跨国公司财务管理总复习(一)
跨国公司管理期末复习汇总
跨国公司管理一、经济全球化case stady 1 选择1. 经济全球化的趋势？①第二次世界大战以来国际贸易及投资壁垒的不断降低②技术的开展及改革，特别是20世纪90年代信息技术及交通运输技术领域取得的显著进展。
2.经济全球化的构成：生产全球化、市场全球化、金融全球化、技术全球化跨国公司的性质：：跨国公司是指在两个或更多国家建立子公司或分公司，由母公司进展有效控制和统筹决策，从事跨越国界生产经营活动的经济实体。
①跨国性②战略的全球性和管理的集中性③公司内部的相互联系性3.跨国公司的动机：1、寻求市场国内市场规模小、国内市场饱和、大规模投资需要、产品生命周期短、天生型；2、降低本钱廉价劳动力→向不兴旺国家输出低级加工产业；3、战略动机维护或提高公司在某个行业或市场上的竞争力；二、〔一〕全球经济的扫描case stady 25.全球经济的情况：P51A. 全球经济持续复苏，但恢复力正在减弱。
〞表现在兴旺国家经济增长持续低迷，难以改善大幅失业率；而开展中国家及新兴经济体的经济增长也在放缓。
IMF在预测中对世界各国经济增长率均做了下调。
B. 总体看，兴旺国家的经济增长速度慢于全球平均水平，而开展中国家和转轨经济体的开展速度高于全球平均水平。
但兴旺国家的物价一直保持在较低的膨胀水平，而开展中国家，特别是转轨经济国家则面临较严重的通货膨胀。
C. GDP总量排名：美、中、日、德、法、英D.瑞士连续四年成为全球最具竞争力的国家，而其他国家，尤其是美国的竞争力有所下降。
E.经济自由度：中国香港〔8.9〕新加坡〔8.69〕新西兰〔8.36〕瑞士〔8.24〕澳大利亚〔7.98〕加拿大〔7.81〕6.中国的经济情况A. 经济实力：中国的GDP总量排名第二位；中国人均GDP2021年中国人均GDP排名世界第89位，人均GDP为5414美元。
2021年中国人均GDP排名世界第94位，人均GDP 为4361美元。
B.国家竞争力：中国内地的排名在经过数年稳定上升后，今年下降3位，排名第29位。
跨国公司财务管理讲义课件
D公司建立健全的内部控制体系，预 防财务报表粉饰行为的发生，确保公 司财务报告的真实性和可靠性。
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在危机发生时及时进行危机公 关，尽可能减少负面影响，恢
复企业形象。
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跨国公司财务管理最佳实 践与案例分析
A跨国公司的财务管理最佳实践分享
全球化视野
A公司具有全球化视野，关注全球市 场和宏观经济，以适应不同国家和地 区的财务政策。
财务风险管理
A公司重视财务风险管理，建立了一 套完善的财务预警和应对机制，以降 低潜在的财务风险。
内部控制体系
建立健全的内部控制体系，确保 公司财务报告的可靠性。
内部审计监督
通过内部审计对公司的财务管理进 行监督和评价，提高财务信息的透 明度。
外部审计合作
与外部审计机构保持良好合作关系 ，共同提高财务报告的质量和信誉 。
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跨国公司风险管理
跨国公司面临的主要风险类别与来源
政治风险
由于东道国政治环境不稳定，可能对跨国 公司的经营产生重大影响，如政权更迭、 暴力事件、政策变动等。
司制定税务筹划提供支持。
D跨国公司的财务报告编制最佳实践分享
遵循国际会计准则
D公司的财务报告编制遵循国际会计准 则，以确保财务报告的准确性和可比性
。
财务数据分析与报告
D公司定期进行财务数据分析与报告 ，为管理层提供决策支持，同时满足
投资者和分析师的需求。
提高信息披露质量
D公司重视信息披露质量，通过充分 、透明的信息披露，提高公司的信誉 和投资者信心。
财务报告质量控制
确保财务报告的编制符合 法规要求，提高信息质量 。
跨国公司财务管理-
AN OPERATIONAL MEASURE OF EXCHANGE RISK
VI. SUMMARY:
A. The focus of the accounting profession on the balance sheet impact of currency changes has led to ignoring the important impact on future cash flows.
AN OPERATIONAL MEASURE OF EXCHANGE RISK
C. To measure exposure properly, you must focus on inflation-adjusted or real exchange rates instead of nominal or actual exchange rates.
AN OPERATIONAL MEASURE OF EXCHANGE RISK
B. For firms incurring costs and selling products in foreign countries, the net effect of currency changes may be less important in the long run.
I. INTRODUCTION Operating exposure management requires long-term operating adjustments. A. Real v. Nominal Changes 1. Relative price changes leads to marketing and/or production revisions
跨国公司的财务管理总复习范文
1.跨国公司跨国公司是指一个由经济实体构成的工商企业，是在一定程度上通过集中控制、在两个或两个以上的国家从事跨国界生产经营活动的现代经济实体。
其主要内容包括：（1）有一系列企业在两个或两个以上国家开展经营活动；（2）这些企业推行总公司的全球战略，并且共担风险、共享资源；（3）这些企业在一个共同控制体系下开展经营活动。
2.国际货币制度国际货币制度是指国际间进行各种交易支付所采用的一系列安排和惯例以及支配各国货币关系的一套规则和机构。
其主要内容包括：（1）汇率决定及变动；（2）国际收支的调节；（3）国际货币或储备资产的数量和形式；（4）国际金融市场与资本流动；（5）国际货币合作的形式和机构。
3.特别提款权特别提款权是国际货币基金组织设立的一种储备资产和记账单位。
它是由基金组织分配给会员国的一种使用资金的权利，而不是真正的货币。
会员国发生国际收支逆差时，可用于向基金组织指定的其他会员国换取外汇，偿付国际收支逆差或偿还基金组织贷款，还可与黄金、自由兑换货币一样充作国际储备。
4.国际收支国际收支是指一国居民在一定时期内与外国居民（非居民）之间全部经济交易的系统记录。
它包括各种商品和劳务的输出与输入、资本流通以及投资等。
5.套汇汇率套汇汇率是两种非美元货币之间的汇率，它是两种货币相互兑换时以美元为中介进行套算得出的即期汇率。
6.套汇是指人们利用国际汇价不一致的机会，谋取地区间差价利益的做法。
套汇方式有直接套汇和间接套汇两种。
7.欧洲货币市场：所有了离岸市场的结合，其核心为欧洲货币市场，在早期是以欧洲美元市场为主，今天的欧洲货币，除了有欧洲美元还有欧洲马克、欧洲法郎、欧洲瑞士法郎、欧洲英镑、欧洲日元等，最初的欧洲美元市场主要位于伦敦，后来只要各金融中心有从事以非当地货币为计价基础的存放款业务，都构成欧洲货币市场的一部分。
8.欧洲美元指在美国境外的美元，而欧洲美元市场就是位于美国境外（主要是伦敦），接受美元存款并提供美元放款的金融市场。
江苏开放大学《国际财务管理》复习题一及参考答案
国际财务管理复习题一单选题：1.( )是国际企业和跨国公司财务管理面临的最直接的风险，它使得企业的资金存置和流量价值直接发生改变。
A.法律环境和政治制度B.企业公司治理结构C.外汇和汇率D.产品竞争力和技术水平答案：C2.（）是最简单、风险最小的国际经营方式。
A．跨国并购 B. 国外建厂C. 许可经营D. 产品出口答案：D3.企业多以非财务指标为目标，如职工福利、市场份额、企业声誉等，体现了国际企业财务目标 ( )。
A.股东价值B.雇员利益C.社会责任D.企业利益答案：B4.计算总差额金额的方法是( )。
A.将经常账户净额+金融账户净额+资本账户净额B.再加上净差错与遗漏C.再减去净差错与遗漏D.得出总差额的具体金额答案：A5.按IMF统计口径,一国国际收支平衡表中进出口贸易金额是按计算的( )。
A.FOBB.CIFC.C&FD.进口按CIF,出口按FOB答案：D6.国际企业利润管理的核心是( )。
A.利润分配和业绩的考评B.汇兑收益管理C.国际利益转移D.国际企业投资答案：A7.一国国际收支平衡表中的金融账户包括该国的( )。
A.投资捐赠B.专利购买C.专利出卖D.货币资本借贷答案：D8.国际企业财务管理采用集权模式存在的最大问题是( )A.管理交易成本高B.应变能力不足C.信息沟通不畅D.管理人员积极性不高答案：B9.中国的利息和股利收支属我国国际收支平衡表中的( )。
A.经常账户B.收益收支C.经常转移收支D.资本账户收支答案：B10.国际营运资金管理除了现金、应收款项和存货的最佳存量管理之外，还增加了( ) 的内容。
A.营运资金流量管理B.营运资金收益管理C.融资管理D.税收管理答案：A11．下列关于国际收支平衡表记账法则正确的说法为( )。
A.凡引起外汇流人的项目，记入借方B.凡引起外汇流出的项目，记入贷方C.凡引起本国负债增加的项目，记入借方D.凡引起本国负债增加的项目，记入贷方答案：D12．按照IMF的规定，登录国际收支平衡表时所依据的日期为( )。
大学课程国际财务管理复习重点
第一章国际财务管理导论一、国际企业与跨国公司1.国际企业：指在两个或两个以上国家进行投资、生产和销售活动的企业。
当前国际企业主要是以跨国公司为代表。
2.跨国公司：又称多国公司、国际公司或宇宙公司。
指由分设在两个或两个以上国家的实体组成的企业，而不论这些实体的法律形式和活动范围如何，这种企业的业务是通过一个或多个活动中心，根据一定的决策体制经营的，可以具有一贯的政策和共同的战略，企业的各个实体由于所有权或别的因素相联系，其中一个或一个以上的实体能对其他实体的活动施加重压影响，尤其可以与其他实体分享知识、资源以及分担责任。
二、国际财务管理的概念1.国际财务管理是世界财务管理：这种观点认为，国际财务管理应当研究世界范围内普遍使用的原理和方法，使各国的财务管理逐渐走向世界的统一。
2.国际财务管理是比较财务管理：求同存异，互利互惠。
3.国际财务管理是跨国公司的财务管理：这种观点认为，国际财务管理主要研究跨国公司在组织财务活动，处理财务关系所遇到的问题。
注：综上所述，国际财务管理是财务管理的一个新领域，它研究国际企业在组织财务活动、处理财务关系时所遇到的特殊问题。
它是按照国际惯例和国际经济法的有关条款，根据国际企业财务活动的特点，组织和调整国际企业财务关系的管理活动。
1.利润最大化；2.净现值最大化；3.资本成本最小化；4.企业价值最大化。
四、国际财务管理目标的特点1. 国际财务管理目标的相对稳定性；2. 国际财务管理目标的多元化；3. 国际财务管理目标的层次性。
五、财务管理机构五、财务管理机构的类型1.以会计为轴心的财务管理机构；2.与会计机构并行的财务管理机构；3.财务公司型管理机构。
六、财务管理原则1.系统原则2.平衡原则3.弹性原则4.比例原则七、财务管理的对象第二章国际经营环境1.定义：国际财务管理环境是指决定和影响国际财务管理的各种自然因素、政治因素、经济因素、法律因素和社会因素相互依赖，相互制约所形成的矛盾统一体。
跨国公司财务管理期末复习提纲精编WORD版
跨国公司财务管理期末复习提纲精编W O R D版IBM system office room 【A0816H-A0912AAAHH-GX8Q8-GNTHHJ8】跨国公司财务管理期末复习提纲题型：(闭卷，考试时间：6月26日17周星期三)一、单选（5道）二、多选（5道）三、名词解释（4道，每道5分，共20分）四、简答题（3道，每道10分，共30分）五、论述题（共20分）复习重点：第一章第五节跨国公司财务管理的主要内容（第18页）【要点】跨国公司财务管理的主要内容有：1.财务风险管理（一般分为政治风险、筹资风险、投资风险、外汇风险）2.筹资管理（方式更多，渠道更广）3.投资管理（短期投资和长期投资）4.营运资金管理（存量和流量管理）5.纳税管理（加强税务筹划）第二章第五节跨国公司财务管理的目标（第47页）【要点】跨国公司财务管理的目标：（一）利润最大化（优点：利润越大，企业创造的价值越大。
缺点：没考虑货币时间价值导致短期行为，没有考虑投入产出关系，没有考虑相关利益人的利益。
）（二）净现值最大化（优点：考虑了时间价值对资本增值的影响。
缺点：仍然没有考虑利润与投入资本的关系。
）（三）资本成本最小化（优点：充分考虑了资本成本的影响。
缺点：可能会对收益不够重视。
）（四）股东财富最大化（优点：股东财富主要通过股价体现，故充分考虑了风险和时间价值等因素。
缺点：只考虑了股东利益，股价的不可控因素很多，非上市公司难以操作）第三章第一节外汇风险的概念（第54页）【要点】外汇风险是指在跨国公司的国际经济活动中，以外币计价的资产、负债、收入、费用、现金流量的本币价值由于各国货币市场汇率的变动而产生损益，进而影响跨国公司本期利润和未来现金流量的风险。
第三节外汇风险的管理原则（第71页）【要点】外汇风险的管理原则主要有：服从公司总目标原则；全面考虑原则；管理灵活多样化原则。
第五章第二节跨国公司资金集中管理的意义（P124）【要点】资金集中管理的方式为跨国集团公司带来许多实际利益，意义如下：第一、有利于对子公司实施监控，规范资金的使用行为；第二、有利于从公司总体的高度融通资金，发挥资源配置优势；第三、有利于加快资金内部周转，降低财务管理成本；第四、有利于积聚闲散资金，凸显资金集中优势；第五、有利于提高集团的资信等级，加强偿债筹资能力；第六、有利于防范财务风险。
跨国公司的财务管理总复习
1.跨国公司跨国公司是指一个由经济实体构成的工商企业，是在一定程度上通过集中控制、在两个或两个以上的国家从事跨国界生产经营活动的现代经济实体。
其主要内容包括：（1）有一系列企业在两个或两个以上国家开展经营活动；（2）这些企业推行总公司的全球战略，并且共担风险、共享资源；（3）这些企业在一个共同控制体系下开展经营活动。
2.国际货币制度国际货币制度是指国际间进行各种交易支付所采用的一系列安排和惯例以及支配各国货币关系的一套规则和机构。
其主要内容包括：（1）汇率决定及变动；（2）国际收支的调节；（3）国际货币或储备资产的数量和形式；（4）国际金融市场与资本流动；（5）国际货币合作的形式和机构。
3.特别提款权特别提款权是国际货币基金组织设立的一种储备资产和记账单位。
它是由基金组织分配给会员国的一种使用资金的权利，而不是真正的货币。
会员国发生国际收支逆差时，可用于向基金组织指定的其他会员国换取外汇，偿付国际收支逆差或偿还基金组织贷款，还可与黄金、自由兑换货币一样充作国际储备。
4.国际收支国际收支是指一国居民在一定时期内与外国居民（非居民）之间全部经济交易的系统记录。
它包括各种商品和劳务的输出与输入、资本流通以及投资等。
5.套汇汇率套汇汇率是两种非美元货币之间的汇率，它是两种货币相互兑换时以美元为中介进行套算得出的即期汇率。
6.套汇是指人们利用国际汇价不一致的机会，谋取地区间差价利益的做法。
套汇方式有直接套汇和间接套汇两种。
7.欧洲货币市场：所有了离岸市场的结合，其核心为欧洲货币市场，在早期是以欧洲美元市场为主，今天的欧洲货币，除了有欧洲美元还有欧洲马克、欧洲法郎、欧洲瑞士法郎、欧洲英镑、欧洲日元等，最初的欧洲美元市场主要位于伦敦，后来只要各金融中心有从事以非当地货币为计价基础的存放款业务，都构成欧洲货币市场的一部分。
9.欧洲债券是国际借款者同时在几个国家的资本市场上所发行的债券，其计价货币必须是非发行地当地的货币，也就是说，若债券是以美元计价，则只能在美国美国以外的其他资本市场。
跨国公司财务管理讲义
CHAPTER 1INTRODUCTION: MULTINATIONAL ENTERPRISE AND MULTINATIONALFINANCIAL MANAGEMENTLearning Objectives ：● To understand the nature and benefits of globalization●To explain why multinational corporations are the key players in international economic competition today●To classify the three historical types of multinational corporation (MNC) and explain their motivations for international expansion●To explain why managers of MNCs need to exploit rapidly changing global economic conditions and why political policy makers must also be concerned with the same changing conditions●To identify the advantages of being multinational, including the benefits of international diversification●To describe the general importance of financial economics to multinational financial management and the particular importance of the concepts of arbitrage, market efficiency, capital asset pricing, and total risk●To characterize the global financial marketplace and explain why MNC managers must be alert to capital market imperfections and asymmetries in tax regulations1.1 THE RISE OF THE MULTINATIONAL CORPORATION实用文档1.1.1A multinational corporation (MNC) is a company engaged in producing and selling goods or services in more than one country.1.1.2A brief taxonomy of the MNC and its evolutionRaw-Materials Seekers. Raw-materials seekers were the earliest multinationals, the villains of international business.Market Seekers. The market seeker is the archetype of the modern multinational firm that goes overseas to produce and sell in foreign markets.Cost Minimizers. These firms seek out and invest in lower cost production sites overseas (for example, Hong Kong, Taiwan, and Ireland) to remain cost-competitive both at home and abroad.1.1.3the true multinational corporation is characterized more by its state of mind than by the size and worldwide dispersion of its assets.1.1.4the essential element that distinguishes the true multinational is its commitment to seeking out, undertaking, and integrating manufacturing, marketing, R&D, and financing opportunities on a global, not domestic, basis.1.1.5In a world in which change is the rule and not the exception, the key to international competitiveness is the ability of management to adjust to change and volatility at an ever faster rate.1.1.6New global manager is needed.实用文档1.2 THE INTERNATIONALIZATION OF BUSINESS AND FINANCE1.2.1The existence of global competition and global markets for goods, services, and capital is a fundamental economic reality that has altered the behavior of companies and governments worldwide.1.2.2Politicians and labor leaders, unlike corporate leaders, usually take a more parochial view of globalization.1.2.3International economic integration reduces the freedom of governments to determine their own economic policy.1.2.4The stresses caused by global competition have stirred up protectionists and given rise to new concerns about the consequences of free trade.The U.S.–Canada trade agreement; the North American Free Trade Agreement (NAFTA),1.3 MULTINATIONAL FINANCIAL MANAGEMENT: THEORY AND PRACTICE1.3.1The main objective of multinational financial management is to maximize shareholder wealth as measured by share price.1.3.2Shareholders are the legal owners of the firm and management has a fiduciary obligation to act in their best interests.1.3.3Financial management is traditionally separated into two basic functions: theacquisition of funds (financing decision) and the investment of those funds 实用文档(investment decision).1.3.4The risks of multinational management include exchange and inflation risks; international differences in tax rates; multiple money markets, often with limited access; currency controls; and political risks, such as sudden or creeping expropriation.1.3.5The most advantage of MNC is the international diversification of markets and production sites.1.3.6Some concepts of financial economics:Arbitrage Market efficiency Capital Asset Pricing Risk classification1.4 OUTLINE OF THE BOOKThis book is divided into five parts.Part I: Environment of International Financial ManagementPart II: Foreign Exchange Risk ManagementPart III: Financing the Multinational CorporationPart IV: Foreign Investment AnalysisPart V: Multinational Working Capital ManagementCHAPTER 2THE FUNDAMENTAL OF INTERNATIONAL FINANCELearning Objectives：实用文档●To explain the concept of an equilibrium exchange rate●To identify the basic factors affecting exchange rates in a floating exchange rate system●To calculate the amount of currency appreciation or dep reciation associated with a given exchange rate change●To distinguish between a free float, a managed float, a target-zone arrangement, anda fixed-rate system of exchange rate determination●To distinguish between the current account, the financial accou nt, and the official reserves account and describe the links among these accounts2.1 SETTING THE EQUILIBRIUM SPOT EXCHANGE RATE2.1.1Exchange rates can be for spot or forward delivery.2.1.2A spot rate is the price at which currencies are traded for immediate delivery, or in two days in the interbank market.2.1.3A forward rate is the price at which foreign exchange is quoted for delivery at a specified future date.2.1.4The exchange rates are market-clearing prices that equilibrate supplies and demands in the foreign exchange market.2.1.5Factors that Affect the Equilibrium Exchange Rate:As the supply and demand schedules for a currency change over time, the equilibrium 实用文档exchange will also change.Relative Inflation Rates Relative Interest Rates Relative Economic Growth Rates Political and Economic Risk Expectation and Asset Market model2.1.6Calculating Exchange Rate Change2.2 ALTERNATIVE EXCHANGE RATE SYSTEMS2.2.1The international monetary system refers primarily to the set of policies, institutions, practices, regulations, and mechanisms that determine the rate at which one currency is exchanged for another.2.2.2This section considers five market mechanisms for establishing exchange rates: free float managed float target-zone arrangementfixed-rate system the current hybrid system.2.3 BALANCE-OF-PAYMENT CATEGORIES2.3.1The balance of payment is an accounting statement that summarizes all the economic transactions between residents of the home country and the residents of all other countries.2.3.2Currency inflows are recorded as credits, and outflows are recorded as debits. 2.3.3There are three principal balance-of-payments categories:1. Current account2. Capital account3. Financial account2.3.4For most countries, only the current and financial accounts are significant.实用文档CHAPTER 3COUNTRY RISK ANALYSISLearning Objectives：● To define what country risk means from the standpoint of an MNC● To describe the social, cultural, political, and economic factors that affect the gene ral level of risk in a country and identify key indicators of country risk and economic health ● To describe what we can learn about economic development from the contrasting experiences of a variety of countries● To describe the economic and political factors that determine a country’s ability and willingness to repay its foreign debts3.1 MEASURING POLITICAL RISK3.1.1Expropriation is the most obvious and extreme form of political risk,.3.1.2There are other significant political risks, including currency or trade controls, changes in tax or labor laws, regulatory restrictions, and requirements for additional local production.3.1.3Factors in political risk forecasting modelPolitical Stability Economic Factors Subjective FactorPolitical Risk and Uncertain Property Rights3.1.4A useful indicator of the degree of political risk is the seriousness of capital flight.实用文档3.2 ECONOMIC AND POLITICAL FACTORS UNDERLYING COUNTRY RISK3.2.1key factors that determine the economic performance of a country and its degree of riskFiscal Irresponsibility Monetary Instability Controlled Exchange Rate System Wasteful Government Spending Resource BaseCountry Risk and Adjustment to External Shocks3.2.2Key Indicators of Country Risk and Economic Health3.3 COUNTRY RISK ANALYSIS IN INTERNATIONAL BANKING3.3.1From a bank’s standpoint, country risk is the possibility that borrowers in a country will be unable or unwilling to service or repay their debts to foreign lenders ina timely manner.3.3.2What ultimately det ermines a nation’s ability to repay foreign loans is that nation’s ability to generate U.S. dollars and other hard currencies.3.3.3The Government’s Cost/Benefit Calculus3.3.4Lessons from the International Debt CrisisCHAPTER 4MEASURING AND MANAGING TRANSLATION AND TRANSACTION EXPOSURE Learning Objectives● To define translation and transaction exposure and operating exposure, distinguish 实用文档them.● To describe the four principal currency translation methods available and to calculate translation exposure using these different methods● To identify the basic hedging strategy and techniques used by firms to manage their currency transaction and translation risks● To describe the costs and benefit associated with using the different hedging techniques● To describe and assess the economic soundness of the various corporate hedging objectives4.1 ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSURE4.1.1The three basic types of exposure are translation exposure, transaction exposure, and operating exposure.4.1.2Transaction exposure and operating exposure combine to form economic exposure.Translation exposure, also known as accounting exposure, arises from the need, for purposes of reporting and consolidation, to convert the financial statements of foreign operations from the local currencies (LC) involved to the home currency (HC). Transaction exposure results from transactions that give rise to known, contractuallybinding future foreign-currency-denominated cash inflows or outflows.实用文档Operating exposure measures the extent to which currency fluctuations can alter acompany’s future operating cash flows, that is, its future revenues and costs.4.2 ALTERNATIVE CURRENCY TRANSLATION METHODS4.2.1Companies with international operations will have foreign-currency-denominated assets and liabilities, revenues, and expenses. The financial statements of an MNC’s overseas subsidiaries must be translated from local currency to home currency before consolidation with the parent’s financial statements.4.2.2Four principal translation methods are available:the current/noncurrent method, the monetary/nonmonetary method,the temporal method, and the current rate method.4.2.3In practice, there are also variations of each method.4.2.4Current/Noncurrent methodAll the foreign subsidiary’s current assets and liabilities are translated into home currency at the current exchange rate. Each noncurrent asset or liability is translated at its historical exchange rate—that is, at the rate in effect at the time the asset was acquired or the liability was incurred.The income statement is translated at the average exchange rate of the period, except for those revenues and expense items associated with noncurrent assets or libilities.4.2.5Monetary/Nonmonetary Method实用文档Monetary items (for example, cash, accounts payable and receivable, and long-termdebt) are translated at the current rate; nonmonetary items (for example, inventory, fixed assets, and long-term investments) are translated at historical rates.Income statement items are translated at the average exchange rate during the period, except for revenue and expense items related to nonmonetary assets and liabilities. 4.2.6Temporal MethodUnder the temporal method, inventory is normally translated at the historical rate, but it can be translated at the current rate if the inventory is shown on the balance sheet at market values.in the temporal method, it is based on the underlying approach to evaluating cost (historical versus market).Income statement items normally are translated at an average rate for the reporting period.4.2.7Current Rate MethodThe current rate method is the simplest: All balance sheet and income items are translated at the current rate.4.4 DESIGNING A HEDGING STRATEGY4.4.1Hedging a particular currency exposure means establishing an offsetting currencyposition so as to lock in a dollar (home currency) value for the currency exposure and 实用文档thereby eliminate the risk posed by currency fluctuations.4.4.2The usefulness of a particular hedging strategy depends on both acceptability and quality.4.4.3The objectives in management bahaviorMinimize translation exposure; Minimize earnings fluctuations owing to exchange rate changes; Minimize transaction exposure; Minimize economic exposure; Minimize foreign exchange risk management costs; Avoid surprises4.4.4Costs and Benefits of Standard Hedging Techniques4.4.5Exposure NettingExposure netting involves offsetting exposures in one currency with exposures in the same or another currency, where exchange rates are expected to move in a way such that losses (gains) on the first exposed position will be offset by gains (losses) on the second currency exposure.4.4.6Accounting for Hedging and FASB 1334.5 MANAGING TRANSLATION EXPOSURE4.5.1Firms have three available methods for managing their translation exposure: (1) adjusting fund flows, (2) entering into forward contracts, and (3) exposure netting. 4.5.2Funds adjustment involves altering either the amounts or the currencies (or both)of the planned cash flows of the parent or its subsidiaries to reduce the firm’s local 实用文档currency accounting exposure.4.5.3Evaluating Alternative Hedging Mechanisms4.5.4Ordinarily, the selection of a funds-adjustment strategy cannot proceed by evaluating each possible technique separately without risking suboptimization.4.6 MANAGING TRANSACTION EXPOSUREVarious techniques for managing transaction exposure Forward Market Hedge Money-Market Hedge Risk shifting Pricing Decision Exposure netting Currency Risk Sharing Currency Collars Cross-Hedging Foreign Currency OptionsCHAPTER 5MEASURING AND MANAGING ECONOMIC EXPOSURELearning Objectives● To define economic exposure and exchange risk and distinguish between the two ● To define operating exposure and distinguish b etween it and transaction exposure ● To identify the basic factors that determine the foreign exchange risk faced by a particular company or project● To describe the marketing, production, and financial strategies that are appropriate for coping with the economic consequences of exchange rate changes● To explain how companies can develop contingency plans to cope with exchange risk 实用文档and the consequences of their ability to rapidly respond to currency changes● To identify the role of the financial exec utive in facilitating the operation of an integrated exchange risk management program5.1 FOREIGN EXCHANGE RISK AND ECONOMIC EXPOSURE5.1.1The most important aspect of foreign exchange risk management is to incorporate currency change expectations into all basic corporate decisions.5.1.2Economic exposure can be separated into two components: transaction exposure and operating exposure.5.1.3The exchange rate changes that give rise to operating exposure are real exchange rate changes. The real exchange rate is defined as the nominal exchange rate adjusted for changes in the relative purchasing power of each currency since some base period.5.2 THE ECONOMIC CONSEQUENCES OF EXCHANGE RATE CHANGES5.2.1Transaction exposure arises out of the various types of transactions that require settlement in a foreign currency.5.2.2The greater a company’s flexibility to substitute between home-country and foreign-country inputs or production, the less exchange risk the company will face. 5.2.3The major conclusion is that the sector of the economy in which a firm operates (export, import-competing, or purely domestic), the sources of the firm’s inputs(imports, domestic traded or nontraded goods), and fluctuations in the real exchange 实用文档rate are far more important in delineat ing the firm’s true economic exposure than isany accounting definition.5.3 IDENTIFYING ECONOMIC EXPOSUREAspen Skiing Company Petróleos Mexicanos Toyota Motor Company5.4 CALCULATING ECONOMIC EXPOSURE4.4.1Spectrum Manufacturing AB example5.4.2Spect rum’s Accounting Exposure5.4.3Spectrum’s Economic ExposureScenario 1: All Variables Remain the Same.Scenario 2: Krona Sales Prices and All Costs Rise; Volume Remains the Same. Scenario 3: Partial Increases in Prices, Costs, and Volume.5.6 MANAGING OPERATING EXPOSURE5.6.1Because currency risk affects all facets of a company’s operations, it should not be the concern of financial managers alone.5.6.2Marketing Management of Exchange RiskMarket Selection Pricing Strategy Product Strategy5.6.3Production Management of Exchange RiskInput Mix Shifting Production Among Plants Plant Location RaisingProductivity实用文档5.6.4Planning for Exchange Rate Changes5.6.5Financial Management of Exchange RiskCHAPTER 6INTERNATIONAL FINANCING AND NATIONAL CAPITAL MARKETS Learning Objectives● To describe trends and differences in corporate financing patterns around the world ● To define securitization and explain the forces that underlie it and how it has affected the financing policies of MNCs● To explain why bank lending is on the decline worldwide and how banks have responded to their loss of market share● To explain what is meant by the globalization of financial markets and identify the factors that have affected the process of globalization● To descri be the external medium and long-term financing options available to the multinational corporation● To identify the functions and consequences of financial markets● To describe the links between national and international capital markets● To describe the types and roles of development banks6.1 CORPORATE SOURCES AND USES OF FUNDS6.1.1Firms have three general sources of funds available: internally generated cash, 实用文档short-term external funds, and long-term external funds.6.1.2Financial Markets versus Financial IntermediariesBank borrowing vs sell securities6.1.3Financial Systems and Corporate GovernanceAffective corporate governance requires that everyone involved in governing the company must be assigned a carefully chosen role and they must be provided with responsibility, authority, and accountability, all to be done with the paramount objective of creating shareholder value.The difference in financial systems has real consequences for financial structures.6.1.4Globalization of Financial Markets6.2NATIONAL CAPITAL MARKETS AS INTERNATIONAL FINANCIAL CENTERS6.2.1The principal functions of a financial market and its intermediaries are to mobilize savings and to allocate those funds among potential users on the basis of expected risk-adjusted returns.6.2.2International Financial Markets6.2.3Foreign access to domestic MarketsThe foreign bond market The foreign bank market The foreign equity market6.2.4Globalization of financial markets has its downside6.3 DEVELOPMENT BANK实用文档6.3.1To help provide the huge financial resources required to promote the development of economically backward areas, the United States and other countries have established a variety of development banks, whose lending is directed to investments that might not otherwise be funded by private capital.6.3.2There are three types of development banks:the World Bank Group, regional development banks, and national development banks.6.3.3Private-Sector AlternativesCHAPTER 7THE EUROMARKETSLearning Objectives● To describ e the Eurocurrency and Eurobond markets and explain why they exist● To describe the characteristics and pricing of Eurocurrency loans, Eurobonds, Euronotes, and Euro-commercial paper● To explain the links between the Euromarkets and their domestic coun terparts7.1 THE EUROCURRENCY MARKET7.1.1A Eurocurrency is a dollar or other freely convertible currency deposited in a bank outside its country of origin.7.1.2U.S. dollars on deposit in London become Eurodollars.实用文档7.1.3The Eurocurrency market then consists of those banks—called Eurobanks—that accept deposits and make loans in foreign currencies.7.1.4Modern Origins of Eurocurrency7.1.5The creation of Eurodollar7.1.6Eurocurrency Loans7.1.7Relationship Between Domestic and Eurocurrency Money MarketsThe presence of arbitrage activities ensures a close relationship between interest rates in national and international (Eurocurrency) money markets.Interest DifferentialsEurocurrency Spreads7.1.8Euromarket Trend7.2 EUROBONDS7.2.1Unlike domestic bond markets, however, the Eurobond market is almost entirely free of official regulation and is instead self-regulated by the Association of International Bond Dealers.7.2.2Borrowers in the Eurobond market are typically well known and have impeccable credit ratings.7.2.3Links Between the Domestic and Eurobond MarketsPlacement Currency Denomination Interest rates实用文档Eurobond Retirement Ratings7.2.4Rational for Existence of Eurobond Market7.2.5Eurobonds versus Eurocurrency LoansCost of borrowing Maturity Size of issue Flexibility Speed7.3 NOTE ISSUANCE FACILITIES AND EURONOTES7.3.1The note issuance facility (NIF) allows borrowers to issue their own short-term Euronotes, which are then placed or distributed by the financial institutions providing the NIF.7.3.2Note Issuance Facilities versus EurobondsDrawdown flexibility Timing flexibility Choice of maturities7.3.3Euro-Medium-Term Notes 7.3.4Euro-Commercial Paper 7.3.5The Asiacurrency MarketCHAPTER 8THE COST OF CAPITAL FOR FOREIGN INVESTMENTSLearning Objectives● To determine the cost of capital for foreign investments and identify those circumstances under which that cost should be higher, lower, or the same as that for comparable domestic projects● To identify and address the key issu es involved in applying the capital asset pricing 实用文档model to estimate the cost of capital for foreign projects● To illustrate the impact of globalization on the cost of capital● To calculate the effective dollar costs of foreign currency borrowing taking into account interest rates, exchange rate changes, and taxes● To identify the relevant factors and tradeoffs in establishing a company’s worldwide capital structure● To calculate the value of below-market financing opportunities8.1 THE COST OF EQUITY CAPITAL8.1.1The cost of equity capital for a firm is the minimum rate of return necessary to induce investors to buy or hold the firm’s stock.8.1.2The Capital asset pricing model8.1.3The CAPM is based on the notion that intelligent, risk-averse shareholders will seek to diversify their risks, and, as a consequence, the only risk that will be rewarded with a risk premium will be systematic risk.8.1.4Weighted average cost of capital8.3 DISCOUNT RATES FOR FOREIGN INVESTMENTS8.3.1Key Issues in Estimating Foreign Project Discount Rates1. Should the corporate proxies be U.S. or local (i.e., foreign) companies?2. Is the relevant base portfolio against which the proxy betas are estimated the U.S. 实用文档market portfolio, the local portfolio, or the world market portfolio?3. Should the market risk premium be based on the U.S. market or the local market?4. How, if at all, should country risk be incorporated in the cost of capital estimates? 8.3.2Three alternatives for estimating proxy betas are proposed here.Local Companies Proxy Industry Adjusted U.S. Industry Beta8.3.3In employing the CAPM, the base portfolio against which the proxy betas are estimated can be the home portfolio or the global market portfolio.8.3.4The Impact of Globalization on the Cost of CapitalOther things being equal, the use of a global CAPM means a lower cost of capital for this company.8.3.5Empirical Evidence8.3.6The Relevant Market Risk Premium8.5 ESTABLISHING A WORLDWIDE CAPITAL STRUCTURE8.5.1The Cost of Debt CapitalIn general, the after-tax dollar cost of borrowing in the local currency for a foreign affiliate equals the after-tax interest expense plus the change in the exchange rate. 8.5.2The capital structure problem for the multinational enterprise is to determine the mix of debt and equity for the parent entity and for all consolidated andunconsolidated subsidiaries that maximizes shareholder wealth.实用文档8.5.3Foreign Subsidiary Capital StructureConform to the capital structure of the parent companyReflect the capitalization norms in each foreign countryVary to take advantage of opportunities to minimize the MNC’s cost of capital8.5.4Political Risk Management 8.5.5Currency Risk Management8.5.6Leverage and Foreign Tax Credit 8.5.7Leasing and Taxes8.5.8Cost-Minimizing Approach to Global Capital Structure8.5.9Valuing Low-Cost Financing OpportunitiesTaxes Zero-Coupon Bonds Debt versus Equity Financing8.5.10Government Credit and Capital Control 8.5.11Government Subsidies and IncentivesCHAPTER9INTERNATIONAL PORTFOLIO INVESTMENTLearning Objectives● To describe the risks and advantages of international investing● To explain how international investing can allow investors to achieve a better risk-return trade-off than by investing solely in U.S. securities● To identify the barriers to investing overseas实用文档● To describe the various ways in which U.S. investors can diversify into foreignsecurities● To calculate the currency risk associated with investing in securities issued in different markets and denominated in various currencies● To calculate the return associated with investing in securities issued in different markets and denominated in various currencies9.1 THE RISKS AND BENEFITS OF INTERNATIONAL EQUITY INVESTING9.1.1The risks of international investing1. Changes in currency exchange rates2. Dramatic changes in market value3. Political, economic, and social events4. Lack of liquidity5. Less information6. Reliance on foreign legal remedies7. Different market operations9.1.2This relation follows from the basic rule of portfolio diversification: The broader the diversification, the more stable the returns and the more diffuse the risks.9.1.3Correlations and the Gains from DiversificationForeign market betas, which are a measure of market risk derived from the capital asset pricing model, are calculated relative to the U.S. market in the same way that individual asset betas are calculatedThe obvious conclusion is that international diversification pushes out the efficientfrontier—the set of portfolios that has the smallest possible standard deviation for its 实用文档level of expected return and has the maximum expected return for a given level ofrisk—allowing investors simultaneously to reduce their risk and increase their expected return.9.1.4Investing in Emerging Markets 9.1.5Barriers to international Diversification9.2INTERNATIONAL PORTFOLIO INVESTMENT1International Bond Investment2Optimal International Asset Allocation3Measuring the Total Return From Foreign Portfolio InvestingIn general, the total dollar return on an investment can be divided into three separate elements: dividend/interest income, capital gains (losses), and currency gains (losses). Bond; stock4Measuring Exchange Risk on Foreign SecuritiesCHAPTER10CORPORATE STRATEGY AND FOREIGN DIRECT INVESTMENT Learning Objectives● To identify the stages of corporate expansion overseas by which companies gradually become multinational corporations (MNCs)● To identify the fundamental motives for companies to invest abroad in order t odetermine those foreign investments that are most likely to be successful实用文档。
国际财务管理复习要点
国际财务管理复习资料第一章总论国际企业财务管理的内容，其中区别于国内财务管理的内容是外汇内容管理。
影响国际企业财务管理的因素，其中重点是经济因素，第一，金融市场和金融结构的完善程度关系到该国投资和融资的难易程度；第二，金融政策，如实行的是浮动汇率还是固定汇率，政府是否对外汇实行严格管制，政府是否采取紧缩的货币政策抑制投资、金融市场的深度和广度；第三，该国的市场是否健全；此外，该国的财政税收政策、产业政策、对外贸易政策等，也会对国际企业的财务管理带来重大影响。
三种类型的跨国公司：raw material , new maket, minimize cost。
国际企业财务管理的控制模式分两种，集权模式和分权模式。
集权模式的优点有：集中利用财务专家，降低资金成本，优化公司资源配置，降低公司赋税，增强抗风险能力。
缺点是：不利于调动公司积极性，不利协调当地持股人的关系，可能激化与东道国的矛盾，不利于考核子公司的业绩。
第二章国际金融市场国际金融市场的含义：是在居民与非居民之间或非居民与非居民之间实现如外汇、资金、有价证券、黄金和金融期货等金融性商品在国际范围内有效配置的场所。
离岸国际金融市场作为一种新型的国际金融市场，具有两个特征，其一，以非居民交易为业务主体，所以也成为境外市场。
其二，基本不受所在国法规的限制，从相对意义上说，是完全自由化额国际金融市场。
国际金融市场的消极影响：（1）能造成一国经济的不稳定（2）使金融危机在国家之间传递（3）易引发国际债务危机（4）成为犯罪集团的洗钱场所。
汇率的类型，从银行买卖外汇的角度来划分，可分为买入汇率（也称买入价，即银行向同业或客户买入外汇时所使用的汇率，这一汇率多用于出口商与银行间的外汇交易）卖出汇率（也成卖出价，即银行向同业或客户卖出外汇时所使用的汇率，多用于进口商与银行之间的外汇交易）和中间汇率（也成中间价，是买入汇率与卖出汇率的平均数）。
影响汇率变动的因素，重点是其中的利率水平，利率提高，本币的即期汇率升水，远期汇率贴水。
跨国公司财务管理重点
第1篇国际财务管理环境企业财务活动1、企业投资引起的财务活动投资是指以收回现金并取得收益为目的而发生的现金流出。
2、企业筹资引起的财务活动筹资是指企业为了满足生产经营投资的需要，筹措所需资金的过程。
3、企业收益分配引起的财务活动收益分配是指企业对生产经营过程中实现的利润，三者关系:相互联系、相互依存又相对独立的.企业财务关系财务关系:是指企业在生产经营过程中与各方面发生的货币经济关系。
1、企业与投资者、受资者之间的财务关系,经营权和所有权的关系。
2、企业与债权人、债务人之间的财务关系.债权与债务关系。
3、企业与税务机关之间的财务关系.依法纳税和依法征税的一种法人义务与国家权利的关系。
4、企业与其他企业之间的财务关系;一是货币结算关系；二是短期资金融通关系；三是企业之间相互投资形成的权益关系。
5、企业内部各部门之间的财务关系,企业内部各部门之间分工合作的资金结算关系。
6、企业与职工之间的财务关系,企业与职工在劳动成果上的分配关系。
一、公司.战略.目标（三）战略管理与财务的关系财务管理的本质——是对于企业价值的管理，其核心就是企业资本的保值增值。
战略管理与财务的关系：财务管理不仅仅只是财务部门的事，它实际上是从根本上关乎着企业的长远和大局利益，是企业战略的价值管理形式——财务战略管理。
其他类型的企业战略是财务战略的载体，财务战略是“灵魂”，正视企业的资本渴望增值的内在需求，引导这个灵魂借助一定的载体朝既定的财务目标前进。
（四）经营战略与财务战略的关系二、国际财务管理的基本特征（一）跨国公司经营业绩及其国际地位科技革命、企业组织创新、管理技术发展的产物。
定义：是在一定程度上通过集中控制、在两个或两个以上的国家从事跨国界生产经营活动的现代经济主体。
地位：不再是“出口商品”的含义；而是生产“世界产品”的概念。
证据：贸易额日益增长，50%以上。
（二）国际经营特征国际化,多样化,内部化,全球战略（三）国际财务管理的特点资金国际化,金融自由化,跨国财务控制的关键性等三大特征附：国际财务系统三、国际货币制度（一）国际货币制度经济交易活动（贸易、债务清算、资本转移）涉及各国之间：货币兑换,汇率制度的规定,国际收支的调节,国际清算,储备资产的供应,就这些方面达成的各种协议、原则、措施以及建立的组织方式，就是国际货币制度（二）金本位制——布雷顿森林体系——牙买加协定特点：统一性，松散性自发性，布雷顿森林体系：1、1944年7月，44国参加了美国新罕布什尔州的布雷顿森林召开的会议，通过了布雷顿森林协定（“国际货币基金组织协定”；“国际复兴开发银行协定”）2、该协定确立了国际货币制度的两大支柱：美元与黄金直接挂钩；其他国家货币与美元挂钩，建立与美元的固定比价关系。
跨国公司财务管理基础(1)
TEXAS TECH UNIVERSITYSECOND SUMMER 2012 RAWLS COLLEGE OF BUSINESS AREA OF FINANCEFIN 4328-001-62167 - In ternatio nal F inanceDr. Dan??o?luHomework #1Due on Thursday, July 19, 20121. Please answer Questions 1 and 3 from the eAnpdpoefndix 1A: The Origins and Consequences of Internationaol nTrade pages 27 through 30 of your book. Please do not answer Question2.1. a. Is there a logical flaw in Bastiat's satirical argument?A NSWER. No. Bastiatis preciselyright. The objectiveof trade is to gain accessto goodsand servicesat lowerquality- adjusted pricesT.he ultimateconsequenceis to make more efficientuse of the world'sresources andtherebyincrease worldwide production and consumption. Protectionism aims to prevent this end. If protectionism succeeds, world outp consumption are lower than they might otherwise be because resources are not being put to their highest valued use examplecited by Bastiat, protectionismwill lead to a squandering ofresources byreplicatingwhat the sun can do less expensively.1.b. Do Japanese automakers prefer a tariff or a quota on their U.S. auto exports? Why? Is there likely to be consens among the Japanese carmakers on this point? Might there be any Japanese automakers that are likely to prefer U.S. restrictions? Why? Who are they?A NSWER. It depends. To understand why, it helps to recognize the consequences of these alternative trade barriers.B tariffs and quotas will lead to higher prices to U.S. consumers of imported Japanese cars. With tariffs, however, most price increase will go to the U.S. government in the form of tariffs. Japanese companies (or their dealers), on the othe will collect most, if not all, of the higher prices associated with the scarcity of imported Japanese cars. Once the Japa producers hit their quota limit, they have no incentive to compete with each other by cutting price because they canno more cars than they alreadyare. The net result is that the U.S. marketwill be extraordinarilyprofitableto Japanese automakers, which it was.Since quotastend to be allocatedbasedon currentsales, thoseautomakerslike Toyotaand Nissanwith large market shares would prefer quotas, whereas those automakers like Honda and Mitsubishi with smaller market shares would tariffs. The reason for the latter's preference for tariffs is that efficient companies can eventually overcome the effects tariffs by cutting costs and prices, whereas efficiency counts for nothing in the case of quotas. Regardless of the type trade barrier imposed, U.S. automakers will raise their prices in line with higher import prices. However, U.S. automak are likely to prefer quotas because quotas enable them to disguise the reason for higher U.S. car prices. Consumers be much quicker to figure out the cause-effect relationship between higher tariffs and higher prices on U.S. and Japa cars.1.c. What characteristics of the U.S. auto industry have helped it gain protection? Why does protectionism persist des the obvious gains to society from free trade?A NSWER. The U.S. auto industry hasreceivedas muchprotection asit has for two key reasons.First,it is a large and powerful industry. Second, it is concentrated in several politically important states, such as Michigan and Illinois.3.a. Do you expect trade to take place between countries A and B? Why?A NSWER. Yes. Given the data presented, we can see that if country A has 6 units of resources and it devotes X of thes units to steel productionw,here X is an integer,it can producea total of 6X tons of steel and 3(6- X) bushels ofcorn Similarly, with 54 units of resources, countryB of which it devotes Y units to steel production, it can produce Y tons o plus (54 - Y) bushels of corn. The net effect of these producti on functions is that one bushel of corn is worth 2 tons of in country A. In contrast, one bushel of corn is worth only one ton of steel in country B. These relative pricesindicate country A has a comparativeadva ntagei n the productionof steel, whereasB has a comparativeadva ntagei n the producti on of corn.3.b. Which country will export steel? Which will export corn? Explai n.A NSWER Giventhese comparativeadvantagesA will exportsteel andB will export corn. The price of corn will settle somewhere betwee n one and two tons of steel. Suppose it settles at 1.5 tons of steel. Then, in stead of produci ng, sa tons of steel and 3 bushels of corn, it can devote an additi onal resource unit to the producti on of an additi onal 6 tons It can trade these 6 tons of steel with B for 6/1.5 = 4 bushels of corn, leaving it one bushel of corn better off. Similarly now get 6 tons of steel for the 4 bushels of corn it trades to A in stead of the 4 tons of steel it could produce on its owr the resources it took to produce the 4 bushels of corn.2. In the sec ond half of 1997, the Indon esia n rupiah devalued by 84% aga inst the U.S. dollar. By how much has the c appreciated aga inst the rupiah?A NSWER. If e o is the initial dollar value of the rupiah and is the post—devaluation exchange rate, then we know from Equati on 2.1 thae (——e o)/e o = —84%. Sol ving for i in terms oe o yieldse i = O.16J O. From Equati on 2.2, we know that the dollar's appreciation against the rupiah eqe o—&)◎, or e —O.1@O)/O.16T O = 0.84/.16 = 525%.3. Betwee n 1988 and 1991, the price of a room at the Mila n Hilton rose from Lit 346,400 to Lit 475,000. At the same t the exchange rate went from Lit 1,302/$ in 1988 to Lit 1,075/$ in 1991.a. By how much has the dollar cost of a room at the Mila n Hilt on cha nged over this three-year period?A NSWER. The dollar price of a room at the Milan Hilton in 1988 was 346,400/1,302 = $266. By 1991, that same room c 475,000/1,075 = $442. Thus, the dollar price of a room rose during this three-year period266(446 = 66.2%. This invo lved a comb in ati on of a 21.2% appreciati on in the dollar value of the lira and a 37.1% in crease in the lira price of room (1.211 x 1.371 = 1.661).b. What has happe ned to the lira's dollar value duri ng this period?A NSWER. According to Equation 2.1, the lira's dollar value has appreciated by(1/1075) - (1/1302) _ 1302 - 1075 _ 一…(1/1302) 10754. Read the followi ng mi ni case from yduxtbook: “ The Euro Reacts to New In formatio82). Brie fl y aPag e r the questio ns give n in the case.1. Explainthe differing initial and subsequent reactions of the euro to news about the European Central Bank policy.Give full details, drawing on any theories you are familiar with.A NSWER. The in itial react ion is based on the expectati on of no tighte ning in the money supply. The result will be highei inflation than previously expected —dcording to purchasing power parityi depreciating euro. The euro ' s subs reactionwas basedon the view that monetarypolicywouldin fact be tightenec(that the objectiveof an interestrate in crease) and in flatio n would be reduced. At the same time, a higher real in terest rate would be expected to attract m capital and boost the euro ' s value as well.2. How does a strong pound reduce the threat of imported inflation and work against higher interest rates?A NSWER. A weak pound will bring higher prices of foreign goods and services, enabling domestic producers to raiseth prices and leadingto higher inflation.Conversely,a strongerpoundwill bring lower-pricedforeigngoods and services, putt ing dow nward pressure on domestic prices and reduci ng the threat of in flati on. Lower in flation/Wilth e aFisher effec—o lower in terest rates. At the same time, the expectati on of lower in flati on mea ns the Bank of En gla nd will be u less pressure to raise interest rates to fight nonexistent inflation.3. Which U.K. manufacturers are likely to be pressured by a strong pound?A NSWER. Those British manufacturers who compete with imports or who export will be hurt by a stronger pound becau foreigncompetitorswill see their pound-equi/alenptricesfall. In addition,British manufacturerswho use domestically- sourced inputs in competition with those who use imported inputs will suffer.4. Why might higher pound interest rates send sterling e/en higher? Gi/e two possible reasons.A NSWER. Higher British interest rates occasioned by a tightening of monetary policy will lead to lower expected inflatio Accordingto purchasingpowerparity, countrieswith lower rates of inflationwill tend to see their currenciesappreciate relati/e to those of countries with higher rates of inflation. At the same time, if the higher nominal interest rate is also higher real interest rate, this will attract capital to the U.K. seeking to earn the higher real return. The greater demand sterling for in/estment purposes will boost its /alue.5. What tools are a/ailable to the European Central Bank and the Bank of England to manage their monetary policieA NSWER Both cen tral banks can use ope n market operawhiich invo Ives buying and selli ng bonds denomin ated in their currencies to regulate the money supply. It may be more difficult for the ECB, howe/er, as it doesn denominated in euros but there will be other bonds issued in the euro that it can buy or sell. The central banks can al raise or lower the interest rate at which they lend money to banks and regulate the reserve requirements of banks. An tool of monetarypolicyis foreignexchangemarketintervention,which involvesbuyingor selling their currenciesin the foreign exchange market.5. supposethe centralrates withinthe ERM for the Frenchfranc andDM are FF6.90403/ECU andDM 2.05853/ECU, respectively.a. What is the cross-exchange rate between the franc and the mark?A NsWER. since things equal to the same thing are equal to each other, we have FF 6.90403= DM 2.05853.Hence,FF1 = DM 0.298164 [=(2.05853/6.90403)]. Equivalently, DM 1 = FF 3.35386 [=(6.90403/2.05853)].b. Under the original2.25% margin on either side of the central rate, what were the approximateupper and lower intervention limits for France and Germany?A NsWER.Given the answer to part a, the French franc could rise to approximately DM 0.298164 x 1.0225 = DM 0.304 or fall as far as DM 0.298164 x 0.9775 = DM 0.291455. similarly, the upper limit for the DM is FF 3.42933 and the low limit is FF 3.27840.c. Underthe revised15% marginon eitherside of the centralrate,what are the currentapproximateupperand lower intervention limits for France and Germany?A NsWER.Given the answer to part a, the French franc could rise to approximately DM 0.298164 x 1.15 = DM0.342888 fall as far as DM 2.98164 x 0.85 = DM 0.253439. similarly, the upper limit for the DM is FF 3.85694 and the lower lim FF 2.85078.6. In 1987, the British government cut taxes significantly, raising the after-tax return on investments in Great Britain. W would be the likely consequence of this tax cut on the equilibrium value of the British pound? Explain.A NSWER. The cut in British tax rates should raise after-tax returns, making investment in England more attractive to bo British and foreign investors. In response, investors should demand more pounds to acquire the now morelucrative m British assets, driving up the value of the pound. This is, in fact, what happened.7. An India-based manufacturing firm has problems with the price of one of its products sold in the rapidly growing Bra market. The product is produced entirely in India and its costs and price are initially quoted in Indian rupees (Rp) and converted to Brazilian reais (R$) when the product is sent to Brazil for distribution and sales. In 2009 the price of the p was 21,900 rupees and the Brazilian price was 895 reais. In 2010, the Brazilian currency appreciated against the rup the exchange rate was around Rp26.15/R$. In order to preserve the reais price what should be the new rupee price o product? Can the rupee profit margin be preserved at the new price? Explain.A NSWER. The implied exchange rate in 2009 is 21,900Rp/895R$ = Rp24.47/R$.The new Rupee price of the product in 2010 is 895R$ x Rp26.15/R$ = Rp23,404.25.The Rupee has depreciated in value against the real. Therefore, the new Rupee price is highset ryethaarn l'a s price. This means that the Indian firm can enjoy a higher Rupee profit margin (assuming its Rupee cost of production does not c and still maintain its competitiveness in the Brazilian market by keeping its Real price constant.As an alternative, the company can decrease the Real price just enough to maintain its original Rupee profit margin. T would allow the company to increase its market share in Brazil (since the product is going to be cheaper).。
跨国公司财务管理复习总结概要
跨国公司财务管理复习总结1.跨国公司财务管理的特点：波动不定且难于预测的汇率变动带来更大的外汇风险市场的不完全性结公司带来更多的机会和风险（商品、要素、政府干预）多层次委托代理关系使跨国界财务控制成为关键2.什么是价值链？如何从价值链角度理解跨国公司的产生及其与经营特征关联？企业的价值创造是通过一系列活动构成的，这些互不相同但又相互关联的生产经营活动，构成了一个创造价值的动态过程，即价值链。
3.布雷顿森林体系：A：布雷顿森林体系的内容：美元为中心（1）双挂钩原则。
美元与黄金挂钩，各国货币与美元挂钩；（2）实行固定汇率制。
各国货币与美元的汇率一般只能在平价上下各1%的幅度内波动；B：布雷顿森林货币体系的特点：国定汇率、以美元为中心的国际金汇兑本位币布雷顿森林体系的作用：（1）该体系以黄金为基础，以美元作为最主要的国际储备货币，美元等同于黄金。
（2）《协定》实行可调整的钉住汇率制度，汇率相对稳定。
（3）国际货币基金组织对会员国提供各种类型的短期和中期贷款，使有临时性逆差的国家仍有可能对外继续进行商品交换，而不必借助贸易管制，从而有利于世界经济的稳定与增长。
4）融通资金与国际收支根本不平衡时，可以改变汇率，从而保证了各会员国可以执行独立的经济政策。
（5）国际货币基金组织作为国际金融机构，提供了国际磋商与货币合作的平台，从而在建立多边支付体系、稳定国际金融局势方面起了积极的作用。
（6）在布雷顿森林体系下，各国一般偏重于内部平衡，这有助于国内经济情况的稳定，从而缓和经济危机和失业。
C：“特里芬”难题：布雷顿森林体系中，为满足国际清偿力的需要，美元供应必须不断增长；美元供应的不断增长，使美元同黄金的兑换性日益难以维持。
4.国际收支的失衡与调节：A:借贷复式记账总的国际收支平衡；每一项目未必平衡；国际收支表的平衡不等于国际收支的平衡B：国际收支的平衡主要是看自主性交易所产生的借贷金额是否相等C：自主性交易：经济主体或居民个人出于某种自主性目的（如追求利润）而进行的交易活动- 从动机上来看，这些交易没有考虑一国国际收支是否会因此而失衡D：补偿性交易：中央银行或货币当局出于调节国际收支差额、维护国际收支平衡、维持货币汇率稳定的目的而进行的各种交易- 国际资金融通、资本吸收引进、国际储备变动等E：国际收支顺差：自主性收入>自主性支出; 国际收支逆差：自主性收入<自主性支出***国际收支失衡的调节:a:国际收支失衡的自动调节:价格机制;利率机制;汇率机制;收入机制b:国际收支失衡的政策调节(1外汇缓冲政策：一国政府为对付国际收支不平衡，把其黄金外汇储备作为缓冲体，通过中央银行在外汇市场上买卖外汇，来消除国际收支不平衡所形成的外汇供求缺口。
电大跨国公司财务管理考试知识点复习考点归纳总结
三一文库（）*电大考试*概念外汇市场：是在国际间从事外汇买卖的交易场所。
汇率：是指将一个国家的货币折算成另一个国家货币时所使用的比率，通常是以一国货币表示的另一国货币的价格。
即期汇率：是指即期外汇买卖的汇率，用一种货币等于一定数额的另一种计价货币来表示。
套汇：是指人们利用国际汇价不一致的机会，谋取地区间差价利益的做法。
套汇方式有直接套汇和间接套汇两种。
离岸市场：是经营境外货币存储与贷放业务的市场，是新型国际金融中心。
外国债券：是一国的借款者在另一国国内的资本市场所发行的，并以发行当地的货币作为计价货币的债券。
欧洲债券：是国际借款者同时在几个国家的资本市场上所发行的债券，其计价货币必须是非发行地当地的货币。
存托凭证：指在一国证券市场上流通的代表外国公司有价证券的可转让凭证。
会计风险：又称折算风险，指子公司财务报表折算的过程中给跨国公司带来损失的可能性。
经济风险：指意料之外的汇率变动对跨国公司未来可获得现金流量的现值所产生的影响。
交易风险：指那些外币计价的已达成交易但尚未结算的交易，在交易发生到交易完成这段时间内因汇率发生变动而使其本币价值发生变动的风险。
政治风险：是指因东道国发生政治事件或者东道国与母国甚至与第三国政治关系发生变化而引起的对跨国公司价值产生影响的可能。
股利汇出：是资金从国外子公司转至母公司的最常见方式。
国际重复征税：是指两个或两个以上的国家在同一时期对同一个跨国纳税人或不同纳税人的同一征税对象或税源征收相同或类似的税收。
国际避税：是指跨国纳税人利用各国税法的差别或漏洞以及有关税收协定的条款，采取种种公开的合法手段，以尽量减轻其国际纳税义务的行为。
国际逃税：指跨国纳税人利用国际税收管理合作的困难和漏洞，采取种种隐蔽的非法手段逃避纳税义务的行为。
简答跨国公司财务管理的特点：1、波动不定且难预测的汇率变动带来更大的外汇风险。
2、市场的不完全性给公司带来更多的机会和风险。
3、多层次委托代理关系使跨国界财务控制成为关键。
跨国公司财务管理期末复习资料
跨国公司财务管理期末复习资料跨国公司财务管理期末复习资料跨国公司：跨国公司是在一定程度上通过集中控制、在两个或两个以上的国家从事跨国界生产经营活动的现代经济实体 P3国际货币制度：国际货币制度是指国际间进行各种交易支付所才用的一系列安排和惯例以及支配各国货币关系的一套规则和机构 P14布雷顿森林体系：确立了黄金与美元挂钩，各国货币与美元挂钩的关系，并建立固定汇率的、以美元为中心的新的国际货币体系 P18布雷顿森林体系的两大支柱：支柱一，美元与黄金直接挂钩；支柱二，其他国家货币与美元挂钩，建立与美元的固定比价关系。
远期汇率：远期汇率是交易双方达成外汇买卖协议，约定在未来某一时间进行外汇实际交割所使用的汇率外汇市场：即期外汇交易、远期外汇交易、调期外汇交易 P53即期外汇交易：外汇交割在交易日后第二个工作日，是最基本的交易，可以满足顾客对不同货币的需求，建立各种货币的头寸远期外汇交易：外汇交割在即期日后将来某一天，双方签订合同后，无需立即支付货币，而延至将来某个时间，主要是为了保值，避免外汇汇率涨跌的风险调期外汇交易：交易者同时进行金额相同而方向相反、交割期不同的两笔买卖欧洲货币市场：期限较短，经营规模巨大利差较小，利率波动大银行同业间的交易占主导地位，具有批发性质经营环境自由，经营灵活方便，融资效率高先进的交易技术1、使国际金融市场之间的联系更加紧密2、为世界经济的发展提供了资金便利3、为贸易逆差国提供了资金，促进了国际贸易的发展1、会影响国际金融市场的稳定2、会影响各国外汇储备的稳定3、会影响各国货币金融的稳定一个国家或地区要成为国际金融中心必须具备哪些重要条件？？ P721、政治制度稳定2、金融制度完善，有足够数量的银行及其他类型的金融机构，足以组织起相当规模的金融资产交易3、不实行外汇管制、资金流动和信贷控制，外汇交易自由4、具有现代化的通讯设备和完善的金融服务设施，能适用国际金融业务的需5、具有优越的地理位置和区时外国债券：由外国借款者在一国国内资本市场所发行的债券，并以发行地当地货币作为计货币特点：（1）受东道国主管机关的管制；（2）利息收入可征收不同的税收；（3）发行的时间表及总额有不同的管制；（4）披露要求有不同的标准；（5）世界上最大的外国债券市场在瑞士欧洲债券: 由国际借款者同时在几个国家资本市场发行债券，计价货币必须是非发行地当地的货存托凭证：指在一国证券市场上流通的代表外国公司有价证券的可转让凭证，可代表外国公司股票，也可代表证券。
跨国公司财务管理简答
跨国公司财务管理简答第一篇：跨国公司财务管理简答【1】跨国公司财务管理的特点1）波动不定且难于预测的汇率变动带来更大的外汇风险；2）市场的不完全性给公司带来更多的机会和风险①国际金融市场的快速发展和金融工具的不断创新给跨国公司带来了更多的机会和风险；②跨国公司的全球化经营使跨国公司拥有国际资本市场、东道国金融市场、母公司所在国资金市场以及跨国公司内部的资金调度等多元融资渠道和方式，从而使其资金融通具有渠道多，筹资方式灵活，融资选择大而广等特征，但各国政府各种各样的行政干预以及社会，经济，技术等方面的原因使得国际资本市场不断细分；③跨国公司的经营特征是国际化，多样化，内部化和全球化；3）多层次委托代理关系使跨国界财务控制成为关键【2】欧洲债券的主要特点①欧洲债券是国际借款者同时在几个国家的资本市场上所发行的债券，其计价货币必须是非发行当地的货币②不记名债券③债券利息一般一年支付一次④不受任何官方管制，发行速度快⑤常由许多大型国际银行组成一个银团，并由成员各自分摊一部分销售金额。
【3】存托凭证的优点①筹集巨额的企业发展资金②扩大股东基础，提高长期集资能力③减少交易费用，避免货币汇兑风险④上市手续简单，低成本进入美国资本市场。
⑤提高公司知名度，拓展海外市场。
⑥通过转换ADR的一定比例，制定合乎美国投资者习惯的价格。
【4】跨国公司面临的政治风险第一层次（1）宏观政治风险，又称为特定国家风险，即对一个国家中的所有外国公司，不论其组织形式如何，都将产生影响的政治风险（2）微观政治风险，即只对某一行业、企业或项目产生影响的政治风险；第二层次（1）资产产权型政治风险，是指只影响资产产权的政治事件所产生的风险（2）企业经营型政治风险，指只影响企业经营，甚至企业现金流量和投资收益的时间所产生的风险。
【5】跨国公司与东道国政府非经济政策间的目标冲突①经济侵略殖民地国家普遍认为跨国公司是一种新的经济侵略形式②国家安全和对外开放政策有时，东道主国会警觉的认识到，一个国家的关键产业掌握在外国人手中将影响国家安全和对外政策的独立性③社会转型在东道国的社会转型期外国投资者与东道主国政府目标冲突往往最为激烈④宗教和文化传统东道国的宗教和文化传统与跨国公司的母国不同，也会引起双方在目标上的冲突。