International_Financial_Management
国际金融Chapter 1
ANSWER:
C
ANSWER:
C
14. Licensing obligates a firm to provide _______, while franchising obligates a firm to provide _______. A) a specialized sales or service strategy; its technology B) its technology; a specialized sales or service strategy C) its technology; its technology D) a specialized sales or service strategy; a specialized sales or service strategy E) its technology; an initial investment
ANSWER:
B
2. With regard to corporate goals, an MNC is mostly concerned with maximizing _______, and a purely domestic firm is mostly concerned with maximizing _______. A) shareholder wealth; short-term earnings B) shareholder wealth; shareholder wealth C) short-term earnings; sales volume D) short-term earnings; shareholder wealth
ANSWER:
B
5. Which of the following theories identifies the non-transfer-ability of resources as a reason for international business? A) theory of comparative advantage. B) imperfect markets theory. C) product cycle theory. D) none of these.
国际财务管理（英文版）课后习题答案2
IM-1 CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL FIRMSUGGESTED ANSWERS TO END-OF-CHAPTER QUESTIONSQUESTIONS 1. Why is it important to study international financial management? Answer: We We are are are now now now living living living in in in a a a world world world where where where all all all the the the major major major economic economic economic functions, functions, functions, i.e., i.e., i.e., consumption, consumption, production, production, and and and investment, investment, investment, are are are highly highly highly globalized. globalized. It It is is is thus thus thus essential essential essential for for for financial financial financial managers managers managers to to to fully fully understand understand vital vital vital international international international dimensions dimensions dimensions of of of financial financial financial management. management. This This global global global shift shift shift is is is in in in marked 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, and 3. 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. IM-2 4. How How is is is a a a country‟s country‟s economic economic well well well-being -being -being enhanced enhanced enhanced through through through free free free international international international trade trade trade in in in goods goods goods and and services? Answer: According According to to to David David David Ricardo, Ricardo, Ricardo, with with with free free free international international international trade, trade, trade, it it it is is is mutually mutually mutually beneficial beneficial beneficial for for for two two countries to each specialize in the production of the goods that it can produce relatively most efficiently and and then then then trade trade trade those those those goods. goods. By By doing doing doing so, so, so, the the the two two two countries countries countries can can can increase increase increase their their their combined combined combined production, production, which which allows allows allows both countries both countries to to consume consume consume more more more of of of both both both goods. goods. This This argument argument argument remains remains remains valid even valid even if if a a country country can can can produce produce produce both both both goods goods goods more more more efficiently efficiently efficiently than than than the the the other other other country. country. International International trade trade trade is is is not not not a a …zero …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 The theory theory theory of of of comparative comparative comparative advantage advantage advantage was was was originally originally originally advanced advanced advanced by by by the the the nineteenth nineteenth nineteenth century 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 the theory theory theory are are are the the the assumptions assumptions assumptions of of of free free free trade trade trade between between between nations nations nations and and and that that that the the the factors factors factors of of of production production production (land, (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 A multinational multinational multinational corporation corporation corporation (MNC) (MNC) (MNC) can can can be be be defined defined defined as as as a a a business business business firm firm firm incorporated incorporated incorporated in in in one one country country that that that has has has production production production and and and sales sales sales operations operations operations in in in several several several other other other countries. countries. countries. Indeed, Indeed, Indeed, some some some MNCs MNCs MNCs have have operations in dozens of different countries. MNCs obtain financing from major money centers around the the world world world in in in many many many different different currencies currencies to to to finance finance finance their their their operations. operations. Global Global operations operations operations force force force the the treasurer‟s office office to to to establish establish establish international international international banking banking banking relationships, relationships, relationships, to to to place place place short short short-term -term -term funds funds funds in in in several several currency denominations, and to effectively manage foreign exchange risk. IM-3 7. Mr. Ross Perot, a former Presidential candidate of the Reform Party, which is a third political party in the the United United United States, States, States, had had had strongly strongly strongly objected objected objected to to to the the the creation creation creation of of of the the the North North North American American American Trade Trade Trade Agreement 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: Answer: Since Since Since the the the inception inception inception of of of NAFTA, NAFTA, NAFTA, many many many American American American companies companies companies indeed indeed indeed have have have invested invested invested heavily heavily heavily in in Mexico, Mexico, sometimes relocating production from the United sometimes relocating production from the United States States to Mexico. Although this to Mexico. Although this might have temporarily temporarily caused caused caused unemployment unemployment unemployment of of of some some some American American American workers, workers, workers, they they they were were were eventually eventually eventually rehired rehired rehired by by by other 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 both Mexico Mexico Mexico and and and the the the U.S. U.S. U.S. have have have benefited benefited benefited from from from NAFTA. NAFTA. NAFTA. Mr. Mr. Mr. Perot‟s Perot‟s concern concern appears appears appears to to to have have have been been been ill 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 governance structure. structure. structure. The The The group group group reported reported reported the the the following, following, following, among among among other other other things things things “The “The “The board board board of of of directors 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 serve the the the company, company, company, whose whose whose interests interests interests should should should be be be clearly clearly clearly distinguished distinguished distinguished from from from those those those of of of its its its shareholders, 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: Answer: The The The recommendations recommendations recommendations of of of the the the French French French working working working group group group clearly clearly clearly show show show that that that shareholder shareholder shareholder wealth 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. IM-4 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 cannot fully fully fully depend depend depend on on on the the the ethical ethical ethical behavior behavior behavior on on on the part the part of of business business business leaders, leaders, leaders, the the the society society society should should should protect protect itself itself by by by adopting adopting adopting the the the rules/regulations rules/regulations rules/regulations and and and governance governance governance structure that structure that would would induce induce induce business business business leaders leaders leaders to 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 leader in in in wireless wireless wireless communication. communication. communication. But But But before before before you you you make make make investment investment investment decision, decision, decision, you you you would would would like like like to to to learn learn about the company. Visit the website of CNN Financial network () and collect information information about about about Nokia, Nokia, Nokia, including including including the the the recent recent recent stock price stock price history history and and and analysts‟ analysts‟ views views of the of the compa company. ny. 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 for foreign foreign foreign companies companies companies like like like Nokia. Nokia. Nokia. Ready Ready Ready access access access to to to international international international information information information helps helps helps integrate integrate integrate financial 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. IM-5 MINI CASE: NIKE‟S DE CISION Nike, a U.S.-based company with a globally recognized brand name, manufactures athletic shoes in such such Asian Asian Asian developing developing developing countries countries countries as as as China, China, China, Indonesia, Indonesia, Indonesia, and and and Vietnam Vietnam Vietnam using using using subcontractors, subcontractors, subcontractors, and and and sells sells sells the the products in the U.S. and foreign markets. The company has no production facilities in the United States. In In each each each of of of those those those Asian Asian Asian countries countries countries where where where Nike Nike Nike has has has production production production facilities, facilities, facilities, the the the rates rates rates of of of unemployment unemployment unemployment and and underemployment underemployment are are are quite quite quite high. high. high. The The The wage wage wage rate rate rate is is is very very very low low low in in in those those those countries countries countries by by by the the the U.S. U.S. U.S. standard; standard; hourly wage rate in the manufacturing sector is less than one dollar in each of those countries, which is compared with about $18 in the U.S. In addition, workers in those countries often are operating in poor and unhealthy environments and their rights are not well protected. Understandably, Asian host countries are are eager eager eager to to to attract attract attract foreign foreign foreign investments investments investments like like like Nike‟s Nike‟s Nike‟s to to to develop develop develop their their their economies economies economies and and and raise raise raise the the the living living standards of their citizens. Recently, however, Nike came under a world-wide criticism for its practice of hiring workers for such a low pay, “next to nothing” in the words of critics, and condoning poor working conditions in host countries. Evaluate Evaluate and and and discuss discuss discuss various various various …ethical‟ …ethical‟ as as well well well as as as economic economic economic ramifications ramifications ramifications of of of Nike‟s Nike‟s decision decision to to invest in those Asian countries. Suggested Solution to Nike‟s DecisionObviously, Obviously, Nike‟s Nike‟s investments investments in in in such such such Asian Asian Asian countries countries countries as as as China, China, China, Indonesia, Indonesia, Indonesia, and and and Vietnam Vietnam Vietnam were were motivated to take advantage of low labor costs in those countries. While Nike was criticized for the poor working working conditions conditions conditions for for for its its its workers, workers, workers, the the the company company company has has has recognized recognized recognized the the the problem problem problem and and and has has has substantially substantially improved the working environments recently. Although Nike‟s workers get paid very low wages by t he 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. IM-6 CHAPTER 1A THEORY OF COMPARATIVE ADVANTAGESUGGESTED SOLUTIONS TO APPENDIX PROBLEMSPROBLEMS 1. Country C can produce seven pounds of food or four yards of textiles per unit of input. Compute the the opportunity cost of producing food instead of textiles. 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. IM-7 INPUT/OUTPUT WITHOUT TRADE _______________________________________________________________________ Country X Y Total ________________________________________________________________________ I. Units of Input (000,000) _______________________ ______________________________ Food 70 60 Textiles 40 30 ________________________________________________________________________ II. Output per Unit of Input (lbs or yards) ______________________ ______________________ ______________________________ ______________________________ Food 17 5 Textiles 5 2 ________________________________________________________________________ III. Total Output (lbs or yards) (000,000) ______________________ ______________________ ______________________________ ______________________________ Food 1,190 300 1,490 Textiles 200 60 260 ________________________________________________________________________ IV . Consumption (lbs or yards) (000,000) _____________________ ______________________________ Food 1,190 300 1,490 Textiles 200 60 260 ________________________________________________________________________ IM-8 Solution: Examination of the no-trade input/output input/output table table indicates that Country X X has has has an an absolute advantage advantage in in in the the the production production production of of of f f ood ood and and and textiles. textiles. Country Country X X X can can can “trade “trade “trade off” off” off” one one one unit unit unit of of of production production needed needed to to to produce produce produce 17 17 17 pounds pounds pounds of of of food food food for for for five five five yards yards yards of of of textiles. textiles. Thus, Thus, a a a yard yard yard of of of textiles textiles textiles has has has an 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 relatively more more more efficient in producing food and efficient in producing food and Country Y is relatively more efficient in producing producing textiles. textiles. textiles. Thus, Thus, Thus, Country Country Country X X X (Y) (Y) (Y) has has has a a a comparative comparative comparative advantage advantage advantage in in in producing producing producing food food food (textile) (textile) (textile) is 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 shifts 60,000,000 60,000,000 60,000,000 units units units from from from the the the production production production of of of food food food to to to the the the production production production of of of textiles textiles textiles where where where it it it has has has a a comparative comparative advantage. 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 Under free free free trade, trade, trade, the the the following following following table table table shows shows shows that that that the the the citizens citizens citizens of of of Country Country Country X X X (Y) (Y) (Y) have have have increased increased increased their their consumption of food by 10,000,000 (30,000,000) pounds and textiles by 10,000,000 (10,000,000) yards. IM-9 INPUT/OUTPUT WITH FREE TRADE __________________________________________________________________________ Country X Y Total __________________________________________________________________________ I. Units of Input (000,000) _______________________ ________________________________ Food 90 0 Textiles 20 90 __________________________________________________________________________ II. Output per Unit of Input (lbs or yards) ______________________ ______________________ ________________________________ ________________________________ Food 17 5 Textiles 5 2 __________________________________________________________________________ III. Total Output (lbs or yards) (000,000) _____________________ ________________________________ Food 1,530 0 1,530 Textiles 100 180 280 __________________________________________________________________________ IV . Consumption (lbs or yards) (000,000) _____________________ ________________________________ Food 1,200 330 1,530 Textiles 210 70 280 __________________________________________________________________________ 。
财务管理系中英对照
财务管理系中英对照一、财务管理系介绍财务管理系是大学财务管理学科的重要组成部分，主要培养具备扎实的财务管理理论和实践技能的高级财务管理人才。
本文将介绍财务管理系相关的课程以及一些常用术语的中英对照。
二、财务管理系课程介绍及中英对照1.会计学（Accounting）：研究财务信息的获取、处理、分析和报告的学科。
2.财务管理（Financial Management）：研究如何优化资金的利用和配置，以实现经济目标。
3.财务分析（Financial Analysis）：通过对财务报表和其他金融数据的分析，评估企业的财务状况和经营绩效。
4.投资管理（Investment Management）：研究如何有效地投资和管理资产，以实现最大的回报。
5.资本市场理论（Capital Market Theory）：研究金融市场的运作规律，分析投资组合和资本定价等问题。
6.国际财务管理（International Financial Management）：研究跨国企业在全球经济环境下的财务决策和管理策略。
7.税务管理（Tax Management）：研究如何合法合规地进行税收规划和管理。
8.风险管理（Risk Management）：研究如何识别、评估和应对各种风险，保护企业的利益。
9.公司财务（Corporate Finance）：研究公司筹资、投资和分红等财务决策问题。
10.财务工程（Financial Engineering）：研究如何利用衍生工具和金融产品进行风险管理和创新。
三、常用财务管理术语中英对照1.资产（Assets）2.负债（Liabilities）3.所有者权益（Owner’s Equity）4.营业收入（Revenue）5.营业成本（Cost of Goods Sold）6.总成本（Total Cost）7.利润（Profit）8.货币资金（Cash）9.应收账款（Accounts Receivable）10.存货（Inventory）11.负债率（Debt Ratio）12.周转率（Turnover）13.偿债能力（Solvency）14.盈利能力（Profitability）15.现金流量（Cash Flow）16.投资回报率（Return on Investment）17.财务分析（Financial Analysis）18.财务报表（Financial Statements）19.利润表（Income Statement）20.资产负债表（Balance Sheet）以上仅为财务管理系课程和常用术语的一部分中英对照，财务管理是一个涉及众多概念和方法的学科，需要系统学习和实践运用才能掌握。
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。
CashManagement(国际财务管理,英文版)
i.e. the opportunity costs of holding cash
The cost of not keeping enough cash on hand.
i.e. the trading costs associated with having too little cash
Second Edition
EUN / RESNICK
Chapter Outline
The Management of Multinational Cash Balances Cash Management Systems in Practice Transfer Pricing & Related Issues Blocked Funds
$10
$20 $25
$25
$10
$10
$10
McGraw-Hill/Irwin
18-18
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
Multilateral Netting
Bilateral Netting would reduce the number of foreign exchange transactions by half:
$10
$40
$25 $25
$1rwin
18-15
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
Multilateral Netting
国际财务管理(原书第8版)课件PPTEun_CH10_Accessible
• Fixed Assets
– Net fixed assets of Current/Noncurrent, Monetary/Nonmonetary and Temporal: $1,000 is the Historic rate
– Current assets translated at the spot rate. – Noncurrent assets translated at the historical
rate in effect when the item was first recorded on the books.
© McGraw-Hill Education.
10-10
Temporal Method (2 of 3)
• Items carried on the books at their current value are translated at the spot exchange rate. e.g. €2 = $1
• Balance sheet account are translated at the current spot exchange rate if they are carried on the books at their current value.
• Items that are carried on the books at historical costs are translated at the historical exchange rates in effect at the time the firm placed the item on the books.
国际财务管理杰夫马杜拉中文版
国际财务管理杰夫马杜拉中文版一、国际财务管理的概念与重要性国际财务管理（International Financial Management，简称IFM）是指企业在跨国经营过程中，对资金、成本、利润等财务要素进行有效管理和优化配置的过程。
国际财务管理在全球化经济背景下显得尤为重要，它有助于企业降低成本、提高效益、实现资源优化配置，从而提升全球竞争力。
二、国际财务管理的主要挑战与风险1.汇率波动：不同国家的货币汇率波动给企业带来不确定性和风险。
2.跨国税收制度：各国税收政策和法规差异较大，企业需合理规划税收策略。
3.跨国资本运作：涉及多个国家和地区的资本流动，需要熟悉各国金融市场和监管政策。
4.文化差异：不同国家的商业文化和消费习惯差异，影响企业在国际市场的运营。
5.政治风险：政治稳定性和政策变动对企业跨国经营带来不确定性和潜在风险。
三、国际财务管理的策略与方法1.外汇风险管理：采用远期合约、期权等金融工具进行外汇风险对冲。
2.税收筹划：合理利用国际税收条约、税收优惠政策等降低税收负担。
3.跨国资本运作：通过跨国并购、合资、直接投资等手段实现企业全球化战略。
4.财务报表整合：统一会计制度和报表格式，提高企业财务信息披露的透明度。
5.企业文化建设：加强跨文化沟通与培训，提升员工的国际化素质。
四、我国企业国际财务管理的现状与建议1.现状：我国企业国际化程度逐渐提高，但国际财务管理能力相对薄弱。
2.建议：加强国际财务管理培训，提高企业国际化经营水平；借助政策支持，拓展国际市场。
五、未来国际财务管理的发展趋势1.信息技术应用：大数据、云计算等新兴技术在国际财务管理领域的广泛应用。
2.环保与可持续发展：企业需关注环境保护和可持续发展，提高国际财务管理水平。
3.金融创新：金融衍生品、互联网金融等创新产品在国际财务管理中的作用日益凸显。
4.全球化治理：国际财务管理需适应全球化治理体系的变化，如国际财务报告准则的不断完善。
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__________________________________________________________________________。
International-FinancialManagement-6国际财务管理课件
$ 42.70
$ 36.48
$ 29.36
Interest expense:
(12) U.S.
$ 3.00
$ 3.00
$ 3.00
(13) Canadian
C$ 10 = 7.50
C$10 = 8.00
C$ 10 = 8.50
(14) Total
$ 10.50
$ 11.00
$ 11.50
(15) EBT
7
Economic Exposure
• Restructuring may involve:
increasing/reducing sales in new or existing foreign markets,
increasing/reducing dependency on foreign suppliers,
Laker Airways is a British airline that generated much of its revenue in British pounds, a large proportion of its expenses (such as fuel, oil, and debt payments), however, were denominated in dollars. As the dollar strengthened in the foreign exchange market in 1981, Laker needed larger amounts in pounds to cover its dollar-denominated expenses. In January 1981, Laker borrowed $131 millions in the financial markets from a group of U.S. and European banks . The debt was denominated in U.S dollars and therefore had to be repaid in U.S. dollars. Laker’s decision
国际财务管理师(IFMSIFM)报考指南
国际财务管理师（IFM/SIFM）报考指南考试介绍国际财务管理协会（International Financial Management Asso ciation，英文缩写IFMA）是一家专业从事财务管理理论和应用研究、推动财务管理全球化、研究和推广财务管理职业标准的全球性财经专业团体。
其前身国际管理会计师协会（International Management Accountants Association）。
IFMA秉承的一贯宗旨，即：推动财务管理全球化，研究和推广全球适用的财务管理职业知识体系和认证标准，为各国培养现代企业管理所必需的财务管理、资本运作、企业决策、企业管理、专业理财、风险管理、投资决策等方面的中高级专业人才。
IFMA名誉主席为W.J. 菲尔斯爵士，是国际著名投资家、社会活动家，现任国际狮子协会会长，美国北拉斯韦加斯州政府长官。
IFM A在美国设有IFM研究院（IFM Institute，英文缩写IFMI），专业从事于国际财务管理知识体系和职业标准研究，现任院长兼首席科学家詹姆斯.柯曼教授，曾担任纽约大学风险管理系主任，终身教授，是世界著名的财务管理、企业风险管理和风险控制专家。
协会现任轮值主席JD 西蒙.邓教授，拥有法学博士、经济学博士学位，是著名资本运作专家、信用管理专家和律师。
协会实行理事会领导下的国际联动发展模式，各国、各地分支机构执行IFMA的统一标准和规则，共同推动IFMA全球使命的达成。
伴随着工业产业经济在整个经济体系中所占的比例迅速下降，管理会计学在全球范围内走向衰落。
以企业财务管理为核心的财务管理科学逐渐走入广大雇主和财经从业者的视野。
经济结构的变化、资本市场的丰富使得财务管理相对于传统会计的独立性越来越强，对企业发展发挥的作用越来越大。
经济全球化、企业国际化和集团化发展使得跨越国界的投资、融资、兼并拆分活动成为一种普遍的现象和趋势。
国际财务管理协会（IFMA）在全球率先提出国际财务管理师这一全新的职业概念，并通过多年来在前沿国际财务管理理论知识和职业标准新领域的潜心研究，成功面向全球推出国际财务管理师（Internati onal Finance Manager，英文缩写IFM）知识体系和职业标准体系。
ifm国际财务管理师有什么用
ifm国际财务管理师有什么用IFM国际财务管理师有什么用IFM国际财务管理师（International Financial Management）是国际上公认的金融领域的顶级认证之一。
持有IFM国际财务管理师证书的人员，具备了在国际财务管理领域进行高级分析和决策的能力。
它是国际金融管理职业发展的重要支撑，赢得了许多金融机构和企业的青睐。
本文将探讨IFM国际财务管理师有什么用，并从几个方面介绍其重要性。
首先，持有IFM国际财务管理师证书的人员拥有国际金融管理领域的专业知识和技能。
IFM考试主要围绕财务管理、企业融资、投资决策、国际金融市场等内容，为考生提供了全面而专业的知识体系。
通过考试，考生能够了解国际财务管理的最新理论和实践，掌握重要的财务分析工具和技巧，具备独立分析和解决复杂财务问题的能力。
持有IFM国际财务管理师证书可以证明个人的专业素养和能力，为进入金融行业或晋升到更高职位提供了有力的支持。
其次，IFM国际财务管理师的认证也使得其所在的企业能够获得更好的声誉和信誉。
在现代社会中，金融风险和挑战不断增加，财务管理成为企业决策的核心。
企业急需拥有具备全球视野和专业能力的财务管理人才。
持有IFM国际财务管理师证书的员工，能够为企业提供专业的财务规划和咨询服务，帮助企业做出明智的资金管理和投资决策，提高财务更好地与业务对接，提高经营效率和盈利能力。
企业将持有IFM国际财务管理师证书的员工作为自身核心竞争力的一部分来展示，将有助于树立自身的专业形象和市场声誉。
第三，IFM国际财务管理师认证的持有者还能够拓宽个人的职业发展空间。
国际金融市场的竞争激烈，不断涌现出各种新的业务和金融产品。
持有IFM国际财务管理师证书的人员在求职时不仅具有更高的知名度和竞争力，还能够更好地适应和把握这些变化。
IFM国际财务管理师的认证也被许多知名金融机构和企业所认可，持有该证书的人员往往能够获得更多的职业机会，并在职业发展中担任更加重要的岗位和角色。
FinancialManagement(财务管理,英文版)
Japanese yen
111.11
Australian dollar
1.5385
Yen:
1/0.009 = 111.11.
A. Dollar: 1/0.650 = 1.5385.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
What is a cross rate?
domestic financial management?
1. Different currency denominations.
2. Economic and legal ramifications.
3. Language differences.
4. Cultural differences.
1 Unit
Japanese yen
0.009
Australian dollar
0.650
Are these currency prices direct or indirect quotations?
Since they are prices of foreign currencies expressed in dollars, they are direct quotations.
the dollar profit on the sale?
250 yen = 250(0.0138) = 3.45 A. dollars. 6 – 3.45 = 2.55 Australian dollar profit. 1.5385 A. dollars = 1 U. S. dollar. Dollar profit = 2.55/1.5385 = $1.66.
财务管理的英文怎么说
财务管理的英文怎么说简单的说，财务管理是组织企业财务活动，处理财务关系的一项经济管理工作。
那么你知道财务管理用英文怎么说吗?下面店铺为大家带来财务管理的英文说法和相关英语例句，供大家阅读学习。
财务管理的英文说法1：financial management英 [faɪˈnænʃ(ə)l ˈmænidʒmənt]美 [faɪˈnænʃ(ə)l ˈmænɪdʒmənt]财务管理的英文说法2：management through finance英 [ˈmænidʒmənt θru: faiˈnæns]美 [ˈmænɪdʒmənt θru fəˈnæns]财务管理相关英文表达：国际财务管理师 International Finance Manager财务管理系统 financial management system财务管理组织 financial management organization财务管理与分析 Financial Management and Analysis家庭财务管理系统 Family Financial Management财务管理英文说法例句：1. In running a company, strict financial management means everything.经营一家公司, 严格的财务管理是至关重要的.2. The company was skillfully financed.这个公司的财务管理得很得法.3. Financial controls were given to priority.他们把财务管理当成头等大事.4. It also provides the ERP solution for the financemanagement system.提出了ERP在财务管理系统的解决方案.5. Financial management is key in any company or enterprise.在任何公司和企业单位中财务管理是关键.6. The perfect foreign trade enterprise supplies the chain the financial control.完善外贸企业供应链的财务管理.7. My assignment of strategy Financial Management is due today.我的转让的战略财务管理,是今天上交.8. Corporate enterprise, there are three levels of financial management.公司制企业财务管理存在着三个层次.9. Bachelor degree or above, majored in accounting, finance management or other related.大学本科学历,会计专业、财务管理专业.10. Investment decision - making is a substantial portion of enterprise finance management.投资决策是企业财务管理中的一个重要部分.11. B 2 C e - commerce system, client relationship management system, financial system, Internet marketing system.B2C电子商务系统、客户关系管理系统、财务管理系统、网络营销系统.12. Financing is an eternal topic in business development and financial management.融资是企业经营发展和财务管理的永恒话题.13. At least 3 years experiences at department managerial level . 4.具有三年以上国际物流行业财务管理经验.14. Financial management is guided by a framework ofguidelines, limits and benchmarks.财务管理是遵循一个框架,指导方针, 限制和基准.15. Real estate finance and investment, Financial Management, Project finance, etc.房地产融资与投资(双语) 、财务管理(双语) 、项目融资等.。
德国IFM易福门全称InternationalFinanceManager即国际财
德国IFM易福门全称International Finance Manager，即国际财务管理师。
是国际财经管理专业领域的一套职业资格认证体系，由国际财务管理协会(International Financial Management Association, 德国IFM易福门A)创建并在全球推行的，在欧美具有广泛的影响力。
德国IFM易福门年薪丰厚，已成为最受欢迎的职业之一，实践证明，取得德国IFM易福门资格对于财务专业人员顺利进入优秀的组织、建立高尚的执业信誉、获得优越的职业发展机会具有极大的帮助。
德国IFM易福门主要产品编辑主要产品集中于德国IFM易福门接近开关，德国IFM易福门接近德国IFM易福门传感器，德国IFM易福门光电德国IFM易福门传感器，控制系统，识别系统，附件，德国IFM易福门流量德国IFM易福门传感器，德国IFM易福门压力德国IFM易福门传感器和德国IFM易福门电流德国IFM易福门传感器，德国IFM易福门温度德国IFM易福门传感器，德国IFM易福门总线系统。
德国IFM易福门接近德国IFM易福门传感器电感式德国IFM易福门传感器目前电感式德国IFM易福门传感器非常广泛地应用在工业领域中。
与机械开关相比，电感式德国IFM易福门传感器具有完美的先决条件:无接触和无磨损的工作方式及高的开关频率和开关精度。
此外，它们抗震荡、防止灰尘和潮湿。
电感式德国IFM易福门传感器可以无接触地检测所有的金属。
磁性德国IFM易福门传感器在控制技术中，磁性德国IFM易福门传感器采用无接触及无磨损的工作方式进行位置检测，它们可用于电感式德国IFM易福门传感器应用受局限的所有领域。
由于磁场能穿透所有非磁化的材料，磁性德国IFM易福门传感器能够识别如非亚铁材料，不锈钢、铝、塑料或木制墙壁等物体。
电容式德国IFM易福门传感器电容式德国IFM易福门传感器可用无接触的方式来检测任意一个物体。
与只能检测金属物的电感式德国IFM易福门传感器比较，电容式德国IFM易福门传感器也可以检测非金属的材料。
International FinancialManagement 7国际财务管理课件
15
Trade Finance Methods
Letters of Credit (L/C) – The required documents typically include a draft (sight or time), a commercial invoice, and a bill of lading (receipt for shipment). – Sometimes, the exporter may request that a local bank confirm (guarantee) the L/C.
Borrow Funds
Chapter 7*
Financing International Trade
2
Objectives
This chapter first suggests why international trade can be difficult. Then, it explains the various ways in which banking institutions can facilitate international trade by resolving problems faced by the exporter and importer. The specific objectives are:
Provision of Loans Purchase Securities
MNC Parent Borrow Funds Borrmmercial Paper Market
Borrow Funds
Borrow Funds
Subsidiaries of MNC with Deficient Funds
大学328门专业课程标准英文翻译模板(经济,财会,金融,管理等专业)
泽稷网校-财务金融证书在线教育领导品牌
41 42 43 44 45 46 47 48 49 50 51 52 53 54 55
高级财务会计 高级会计 高级英语技能 高级英语阅读 高级语言程序设计 工程经济学与管理会计 工程造价管理 工程制图 工业会计 工业企业管理 工业企业经济活动分析 工业行业技术评估概论 公共关系 公共金融学 公关礼仪 Chinese
比较管理学 比较审计学 毕业实习 财务报表分析 财务报告环境 财务分析 财务风险控制 财务管理 财务会计 财务造假对策 财政概论 财政学 财政与信贷 成本会计 程序设计语言 促销与广告 大学生活导论 大学英语
Comparative Management Comparative Auditing Graduation Practice Financial Statements Analysis Financial Reporting Environment Financial Analysis Management of Financial Risks Financial Management Financial Accounting Countermeasure for Financial Fraudulence Introduction to Fiscal Science Fiscal Science Finance and Credit Cost Accounting Programme Design Language Promotion and Advertising Guidance of Campus Life College English
泽稷网校-财务金融证书在线教育领导品牌
129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 建筑工程概论 建筑项目预算 金工实习 金融管理软件 金融市场 金融市场与投资 金融学 金融战略 进出口业务 经济地理 经济法概论 经济数学基础 经济文献检索 经济文写作 经济效益审计
国际结算教材
国际结算是国际贸易中重要的一环，涉及到不同国家和地区之间的货币支付和结算。
以下是一些建议的教材，这些教材可用于学习国际结算的基本概念和实践：1.《国际贸易与国际结算》（International Trade and International Payments）by PaulKrugman and Maurice Obstfeld:•该教材由两位著名经济学家编写，涵盖了国际贸易和国际结算的基本理论和实践。
它是一本全面介绍国际经济学的教材，也涉及到相关的货币和支付问题。
2.《国际商业与国际金融》（International Business: Environments and Operations）byJohn D. Daniels, Lee H. Radebaugh, and Daniel P. Sullivan:•这本书不仅涵盖了国际商业的方方面面，还包括了国际金融和货币问题，对于理解国际结算的背景和环境非常有帮助。
3.《国际贸易实务与国际结算》（International Trade Practice and Operations）by EmadM. El-Harkous:•该书强调国际贸易操作和实践，特别关注国际结算的具体问题和案例。
适合那些希望深入了解国际贸易操作和结算方面的读者。
4.《国际金融》（International Financial Management）by Jeff Madura:•尽管这本书主要关注国际金融管理，但它涉及到了国际结算的一些方面，特别是涉及到跨国公司在不同国家进行财务管理和结算的问题。
5.《国际贸易法与实务》（International Trade Law and Practice）by Raj Bhala:•这本书侧重于国际贸易法和实务，但也包括了与国际结算相关的法律和合同问题。
请注意，这只是一些建议，具体的教材选择可能根据你的学术水平、课程需求和学科偏好而有所不同。
IFMA国际财务管理师资格认证体系
IFM资格证书的优势
国际认证，国家承认，行业认可，企业认同
企业认同
世界500强，中国500强，大中型国企、私企、外企广泛认同
最终目标 让股东价值最大化
认证目的
为有一定专业技能的雇员提供专业化的职业资格证书
担任角色
取得IFM资格证书的雇员具备了担任企业理财师与规划 师的职业素质，在助推企业保值、增值方面所发挥的作用 愈加突出。
11.5%
结
政府相关职能部门
10.6%
26
构
事业单位、院校、教育机构等
16.4%
财经、金融专业机构
9.8%
IFMA的专业服务能力
覆盖全国的特许机构服务网络 与各大企业有着良好合作关系 充足的IFM/SIFM学员数据库 可信赖的行业资质 遍布全国的客户群
IFMA的客户任职于
铁道部 中国电信 胜利油田 首钢集团 中国农业银行 国资委 国家开发银行 广东发展银行 北京银行 南汽集团 中国水利 中国民航 住总集团 莲花味精 中国农村信用社 新疆石油管理局 中国一汽 建设银行 中信实业银行 中国平安 燕山石化 新奥集团 中建公司 克拉玛依油田 中国网通 光大银行 中国工商银行 中国人寿 联想集团 中国石油 汇丰银行 浦东发展银行 民生银行
感谢您的关注
IFMA的前景
全国人大财经委副主任、原财政部副部长张佑才表示： “中国具有国际视野的高级财务管理人才缺口在30万以上”。
张部长说：“一个企业参与国际竞争，三分靠技术，七分 靠财务”、从定位上看，SIFM完全等同于“国际化的总会计 师”。
引用财政部财政科学所研究员卢侠巍博士的观点：“目前 我国会计人员过剩，但高级财务管理人才缺口达80万以上”。 保守估计，SIFM证书的市场空间应该有50万以上。
IFM11e(国际财务管理)_ch11
4
© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
MNC can incorporate forecasts of the spot rate to more accurately estimate the cost of hedging with call options.
Consideration of Alternative Call Options
3
© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
Hedging Exposure to Payables
An MNC may decide to hedge part or all of its known payables transactions using: Futures hedge Forward hedge Money market hedge Currency option hedge
专升本考试国际金融课程书本
专升本考试国际金融课程书本以下是一些关于国际金融的常用教材，可供参考。
1. Mishkin, F. S., & Eakins, S. G. (2016). Financial Markets and Institutions (8th Edition). Pearson Education.（《金融市场与机构》）2. Madura, J., & Fox, R. (2018). International Financial Management (13th Edition). Cengage Learning.（《国际金融管理》）3. Levi, M. D. (2013). International Finance (5th Edition). Routledge.（《国际金融》）4. Eun, C. S., & Resnick, B. G. (2017). International Financial Management (8th Edition). McGraw-Hill Education.（《国际金融管理》）5. Buckley, A., & Casson, M. (2016). The Multinational Enterprise and the Emergence of the Global Factory. Springer.（《跨国企业与全球工厂的出现》）6. Shadbegian, R. (2014). International Financial Economics. Routledge.（《国际金融经济学》）7. Bekaert, G., & Hodrick, R. J. (2017). International Financial Management (3rd Edition). Pearson Education.（《国际金融管理》）8. Cheol, E. S., & Bruce, G. R. (2015). International Finance: A Casebook. Wiley.（《国际金融案例分析》）这些教材都是一些经典且常用的国际金融教材，涵盖了国际金融市场、国际金融管理和国际金融经济学等方面的知识。
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International Financial Management Chapter2 International Monetary SystemEvolution of the International Monetary System1. Bimetallism: Before 1875Gresham’s law: ―bad‖ (abundant) money drives out ―good‖ (scarce) money2. Classical gold standard: 1875-1914The exchange rate between two country’s currencies would be determined by their relative gold contents.Misalignment of exchange rates and international imbalances of payment were automatically corrected by the price-specie-flow mechanism.3. Bretton Woods system: 1945-1972Under the Bretton Woods system, the U.S. dollar was pegged to gold at $35 per ounce and other currencies were pegged to the U.S. dollar.Each country was responsible for maintaining its exchange rate within ±1 percent of the adopted par value by buying or selling foreign reserves as necessary.SDRs (special drawing rights) by the IMF (International Monetary Fund)Chapter3 Balance of Payments1. Definition: The balance of p ayments is the statistical record of a country’s international transactions over a certain period of time presented in the form of double-entry bookkeeping.2. Balance-of-Payments AccountingEvery credit in the account is balanced by a matching debit and vice versa.Any transaction that result in a receipt from foreigners will be recorded as a credit, with a positive sign.Each payment to residents of the rest of the world is recorded as a debit, with a negative sign.3. Balance-of-Payments AccountsA.The current accounta. Merchandise trade: imports & exports of tangible goodsb. Services (invisible trade): transportation, tourism, insurance, communication, etc.c. Factor income: interest, dividends, and other income on foreign investmentsd. Unilateral transfers: foreign aid, reparations, official and private grants, and giftsJ-curve effect: Following a currency depreciation, the trade balance may at first deteriorate before it improves.B.The capital & financial accounta. Foreign direct investment (FDI): occurs when the investor acquires a measure of control of the foreign business.b. Portfolio investment: stocks and bonds that do not involve a transfer of controlc. Other investment: currency, bank deposits, trade credits, etc.C.The official reserve accounta. Goldb. Foreign exchangesc. Special drawing rights (SDRs)d. Reserve positions in the International Monetary Fund (IMF)BOP deficit →decrease official reserves →record under credit (+)BOP surplus →increase official reserves →record under debit (-)4. The Balance-of-Payments IdentityBCA + BKA + BRA=0where:BCA=balance on current accountBKA=balance on capital accountBRA=balance on the reserves accountOverall balance=－BRAUnder a pure flexible exchange rate regime, BCA + BKA = 0Chapter5 The Market for Foreign Exchange1. Function and Structure of the FX MarketA.FX market: wholesale (interbank) & retail (client)B.FX market participants: international banks (core), bank customers, nonbank dealers, FX brokers, and central banksMost interbank trades are speculative or arbitrage transactions.2. The Spot Market: involves almost the immediate purchase or sale of foreign exchange (two business days)A.Spot rate quotationa. Direct quotations: the price of the foreign currency in terms of local currenciesb. Indirect quotations: the price of local currencies in terms of the foreign currency B.Cross-exchange rate quotationsFor example, S(€/£)=S($/£)/S($/€)C.The bid-ask spreadThe bid price is the price a dealer is willing to pay you for something.The ask price is the price the dealer wants you to pay for something.For example, Sa($/£)=1/Sb(£/$)3. The Forward Market: involves contracting today for the future purchase or sale of foreign exchangeA.Forward rate quotationsForward point quotations rules: First point is smaller ―+‖ ; First point is bigger ―-‖B.Long and short forward positionsIf you have agreed to sell FX forward, you are short.If you have agreed to buy FX forward, you are long.C.Forward premium: f N,j =[F N($/j) –S($/j)] /S($/j)×360/daysChapter6 International Parity Relationships andForecasting Foreign Exchange Rates1. Interest Rate Parity: non-arbitrage conditionA.Covered interest arbitrage> i a-i b →invest in low rate country; < i a-i b →invest in high rate country It is important to make sure that both the interest rates and the forward exchange rate have the same maturity.B.Interest rate parity and exchange rate determination:2. Purchase Power Parity: The exchange rate between two currencies should equal the ratio of the countries’price levelsA.Absolute PPP: S($/£)= P$/P£B.Relative PPP and exchange rate determination:3. Fisher Effects: An increase (decrease) in the expected rate of inflation will cause a proportionate increase (decrease) in the interest rate in the country.Chapter7 Futures and Options on Foreign Exchange1. Differences between Futures and Forward ContractsA.Trading locationFutures: Traded competitively on organized exchanges.Forward: Traded by bank dealers via a network of telephones and computerized dealing systems.B.Contractual sizeFutures: Standardized amount of the underlying asset.Forward: Tailor-made to the needs of the participant.C.SettlementFutures: Daily settlement, or marking-to-market, done by the futures clearinghouse through the participant’s performance bond account.Forward: Participant buys or sells the contractual amount of the underlying asset from the bank at maturity at the forward (contractual) price.D.Expiration DateFutures: Standardized delivery dates.Forward: Tailor-made delivery date that meets the needs of the investor.E.DeliveryFutures: Delivery of the underlying asset is seldom made. Usually a reversing trade is transacted to exit the market.Forward: Delivery of the underlying asset is commonly made.F.Trading costsFutures: Bid-ask spread plus broker’s commission.Forward: Bid-ask spread plus indirect bank charges via compensating balance requirements.2. Basic Currency Futures RelationshipsJapanese Yen (CME)-¥12,500,000; $ per 100¥3. Eurodollar Interest Rate Futures ContractsWidely used futures contract for hedging short-term U.S. dollar interest rate risk. The underlying asset is a hypothetical $1,000,000 90-day Eurodollar deposit—the contract is cash settled.The contract trades in the March, June, September and December cycle.4. Options ContractsA.Definition: An option gives the holder the right, but not the obligation, to buy or sell a given quantity of an asset in the future, at prices agreed upon today.B.Calls vs. Putsa. Call options gives the holder the right, but not the obligation, to buya given quantity of some asset at some time in the future, at prices agreed upon today.b. Put options gives the holder the right, but not the obligation, to sella given quantity of some asset at some time in the future, at prices agreed upon today.C.European vs. American optionsa. European options can only be exercised on the expiration date.b. American options can be exercised at any time up to and including the expiration date.D.In-the-money: The exercise price is less than the spot price of the underlying asset. At-the-money: The exercise price is equal to the spot price of the underlying asset. Out-of-the-money: The exercise price is more than the spot price of the underlying asset.5. Currency Futures OptionsExercise of a currency futures option results in a long futures position for the call buyer or the put writer.Exercise of a currency futures option results in a short futures position for put buyer or the call writer.6. Basic Option-Pricing Relationships at ExpirationC aT=C eT=Max[S T-E,0]Chapter8 Management of Transaction Exposure1. Three Types of ExposureA.Transaction exposure: t he sensitivity of ―realized‖ domestic currency values of the firm’s contractual cash flows denominated in foreign currencies to unexpected exchange rate changesB.Economic exposure: the extent to which the value of the firm would be affected by unanticipated changes in exchange ratesC.Translation exposure: r efers to the potential that the firm’s consolidation financial statements can be affected by changes in exchange rate2. Forward Market HedgeA.If you are going to owe foreign currency in the future, agree to buy the foreign currency now by entering into long position in a forward contract.B.If you are going to receive foreign currency in the future, agree to sell the foreign currency now by entering into short position in a forward contract.3. Money Market Hedge: the same idea as covered interest arbitrage.For example, to hedge a foreign currency payable, buy a bunch of that foreign currency today and sit on it.Step1: Buy the present value of the foreign currency payable today.Step2: Invest that amount at the foreign rate.Step3: At maturity your investment will have grown enough to cover your foreign currency payable.4. Options Market HedgeA.To hedge a foreign currency payable buy calls on the currency.If the currency appreciates, your call option lets you buy the currency at the exercise price of the call.B.To hedge a foreign currency receivable buy puts on the currency.If the currency depreciates, your put option lets you sell the currency for the exercise price.Chapter11 International Banking and Money Market1. Types of International Banking OfficesA.Correspondent bankA correspondent banking relationshipexists when two banks maintain deposits with each other.Correspondent banking allows a bank’s MNC client to conduct business worldwide through his local bank or its correspondents.B.Representative officesA representative office is a small service facility staffed by parent bank personnel that is designed to assist MNC clients of the parent bank in dealings with the bank’s correspondents.Representative offices also assist with information about local business practices, economic information, and credit evaluation of the MN C’s foreign customers.C.Foreign branchesA foreign branch bank operates like a local bank, but legally it is a part of the parent bank.A branch bank is subject to both the banking regulations of its home country and foreign country.A branch bank can provide a much fuller range of services than a representative office.Branch Banks are the most popular way for U.S. banks to expand overseas.D.Subsidiary and affiliate banksA subsidiary bank is a locally incorporated bank wholly or partly owned by a foreign parent.An affiliate bank is one that is partly owned but not controlled by the parent.U.S. parent banks like foreign subsidiaries because they allow U.S. banks to underwrite securities.E.Edge act banksEdge Act banks are federally chartered subsidiaries of U.S. banks that are physically located in the U.S. that are allowed to engage in a full range of international banking activities.F.Offshore banking centersAn offshore banking center is a country whose banking system is organized to permit external accounts beyond the normal scope of local economic activity.The host country usually grants complete freedom from host-country governmental banking regulations.G. International banking facilitiesAn international banking facility is a separate set of accounts that are segregated on the parents books.An international banking facility is not a unique physical or legal identity.Any U.S. bank can have one.International banking facilities have captured a lot of the Eurodollar business that was previously handled offshore.2. International Money MarketA.Eurocurrency marketa. Eurocurrency is a time deposit in an international bank located in a country different than the country that issued the currency.The foreign bank doesn’t have to be locat ed in Europe.b. The reference rate in London for Eurocurrency deposits is the London Interbank Offered Rate (LIBOR).c. In the wholesale money market, Eurobanks accept Eurocurrency fixed time deposits and issue negotiable certificates of deposit (NCDs).B.EurocreditsEurocredits are short-to medium-term loans of Eurocurrency.The loans are denominated in currencies other than the home currency of the Eurobank.Often the loans are too large for one bank to underwrite; a number of banks form a syndicate to share the risk of the loan.Eurocredits feature an adjustable rate. On Eurocredits originating in London the base rate is LIBOR.C.Forward rate agreementsa. An FRA is an interbank contract that involves two parties, a buyer and a seller.The buyer agrees to pay the seller the increased interest cost on a notational amount if interest rates fall below an agreed rate.The seller agrees to pay the buyer the increased interest cost if interest rates increase above the agreed rate.b. FRAs are structured to capture the maturity mismatch in standard-length Eurodeposits and credits.FRAs can be used to:Hedge assets that a bank currently owns against interest rate risk.Speculate on the future course of interest rates.Chapter12 International Bond Market1. Foreign Bonds and EurobondsA foreign bond issue is one offered by a foreign borrower to investors in a national capital market and denominated in that nation’s currency.A Eurobond issue is one denominated in a particular currency, but sold to investors in national capital markets other than the country which issues the denominating currency.A.Bearer bonds and registered bondsa. Bearer bond: The issuer does not keep any records indicating who is the current owner of a bond. Possession is evidence of ownership.b. Registered bond: The owner’s name is on the bond and it is also recorded by the issuer, or else the owner’s name is assigned to a bond serial number recorded by the issuer.B.Global bonds: a very large international bond offering by a single borrower that is simultaneously sold in North America, Europe, and Asia2. Types of InstrumentsA.Straight fixed-rate issuesStraight fixed-rate bond issues have a designated maturity date at which the principal of the bond issue is promised to be repaid. During the life of the bond, fixed coupon payments, which are a percentage of the face value, are paid as interest to the bondholders. This is the major international bond type. Straight fixed-rate Eurobonds are typically bearer bonds and pay coupon interest annually. B.Euro-Medium-Term Notes (Euro-MTNs)Euro-MTNs are (typically) fixed-rate notes issued by a corporation with maturities ranging from less than a year to about 10 years. Euro-MTNs have a fixed maturity and pay coupon interest on periodic dates. A Euro-MTN issue is partially sold on a continuous basis through an issuance facility that allows the borrower to obtain funds only as needed on a flexible basis.C.Floating-rate notes (FRNs)FRNs are typically medium-term bonds with their coupon payments indexed to some reference rate. Common reference rates are either three-month or six-month U.S. dollar LIBOR. Coupon payments on FRNs are usually quarterly or semiannual, and in an accord with the reference rate.D.Equity-related bonds: convertible bonds and bonds with equity warrantsa. A convertible bond issue allows the investor to exchange the bond for a predetermined number of equity shares of the issuer. The floor-value of a convertible bond is its straight fixed-rate bond value. Convertibles usually sell at a premium above the larger of their straight debt value and their conversion value.Additionally, investors are usually willing to accept a lower coupon rate of interest than the comparable straight fixed coupon bond rate because they find the conversion feature attractive.b. Bonds with equity warrants can be viewed as a straight fixed-rate bond with the addition of a call option (or warrant) feature. The warrant entitles the bondholder to purchase a certain number of equity shares in the issuer at a prestated price over a predetermined period of time.E. Dual-currency bondsA dual-currency bond is a straight fixed-rate bond issued in one currency and pays coupon interest in that same currency. At maturity, the principal is repaid in a second currency. Coupon interest is frequently at a higher rate than comparable straight fixed-rate bonds. The amount of the dollar principal repayment at maturity is set at inception; frequently, the amount allows for some appreciation in the exchange rate of the stronger currency. From the investor’s perspective, a dual-currency bond includes a long-term forward contract.Chapter13 International Equity Markets1. Market Structure, Trading Pratices, and CostsA.The primary market (aka ―new issue market‖) is a market that issues new securities.B.The secondary market (aka―aftermarket‖) is a market where investors purchase securitie from other investors. It provides marketability and share valuation.a. A market order is executed at the best price available in the market when the order is received, that is, the market price.b. A limit order is an order away from the market price that is held in a limit order book until it can be executed at the desired price.2. Trading In International EquitiesA.Cross-listing of sharesCross-listing refers to a firm having its equity shares listed on one or more foreign exchanges, in addition to the home country stock exchange.B.Yankee stock offerings: dollar-denominated shares in foreign companies originally sold to U.S. investorsC.American Depository Receipts (ADRs)An ADR is a receipt representing a number of foreign shares that remain on deposit with the U.S. depository’s custodian in the issuer’s home market.ADRs are denominated in dollars, trade on a U.S. stock exchange.D.Global registered shares (GRS): traded globallyThe primary exchanges for GRS are the Frankfurt Stock Exchange and the NYSEChapter14 Interest Rate and Currency Swaps1. Types of SwapsIn interest rate swap financing, two counterparties make a contractual agreement to exchange cash flows at periodic intervals.A.Interest rate swap (aka―single-currency interest rate swap‖)In the ―plain vanilla‖fixed-for-floating rate swap, one counter-party exchanges the interest payments of a floating-rate debt obligation for the fixed-rate interest payments of the other counterparty. Both debt obligations are denominated in the same currency.Some reasons for using an interest rate swap are to better match cash inflows and outflows and/or to obtain a cost savings.B.Currency swap (aka―cross-currency interest rate swap‖)In a currency swap, one counterparty exchanges the debt service obligations of a bond denominated in one currency for the debt service obligations of the other counterparty denominated in another currency. The basic currency swap involves the exchange for fixed-for-fixed rate debt service.Some reasons for using currency swaps are to obtain debt financing in the swapped denomination at a cost savings and/or to hedge long-term foreign exchange rate risk.Chapter15 International Portfolio Investment1. International diversificationInternational diversification has a special dimension regarding portfolio risk diversification: Security returns are much less correlated across countries than within a country. Relatively low international correlations imply that investors should be able to reduce portfolio risk more if they diversify internationally rather than domestically.Chapter17 International Capital Structure and the Cost of Capital1. Cost of Capital: the minimum rate of return an investment project must generate in order to pay its financing costsWACC (weighted average cost of capital)=(1-λ)K+λ(1-τ)iK = cost of equity capital for a levered firm,i = before-tax cost of debt capital (i.e., borrowing),τ= marginal corporate income tax rate, andλ= debt-to-total-market-value ratio.。