreign country's resources.a. Trueb. FalseANS: F PTS: 167. Under the Product cycle (产品周期) Theory, foreign demand can be initially satisfied by exporting (出口).a. Trueb. FalseANS: T PTS: 168. Licensing (许可) allows firms to use their technology in foreign markets without a major investment(重大投资) in foreign countries.a. Trueb. FalseANS: T PTS: 169. International trade (国际贸易) is the most common form of direct foreign investment (国外直接投资)(DFI).a. Trueb. FalseANS: F PTS: 170. When the parent's home currency (本国货币) is weak, remitted funds from foreign subsidiaries willconvert to a smaller amount of the home currency (本国货币).a. Trueb. FalseANS: F PTS: 171. A purely domestic firm (纯粹的国内企业) may be affected by exchange rate fluctuations if it faces atleast (最不)some foreign competition.a. Trueb. FalseANS: T PTS: 172. One form of an exposure (曝险) to political risk (政治风险) is terrorism (恐怖主义).a. Trueb. FalseANS: T PTS: 173. The goal of a multinational corporation (MNC (跨国公司)) isa. The minimization of taxes remitted from foreign subsidiaries.b. The Establishment (建立) of subsidiaries in any country where operations would provide areturn over and above the cost of capital, even if better projects are available domestically.c. The maximization of shareholder wealth (股东财富).d. The maximization of social benefits resulting from actions such as the employment offoreign managers.ANS: C PTS: 174. Agency costs (代理成本) faced by multinational corporations (MNCs (跨国公司)) may be larger thanthose faced by purely domestic firm (纯粹的国内企业)s becausea. Monitoring of managers located in foreign countries is more difficult.b. Foreign subsidiary (子公司) managers raised in different cultures may not follow uniformgoals.c. MNCs (跨国公司) are relatively (相对) large.d. All of the above (上述全部)e. A and B onlyANS: D PTS: 175. Which of the following (下列哪个) is not one of the more common methods used by MNCs (跨国公司) to improve their internal control (内部控制) process?a. Establishing a centralized database of informationb. Ensuring that all data are reported consistently among subsidiariesc. Speeding the process by which all departments and all subsidiaries have access to the datathat they needd. Making executives more accountable for financial statements by personally verifying theiraccuracye. All of the above (上述全部) are common methods used by MNCs (跨国公司) to improvetheir internal control (内部控制) process.ANS: E PTS: 176. Which of the following (下列哪个) is not mentioned in the text (教科书) as a theory of internationalbusiness (国际商务)?a. Theory of Comparative Advantage (比较优势理论)b. Imperfect markets (不完全的市场) Theoryc. Product cycle (产品周期) Theoryd. Globalization of Business Theorye. All of the above (上述全部) are mentioned in the text (教科书) as theories of internationalbusiness (国际商务)ANS: D PTS: 177. The most risky method(s) by which firms conduct international business (国际商务) is (are):a. Franchising (特许经营).b. The acquisitions of existing operations (现有业务的收购).c. The Establishment (建立) of new subsidiaries.d. All of the above (上述全部)e. B and C onlyANS: E PTS: 178. The least (最不)risky method by which firms conduct international business (国际商务) is:a. Franchising (特许经营).b. The acquisitions of existing operations (现有业务的收购).c. International trade (国际贸易).d. The Establishment (建立) of new subsidiaries.e. Licensing (许可)ANS: C PTS: 179. Which of the following (下列哪个) does not constitute (构成) a form of direct foreign investment (国外直接投资)?a. Franchising (特许经营)b. International trade (国际贸易)c. Joint ventures (合资企业)d. Acquisitions of existing operationse. Establishment (建立) of new foreign subsidiariesANS: B PTS: 1。
第一章财务管理导论Corporate Finance Financial Management
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什么是财务管理?
财务管理解决下述三个问题 :
1.
2.
3.
投资决策：公司应该投资于什么样的长期资产?— —涉及到资本预算 融资决策：公司如何筹资，以支付投资支出所需 要的资金?——涉及到资本结构 营运资本管理：公司应该如何管理它在经营中的 现金流量（ cash flow ）?——涉及到净营运资 本决策
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融资决策
公司应如何为长期投资筹集所需的长期资金? 这些长期资金将利用股东权益方式还是通过 借入资金方式筹集? 这属于企业的长期筹资决策。 资本结构（ Capital Structure）决策
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融资决策
公司价值（The value of the firm ）可以被看做一个圆饼. 财务经理的目标是增加圆饼 的大小 资本结构（Capital Structure）决策可以视做 怎样去最佳地分割圆饼 70% 25% 50% 30% 股 Debt Debt权 负债 75% 50% Equity
由于对圆饼的分割（资本结构）将直接影响 到圆饼 大小（公司价值），因此资本结构决 策就非常重要
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营运资本管理决策
企业应如何管理日常的财务活动，即企业应 如何取得短期资金以及是否要进行赊销?等等 这属于企业由流动资产和流动负债组成的营 运资金管理决策。 净营运资本=流动资产 - 流动负债
净营运资本（Net Working Capital）决策
虽然有限台伙企业的形式在石油天然气租赁和房地产等行业较为普遍但它对于许多其他经营活动并不很适合50有限合伙制企业区别有限合伙人limitedpartnership普通合伙人generalpartnership出资金额大部分95小部分5经营控制权对企业债务的责任仅仅以出资额为限承担有限责任以个人财产承担无限责任专业技术总体上承担无限责任和难以维持持续经营等不利因素使一些规模非常大的企业很难以合伙企业的组织形式进行运作
Solution_国际财务管理_切奥尔尤恩_课后习题答案_第一章
CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL FIRMSUGGESTED ANSWERS TO END-OF-CHAPTER QUESTIONSQUESTIONS1. Why is it important to study international financial management?Answer: We are now living in a world where all the major economic functions, i.e., consumption, production, and investment, are highly globalized. It is thus essential for financial managers to fully understand vital international dimensions of financial management. This global shift is in marked contrast to a situation that existed when the authors of this book were learning finance some twenty years ago. At that time, most professors customarily (and safely, to some extent) ignored international aspects of finance. This mode of operation has become untenable since then.2. How is international financial management different from domestic financial management?Answer: There are three major dimensions that set apart international finance from domestic finance. They are:1. foreign exchange and political risks,2. market imperfections, and3. expanded opportunity set.3. Discuss the three major trends that have prevailed in international business during the last two decades.Answer: The 1980s brought a rapid integration of international capital and financial markets. Impetus for globalized financial markets initially came from the governments of major countries that had begun to deregulate their foreign exchange and capital markets. The economic integration and globalization that began in the eighties is picking up speed in the 1990s via privatization. Privatization is the process by which a country divests itself of the ownership and operation of a business venture by turning it over to the free market system. Lastly, trade liberalization and economic integration continued to proceed at both the regional and global levels.4. How is a country’s economic well-being enhanced through free international trade in goods and services?Answer: According to David Ricardo, with free international trade, it is mutually beneficial for two countries to each specialize in the production of the goods that it can produce relatively most efficiently and then trade those goods. By doing so, the two countries can increase their combined production, which allows both countries to consume more of both goods. This argument remains valid even if a country can produce both goods more efficiently than the other country. International trade is not a ‘zero-sum’ game in which one country benefits at the expense of another country. Rather, international trade could be an ‘increasing-sum’ game at which all players become winners.5. What considerations might limit the extent to which the theory of comparative advantage is realistic?Answer: The theory of comparative advantage was originally advanced by the nineteenth century economist David Ricardo as an explanation for why nations trade with one another. The theory claims that economic well-being is enhanced if each country’s citizens produce what they have a comparative advantage in producing relative to the citizens of other countries, and then trade products. Underlying the theory are the assumptions of free trade between nations and that the factors of production (land, buildings, labor, technology, and capital) are relatively immobile. To the extent that these assumptions do not hold, the theory of comparative advantage will not realistically describe international trade.6. What are multinational corporations (MNCs) and what economic roles do they play?Answer: A multinational corporation (MNC) can be defined as a business firm incorporated in one country that has production and sales operations in several other countries. Indeed, some MNCs have operations in dozens of different countries. MNCs obtain financing from major money centers around the world in many different currencies to finance their operations. Global operations force the treasurer’s office to establish international banking relationships, to place short-term funds in several currency denominations, and to effectively manage foreign exchange risk.7. Mr. Ross Perot, a former Presidential candidate of the Reform Party, which is a third political party in the United States, had strongly objected to the creation of the North American Trade Agreement (NAFTA), which nonetheless was inaugurated in 1994, for the fear of losing American jobs to Mexico where it is much cheaper to hire workers. What are the merits and demerits of Mr. Perot’s position on NAFTA? Considering the recent economic developments in North America, how would you assess Mr. Perot’s position on NAFTA?Answer: Since the inception of NAFTA, many American companies indeed have invested heavily in Mexico, sometimes relocating production from the United States to Mexico. Although this might have temporarily caused unemployment of some American workers, they were eventually rehired by other industries often for higher wages. Currently, the unemployment rate in the U.S. is quite low by historical standard. At the same time, Mexico has been experiencing a major economic boom. It seems clear that both Mexico and the U.S. have benefited from NAFTA. Mr. Perot’s concern appears to have been ill founded.8. In 1995, a working group of French chief executive officers was set up by the Confederation of French Industry (CNPF) and the French Association of Private Companies (AFEP) to study the French corporate governance structure. The group reported the following, among other things “The board of directors should not simply aim at maximizing share values as in the U.K. and the U.S. Rather, its goal should be to serve the company, whose interests should be clearly distinguished from those of its shareholders, employees, creditors, suppliers and clients but still equated with their general common interest, which is to safeguard the prosperity and continuity of the company”. Evaluate the above recommendation of the working group.Answer: The recommendations of the French working group clearly show that shareholder wealth maximization is not a universally accepted goal of corporate management, especially outside the United States and possibly a few other Anglo-Saxon countries including the United Kingdom and Canada. To some extent, this may reflect the fact that share ownership is not wide spread in most other countries. In France, about 15% of households own shares.9. Emphasizing the importance of voluntary compliance, as opposed to enforcement, in the aftermath of corporate scandals, e.g., Enron and WorldCom, U.S. President George W. Bush stated that while tougher laws might help, “ultimately, the ethics of American business depends on the conscience of America’s business leaders.” Describe your view on this statement.Answer: There can be different answers to this question. If business leaders always behave with a high ethical standard, many of the corporate scandals we have seen lately might not have happened. Since we cannot fully depend on the ethical behavior on the part of business leaders, the society should protect itself by adopting the rules/regulations and governance structure that would induce business leaders to behave in the interest of the society at large.10. Suppose you are interested in investing in shares of Nokia Corporation of Finland, which is a world leader in wireless communication. But before you make investment decision, you would like to learn about the company. Visit the website of Yahoo () and collect information about Nokia, including the recent stock price history and analysts’ views of the company. Discuss what you learn about the company. Also discuss how the instantaneous access to information via internet would affect the nature and workings of financial markets.Answer: As students might have learned from visiting the website, information is readily available even for foreign companies like Nokia. Ready access to international information helps integrate financial markets, dismantling barriers to international investment and financing. Integration, however, may help a financial shock in one market to be transmitted to other markets.MINI CASE: NIKE AND SWEATSHOP LABORNike, a company headquartered in Beaverton, Oregon, is a major force in the sports footwear and fashion industry, with annual sales exceeding $ 12 billion, more than half of which now come from outside the United States. The company was co-founded in 1964 by Phil Knight, a CPA at Price Waterhouse, and Bill Bowerman, college track coach, each investing $ 500 to start. The company, initially called Blue Ribbon Sports, changed its name to Nike in 1971 and adopted the “Swoosh” logo—recognizable around the world—originally designed by a college student for $35. Nike became highly successful in designing and marketing mass-appealing products such as the Air Jordan, the best selling athletic shoe of all time.Nike has no production facilities in the United States. Rather, the company manufactures athletic shoes and garments in such Asian countries as China, Indonesia, and Vietnam using subcontractors, and sells the products in the U.S. and international markets. In each of those Asian countries where Nike has production facilities, the rates of unemployment and under-employment are quite high. The wage rate is very low in those countries by U.S. standards—the hourly wage rate in the manufacturing sector is less than $ 1 in each of those countries, compared with about $ 20 in the United States. In addition, workers in those countries often operate in poor and unhealthy environments and their rights are not particularly well protected. Understandably, host countries are eager to attract foreign investments like Nike’s to develop their economies and raise the living standards of their citizens. Recently, however, Nike came under worldwide criticism for its practice of hiring workers for such a low rate of pay—“next to nothing” in the words of critics—and condoning poor working conditions in host countries.Initially, Nike denied the sweatshop charges and lashed out at critics. But later, the company began monitoring the labor practice at its overseas factories and grading the factories in order to improve labor standards. Nike also agreed to random factory inspections by disinterested parties.Discussion points1.Do you think the criticism of Nike is fair, considering that the host countries are in dire needsof creating jobs?2.What do you think Nike’s executives might have done differently to prevent the sensitivecharges of sweatshop labor in overseas factories?3.Do firms need to consider the so-called corporate social responsibilities in making investmentdecisions?Suggested Solution to Nike and Sweatshop LaborObviously, Nike’s investments in such Asian countries as China, Indonesia, and Vietnam were motivated to take advantage of low labor costs in those countries. While Nike was criticized for the poor working conditions for its workers, the company has recognized the problem and has substantially improved the working environments recently. Although Nike’s workers get paid very low wages by the Western standard, they probably are making substantially more than their local compatriots who are either under- or unemployed. While Nike’s detractors may have valid points, one should not ignore the fact that the company is making contributions to the economic welfare of those Asian countries by creating job opportunities.CHAPTER 1A THEORY OF COMPARATIVE ADVANTAGESUGGESTED SOLUTIONS TO APPENDIX PROBLEMSPROBLEMS1. Country C can produce seven pounds of food or four yards of textiles per unit of input. Compute the opportunity cost of producing food instead of textiles. Similarly, compute the opportunity cost of producing textiles instead of food.Solution: The opportunity cost of producing food instead of textiles is one yard of textiles per 7/4 = 1.75 pounds of food. A pound of food has an opportunity cost of 4/7 = .57 yards of textiles.2. Consider the no-trade input/output situation presented in the following table for Countries X and Y. Assuming that free trade is allowed, develop a scenario that will benefit the citizens of both countries.INPUT/OUTPUT WITHOUT TRADE_______________________________________________________________________CountryX Y Total________________________________________________________________________ I. Units of Input(000,000)_______________________ ______________________________70 60FoodTextiles 40 30________________________________________________________________________ II. Output per Unit of Input(lbs or yards)______________________ ______________________________17 5FoodTextiles 5 2________________________________________________________________________ III. Total Output(lbs or yards)(000,000)______________________ ______________________________Food 1,190 300 1,490260Textiles 200 60________________________________________________________________________ IV. Consumption(lbs or yards)(000,000)_____________________ ______________________________Food 1,190 300 1,490260Textiles 200 60________________________________________________________________________Solution:Examination of the no-trade input/output table indicates that Country X has an absolute advantage in the production of food and textiles. Country X can “trade off” one unit of production needed to produce 17 pounds of food for five yards of textiles. Thus, a yard of textiles has an opportunity cost of 17/5 = 3.40 pounds of food, or a pound of food has an opportunity cost of 5/17 = .29 yards of textiles. Analogously, Country Y has an opportunity cost of 5/2 = 2.50 pounds of food per yard of textiles, or 2/5 = .40 yards of textiles per pound of food. In terms of opportunity cost, it is clear that Country X is relatively more efficient in producing food and Country Y is relatively more efficient in producing textiles. Thus, Country X (Y) has a comparative advantage in producing food (textile) is comparison to Country Y (X).When there are no restrictions or impediments to free trade the economic-well being of the citizens of both countries is enhanced through trade. Suppose that Country X shifts 20,000,000 units from the production of textiles to the production of food where it has a comparative advantage and that Country Y shifts 60,000,000 units from the production of food to the production of textiles where it has a comparative advantage. Total output will now be (90,000,000 x 17 =) 1,530,000,000 pounds of food and [(20,000,000 x 5 =100,000,000) + (90,000,000 x 2 =180,000,000) =] 280,000,000 yards of textiles. Further suppose that Country X and Country Y agree on a price of 3.00 pounds of food for one yard of textiles, and that Country X sells Country Y 330,000,000 pounds of food for 110,000,000 yards of textiles. Under free trade, the following table shows that the citizens of Country X (Y) have increased their consumption of food by 10,000,000 (30,000,000) pounds and textiles by 10,000,000 (10,000,000) yards.INPUT/OUTPUT WITH FREE TRADE__________________________________________________________________________CountryX Y Total__________________________________________________________________________ I. Units of Input(000,000)_______________________ ________________________________90 0FoodTextiles 20 90__________________________________________________________________________ II. Output per Unit of Input(lbs or yards)______________________ ________________________________17 5FoodTextiles 5 2__________________________________________________________________________ III. Total Output(lbs or yards)(000,000)_____________________ ________________________________Food 1,530 0 1,530180280Textiles 100__________________________________________________________________________ IV. Consumption(lbs or yards)(000,000)_____________________ ________________________________Food 1,200 330 1,530280Textiles 210 70__________________________________________________________________________。
ch12INTERNATIONAL FINANCING AND NATIONAL CAPITAL MARKETS(跨国公司财务管理-Joseph F. Greco)
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II.
II.
NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERS
NATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERS A. Principal Functions of Financial Centers -between savers and borrowers 1. To transfer purchasing power 2. To allocate funds
D. Downside of Global Financial Markets -abrupt shifts in capital flows
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DEVELOPMENT BANKS
III. DEVELOPMENT BANKS A. General Purpose
founded by governments to help finance very large infrastructure projects.
2.
Continental European and Japanese (CEJ) Model - example: keiretsus
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CORPORATE SOURCES AND USES OF FUNDS
F. Globalization of Financial Markets -has led to 1. Global center competition 2. Regulatory arbitrage
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IV. PROJECT FINANCE
PROJECT FINANCE frequently used mechanism to finance large-scale, long-term capital investments.
国际财务管理(英文版)课后习题答案2
CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL FIRMSUGGESTED ANSWERS TO END-OF-CHAPTER QUESTIONSQUESTIONS1. Why is it important to study international financial management？Answer：We are now living in a world where all the major economic functions, i。
e., consumption, production，and investment, are highly globalized. It is thus essential for financial managers to fully understand vital international dimensions of financial management. This global shift is in marked contrast to a situation that existed when the authors of this book were learning finance some twenty years ago. At that time，most professors customarily (and safely, to some extent）ignored international aspects of finance。
This mode of operation has become untenable since then.2. How is international financial management different from domestic financial management？Answer: There are three major dimensions that set apart international finance from domestic finance. They are:1。
财务管理的英语介绍
财务管理的英语介绍英文回答：Financial management is the process of planning, organizing, directing, and controlling the financial activities of an organization. It involves the efficient and effective use of financial resources to achieve the organization's goals. Financial management is a critical function in any organization, regardless of its size or industry. It helps organizations to maximize theirfinancial performance and achieve their long-term objectives.The primary goals of financial management are to:Ensure the availability of financial resources to meet the organization's needs.Allocate financial resources efficiently and effectively.Manage financial risks.Maximize the organization's financial performance.Financial management is a complex and multifaceted field. It involves a wide range of activities, including:Financial planning and analysis.Budgeting.Capital budgeting.Cash flow management.Investment management.Credit management.Risk management.Financial managers play a vital role in the success of any organization. They are responsible for making sound financial decisions that help the organization achieve its goals. Financial managers must have a strong understanding of financial principles and practices, as well as a deep understanding of the organization's business.中文回答：财务管理是指规划、组织、指导和控制组织财务活动的过程。
介绍财务管理专业的英语作文范文
The Essence of Financial Management: AGlobal PerspectiveIn the dynamic and ever-evolving business landscape,the significance of financial management cannot be overstated. It is the lifeblood of any organization, responsible for governing the flow of funds, managing risks, and ensuring the financial health of the enterprise. This discipline cuts across all industries, from small-scale startups to multinational corporations, making it a highly relevant and in-demand field.The core of financial management lies in strategic decision-making. It involves analyzing financial data to inform budget allocation, investment strategies, andcapital structure decisions. This analysis helps businesses understand their financial position, identify areas of improvement, and plan for future growth.One of the most critical aspects of financial management is budgeting. Budgeting involves estimatingfuture income and expenses, allocating resources todifferent departments or projects, and monitoring spending against those budgets. Effective budgeting ensures thatorganizations have sufficient funds to meet their operational needs while also optimizing spending and minimizing waste.Another key component is risk management. Financial managers are responsible for identifying, assessing, and mitigating potential risks that could impact the financial performance of the organization. This involves strategies such as diversification, hedging, and insurance to protect the organization from adverse events like market fluctuations or natural disasters.Capital structure decisions are also crucial. Financial managers need to determine the optimal mix of debt and equity to finance the operations of the organization. This decision impacts the cost of capital, shareholder returns, and the overall stability of the organization.In addition to these core functions, financial management also involves external financial reporting, tax planning, and treasury management. External financial reporting involves compiling and disclosing financial statements to shareholders, creditors, and other stakeholders. Tax planning involves strategies to minimizetax liabilities while adhering to legal requirements. Treasury management, on the other hand, deals with cash and liquidity management, ensuring that the organization has sufficient cash flow to meet its short-term obligations.The importance of financial management is further underscored by the globalization of business. As companies expand into international markets, they face a more complex financial landscape with varying currencies, tax regulations, and economic environments. Financial managers need to have a global perspective, understanding the nuances of different financial systems and markets to effectively manage the financial affairs of the organization.In conclusion, financial management is a crucial discipline that plays a pivotal role in the success of any organization. It requires a blend of strategic thinking, analytical skills, and a global perspective to navigate the complexities of the modern business world. As the global economy continues to evolve, the demand for skilled financial managers who can add value to organizations through effective financial management will remain strong.财务管理的精髓：全球视角在动态且不断发展的商业领域中，财务管理的重要性不言而喻。
第二章 国际财务管理概述
1996年，俄中关系发展迅速，签署了 《俄中关于共同开展能源领域合作的协议》， “安大线”被列入其中，从而使得这一方案 具有法律基础。按计划，从2005年这一线路 初步建成到2030年这一期间预计“安大线” 将为中国提供总量达7亿吨、价值达1500亿美 元的石油。届时，俄罗斯每年出口到中国的 石油量将增加20倍，由 150万吨扩大到3000 万吨，并且彻底改变原油出口中国全靠火车 运输的局面。
（二）外汇风险
是由于汇率发生变动而对企业财务收支 和成果发生影响的风险。
2000-2010各年10.20日1美元兑换人民币
9 8 7 6 5 4 3 2 1 0 1998 2000 2002 2004 2006 2008 2010 2012
（三）国外经营风险
企业对外国销售产品，在国外投资办企 业，如果有关国家经济不景气，市场购买力 下降，就会影响企业的收入和效益。
国际财务管理： 是指对企业的国际财务活动所进行的管理。就是 说，国际财务管理的对象就是企业的国际财务活 动。
请判断哪些属于国际财务活动？
（Ｂ国） (7) （Ａ国） (9) 证券 投资者 公司发起人 （投资者） (1) （15） 税务机关 （18） 证券筹资者 （发行者） 银 行 甲公司 （母公司） （ 8） （10） (5) 其他企 业单位 (6) 税务 机关 （12） （14） 银 行 （17） 证券投资者 （16） 证券筹资者 甲公司的子公司 (11) （13） (3) (2) 银 行 企 业
财务管理专业人才培养方案(人大)
财务管理专业人才培养方案Financial Management一、学制与学位Length of Schooling and Degree学制：四年学位：管理学学士学位Duration：4 years Degree：Bachelor of Administration二、培养目标Educational Objectives本专业培养掌握管理、经济、财政、税收、金融、法律和会计学等方面的基础知识和具备企业财务管理能力的高级专门人才。
学生毕业后能在企事业单位及我国政府部门从事资金筹集、投资管理、资金管理、资本运营等高级财务管理工作，以及在会计师事务所从事相关工作。
Our major specializes in the cultivation of advanced professional talents with the basic knowledge of administration, economics, public finance, taxation, finance, laws, accounting and abilities dealing with enterprise financial management. The students can deal with the relevant business, such as financing, investment management, asset management and capital operating in enterprises, institutions, governmental sections as well as various CPA business affairs in CPA firm.三、专业培养基本要求：Requirements of Educational具有良好的政治思想、道德素质和心理素质；具有诚实守信、勤勉乐群的美好品德和良好的职业道德；具有健康的体魄；具有积极向上的人生观和高尚的情操。
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402Book Review
Shapiro,A.C.:Multinational Financial Management,7th edn.XVI,743pp.John Wiley&Sons,London,2003.Hardcover EUR55.50.
The basic thrust of the7th edition of Multinational Financial Management is to provide a conceptual framework within which the key financial decisions of the multinational firm can be analyzed.The approach is to treat interna-tional financial management as a natural and logical extension of the prin-ciples as taught in the foundation course in financial management.Thus,it builds on and extends the valuation framework provided by domestic cor-porate finance to account for dimensions unique to international finance. The book focuses on decision making in an international context.Analytical techniques help translate the often vague rules of thumb used by interna-tional financial executives into specific decision criteria.The book offers a variety of real-life examples,both numerical and institutional,that demon-strate the use of financial analysis and reasoning in solving international financial problems.
All the traditional areas of corporate finance are explored,including working capital management,capital budgeting,cost of capital,and financial structure.However,this is done from the perspective of a multinational corporation,concentrating on those decision elements that are rarely,if ever, encountered by purely domestic firms.These elements include multiple currencies with frequent exchange rate changes and varying rates of infla-tion,differing tax systems,multiple money markets,exchange controls, segmented capital markets,and political risks such as nationalization or expropriation.Throughout the book the author tries to demystify and sim-plify multinational financial management by showing that its basic principles rest on the same foundation as corporate finance.
The emphasis throughout the book is on taking advantage of being mul-tinational.Too often companies focus on the threats and risks inherent in venturing abroad rather than on the opportunities that are available to multinational firms.These opportunities include the ability to obtain a greater degree of international diversification than security purchases alone can provide as well as the ability to arbitrage between imperfect capital markets,thereby obtaining funds at a lower cost than could a purely domestic firm.
4Book Review。