国际公司金融第十九章 课后习题答案
国际财务管理（英文版）第11版马杜拉答案Chapter19
国际财务管理（英文版）第11版马杜拉答案Chapter19Chapter 19International Cash Management Lecture OutlineCash Flow Analysis: Subsidiary PerspectiveSubsidiary ExpensesRevenueSubsidiarySubsidiary Dividend PaymentsSubsidiary Liquidity ManagementCentralized Cash ManagementTechniques to Optimize Cash FlowsAccelerating Cash InflowsMinimizing Currency Conversion CostsManaging Blocked FundsManaging Intersubsidiary Cash Transfers Complications in Optimizing Cash Flow CharacteristicsCompany-RelatedRestrictionsGovernmentCharacteristics of Banking SystemsInvesting Excess CashHow to Invest Excess CashCentralized Cash ManagementDetermining the Effective YieldImplications of Interest Rate ParityUse of the Forward Rate as a ForecastUse of Exchange Rate ForecastsDiversifying Cash Across CurrenciesHedgingDynamicChapter ThemeThis chapter emphasizes the decisions involved in the management of cash by an MNC. The additional opportunities and risks of cash management for an MNC versus a domestic firm should be stressed. There are actually three key components of the chapter. The first is distinguishing between subsidiary control over excess cash versus centralized control. An argument is made in favor of centralized control. The second component is optimizing cash flow. Several techniques are recommended to optimize cash flow. Finally, the decision of where to invest excess cash should be discussed with consideration of all factors that need to be incorporated for this decision.Topics to Stimulate Class Discussion1. Should international cash management be conducted at the subsidiary level or at the centralizedlevel? Elaborate.2. What is the use of netting to an MNC?3. How can a firm deal with blocked funds?4. Assume that as a treasurer of a U.S. corporation, you believe that the British pound’s forward rateis an accurate forecast of the pound’s future spot rate. What does this imply about your decision of whether to invest cash in the U.S. or in the U.K.?Critical debateShould a MNC’s subsidiaries operate their own cash management policies?Yes. Ultimately cash management means that everything is controlled from the Propositioncentre. Different countries and indeed different products have very different working capital requirements. Centralization could easily lead to poor working capital management and cash flow difficulties.No. Trade between subsidiaries accounts for about a large percentage of Opposingviewworld exports, there has to be coordination between subsidiaries, also customers can be MNC’s so coordination is also required in debt collection. Also, there are considerable exchangerate savings to be madeWith whom do you agree? Think carefully about the arguments for and against allowing subsidiaries to manage their own cash. What are the problems with each of the arguments? Is there a solution that avoids the main drawbacks?ANSWER: For is the argument that the business is more efficient when such matters are run centrally. There are many systems nowadays run centrally from road tax to supermatrket clubcards. However, against is the argument that motivation is lost by running the business from the centre. Is autonomy worth the loss of efficiency if it means a better motivated workforce. Does this answer depend on the type of business?Answers to End of Chapter Questions1. International Cash Management. Discuss the general functions involved in international cashmanagement. Explain how the MNC’s optimization of cash flow can distort the profits of each subsidiary.ANSWER: The general functions of international cash management are optimizing cash flows and investing excess cash. These functions combined will lead to efficient usage of funds.When subsidiaries adjust their cash transactions between each other to reduce taxes or financing costs, their individual performances are distorted. For example, a subsidiary that makes a late payment to another subsidiary (due to its shortage of funds) benefits in that it avoided a short-term loan by delaying payment. The recipient subsidiary was hampered due to not receiving funds earlier (since the present value of the late payment is lower).2. Netting. Explain the benefits of netting. How can a centralized cash management system bebeneficial to the MNC?ANSWER: Netting is a centralized compilation of inter-subsidiary cash flows. It is designed to reduce currency conversion costs and processing costs associated with payments between subsidiaries. By specifying a single net payment to be made instead of all individual payments owed between subsidiaries, transactions costs are reduced and cash flows may be forecasted more accurately.A centralized cash management system is beneficial in that it allows for netting, which can reducetransactions costs and improve cash budgeting. In addition, it can increase yields on short-term investments by pooling excess cash of various subsidiaries.3. Leading and Lagging. How can an MNC implement leading and lagging techniques to helpsubsidiaries in need of funds?ANSWER: A subsidiary in need of funds would receive cash inflows from another subsidiary sooner than is required. This early payment provides the necessary funds. If the subsidiary in need of funds is making payment, it may be allowed by the MNC parent or recipient subsidiary to delay on its payment.4. International Fisher Effect. If a U.S. firm believes that the international Fisher effect holds, whatare the implications regarding a strategy of continually attempting to generate high returns from investing in currencies with high interest rates?ANSWER: High interest rate currencies will typically depreciate to offset their interest rate advantage (on average) according to the IFE. Therefore, this strategy will on average provide similar returns as a domestic investment, and the strategy is not worthwhile.5. Investing Strategy. Trumpington ltd has ￡2 million in excess cash that it has invested in Mexicoat an annual interest rate of 60 percent. The UK interest rate is 9 percent. By how much would the Mexican peso have to depreciate to cause such a strategy to backfire?1 +9%-1 = -31.875%1 +60%ANSWER: If the peso depreciates by more than 31.875 percent, the effective yield on the Mexican deposit will be less than the domestic yield.6. Investing Strategy. Why would a UK firm consider investing short-term funds in euros evenwhen it does not have any future cash outflows in euros?ANSWER: The interest rate on the euro may be higher, or the euro may have a high probability of appreciating. Also the firm may invest in euros today to hedge a future payment in euros.7. Covered Interest Arbitrage. Granville SA has 2 million euro in cash available for 90 days. It isconsidering the use of covered interest arbitrage, since theeuro’s 90-day interest rate is higher than the euro interest rate. What will determine whether this strategy is feasible?ANSWER: If interest rate parity exists, then the forward rate of the euro contains a discount that sufficiently offsets the higher interest rate on euros. Consequently, the act of covered interest arbitrage would not be feasible.8. Effective Yield. Corlins plc has ￡1 million in cash available for 30 days. It can earn 1 percent on a30-day investment in the United Kingdom. Alternatively, if it converts the pounds to South African rand, it can earn 1 ? percent on a rand deposit. The spot rate of the rand is ￡0.09. The spot rate 30 days from now is expected to be ￡0.08. Should Corlins invest its cash in the United Kingdom or in South Africa? Explain your answer.ANSWER: If Corlins plc invests in a Mexican deposit, it will convert ￡1 million to 11,111,111R which will accumulate to 11,277,778R after one month (due to the 1 1/2% interest rate). If the spot rate of the rand is ￡0.08 after one month, the rand will be converted to ￡902,222, which is less than the amount of pounds the firm started with. Thus, the Corlins plc should invest its cash in the UK. An alternative approach is to note that the value of the rand is going to fall by (0.08 –0.09)/0.09 = -11.1% much greater than the difference in interest rates.9. Effective Yield. Rollins plc has ￡3 million in cash available for 180 days. It can earn 7 percent ona UK Treasury bill or 9 percent on a US Treasury bill. The US investment does require conversionof pounds to dollars. Assume that interest rate parity holds and that Rollins believes the 180-day forward rate is a reliablepredictor of the spot rate to be realized 180 days from now. Would the British investment provide an effective yield that is below, above, or equal to the yield on the U.S.investment? Explain your answer.ANSWER: If the forward rate is an accurate forecast of the future spot rate, then the return on a foreign investment without covering the currency exposure will be the same as if it was covered.The uncovered foreign investment, like the act of covered interest arbitrage, will generate a return similar to the domestic return (given that interest rate parity exists).10. Effective Yield. Repeat question 9, but this time assume that Rollins plc expects the 180-dayforward rate of the dollar to substantially overestimate the spot rate to be realized in 180 days.ANSWER: In this case, the future spot rate will be less than the forward rate. If it was equal to the forward rate, the foreign return would have been similar to the domestic return for Rollins Inc.(as explained in the answer to question 9). If the future spot rate is lower than the forward rate, the U.S. firm will receive less when converting the pounds back to dollars. Thus, the foreign return is expected to be less than the domestic return.11. Effective Yield. Repeat question 9, but this time assume that the Rollins plc expects the 180-dayforward rate of the pound to substantially underestimate the spot rate to be realized in 180 days.ANSWER: In this case, Rollins will receive more when converting the pounds back to dollars than the amount necessary to match the domestic return. Thus, the foreign returnis expected to be greater than the domestic return.12. Effective Yield. Assume that the one-year UK interest rate is 10 percent and the one-year USinterest rate is 13 percent. If a UK firm invests its funds in the US, by what percentage will the dollar have to depreciate to make its effective yield the same as the UK interest rate from the UK firm’s perspective?ANSWER:(1 + 10%) – 1 = about –2.65%(113%)+13. Investing in a Currency Portfolio. Why would a firm consider investing in a portfolio of foreigncurrencies instead of just a single foreign currency?ANSWER: A portfolio of currencies reduces the probability of the foreign investment backfiring due to depreciation in the currencies denominating the investment. If all funds are in an investment denominated in a single foreign currency, risk of that currency substantially depreciating is relatively high (compared to an entire portfolio of currencies substantially depreciating).14. Interest Rate Parity. Trellis ltd has determined that the interest rate on euros is 16 percent whilethe UK interest rate is 11 percent for one-year Treasury bills. The one-year forward rate of the euro has a discount of 7 percent. Does interest rate parity exist? Can Trellis achieve a higher effective yield by using covered interest arbitrage than by investing in UK Treasury bills? Explain.ANSWER: If interest rate parity (IRP) existed, the forward rate of the euro should have a discount reflecting the interest ratedifferential:(1 + 11%) – 1 = –4.31% (discount)=Forwarddiscount(1 + 16%)Since the euro’s actual discount exceeds that percentage, IRP does not exist. However, Dallas Company would achieve a lower effective yield if attempting covered interest arbitrage than if it invests in UK Treasury bills, because the euro’s forward discount more than offsets the interest rate differential.15. Diversified Investments. Hofstra ltd has no business outside the UK but has cash invested in sixEuropean countries, each of which uses the euro as its local currency. Are Hofstra’s short-term investments well diversified and subject to a low degree of exchange rate risk? Explain.ANSWER: The short-term investments are not well diversified, because the entire portfolio of investments is denominated in euros. If the euro weakens against the pound, the return on all short-term securities denominated in euros will decline from the perspective of the UK firm.16. Investing Strategy. Should McNeese ltd consider investing funds in Latin American countrieswhere it may expand facilities? The interest rates are high, and the proceeds from the investments could be used to help support the expansion. When would this strategy backfire?ANSWER: McNeese could benefit from investing at a high interest rate. However, this strategy could backfire if the currency weakens over time, because McNeese could have converted pounds later (at the time of expansion) at a more favourableexchange rate. The tradeoff is a higher interest rate if it invests funds now, versus a more favourable exchange rate if it invests funds later.17. Impact of a crisis. Palos SA (Spain) commonly invests some of its excess euros in foreigngovernment short-term securities in order to earn a higher short-term interest rate on its cash. Describe how the potential return and risk of this strategy may be affected by financial crisis.ANSWER: A financial crisis si likely to mean higher interest rates due to the greater risk. If the euros invested are excesss, then Palos might like to a certain extent to take the risk if it feels that the financial crisis is unwarranted. In this respect ti might use information from its local interests if there are any. Using specialist information in this way would lead to Palos earning excess returns as a reward for the information.Advanced Questions18. Investing in a Portfolio. Poppleton ltd plans to invest its excess cash in South African rand forone year. The one-year South African interest rate is 19 percent. The probability of the rand’s percentage change in value during the next year is shown below:Possible rate of change in the South African rand overthe life of theinvestmentProbability ofoccurrence-15% 20%-4 50%0 30%What is the expected value of the effective yield based onthis information? Given that the UKinterest rate for one year is 7 percent, what is the probability that a one-year investment in pesos will generate a lower effective yield than could be generated if Poppleton ltd simply invested domestically?ANSWER:Effective Yield if thisP ossible Rate of Rate of Change in theChange in Peso Probability Peso Does Occur –15% 20% (1.19) [1 + (–15%)] – 1 = 1.15% –4% 50% (1.19) [1 + (–4%)] – 1 = 14.24% 0% 30% (1.19) [1 + (0%)] – 1 = 19.00%E(r) = 20% (1.15%) + 50% (14.24%) + 30% (19.00%)= 0.23% + 7.12% + 5.70%= 13.05%There is a 20% probability that the rand’s effective yield will be less than the domestic yield.19. Effective Yield of Portfolio. Ithaca (Greece) considers placing 30 percent of its excess funds in a one-year Singapore dollar deposit and the remaining 70 percent of its funds in a one-year US dollar deposit. The Singapore one-year interest rate is 15 percent, while the US one-year interest rate is 10 percent. The possible percentage changes in the two currencies for the next year are forecasted as follows:currency Possible percentage change in the spot rate over the investmenthorizonProbability of that change in the spot rateoccurringSingapore dollar -2% 20%Singapore dollar 1 60Singapore dollar 3 20US dollar 1 50US dollar 4 40US dollar 6 10Given this information, determine the possible effective yields of the portfolio and the probability associated with each possible portfolio yield. Given a one-year euro interest rate of 8 percent, what is the probability that the portfolio’s effective yield will be lower than the yield achieved from investing in the United States? (assume that the movements on the two currencies are not correlated)ANSWER:Possible % Change Effective Yield Based on thein the Singapore Dollar% Change in the Singapore Dollar –2% (1.15) [1 + (–2%)] – 1 = 12.7%1% (1.15) [1 + (1%)] – 1 = 16.15%3% (1.15) [1 + (3%)] – 1 = 18.45%Possible % Change in Effective Yield Based on thethe US Dollar % Change in the US Dollar1% (1.13) [1 + (1%)] – 1 = 14.13%4% (1.13) [1 + (4%)] – 1 = 17.52%6% (1.13) [1 + (6%)] – 1 = 19.78%Possible JointEffective Yield Computation of Computation of EffectiveS$ C$ Joint Probability Yield of Portfolio12.7% 14.13% (20%)(50%) = 10% .3(12.7%) + .7(14.13%) =13.701%12.7 17.52 (20%)(40%) = 8% .3(12.7%) + .7(17.52%) = 16.074%12.7 19.78 (20%)(10%) = 2% .3(12.7%) + .7(19.78%) = 17.656%16.15 14.13 (60%)(50%) = 30% .3(16.15%) + .7(14.13%) =14.736%16.15 17.52 (60%)(40%) = 24% .3(16.15%) + .7(17.52%) =17.109%16.15 19.78 (60%)(10%) = 6% .3(16.15%) + .7(19.78%) =18.691%18.45 14.13 (20%)(50%) = 10% .3(18.45%) + .7(14.13%) =15.426%18.45 17.52 (20%)(40%) = 8% .3(18.45%) + .7(17.52%) =17.799%18.45 19.78 (20%)(10%) = 2% .3(18.45%) + .7(19.78%) =19.381%100%There is a 0% chance that the portfolio will generate a lower return than a euro investment (determined by the table above).。
《国际金融》习题及参考答案
《国际金融》习题及参考答案一、选择题1. 国际金融市场的核心是（）A. 国际货币市场B. 国际资本市场C. 国际外汇市场D. 国际黄金市场答案：C2. 以下哪种汇率制度属于固定汇率制度？（）A. 浮动汇率制度B. 币值盯住制度C. 管理浮动汇率制度D. 自由浮动汇率制度答案：B3. 以下哪个国家采用了独立货币政策？（）A. 美国B. 欧元区C. 日本D. 英国答案：A4. 国际收支平衡表中，经常账户包括以下哪项？（）A. 货物贸易B. 服务贸易C. 收益D. 以上都对答案：D二、判断题1. 国际货币基金组织（IMF）的主要任务是促进国际货币合作和平衡国际收支。
（）答案：正确2. 浮动汇率制度下，汇率完全由市场供求关系决定，不受政府干预。
（）答案：错误3. 国际金融市场一体化有利于全球资源的优化配置，提高金融市场的效率。
（）答案：正确4. 汇率上升，本币贬值，有利于出口，不利于进口。
（）答案：正确三、简答题1. 简述国际金融市场的功能。
答：国际金融市场的功能主要包括以下几点：（1）资金融通功能：国际金融市场为全球各国政府、企业及金融机构提供资金筹集和投资渠道。
（2）风险转移功能：国际金融市场通过金融衍生品等工具，为参与者提供风险转移和避险手段。
（3）价格发现功能：国际金融市场为各类金融产品提供价格发现机制，有助于市场参与者做出合理的投资决策。
（4）促进国际贸易和投资：国际金融市场为国际贸易和投资提供金融支持，降低交易成本，提高交易效率。
2. 简述固定汇率制度和浮动汇率制度的优缺点。
答：固定汇率制度优点：（1）降低汇率波动风险，有利于国际贸易和投资。
（2）有利于国内经济政策的稳定。
缺点：（1）可能导致资源配置扭曲。
（2）容易产生货币危机。
浮动汇率制度优点：（1）自动调节国际收支。
（2）减少政府干预，提高市场效率。
缺点：（1）汇率波动可能导致国际贸易和投资风险增加。
（2）可能引发货币危机。
四、计算题1. 假设我国某年国际收支平衡表如下：经常账户：出口100亿美元，进口80亿美元；资本账户：净流出10亿美元。
国际金融各章练习题及答案.doc
国际金融各章练习题及答案本教材练习题概况：第一章外汇与汇率一、单项选择题1、动态的外汇是指。
P1A、国际结算中的支付手段氏外国货币C、特别提款权D、国际汇兑2、静态的外汇是以表示的可用于国际之间结算的支付手段。
P1A、本国货币氏外国货币C、外国有价证券D、外国金币3、夕卜汇是在国外能得到偿付的货币债权，它具。
P2A、稳定性B.保值性C、可自由兑换性D、筹资性4、按外汇买卖交割期限划分，可分为。
P3A、自由外汇与记账外汇氏贸易外汇与非贸易外汇C、短期外汇与长期外汇D、即期外汇与远期外汇5、直接标价法。
P5A、是以一定单位的外国货币作为标准折算为本国货币来表示的汇率B、是以一定单位的本国货币作为标准折算为外国货币来表示的汇率C、是以美元为标准来表示各国货币的价格D、是以一定单位的本国货币作为标准折算为一定数额的外国货币来表示的汇率6、若某日外汇市场上A银行报价如下：美元/日元：119. 73欧元/美元：1. 1938Z先生要向A银行购入1欧元，要支付多少日元？P5A、142.93B、143. 7956C、100.0251D、100.62827、若某日外汇市场上A银行报价如下：美元/日元：119. 73/120. 13美元 / 加元：1. 1490/1. 1530Z先生要向A银行卖出10000日元，能获得多少加元？P5A、72.6E、72.20C、6. 30 D、5.658、金本位制下汇率的决定基础是。
P9A、金平价E、铸币平价C、绝对购买力平价D、相对购买力平价9、利率对汇率的变动影响有。
P12A、利率上升，本国汇率上升B、利率下降，本国汇率下降A、需比较国外汇率及本国的通货膨胀率而定D、无法确定10、人民币自由兑换的含义是。
P17A、经常项目的交易中实现的人民币自由兑换B＞资本项目的交易中实现的人民币自由兑换C、国内公民个人实现的人民币自由兑换D、经常项目和资本项目下都实现的人民币自由兑换二、名词解释题1、固定汇率：是指一国货币对另一国货币的汇率基本固定，同时将汇率的变动幅度限制在一个规定的较小范围内。
国际公司金融习题答案--第十九章
国际公司金融课后习题答案--第十九章第十九章课后习题参考答案1. 国际证券组合投资渠道有哪些？国际证券组合投资渠道主要有以下四种：（1）国际共同基金。
国际共同基金是指基金公司将基金认购人的资金不完全投资在国内市场，而将部分或全部资金投资到海外资本市场的共同基金。
（2）存托凭证。
是一种在某一国家证券市场流通的代表国外公司股票的可转让凭证。
（3）国家基金。
国家基金是指将全部资金专门投入到海外某一特定资本市场的基金。
（4）世界股票基准份额（WEBS）。
WEBS是美国机构复制国外股票市场指数的基金。
2. 为什么国家与国家之间的股票相关系数小于国家内部股票的相关系数？这对国际证券投资有何意义?国家与国家之间的股票相关系数小于国家内部股票的相关系数，直观上讲，这是因为经济、政治、体制，甚至是一些心理因素对股票收益的影响在国与国之间有很大的不同造成的。
此外，各国商业周期的相异性也会进一步降低国际相关性。
当一些投资者有机会进入外国资本市场，而且本国与外国资本市场相关程度远小于1时，一国投资者可以通过投资到那些和本国资本市场相关程度比较小的国家，大大降低组合投资风险。
3. 在实践中一般用哪些指标来衡量国际证券投资组合的绩效？在实践中一般使用夏普测度（Sharp measure，SHP）和特雷纳测度（Treynor measure，TRN）来衡量组合投资的绩效。
SHP和TRN越高，组合绩效越好；SHP和TRN越低，组合投资绩效越差。
SHP和TRN是用来衡量经风险调整后的预期收益率指标，它们表示的是每单位投资所带来的超过无风险收益率的预期超额收益率，只是两者用来衡量风险的指标不同：前者是采用证券组合的标准差，对证券组合的总风险进行调整；后者采用β值，对系统风险进行调整。
公式如下：式中，SHP和TRN分别表示证券组合的夏普测度和特雷纳测度，E(r p)、r f、σp分别表示证券组合的预期收益率、无风险收益率和证券组合的标准差。
中级经济师基础---第十九章-对外金融关系与政策
第十九章对外金融关系及政策第一节汇率制度学习要求：掌握汇率制度的概念、划分及影响汇率制度选择的因素。
掌握人民币汇率制度。
具体内容：一、汇率制度的含义及划分1、汇率制度的含义汇率制度是指各国对本国货币汇率变动的基本方式所做的一系列安排或规定。
2、汇率制度的划分传统上，国际汇率制度分为固定汇率制度和浮动汇率制度两种类型。
(1)固定汇率制度：各国货币受汇率平价的制约，市场汇率只能围绕平价在很小的幅度内上下波动的汇率制度。
历史上层出现两种固定汇率制度，即①金本位制度下的固定汇率：是自发的固定汇率制度。
(货币都及黄金挂钩)黄金输送点是汇率变动的上下限(外汇汇率始终在黄金输送点范围内波动)。
②布雷顿森林体系下的固定汇率制度：实行以美元为中心的人为的可调整的固定汇率制度。
(2)浮动汇率制度：是指没有汇率平价的制约，市场汇率随着外汇供求状况变动而变动的汇率制度。
在此汇率制度下，各国可以自行安排其汇率，形成多种汇率安排并存的国际汇率体系。
1999年，国际货币基金组织按照汇率弹性从小到大，将各国汇率制度分为：无单独法定货币、货币当局安排、传统盯住安排、水平区间盯住、爬行盯住、发行区间、事先不公布汇率目标的管理浮动、独立浮动。
【例题1：课后题第1题】在战后布雷顿森林体系下，实行的汇率制度是( )A人为的可调整的固定汇率制度B自发的可调整的固定汇率制度C人为的可调整的浮动汇率制度D人为的有管理的浮动汇率制度二、影响汇率制度选择的因素1、决定一个国家汇率制度的因素有：(1)经济开放程度(2)经济规模(3)国内金融市场的发达程度及其国际金融市场的一体程度(4)进出口贸易的商品结构和地域分布(5)相对的通货膨胀率2、经济开放程度越高、经济规模越小、进出口集中在某几种商品或某一国家的国家，一般倾向于固定汇率制度。
经济开放程度低、进出口商品多样化或地域分布分散化、同国际金融市场联系密切、资本流出流入较为客观和频繁，或国内通货膨胀率及其他主要国家不一致的国家，则倾向于实行浮动汇率制度。
HullOFOD9eSolutionsCh19第九版期权、期货及其他衍生品课后答案
ln( S0 K ) (01 0252 2)05 03712 025 05 The delta of the option is N (d1 ) or 0.64. d1
Problem 19.4. What does it mean to assert that the theta of an option position is −0.1 when time is measured in yt neither a stock price nor its implied volatility will change, what type of option position is appropriate?
A theta of 01 means that if t units of time pass with no change in either the stock price or its volatility, the value of the option declines by 01t . A trader who feels that neither the stock price nor its implied volatility will change should write an option with as high a negative theta as possible. Relatively short-life at-the-money options have the most negative thetas. Problem 19.5. What is meant by the gamma of an option position? What are the risks in the situation where the gamma of a position is large and negative and the delta is zero? The gamma of an option position is the rate of change of the delta of the position with respect to the asset price. For example, a gamma of 0.1 would indicate that when the asset price increases by a certain small amount delta increases by 0.1 of this amount. When the gamma of an option writer’s position is large and negative and the delta is zero, the option writer will lose significant amounts of money if there is a large movement (either an increase or a decrease) in the asset price. Problem 19.6. “The procedure for creating an option position synthetically is the reverse of the procedure for hedging the option position.” Explain this statement. To hedge an option position it is necessary to create the opposite option position synthetically. For example, to hedge a long position in a put it is necessary to create a short position in a put synthetically. It follows that the procedure for creating an option position synthetically is the reverse of the procedure for hedging the option position. Problem 19.7. Why did portfolio insurance not work well on October 19, 1987? Portfolio insurance involves creating a put option synthetically. It assumes that as soon as a portfolio’s value declines by a small amount the portfolio manager’s position is rebalanced by either (a) selling part of the portfolio, or (b) selling index futures. On October 19, 1987, the market declined so quickly that the sort of rebalancing anticipated in portfolio insurance schemes could not be accomplished. Problem 19.8. The Black-Scholes-Merton price of an out-of-the-money call option with an exercise price of $40 is $4. A trader who has written the option plans to use a stop-loss strategy. The trader’s plan is to buy at $40.10 and to sell at $39.90. Estimate the expected number of times the stock will be bought or sold. The strategy costs the trader 010 each time the stock is bought or sold. The total expected cost of the strategy, in present value terms, must be $4. This means that the expected number of times the stock will be bought or sold is approximately 40. The expected number of times it will be bought is approximately 20 and the expected number of times it will be sold is also approximately 20. The buy and sell transactions can take place at any time during the life of the option. The above numbers are therefore only approximately correct because of the effects of discounting. Also the estimate is of the number of times the stock is bought or sold in the risk-neutral world, not the real world.
国际财务管理答案Chap019
CHAPTER 19 MULTINATIONAL CASH MANAGEMENTSUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. Describe the key factors contributing to effective cash management within a firm. Why is the cash management process more difficult in a MNC?Answer: An effective cash management system should be based on a cash budget that projects expected cash inflows and outflows over some planning horizon. It provides for the systematic receipt and disbursement of cash. It also provides for funds mobilization, where cash shortages are covered by borrowing at the most favorable rates and surplus funds are invested at the most advantageous rates. Within a MNC the complexity of the cash management process is compounded because the firm does business in a variety of currencies, and hence the cost of foreign exchange transactions is an additional dimension to be managed.2. Discuss the pros and cons of a MNC having a centralized cash manager handle all investment and borrowing for all affiliates of the MNC versus each affiliate having a local manager who performs the cash management activities of the affiliate.Answer: Under a centralized cash management system, the cash manager will have a global view of the cash requirements of the MNC. There will be less chance that funds will be mislocated, i.e., denominated in the wrong currency. Additionally, under a global view, transaction exposure for the MNC can be more efficiently managed. Moreover, a centralized system readily allows for investing excess cash at the most advantageous rates and borrowing to cover cash shortages at the most favorable rates.Under a decentralized system, the local cash manager is given more responsibility for managing the cash needs of the affiliate than under a centralized system. Consequently, the local cash management position serves as good training for higher level positions within the affiliate or MNC. Also, under a decentralized system, local bank relationships are better developed since the affiliate conducts more of its cash management functions at the local level. This may prove important if funds need to be borrowed locally. But overall, the benefits of a centralized cash management system tend to outweigh its disadvantages.3. How might a MNC use transfer pricing strategies? How do import duties affect transfer pricing policies?Answer: A MNC might use transfer pricing strategies for two basic purposes: income tax liability reduction or funds repositioning. If the tax rate in the country of the selling affiliate is less than the tax rate in the buying affiliate country, a high markup policy on sales will leave little taxable income in the buying affiliate country to be taxed at the higher rate. Even if the tax rate in the buying affiliate country is not more than that in the selling affiliate country, a high markup policy will leave less funds to be removed from the buying affiliate country. In general, import duties work in the opposite direction from income taxes. For example, a high markup policy will decrease the income taxes due in the buying affiliate country, but increase the import duty due in that country. Generally, the income tax is more important in comparison to the import duty in its after-tax effect on consolidated net income.4. What are the various means the taxing authority of a country might use to determine if a transfer price is reasonable?Answer: The U.S. and many other countries require the transfer price to be consistent with arm’s length pricing, i.e., be a price that an unrelated party would pay for the same good or service. The taxing authority can arbitrarily set the transfer price if it believes that transfer pricing schemes are being used to evade taxes or that taxable income is not being clearly reflected. There are three general methods to establish arm’s length pricing. One method is to use a comparable uncontrolled price at which the good or service would be priced between unrelated parties. A second method is the resale price approach; that is, reduce the price at which the good is resold by an amount sufficient to cover overhead costs and a reasonable profit for the selling affiliate. The third method is the cost-plus approach, where an appropriate profit is added to the cost of the manufacturing affiliate.5. Discuss how a MNC might attempt to repatriate blocked funds from a host country.Answer: There are several methods a parent firm might use to repatriate profits from an affiliate in a host country that is blocking funds. Some of these measures should be enacted early on as a guard against future funds blockage. One is to establish a regular dividend policy that the host country becomes used to and expects. This assumes, however, the host country will let a reasonable amount of funds be repatriated. If this is not the case, the parent firm might attempt to use a high markup policy transfer pricing scheme. Since host countries are aware of transfer pricing strategies, a large change in the transfer price is likely not to go unquestioned by the host country. Thus, the parent firm should establish early on recognition of, and payment for, specific services that are being provided by the affiliate in addition to payment at an arm’s length price for the physical goods. For example, the pare nt firm might charge for a share of worldwide advertising, technical training of employees of the affiliate, appropriate overhead charges, or a royalty or licensing fee for use of well-recognized brand names, technology, or patents. The host country might accept these charges as reasonable, whereas a large transfer price that incorporates all charges into a single price might be questioned as unreasonably large. Additionally, the parent firm can create exports, by having the affiliate charged in the blocked currency for goods and services for which the parent would typically pay, or through direct negotiation appeal to the host country for more reasonable treatment, if it is in an important industry to the host country.PROBLEMS1. Affiliate A sells 5,000 units to Affiliate B per year. The marginal income tax rate for Affiliate A is 25 percent and the marginal income tax rate for Affiliate B is 40 percent. The transfer price per unit is currently $2,000, but it can be set at any level between $2,000 and $2,400. Derive a formula to determine how much annual after-tax profits can be increased by selecting the optimal transfer price.Note To Instructor: The solution to this problem is consistent with the example presented in the text as Exhibit 19.13.Solution: Let τA and τB be the marginal income tax rate for Affiliate A and B. Further let Q denote quantity, and let P be the current transfer price per unit and P* be the optimal transfer price per unit. The increase in annual after-tax profit (or the tax savings) can be stated as Q(P - P*)(τA - τB). For each unit there is a tax savings of (τA - τB) on (P - P*). Using the above numbers, there is a tax savings of (.25 - .40) = .15 for each additional dollar of cost transferred from the low tax affiliate to the high tax affiliate. Thus, at the maximum there can be a $60 = ($2,000 - 2,400)(.25 - .40) tax savings per unit from raising the transfer price from $2,000 to $2,400. In total, the tax savings is 5,000 units x $60 = $300,000.2. Affiliate A sells 5,000 units to Affiliate B per year. The marginal income tax rate for Affiliate A is 25 percent and the marginal income tax rate for Affiliate B is 40 percent. Additionally, Affiliate B pays a tax-deductible tariff of 5 percent on imported merchandise. The transfer price per unit is currently $2,000, but it can be set at any level between $2,000 and $2,400. Derive (a) a formula to determine the effective marginal tax rate for Affiliate B and, (b) a formula to determine how much annual after-tax profits can be increased by selecting the optimal transfer price.Note to Instructor: The solution to this problem is consistent with the example presented in the text as Exhibit 19.14.Solution: This problem extends the work in problem 1, above. When the ad-valorem import tariff is tax deductible, the effective marginal tax rate paid by Affiliate B is:(1 + Tariff)τB - Tariff = (1 + .05)(.40) - .05 = .37. Hence, for each additional dollar of cost transferred from the low tax affiliate to the high tax affiliate there is an after-tax savings of: (P - P*)[τA + Tariff - (1 + Tariff) τB]. In total, the tax savings is:Q(P - P*)[τA + Tariff - (1 + Tariff) τB] = 5,000 x ($2,000 - 2,400)(.25 - .37) = 5,000 x $48 = $240,000.MINI CASE 1: EFFICIENT FUNDS FLOW AT EASTERN TRADING COMPANYThe Eastern Trading Company of Singapore purchases spices in bulk from around the world, packages them into consumer-size quantities, and sells them through sales affiliates in Hong Kong, the United Kingdom, and the United States. For a recent month, the following payments matrix of interaffiliate cash flows, stated in Singapore dollars, was forecasted. Show how Eastern Trading can use multilateral netting to minimize the foreign exchange transactions necessary to settle interaffiliate payments. If foreign exchange transactions cost the company .5 percent, what savings result from netting?Suggested Solution to Mini Case 1: Efficient Funds Flow at Eastern Trading CompanyBilateral NettingMultilateral NettingWithout netting, S$277,000 of interaffiliate foreign exchange transactions occur among the four affiliates of Eastern Trading. With multilateral netting, interaffiliate foreign exchange transactions are reduced to S$136,000, or by S$141,000. The savings are .005 x S$141,000 = S$705 for the planning period.MINI CASE 2: EASTERN TRADING COMPANY’S OPTIMAL TRAN SFER PRICING STRATEGYThe Eastern Trading Company of Singapore ships prepackaged spices to Hong Kong, the United Kingdom, and the United States, where they are resold by sales affiliates. Eastern Trading is concerned with what might happen in Hong Kong now that control has been turned over to China. Eastern Trading has decided that it should reexamine its transfer pricing policy with its Hong Kong affiliate as a means of repositioning funds from Hong Kong to Singapore. The following table shows the present transfer pricing scheme, based on a carton of assorted, prepackaged spices, which is the typical shipment to the Hong Kong sales affiliate. What do you recommend that Eastern Trading should do?Suggested Solution to Mini Case 2: Eastern Trading Company’s Optimal Transfer Pricing StrategyEastern Trading is currently in a good situation. Because the income tax rate in Hong Kong is less than in Singapore, Eastern Trading’s present low markup transfer price strategy results in larger pre-tax income in Hong Kong, which is taxed at only a 17.5% rate versus the 20% rate on taxable income in Singapore. If Eastern Trading is free to repatriate profits from Hong Kong, it defers paying the additional tax due (20% - 17.5% = 2.5%) in Singapore until the profits are actually repatriated. Nevertheless, the marginal tax rate on Hong Kong taxable income will eventually be 20% upon repatriation. Therefore, since Eastern Trading is concerned about repatriation under Chinese control of Hong Kong, it might attempt to increase its transfer price.If Eastern Trading is successful in increasing the transfer price, more of the taxable income per unit will be taxed at the current time in Singapore at 20%. A 25% increase in the transfer price would raise it from S$300 to S$375 per unit. At S$375, the split would be as follows:The higher transfer price would result in only S$64 left to be repatriated from Hong Kong instead of S$124.MINI CASE 3: EASTERN TRADING COMPANY’S NEW M.B.A.The Eastern Trading Company of Singapore presently follows a decentralized system of cash management where it and its affiliates each maintain their own transaction and precautionary cash balances. Eastern Trading believes that it and its affiliates’ cash needs are normally distr ibuted and independent from one another. It is corporate policy to maintain two and one-half standard deviations of cash as precautionary holdings. At this level of safety there is a 99.37 percent chance that each affiliate will have enough cash holdings to cover transactions.A new MBA hired by the company claims that the investment in precautionary cash balances is needlessly large and can be reduced substantially if the firm converts to a centralized cash management system. Use the projected information for the current month, which is presented below, to determine the amount of cash Eastern Trading needs to hold in precautionary balances under its current decentralized system and the level of precautionary cash it would need to hold under a centralized system. Was the new MBA a good hire?IM-11 Suggested Solution to Mini Case 3: Eastern Trading Company’s New M.B.A.Eastern Trading is holding S$350,000 to cover expected transactions and S$350,000 as precautionary balances among the four affiliates. In total, it is holding S$700,000 under its decentralized cash management system.If Eastern Trading views its cash needs from a portfolio perspective under a centralized cash management system, one portfolio standard deviation of cash would be:$71,063 S=) $35,000 (S + ) $40,000 (S + ) $25,000 (S + ) $40,000 (S =. Dev . Std Portfolio 2 2 2 2Hence, under a centralized system, Eastern Trading would continue to need S$350,000 to cover expected transactions, but precautionary cash balances could be reduced to $177,658 (= 2.5 x S$71,063). Thus, the investment in precautionary cash can be reduced by S$172,342 (= S$350,000 – 177,658). The new MBA was a good hire.。
际财务管理 杰夫马杜拉 第9版 第十九章课后习题答案
Chapter 19Financing International TradeLecture OutlinePayment Methods for International TradePrepaymentLetters of CreditDraftsConsignmentAccountOpenTrade Finance MethodsAccounts Receivable FinancingFactoringLetters of CreditAcceptancesBanker’sWorking Capital FinancingMedium-Term Capital Goods Financing (Forfaiting) CountertradeAgencies that Motivate International Trade Export-Import Bank of the U.S.Private Export Funding Corporation (PEFCO)Overseas Private Investment Corporation (OPIC)2 Financing International TradeChapter ThemeThis 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.Topics to Stimulate Class Discussion1. Assume that you receive a call from an old friend who has set up a computer parts store. He says thathe plans to begin exporting these parts soon. What potential complications should he consider?2. Why do exporters sometimes sell off their banker’s acceptances? Would they be better off obtaininga short-term loan instead? What information is necessary to answer this question?3. What is the common role of a banking institution in international trade besides financing?POINT/COUNTER-POINT:Do Agencies that Facilitate International Trade Prevent Free Trade?POINT:Yes. The Export-Import Bank of the U.S. provides many programs to help U.S. exporters conduct international trade. The government is essentially subsidizing the exports. Governments in other countries have various programs as well. Thus, some countries may have a trade advantage because their exporters are subsidized in various ways. These subsidies distort the notion of free trade.COUNTER-POINT:No. It is natural for any government to facilitate exporting for relatively inexperienced exporting firms. All governments provide a variety of services for their firms, including public services, and tax breaks for producing products that are ultimately exported. There is a difference between facilitating the exporting process and versus protecting an industry from foreign competition. The protection of an industry violates the notion of free trade, but facilitating the exporting process does not.WHO IS CORRECT?Use the Internet to learn more about this issue. Which argument do you support? Offer your own opinion on this issue.ANSWER:This issue will lead to many conflicting answers. Students will vary in what they perceive as free trade. Is it appropriate for a country to promote free trade while it indirectly subsidizes some firms that export products? Every country could be criticized for subsidizing its exporters in some way. There is no perfect answer but students should realize that governments subsidize firms but simultaneously complain if other governments use a similar strategy.Answers to End of Chapter Questions1.Banker’s Acceptances.a. Describe how foreign trade would be affected if banks did not provide trade-related services.b. How can a banker’s acceptance be beneficial to an exporter, an importer, and a bank?Financing International Trade 3 ANSWER: Foreign trade would be reduced without the trade-related services by banks, because some trade can only occur if banks back the transaction with bankers acceptances.A banker’s acceptance guarantees payment to the exporter so that credit risk of the importer is notworrisome. It allows the importers to import goods without being turned down due to uncertainty about their credit standing. It is a revenue generator for the bank since a fee is received by the bank for this service.2.Export Financing.a. Why would an exporter provide financing for an importer?b. Is there much risk in this activity? Explain.ANSWER: An exporter could increase sales by allowing the importer to pay at a future date. There may be high credit risk incurred by the exporter here, especially if the importer is an unknown small firm.3. Role of Factors. What is the role of a factor in international trade transactions?ANSWER: A factor can relieve the exporter of the worry about the credit risk of the importer. In return, the factor is rewarded by being able to purchase the accounts receivables at a lower price than their cash value.4. Export-Import Bank. a) What is the role today of the Export-Import Bank of the U.S.? b) Describethe Direct Loan Program administered by the Export-Import Bank.ANSWER: The role today is to finance and facilitate the export of American goods and to strengthen the competitiveness of U.S. industries involved in foreign trade.Under the Direct Loan Program, the Eximbank provides long-term loans to foreign buyers topurchase U.S. goods. The loan rates are channeled through banks, which serve as the intermediaries.5. Bills of Lading. What are bills of lading, and how do they facilitate international trade transactions?ANSWER: Bills of lading provide a receipt for shipment, a summary of freight charges, and convey title to the merchandise.6. Forfaiting. What is forfaiting? Specify the type of traded goods for which forfaiting is applied.ANSWER: A forfaiting transaction involves an importer that issues a promissory note to pay for the imported capital goods over a period of three to seven years or so. Notes are extended to the exporter who sells them at a discount to a forfaiting bank.7. PEFCO. Briefly describe the role of the Private Export Funding Corporation (PEFCO).ANSWER: PEFCO provides medium- and long-term credit to importers of U.S. goods and services.8. Government Programs. This chapter described many forms of government insurance and guaranteeprograms. What motivates a government to establish so many programs?4 Financing International TradeANSWER: Governments may be able to boost exports by establishing policies that either protect the exporters from various types of risk or encourage lenders to provide financing to the exporters.9. Countertrade. What is countertrade?ANSWER: Countertrade involves the sale of goods to one country in exchange for goods from that country.10. Impact of September 11. Every quarter, Bronx Co. ships computer chips to a firm in central Asia. Ithad not used any trade financing because the importing firm always pays its bill in a timely manner upon receipt of the computer chips. After the September 11, 2001 terrorist attack on the U.S., it reconsidered whether it should use some form of trade financing that would ensure that it would be paid for its exports upon delivery. Offer a suggestion to Bronx Co. on how it could achieve its goal.ANSWER: It could use banker’s acceptances in which a bank would guarantee the payment by the importer.11. Working Capital Guarantee Program. Briefly describe the Working Capital Guarantee Programadministered by the Export-Import Bank.ANSWER: The Working Capital Guarantee Program allows exporters to obtain short-term loans from commercial banks that are guaranteed by the Eximbank. This protects the commercial banks against default risk of the exporter and makes it easier for exporters to obtain loans.12. Small Business Policy. Describe the Small Business Policy.ANSWER: The Small Business Policy provides enhanced coverage against credit risk to newexporters and small businesses.13. OPIC. Describe the role of the Overseas Private Investment Corporation (OPIC).ANSWER: The OPIC insures direct U.S. investments in foreign countries against the risks ofcurrency inconvertibility, expropriation, and other potential risks; it also offers insurance coverage for exporters that bid on foreign contracts.Advanced Questions14. Letters of Credit. Ocean Traders of North America is a firm based in Mobile, Alabama, thatspecializes in seafood exports and commonly uses letters of credit (L/Cs) to ensure payment. Itrecently experienced a problem, however. Ocean Traders had an irrevocable L/C issued by a Russian bank to ensure that it would receive payment upon shipment of 16,000 tons of fish to a Russian firm.This bank backed out of its obligation, however, stating that it was not authorized to guaranteecommercial transactions.a. Explain how an irrevocable L/C would normally facilitate the business transaction between theRussian importer and Ocean Traders of North America (the U.S. exporter).ANSWER: The letter of credit was issued by a Russian bank to guarantee payment for the goods to be exported by the U.S. exporter.Financing International Trade 5b. Explain how the cancellation of the L/C could create a trade crisis between the U.S. and Russianfirms.ANSWER: If exporting firms can not rely on letters of credit, they must resort to trusting thecounterparty in the trade agreement. This will reduce trade, because exporters frequently do not know much about the counterparty.c. Why do you think situations like this (the cancellation of the L/C) are rare in industrializedcountries?ANSWER: Governments or regulators have a vested interest in ensuring that banks follow through on letters of credit. Otherwise, there would be a reluctance to conduct trade in any country that does not back its guarantees.d. Can you think of any alternative strategy that the U.S. exporter could have used to protect itselfbetter when dealing with a Russian importer?ANSWER: The U.S. exporter could have attempted to obtain a letter of credit from a U.S. bank, with the responsibility placed on the U.S. bank to guarantee payment. In this case, the U.S. bank would have been put in a position to demand payment from the Russian importer or the importer’s Russian bank.Solution to Continuing Case Problem: Blades, Inc.1.Assuming that banks in Thailand issue a time draft on behalf of Sports Equipment Inc. and MajorLeagues Inc., would Blades receive payment for its roller blades before it delivers them? Do the banks issuing the time drafts guarantee payment on behalf of the Thai retailers if they default on the payment?ANSWER: No, Blades would not receive payment before it delivers roller blades to SportsEquipment Inc. and Major Leagues Inc. if banks in Thailand issue a time draft on the retailers’ behalf.The usual time of payment under a time draft is the maturity of the draft, and Blades relies on the retailers to pay the drafts at maturity.No, the banks issuing the time drafts do not guarantee payment on behalf of the Thai retailers if they default on the payment. The draft merely represents Blades’ formal demand for payment from the buyer and affords Blades’ less protection than a letter of credit, since the banks are not obligated to honor payments on the buyer’s behalf.2.What payment method should Blades suggest to Sports Gear Inc.? Substantiate your answer.ANSWER: Blades should suggest to Sports Gear Inc. that its bank issue a letter of credit on its behalf.In a letter of credit, the bank is substituting its credit for that of the buyers, and Blades would be assured of receiving payment from the issuing bank as long as it presents the necessary documents in accordance with the L/C. The issuing bank is then obligated to honor drawings under the L/C. On the other hand, Sports Gear Inc. does not have to pay for the goods until shipment has been made and documents are presented in good order.6 Financing International Trade3.What organization could Blades contact in order to insure its sales to the Thai retailers? What type ofinsurance do these organizations provide?ANSWER: Blades could contact the Export-Import Bank of the U.S. (Eximbank), which provides insurance protection against the risk of nonpayment by foreign buyers. Under such insurancecoverage, Eximbank will reimburse Blades between 90 and 100 percent of the insured amount,depending on the type of policy and buyers.4.How could Blades use accounts receivable financing or factoring, considering that it does notcurrently have accounts receivable in Thailand? If Blades uses a Thai bank to obtain this financing, how do you think the fact that Blades does not have receivables in Thailand would affect the terms of the financing?ANSWER: Blades could use accounts receivable financing and factoring using its accountsreceivable in the U.S. Using accounts receivable financing, Blades could obtain a loan from a bank that would be secured by an assignment of the accounts receivables. Using factoring, Blades could sell the U.S. accounts receivable to a factor. Either approach is probably available to Blades if it decides to use a U.S. bank. However, it could also attempt to conduct accounts receivable financing of factoring of its U.S. receivables using a bank in Thailand.Thai banks may consider the assignment of foreign receivables less attractive than the assignment of domestic receivables and may require high interest rates (accounts receivable financing) or discount the receivables heavily (factoring).5.Assuming that Blades is unable to locate a Thai bank that is willing to issue an L/C on Blades behalf,can you think of a way Blades could utilize its bank in the U.S. to effectively obtain an L/C from a Thai bank?ANSWER: Blades could inquire whether its U.S. bank has a correspondent bank in Thailand. In that case, the Thai bank may be willing to accept a letter of credit issued by Blades’ U.S. bank on Blades’ behalf.6.What organizations could Blades contact to obtain working capital financing? If Blades is unable toobtain working capital financing from these organizations, what are its other options to finance its working capital needs in Thailand?ANSWER: There are several organizations Blades could contact to obtain working capital financing.For example, the Eximbank’s Working Capital Guarantee Program encourages commercial banks to extend short-term financing by providing a comprehensive guarantee that covers 100 percent of the loan’s principal and interest. Furthermore, the Overseas Private Investment Corporation (OPIC) will provide medium- to long-term financing to U.S. investors undertaking an overseas venture.If Blades is unable to obtain working capital financing from these organizations, it could ask its bank for a short-term loan that finances the working capital cycle that begins with the purchase ofinventory and continues with the sale of the goods, creation of an account receivable, and conversion to cash.Solution to Supplemental Case: Ryco Chemical CompanyFinancing International Trade 7a. Ryco could attempt to work out a countertrade agreement. Ryco could provide chemicals thatConcellos needs in exchange for the chemicals that Ryco normally purchases from Concellos.Ryco could benefit because its cost of importing some chemicals would no longer be tied toBrazilian inflation. Instead its cost would be tied to its own cost of producing the chemicals itmust exchange for the imports. If Concellos would agree to the countertrade agreement, Rycomay be able to stabilize its cost of imports, which could reduce the uncertainty surrounding cash flows and profitability.b. Concellos is exposed to the weak currency (called the real). If it purchases the chemicals used inproduction from Ryco, its cost will not be affected by the real’s exchange rate (as it couldpurchase the U.S. goods through a countertrade agreement). Thus, it may be able to stabilize its cost of imports in this matter.c. Concellos’ cost of obtaining imports is the cost of producing the chemicals it uses for exchange(based on the countertrade agreement). Given high inflation in Brazil, these production costs will rise. However, it may be able to raise its prices on its final products by the inflation rate to cover its higher costs of production. Overall, it will be able to offset these higher costs easier thanoffsetting the higher costs that would result from exchange rate effects. Since its competitorsbase their prices on local cost of production (as they are not exposed to a weak exchange raterisk), Concellos would now incur costs that are more similar to those of its competitors.Small Business DilemmaEnsuring Payment for Products Exported by the Sports Exports Company1. How could Jim use a letter of credit to ensure that he will be paid for the products he exports?ANSWER: A letter of credit could be issued by a bank on behalf of the distributor promising to pay the Sports Exports Company upon presentation of shipping documents. In this way, the letter of credit substitutes its credit standing for that of the distributor.2. Jim has discussed the possibility of expanding his export business through a second sportinggoods distributor in the United Kingdom; this second distributor would cover a different territory than the first distributor. This second distributor is only willing to engage in a consignmentarrangement when selling footballs to retail stores. Explain the risk to Jim beyond the typicaltypes of risk he incurs when dealing with the first distributor. Should Jim pursue this type ofbusiness?ANSWER: With a consignment arrangement, the Sports Exports Company would retain title to the merchandise. Thus, it would not receive payment until after the second distributor sold thefootballs. Also, even if the second distributor does sell the footballs but fails to pay for them, the Sports Exports Company has limited recourse.Jim should probably avoid the consignment arrangement because of the risk involved.。
国际金融习题答案(全)
国际金融习题答案(全)一、选择题1. 以下哪项属于国际金融市场上的主要金融工具？（D）A. 外汇B. 黄金C. 债券D. A、B、C均正确答案：D2. 以下哪个国家的货币被认为是国际储备货币？（B）A. 德国B. 美国C. 法国D. 英国答案：B3. 以下哪个组织负责监督国际金融体系的稳定？（C）A. 国际货币基金组织（IMF）B. 世界银行C. 国际清算银行（BIS）D. 二十国集团（G20）答案：C4. 以下哪个国家的汇率制度属于固定汇率制度？（D）A. 美国B. 日本C. 英国D. 中国答案：D二、判断题1. 国际金融市场的交易活动不受地域限制。
（√）2. 国际货币基金组织（IMF）的主要职责是提供国际金融援助。
（√）3. 浮动汇率制度下，汇率完全由市场供求关系决定。
（×）4. 欧洲中央银行（ECB）是欧元区的中央银行。
（√）三、简答题1. 简述国际金融市场的基本功能。
答：国际金融市场的基本功能包括：（1）融资功能：为各国政府、企业和个人提供融资服务，满足其资金需求。
（2）投资功能：为投资者提供投资渠道，实现资金的增值。
（3）支付功能：为国际贸易和投资提供支付手段，促进国际经济往来。
（4）风险管理功能：提供各种金融工具，帮助市场参与者规避风险。
2. 简述国际货币基金组织（IMF）的主要职能。
答：国际货币基金组织（IMF）的主要职能包括：（1）促进国际货币合作，推动国际金融稳定。
（2）提供国际金融援助，协助成员国解决支付平衡问题。
（3）监督国际金融市场，评估成员国经济政策。
（4）协助成员国进行汇率政策协调，推动汇率稳定。
3. 简述浮动汇率制度与固定汇率制度的优缺点。
答：浮动汇率制度的优点：（1）自动调节国际收支，减少政府干预。
（2）有助于实现国内经济的稳定。
缺点：（1）汇率波动较大，影响国际贸易和投资。
（2）可能引发货币危机。
固定汇率制度的优点：（1）汇率稳定，有利于国际贸易和投资。
习题答案Principles of Corporate Finance第十版 Chapter19
CHAPTER 19Financing and ValuationAnswers to Problem Sets1. Market values of debt and equity are D = .9 X 75 = $67.5 million and E = 42 X2.5= $105 million.D/V = .39.WACC = .09(1 - .35).39 + .18(.61) = .1325, or 13.25%.2. Step 1: r = .09(.39) + .18(.61) = .145.Step 2: r D = .086,r E = .145 + (.145 - .086)(15/85) = .155.Step 3: WACC = .086(1 - .35).15 + .155(.85) = .14.3. a. Falseb. Truec. True4. The method values the equity of a company by discounting cash flows tostockholders at the cost of equity. See Section 19.2 for more details. The method assumes that the debt-to-equity ratio will remain constant.5. a. Trueb. False, if interest tax shields are valued separatelyc. True6. APV 5 base-case NPV ± PV financing side effectsa. APV = 0 - .15(500,000) = -75,000b. APV = 0 + 76,000 = +76,0007. a. 12%, of course.b. r E = .12 + (.12 - .075)(30/70) = .139, WACC = .075(1 - .35)(.30) + .139(.70)= .112, or 11.2%.8. a. Base-case NPV = -1,000 + 1200/1.20 = 0b. PV tax shield = (.35 X .1 X .3(1000))/1.1 = 9.55. APV = 0 + 9.55 = $9.559. No. The more debt you use, the higher rate of -return equity investors willrequire. (Lenders may demand more also.) Thus there is a hidden cost of the“cheap” debt: It makes equity more expensive.10. Patagonia does not have 90% debt capacity. KCS is borrowing $45 million partlyon the strength of its existing assets. Also the decision to raise bank finance for the purchase does not mean that KCS has changed its target debt ratio. An APV valuation of Patagonia would probably assume a 50% debt ratio.11. If the bank debt is treated as permanent financing, the capital structureproportions are:Bank debt (r D = 10 percent) $280 9.4%Long-term debt (r D = 9 percent) 1800 60.4Equity (r E = 18 percent, 90 x 10 million shares) 900 30.2$2980 100.0% WACC* = [0.10⨯(1 - 0.35)⨯0.094] + [0.09⨯(1 - 0.35)⨯0.604] + [0.18⨯0.302]= 0.096 = 9.6%12. Forecast after-tax incremental cash flows as explained in Section 6.1. Interest isnot included; the forecasts assume an all-equity financed firm.13. Calculate APV by subtracting $4 million from base-case NPV.14. We make three adjustments to the balance sheet:∙Ignore deferred taxes; this is an accounting entry and represents neither a liability nor a source of funds∙…Net out‟ accounts payable against current assets∙Use the market value of equity (7.46 million x $46)Now the right-hand side of the balance sheet (in thousands) is:Short-term debt $75,600Long-term debt 208,600Shareholders‟ equity343,160Total $627,360The after-tax weighted-average cost of capital formula, with oneelement for each source of funding, is:WACC = [r D-ST⨯(1 – T c)⨯(D-ST/V)]+[r D-LT⨯(1 – T c)⨯(D-LT/V)]+[r E⨯(E/V)]WACC = [0.06⨯(1 – 0.35)⨯(75,600/627,360)]+[0.08⨯(1 – 0.35)⨯(208,600/627,360)] + [0.15⨯(343,160/627,360)]= 0.004700 + 0.017290 + 0.082049 = 0.1040 = 10.40%15. Assume that short-term debt is temporary. From Problem 14:Long-term debt $208,600Share holder equity 343,160Total $551,760Therefore:D/V = $208,600/$551,760 = 0.378E/V = $343,160/$551,760 = 0.622Step 1:r = r D (D/V) + r E (E/V) = (0.08 ⨯ 0.378) + (0.15 ⨯ 0.622) = 0.1235 Step 2:r E = r + (r – r D) (D/E) = 0.1235 + (0.1235 – 0.08) ⨯ 0.403 = 0.1410 Step 3:WACC = [r D⨯ (1 – T C) ⨯ (D/V)] + [r E⨯ (E/V)]= (0.08 ⨯ 0.65 ⨯ 0.287) + (0.1410 ⨯ 0.713) = 0.1155 = 11.55%16. Base case NPV = –$1,000 + ($600/1.12) + ($700/1.122) = $93.75 or $93,750YearDebtOutstanding atStart Of Year InterestInterestTax ShieldPV(Tax Shield)1 300 24 7.20 6.672 150 12 3.60 3.09APV = $93.75 + $6.67 + $3.09 = 103.5 or $103,50017. a. Base-case NPV = –$1,000,000 + ($95,000/0.10) = –$50,000PV(tax shields) = 0.35 ⨯ $400,000 = $140,000APV = –$50,000 + $140,000 = $90,000b. PV(tax shields, approximate) = (0.35 ⨯ 0.07 ⨯ $400,000)/0.10 =$98,000APV = –$50,000 + $98,000 = $48,000The present value of the tax shield is higher when the debt is fixed andtherefore the tax shield is certain. When borrowing a constant proportion of the market value of the project, the interest tax shields are as uncertain as the value of the project, and therefore must be discounted at the project‟s opportunity cost of capital. 18.The immediate source of funds (i.e., both the proportion borrowed and the expected return on the stocks sold) is irrelevant. The project would not be any more valuable if the university sold stocks offering a lower return. If borrowing is a zero-NPV activity for a tax-exempt university, then base-case NPV equals APV, and the adjusted cost of capital r* equals the opportunity cost of capital with all-equity financing. Here, base-case NPV is negative; the university should not invest.19.a.Base-case $0.111.12$1.7510NP V 101t t-=+-=∑=$or – $110,000 APV = Base-case NPV + PV(tax shield)PV(tax shield) is computed from the following table: Year Debt Outstanding at Start of Year InterestInterest Tax Shield Present Valueof Tax Shield 1 $5,000 $400 $140 $129.632 4,500 360 126 108.023 4,000 320 112 88.914 3,500 280 98 72.035 3,000 240 84 57.176 2,500 200 70 44.117 2,000 160 56 32.68 8 1,500 120 42 22.69 9 1,000 80 28 14.01 10 5004014 6.48Total575.74APV = –$110,000 + $575,740 = $465,740b. APV = Base-case NPV + PV(tax shield) – equity issue costs= –$110,000 + $575,740 – $400,000 = $65,74020. Spreadsheet exercise; answers will vary.21.Note the following:∙ The costs of debt and equity are not 8.5% and 19%, respectively. These figures assume the issue costs are paid every year, not just at issue.∙ The fact that Bunsen can finance the entire cost of the project with debt is irrelevant. The cost of capital does not depend on the immediate source of funds; what matters is the project‟s contribution to the firm‟s overall borrowing power.∙ The project is expected to support debt in perpetuity. The fact that the first debt issue is for only 20 years is irrelevant. Assume the project has the same business risk as the firm‟s other assets.Because it is a perpetuity , we can use the firm‟s weighted -average cost of capital. If we ignore issue costs:WACC = [r D ⨯ (1 – T C ) ⨯ (D/V)] + [r E ⨯ (E/V)]WACC = [0.07 ⨯ (1 – 0.35) ⨯ 0.4] + [0.14 ⨯ 0.6] = 0.1022 = 10.22%Using this discount rate:$272,0160.1022$130,000$1,000,000NPV =+-=The issue costs are:Stock issue: 0.050 ⨯ $1,000,000 = $50,000 Bond issue:0.015 ⨯ $1,000,000 = $15,000Debt is clearly less expensive. Project NPV net of issue costs is reduced to: ($272,016 – $15,000) = $257,016. However, if debt is used, the firm‟s debt rat io will be above the target ratio, and more equity will have to be raised later. If debt financing can be obtained using retaining earnings, then there are no other issue costs to consider. If stock will be issued to regain the target debt ratio, an additional issue cost is incurred.A careful estimate of the issue costs attributable to this project would require a comparison of Bunsen‟s financial plan …with‟ as compared to …without‟ this project.22.Disagree. The Goldensacks calculations are based on the assumption that the cost of debt will remain constant, and that the cost of equity capital will not change even though the firm‟s financial structure has changed. The former assumption is appropriate while the latter is not.23.LatestyearForecast0 1 2 3 4 5 1. Sales 40,123.0 36,351.0 30,155.0 28,345.0 29,982.0 30,450.0 2. Cost of Goods Sold 22,879.0 21,678.0 17,560.0 16,459.0 15,631.0 14,987.0 3. Other Costs 8,025.0 6,797.0 5,078.0 4,678.0 4,987.0 5,134.0 4. EBITDA (1 – 2 – 3) 9,219.0 7,876.0 7,517.0 7,208.0 9,364.0 10,329.0 5. Depreciation and Amortization 5,678.0 5,890.0 5,670.0 5,908.0 6,107.0 5,908.0 6. EBIT (Pretax profit) (4 – 5) 3,541.0 1,986.0 1,847.0 1,300.0 3,257.0 4,421.0 7. Tax at 35% 1,239.4 695.1 646.5 455.0 1,140.0 1,547.4 8. Profit after tax (6 – 7) 2,301.7 1,290.9 1,200.6 845.0 2,117.1 2,873.79. Change in working capital 784.0 -54.0 -342.0 -245.0127.0235.010. Investment(change in Gross PP&E) 6,547.0 7,345.0 5,398.0 5,470.0 6,420.0 6,598.0 11. Free Cash Flow (8 + 5 – 9 – 10) 648.7 -110.11,814.61,528.0 1,677.1 1,948.7PV Free cash flow, years 1-4 3,501.6 Horizon value in year 4PV Horizon value 15,480.0 24,358.1PV of company 18,981.7The total value of the equity is: $18,981.7 – $5,000 = $13,981.7 Value per share = $13,981.7/865 = $16.1624. a.For a one-period project to have zero APV:Rearranging gives:For a one-period project, the left-hand side of this equation is the projectIRR. Also, (D/ -C 0) is the project‟s debt capacity. Therefore, the minimum acceptable return is:b. .094051.061.09840.20)0.06(0.350.0984r *=⎪⎭⎫⎝⎛⨯⨯-=0r 1D)r (T r 1C C AP V DD C A 10=+⨯⨯+++=⎪⎪⎭⎫⎝⎛++⎪⎪⎭⎫ ⎝⎛-⨯-=--D A 0D C 01r 1r 1 C D )r T (r 1C C ⎪⎪⎭⎫ ⎝⎛++⨯⨯-=D AD C A r1r 1)L r T (r *r25. Fixed debt levels, without rebalancing, are not necessarily better for stockholders.Note that, when the debt is rebalanced, next year‟s inte rest tax shields are fixedand, thus, discounted at a lower rate. The following year‟s interest is not knownwith certainty for one year and, hence, is discounted for one year at the higherrisky rate and for one year at the lower rate. This is much more realistic since itrecognizes the uncertainty of future events.26. The table below is a modification of Table 19.1 based on the assumption that,after year 7:∙Sales remain constant (that is, growth = 0%);∙Costs remain at 76.0% of sales;∙Depreciation remains at 14.0% of net fixed assets;∙Net fixed assets remain constant at 93.8;∙Working capital remains at 13.0% of sales.TABLE 20.1 Free cash flow projections and company value for Rio Corporation ($ millions)Latestyear Forecast0 1 2 3 4 5 6 7 81. Sales 83.6 89.5 95.8 102.5 106.6 110.8 115.2 118.7 118.72. Cost of goods sold 63.1 66.2 71.3 76.3 79.9 83.1 87.0 90.2 90.23. EBITDA (1 - 2) 20.5 23.3 24.4 26.1 26.6 27.7 28.2 28.5 28.54. Depreciation 3.3 9.9 10.6 11.3 11.8 12.3 12.7 13.1 13.15. Profit before tax (EBIT) (3 - 4) 17.2 13.4 13.8 14.8 14.9 15.4 15.5 15.4 15.46. Tax 6.0 4.7 4.8 5.2 5.2 5.4 5.4 5.4 5.47. Profit after tax (5 - 6) 11.2 8.7 9.0 9.6 9.7 10.0 10.1 10.0 10.08. Investment in fixed assets 11.0 14.6 15.5 16.6 15.0 15.6 16.2 15.9 13.19. Investment in working capital 1.0 0.5 0.8 0.9 0.5 0.6 0.6 0.4 0.010. Free cash flow (7 + 4 - 8 - 9) 2.5 3.5 3.2 3.4 5.9 6.1 6.0 6.8 10.0PV Free cash flow, years 1-7 24.0 (Horizon value in year 7) PV Horizon value 60.7 110.9PV of company 84.7Assumptions:Sales growth (percent) 6.7 7.0 7.0 7.0 4.0 4.0 4.0 3.0 0.0 Costs (percent of sales) 75.5 74.0 74.5 74.5 75.0 75.0 75.5 76.0 76.0 Working capital(% of sales) 13.3 13.0 13.0 13.0 13.0 13.0 13.0 13.0 13.0 Net fixed assets (% of sales) 79.2 79.0 79.0 79.0 79.0 79.0 79.0 79.0 79.0 Depreciation (% net fixed assets) 5.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 14.0 Tax rate, % 35.0Cost of debt, % (r D) 6.0Cost of equity, % (r E) 12.4Debt ratio (D/V) 0.4WACC, % 9.0Long-term growth forecast, % 0.0Fixed assets and working capitalGross fixed assets 95.0 109.6 125.1 141.8 156.8 172.4 188.6 204.5 217.6 Less accumulated depreciation29.0 38.9 49.5 60.8 72.6 84.9 97.6 110.7 123.9 Net fixed assets 66.0 70.7 75.6 80.9 84.2 87.5 91.0 93.8 93.8 Net working capital 11.1 11.6 12.4 13.3 13.9 14.4 15.0 15.4 15.4 Appendix Problems1. The award is risk-free because it is owed by the U.S. government. The after-taxamount of the award is: 0.65 × $16 million = $10.40 millionThe after-tax discount rate is: 0.65 × 0.055 = 0.03575 = 3.575%The present value of the award is: $10.4 million/1.03575 = $10.04 million2. The after-tax cash flows are: 0.65 × $100,000 = $65,000 per yearThe after-tax discount rate is: 0.65 × 0.09 = 0.0585 = 5.85%The present value of the lease is equal to the present value of a five-year annuityof $65,000 per year plus the immediate $65,000 payment:$65,000 × [annuity factor, 5.85%, 5 years] + $65,000 =($65,000 × 4.2296) + $65,000 = $339,924。
(完整版)国际金融习题含答案
(完整版)国际金融习题含答案一、填空题1. 国际金融市场中，外汇市场的交易额远远超过其他金融市场，每天的交易额约为______万亿美元。
答案：6.62. 根据汇率变动的弹性，汇率制度可以分为固定汇率制度和______。
答案：浮动汇率制度3. 国际货币基金组织（IMF）成立于______年，总部设在美国首都华盛顿。
答案：19444. 国际金融市场上，美元指数（USDX）是衡量美元对一篮子货币汇率变动的指标，目前美元指数的权重货币包括美元、欧元、日元、英镑和______。
答案：瑞士法郎二、选择题1. 以下哪项不是国际收支平衡表的组成部分？A. 经常账户B. 资本账户C. 错误和遗漏账户D. 通货膨胀账户答案：D2. 以下哪种汇率制度属于固定汇率制度？A. 金本位制B. 物价挂钩制C. 管理浮动汇率制度D. 自由浮动汇率制度答案：A3. 以下哪个国家不属于世界四大经济体？A. 美国B. 中国C. 德国D. 日本答案：D4. 以下哪个国家是世界上最大的外汇储备国？A. 美国B. 中国C. 日本D. 德国答案：B三、判断题1. 国际金融市场的形成和发展，有利于全球资源的优化配置和风险分散。
（）答案：正确2. 浮动汇率制度下，汇率完全由市场供求关系决定，政府不进行任何干预。
（）答案：错误3. 国际货币基金组织（IMF）的主要任务是调整国际收支失衡，促进成员国经济的稳定增长。
（）答案：正确4. 通货膨胀率高的国家，其货币汇率往往呈贬值趋势。
（）答案：正确四、简答题1. 简述国际金融市场的功能。
答案：国际金融市场的功能主要包括以下几点：（1）资金融通功能：为全球范围内的资金需求者和资金供应者提供融资和投资渠道；（2）风险分散功能：通过金融工具的多样化，降低投资者面临的风险；（3）价格发现功能：金融市场上的价格反映了市场供求关系，有助于投资者做出投资决策；（4）促进国际贸易和投资的发展：国际金融市场为国际贸易和投资提供了便利条件。
罗斯《公司理财》英文习题答案DOCchap019
公司理财习题答案第十九章Chapter 19: Issuing Equity Securities to the Public19.1 a. A general cash offer is a public issue of a security that is sold to all interestedinvestors. A general cash offer is not restricted to current stockholders.b. A rights offer is an issuance that gives the current stockholders the opportunity tomaintain a proportionate ownership of the company. The shares are offered to thecurrent shareholders before they are offered to the general public.c. A registration statement is the filing with the SEC, which discloses all pertinentinformation concerning the corporation that wants to make a public offering.d. A prospectus is the legal document that must be given to every investor whocontemplates purchasing registered securities in a public offering. The prospectusdescribes the details of the company and the particular issue.e. An initial public offering (IPO) is the original sale of a company’s securities to thepublic. An IPO is also called an unseasoned issue.f. A seasoned new issue is a new issue of stock after the company’s securities havepreviously been publicly traded.g. Shelf registration is an SEC procedure, which allows a firm to file a masterregistration statement summarizing the planned financing for a two year period.The firm files short forms whenever it wishes to sell any of the approved masterregistration securities during the two year period.19.2 a. The Securities Exchange Act of 1933 regulates the trading of new, unseasonedsecurities.b. The Securities Exchange Act of 1934 regulates the trading of seasoned securities.This act regulates trading in what is called the secondary market.19.3 Competitive offer and negotiated offer are two methods to select investment bankers forunderwriting. Under the competitive offers, the issuing firm can award its securities to the underwriter with the highest bid, which in turn implies the lowest cost. On the other hand, in negotiated deals, underwriter gains much information about the issuing firm throughnegotiation, which helps increase the possibility of a successful offering.19.4 a. Firm commitment underwriting is an underwriting in which an investment bankingfirm commits to buy the entire issue. It will then sell the shares to the public. Theinvestment banking firm assumes all financial responsibility for any unsold shares.b. A syndicate is a group of investment banking companies that agree to cooperate in ajoint venture to underwrite an offering of securities.c. The spread is the difference between the underwriter’s buying price and the offeringprice. The spread is a fee for the services of the underwriting syndicate.d. Best efforts underwriting is an offering in which the underwriter agrees to distributeas much of the offering as possible. Any unsold portions of the offering are returnedto the issuing firm.19.5 a. The risk in a firm commitment underwriting is borne by the underwriter(s). Thesyndicate agrees to purchase all of an offering. Then they sell as much of it aspossible. Any unsold shares remain the responsibility of the underwriter(s). Therisk that the security’s price may become unfavorable also lies with theunderwriter(s).b. The issuing firm bears the risk in a best efforts underwriting. The underwriter(s)agrees to make its best effort to sell the securities for the firm. Any unsoldsecurities are the responsibility of the firm.19.6 In general, the new price per share after the offering is:P = (market value + proceeds from offering) / total number of sharesi. At $40 P = ($400,000 + ($40 x 5,000)) / 15,000 =$40ii. At $20 P = ($400,000 + ($20 x 5,000)) / 15,000 = $33.33iii. At $10 P = ($400,000 + ($10 x 5,000)) / 15,000 = $3019.7 The poor performance result should not surprise the professor. Since he subscribed to everyinitial public offering, he was bound to get fewer superior performers and more poorperformers. Financial analysts studied the companies and separated the bad prospects from the good ones. The analysts invested in only the good prospects. These issues becameoversubscribed. Since these good prospects were oversubscribed, the professor received a limited amount of stock from them. The poor prospects were probably under-subscribed, so he received as much of their stock as he desired. The result was that his performance was below average because the weight on the poor performers in his portfolio was greater than the weight on the superio r performers. This result is called the winner’s curse. The professor “won” the shares, but his bane was that the shares he “won” were poorperformers.19.8 There are two possible reasons for stock price drops on the announcement of a new equityissue:i. M anagement may attempt to issue new shares of stock when the stock is over-valued, that is, the intrinsic value is lower than the market price. The price drop isthe result of the downward adjustment of the overvaluation.ii. W ith the increase of financial distress possibility, the firm is more likely to raise capital through equity than debt. The market price drops because it interprets theequity issue announcement as bad news.19.9 The costs of new issues include underwriter’s spread, direct and indirect expenses, negativeabnormal returns associated with the equity offer announcement, under-pricing, and green-shoe option.19.10 a. $12,000,000/$15 = 800,000b. 2,400,000/800,000 = 3c. The shareholders must remit $15 and three rights for each share of new stock theywish to purchase.19.11 a. In general, the ex-rights price isP = (Market value + Proceeds from offering) / Total number of sharesP = ($25 x 100,000 + $20 x 10,000) / (100,000 + 10,000) = $24.55b. The value of a right is the difference between the rights-on price of the stock andthe ex-rights price of the stock. The value of a right is $0.45 (=$25 - $24.55).Alternative solution:The value of a right can also be computed as:(Ex-rights price - Subscription price) / Number of rights required to buy a share ofstockValue of a right = ($24.55 - $20) / 10 = $0.45c. The market value of the firm after the issue is the number of shares times the ex-rights price.Value = 110,000 x $24.55 $2,700,000 (Note that the exact ex-rights price is$24.5454.)公司理财习题答案第十九章d. The most important reason to offer rights is to reduce issuance costs. Also, rightsofferings do not dilute ownership and they provide shareholders with moreflexibility. Shareholders can either exercise or sell their rights.19.12 The value of a right = $50 - $45 = $5The number of new shares = $5,000,000 / $25 = 200,000The number of rights / share = ($45 - $25) / $5 = 4The number of old shares = 200,000 x 4 = 800,00019.13 a. Assume you hold three shares of the company’s stock. The value of your holdingsbefore you exercise your rights is 3 x $45 = $135. When you exercise, you mustremit the three rights you receive for owning three shares, and ten dollars. You haveincreased your equity investment by $10. The value of your holdings is $135 + $10= $145. After exercise, you own four shares of stock. Thus, the price per share ofyour stock is $145 / 4 = $36.25.b. The value of a right is the difference between the rights-on price of the stock andthe ex-rights price of the stock. The value of a right is $8.75 (=$45 - $36.25).c. The price drop will occur on the ex-rights date. Although the ex-rights date isneither the expiration date nor the date on which the rights are first exercisable, it isthe day that the price will drop. If you purchase the stock before the ex-rights date,you will receive the rights. If you purchase the stock on or after the ex-rights date,you will not receive the rights. Since rights have value, the stockholder receivingthe rights must pay for them. The stock price drop on the ex-rights day is similar tothe stock price drop on an ex-dividend day.19.14 a. Stock price (ex-right) = (13+2) / (1+0.5) = $10Subscription price = 2 / 0.5 = $4Right’s price = 13-10 = $3= (10-4) / 2 = $3b. Stock price (ex-right) = (13+2) / (1+0.25) = $12Subscription price = 2 / 0.25 = $8Right’s price = 13-12 = $1= (12-8) / 4 = $1c. The stockholders’ wealth is the same between the two arrangements.19.15 If the interest of management is to increase the wealth of the current shareholders, a rightsoffering may be preferable because issuing costs as a percentage of capital raised is lower for rights offerings. Management does not have to worry about underpricing becauseshareholders get the rights, which are worth something. Rights offerings also preventexisting shareholders from losing proportionate ownership control. Finally, whether the shareholders exercise or sell their rights, they are the only beneficiaries.19.16 Reasons for shelf registration include:i. Flexibility in raising money only when necessary without incurring additional issuancecosts.ii. As Bhagat, Marr and Thompson showed, shelf registration is less costly than conventional underwritten issues.iii. Issuance of securities is greatly simplified.19.17 Suppliers of venture capital can include:i. Wealthy families / individuals.ii. Investment funds provided by a number of private partnerships and corporations.iii. Venture capital subsidiaries established by large industrial or financial corporations.iv. “Angels” in an informal venture capital market.19.18 The proceeds from IPO are used to:i. exchange inside equity ownership for outside equity ownershipii. finance the present and future operations of the IPO firms.19.19 Basic empirical regularities in IPOs include:i. underpricing of the offer price,ii. best-efforts offerings are generally used for small IPOs and firm-commitment offerings are generally used for large IPOs,iii. the underwriter price stabilization of the after market and,iv. that issuing costs are higher in negotiated deals than in competitive ones.。
国际金融习题及答案(详细版)
国际金融习题及答案(详细版)一、选择题题目1：以下哪项不是国际金融市场上的主要金融工具？A. 外汇B. 国际债券C. 股票D. 黄金答案：C解析：国际金融市场上的主要金融工具包括外汇、国际债券、国际贷款、黄金等。
股票虽然在全球范围内交易，但通常被视为国内金融工具，因此不属于国际金融市场上的主要金融工具。
题目2：以下哪个国家的货币被认为是全球储备货币？A. 德国B. 法国C. 英国D. 美国答案：D解析：美元是全球储备货币，因为它是世界上最大的经济体，且在国际贸易和金融交易中占据主导地位。
其他国家的货币虽然也有一定的国际地位，但无法与美元相比。
二、填空题题目3：国际收支平衡表包括________和________两大部分。
答案：经常账户、资本和金融账户解析：国际收支平衡表是记录一个国家与其他国家在一定时期内经济交易的统计报表，包括经常账户和资本与金融账户两大部分。
经常账户反映商品、服务、收入和转移支付的交易，而资本和金融账户反映金融资产和负债的交易。
题目4：外汇市场的主要参与者包括________、________、________和________。
答案：中央银行、商业银行、外汇经纪商、跨国公司解析：外汇市场是全球最大的金融市场，主要参与者包括中央银行、商业银行、外汇经纪商和跨国公司。
中央银行负责调节外汇市场，商业银行为客户提供外汇交易服务，外汇经纪商作为中间商促进交易，而跨国公司则进行国际业务的外汇交易。
三、判断题题目5：国际货币基金组织（IMF）的主要任务是提供短期资本流动支持。
答案：错误解析：国际货币基金组织（IMF）的主要任务是监督国际货币体系，提供政策建议和协调国际经济政策，以促进全球经济稳定和增长。
虽然IMF也提供贷款支持，但这不是其主要任务。
题目6：欧洲中央银行（ECB）的主要目标是维持欧元区的价格稳定。
答案：正确解析：欧洲中央银行（ECB）的主要目标是维持欧元区的价格稳定，这是其货币政策的核心目标。
公司金融课后题答案CHAPTER 19
CHAPTER 19DIVIDENDS AND OTHER PAYOUTS Answers to Concepts Review and Critical Thinking Questions1.Dividend policy deals with the timing of dividend payments, not the amounts ultimatelypaid. Dividend policy is irrelevant when the timing of dividend payments doesn’t affect the present value of all future dividends.2. A stock repurchase reduces equity while leaving debt unchanged. The debt ratio rises. Afirm could, if desired, use excess cash to reduce debt instead. This is a capital structure decision.3.The chief drawback to a strict dividend policy is the variability in dividend payments.This is a problem because investors tend to want a somewhat predictable cash flow. Also, if there is information content to dividend announcements, then the firm may be inadvertently telling the market that it is expecting a downturn in earnings prospects when it cuts a dividend, when in reality its prospects are very good. In a compromise policy, the firm maintains a relatively constant dividend. It increases dividends only when it expects earnings to remain at a sufficiently high level to pay the larger dividends, and it lowers the dividend only if it absolutely has to.4.Friday, December 29 is the ex-dividend day. Remember not to count January 1 becauseit is a holiday, and the exchanges are closed. Anyone who buys the stock before December 29 is entitled to the dividend, assuming they do not sell it again before December 29.5.No, because the money could be better invested in stocks that pay dividends in cashwhich benefit the fundholders directly.6.The change in price is due to the change in dividends, not due to the change in dividendpolicy. Dividend policy can still be irrelevant without a contradiction.7.The stock price dropped because of an expected drop in future dividends. Since the stockprice is the present value of all future dividend payments, if the expected future dividend payments decrease, then the stock price will decline.8. The plan will probably have little effect on shareholder wealth. The shareholders canreinvest on their own, and the shareholders must pay the taxes on the dividends either way. However, the shareholders who take the option may benefit at the expense of the ones who don’t (because of the discount). Also as a resu lt of the plan, the firm will be able to raise equity by paying a 10% flotation cost (the discount), which may be a smaller discount than the market flotation costs of a new issue for some companies.9.If these firms just went public, they probably did so because they were growing andneeded the additional capital. Growth firms typically pay very small cash dividends, if they pay a dividend at all. This is because they have numerous projects available, and they reinvest the earnings in the firm instead of paying cash dividends.10.It would not be irrational to find low-dividend, high-growth stocks. The trust should beindifferent between receiving dividends or capital gains since it does not pay taxes on either one (ignoring possible restrictions on invasion of principal, etc.). It would be irrational, however, to hold municipal bonds. Since the trust does not pay taxes on the interest income it receives, it does not need the tax break associated with the municipal bonds. Therefore, it should prefer to hold higher yield, taxable bonds.11.The stock price drop on the ex-dividend date should be lower. With taxes, stock pricesshould drop by the amount of the dividend, less the taxes investors must pay on the dividends. A lower tax rate lowers the invest ors’ tax liability.12.With a high tax on dividends and a low tax on capital gains, investors, in general, willprefer capital gains. If the dividend tax rate declines, the attractiveness of dividends increases.13.Knowing that share price can be expressed as the present value of expected futuredividends does not make dividend policy relevant. Under the growing perpetuity model, if overall corporate cash flows are unchanged, then a change in dividend policy only changes the timing of the dividends. The PV of those dividends is the same. This is true because, given that future earnings are held constant, dividend policy simply represents a transfer between current and future stockholders.In a more realistic context and assuming a finite holding period, the value of the shares should represent the future stock price as well as the dividends. Any cash flow not paid as a dividend will be reflected in the future stock price. As such, the PV of the cash flows will not change with shifts in dividend policy; dividend policy is still irrelevant.14.T he bird-in-the-hand argument is based upon the erroneous assumption that increaseddividends make a firm less risky. If capital spending and investment spending are unchanged, the firm’s overall cash flows are not affected by the dividend policy.15.This argument is theoretically correct. In the real world, with transaction costs ofsecurity trading, home-made dividends can be more expensive than dividends directly paid out by the firms. However, the existence of financial intermediaries, such as mutual funds, reduces the transaction costs for individuals greatly. Thus, as a whole, the desire for current income shouldn’t be a major factor favoring high-current-dividend policy.16. a.Cap’s past behavior suggests a preference for capital gains, while Sarah exhibits apreference for current income.b. Cap could show the Sarah how to construct homemade dividends through the saleof stock. Of course, Cap will also have to convince her that she lives in an MMworld. Remember that homemade dividends can only be constructed under the MMassumptions.c.Sarah may still not invest in Neotech because of the transaction costs involved inconstructing homemade dividends. Also, Sarah may desire the uncertaintyresolution which comes with high dividend stocks.17.To minimize her tax burden, your aunt should divest herself of high dividend yieldstocks and invest in low dividend yield stocks. Or, if possible, she should keep her high dividend stocks, borrow an equivalent amount of money and invest that money in a tax-deferred account.18. The capital investment needs of small, growing companies are very high. Therefore,payment of dividends could curtail their investment opportunities. Their other option is to issue stock to pay the dividend, thereby incurring issuance costs. In either case, the companies and thus their investors are better off with a zero dividend policy during the firms’ rapid growth phases. This fact makes these firms attractive only to low dividend clienteles.This example demonstrates that dividend policy is relevant when there are issuance costs.Indeed, it may be relevant whenever the assumptions behind the MM model are not met.19. Unless there is an unsatisfied high dividend clientele, a firm cannot improve its shareprice by switching policies. If the market is in equilibrium, the number of people who desire high dividend payout stocks should exactly equal the number of such stocks available. The supplies and demands of each clientele will be exactly met in equilibrium.If the market is not in equilibrium, the supply of high dividend payout stocks may be less than the demand. Only in such a situation could a firm benefit from a policy shift.20. This finding implies that firms use initial dividends to “signal” their potential growth andpositive NPV prospects to the stock market. The initiation of regular cash dividends also serves to convince the market that their high current earnings are not temporary.Solutions to Questions and ProblemsNOTE: All end-of-chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.Basic1.The aftertax dividend is the pretax dividend times one minus the tax rate, so:Aftertax dividend = $5.60(1 – .15) = $4.76The stock price should drop by the aftertax dividend amount, or:Ex-dividend price = $75 – 4.76 = $70.242. a.The shares outstanding increases by 10 percent, so:New shares outstanding = 20,000(1.10) = 22,000New shares issued = 2,000Since the par value of the new shares is $1, the capital surplus per share is $47. Thetotal capital surplus is therefore:Capital surplus on new shares = 2,000($47) = $94,000Common stock ($1 par value) $ 22,000Capital surplus 304,000Retained earnings 639,300$965,300b.The shares outstanding increases by 25 percent, so:New shares outstanding = 20,000(1.25) = 25,000New shares issued = 5,000Since the par value of the new shares is $1, the capital surplus per share is $47. Thetotal capital surplus is therefore:Capital surplus on new shares = 5,000($47) = $235,000Common stock ($1 par value) $ 25,000Capital surplus 445,000Retained earnings 495,300$965,3003. a.To find the new shares outstanding, we multiply the current shares outstandingtimes the ratio of new shares to old shares, so:New shares outstanding = 20,000(4/1) = 80,000The equity accounts are unchanged except that the par value of the stock is changedby the ratio of new shares to old shares, so the new par value is:New par value = $1(1/4) = $0.25 per share.b.To find the new shares outstanding, we multiply the current shares outstandingtimes the ratio of new shares to old shares, so:New shares outstanding = 20,000(1/5) = 4,000.The equity accounts are unchanged except that the par value of the stock is changedby the ratio of new shares to old shares, so the new par value is:New par value = $1(5/1) = $5.00 per share.4.To find the new stock price, we multiply the current stock price by the ratio of old sharesto new shares, so:a.$78(3/5) = $46.80b.$78(1/1.15) = $67.83c.$78(1/1.425) = $54.74d.$78(7/4) = $136.50.To find the new shares outstanding, we multiply the current shares outstanding times the ratio of new shares to old shares, so:a:260,000(5/3) = 433,333b:260,000(1.15) = 299,000c:260,000(1.425) = 370,500d:260,000(4/7) = 148,5715.The stock price is the total market value of equity divided by the shares outstanding, so:P0 = $380,000 equity/8,000 shares = $47.50 per shareIgnoring tax effects, the stock price will drop by the amount of the dividend, so:P X = $47.50 – 1.60 = $45.90The total dividends paid will be:$1.60 per share(8,000 shares) = $12,800The equity and cash accounts will both decline by $12,800.6.Repurchasing the shares will reduce shareholders’ equity by $12,800. The sharesrepurchased will be the total purchase amount divided by the stock price, so:Shares bought = $12,800/$47.50 = 269And the new shares outstanding will be:New shares outstanding = 8,000 – 269 = 7,731After repurchase, the new stock price is: Share price = $367,200/7,731 shares = $47.50The repurchase is effectively the same as the cash dividend because you either hold a share worth $47.50 or a share worth $45.90 and $1.60 in cash. Therefore, you participate in the repurchase according to the dividend payout percentage; you are unaffected.7.The stock price is the total market value of equity divided by the shares outstanding, so:P0 = $455,000 equity/20,000 shares = $22.75 per shareThe shares outstanding will increase by 25 percent, so:New shares outstanding = 20,000(1.25) = 25,000The new stock price is the market value of equity divided by the new shares outstanding, so:P X = $455,000/25,000 shares = $18.208.With a stock dividend, the shares outstanding will increase by one plus the dividendamount, so:New shares outstanding = 380,000(1.12) = 425,600The capital surplus is the capital paid in excess of par value, which is $1, so:Capital surplus for new shares = 45,600($44) = $2,006,400The new capital surplus will be the old capital surplus plus the additional capital surplus for the new shares, so:Capital surplus = $1,750,000 + 2,006,400 = $3,756,400The new equity portion of the balance sheet will look like this:Common stock ($1 par value) $ 425,600Capital surplus 3,756,400Retained earnings 2,098,000$6,280,0009.The only equity account that will be affected is the par value of the stock. The par valuewill change by the ratio of old shares to new shares, so:New par value = $1(1/5) = $0.20 per share.The total dividends paid this year will be the dividend amount times the number of shares outstanding. The company had 380,000 shares outstanding before the split. We must remember to adjust the shares outstanding for the stock split, so:Total dividends paid this year = $0.60(380,000 shares)(5/1 split) = $1,140,000The dividends increased by 10 percent, so the total dividends paid last year were:Last year’s dividends = $1,140,000/1.10 = $1,036,363.64And to find the dividends per share, we simply divide this amount by the shares outstanding last year. Doing so, we get:Dividends per share last year = $1,036,363.64/380,000 shares = $2.7310. a.If the dividend is declared, the price of the stock will drop on the ex-dividend dateby the value of the dividend, $5. It will then trade for $115.b.If it is not declared, the price will remain at $120.c.Mann’s outflows for investments are $3,000,000. These outflows occurimmediately. One year from now, the firm will realize $1,400,000 in net incomeand it will pay $750,000 in dividends, but the need for financing is immediate.Mann must finance $3,000,000 through the sale of shares worth $120. It must sell$3,000,000 / $120 = 25,000 shares.d.The MM model is not realistic since it does not account for taxes, brokerage fees,uncertainty over future cash flows, investor s’ preferences, signaling effects, andagency costs.Intermediate11.The price of the stock today is the PV of the dividends, so:P0 = $0.95/1.14 + $45/1.142 = $35.46To find the equal two year dividends with the same present value as the price of the stock, we set up the following equation and solve for the dividend (Note: The dividend isa two year annuity, so we could solve with the annuity factor as well):$35.46 = D/1.14 + D/1.142D = $21.53We now know the cash flow per share we want each of the next two years. We can find the price of stock in one year, which will be:P1 = $45/1.14 = $39.47Since you own 1,000 shares, in one year you want:Cash flow in Year one = 1,000($21.53) = $21,534.11But you’ll only get:Dividends received in one year = 1,000($0.95) = $950.00Thus, in one year you will need to sell additional shares in order to increase your cash flow. The number of shares to sell in year one is:Shares to sell at time one = ($21,534.11 – 950)/$39.47 = 521.46 sharesAt Year 2, your cash flow will be the dividend payment times the number of shares you still own, so the Year 2 cash flow is:Year 2 cash flow = $45(1,000 – 521.46) = $21,534.1112.If you only want $500 in Year 1, you will buy:($950 – 500)/$39.47 = 11.40 sharesat Year 1. Your dividend payment in Year 2 will be:Year 2 dividend = (1,000 + 11.40)($45) = $45,513.00Note that the present value of each cash flow stream is the same. Below we show this by finding the present values as:PV = $500/1.14 + $45,513/1.142 = $35,459.37PV = 1,000($0.95)/1.14 + 1,000($45)/1.142 = $35,459.3713. a.If the company makes a dividend payment, we can calculate the wealth of ashareholder as:Dividend per share = $3,000/600 shares = $5.00The stock price after the dividend payment will be:P X = $58 – 5 = $53 per shareThe shareholder will have a stock worth $53 and a $5 dividend for a total wealth of$58. If the company makes a repurchase, the company will repurchase:Shares repurchased = $3,000/$58 = 51.72 sharesIf the shareholder lets their shares be repurchased, they will have $58 in cash. If theshareholder keeps their shares, they’re still worth $58.b.If the company pays dividends, the current EPS is $1.50, and the P/E ratio is:P/E = $53/$1.50 = 35.33If the company repurchases stock, the number of shares will decrease. The total netincome is the EPS times the current number of shares outstanding. Dividing netincome by the new number of shares outstanding, we find the EPS under the repurchase is:EPS = $1.50(600)/(600 51.72) = $1.64The stock price will remain at $58 per share, so the P/E ratio is:P/E = $58/$1.64 = 35.33c. A share repurchase would seem to be the preferred course of action. Only thoseshareholders who wish to sell will do so, giving the shareholder a tax timing option that he or she doesn’t get with a dividend payment.14. a.Since the firm has a 100 percent payout policy, the entire net income, $45,000 willbe paid as a dividend. The current value of the firm is the discounted value one yearfrom now, plus the current income, which is:Value = $45,000 + $1,635,000/1.12Value = $1,504,821b.The current stock price is the value of the firm, divided by the shares outstanding, which is:Stock price = $1,504,821/20,000Stock price = $75.24Since the company has a 100 percent payout policy, the current dividend per sharewill be the company’s net income, divided by the shares outstanding, or:Current dividend = $45,000/20,000Current dividend = $2.25The stock price will fall by the value of the dividend to:Ex-dividend stock price = $75.24 – 2.25Ex-dividend stock price = $72.99c. i.According to MM, it cannot be true that the low dividend is depressing theprice. Since dividend policy is irrelevant, the level of the dividend should notmatter. Any funds not distributed as dividends add to the value of the firm,hence the stock price. These directors merely want to change the timing of thedividends (more now, less in the future). As the calculations below indicate,the value of the firm is unchanged by their proposal. Therefore, the share pricewill be unchanged.To show this, consider what would happen if the dividend were increased to$4.60. Since only the existing shareholders will get the dividend, the requireddollar amount to pay the dividends is:Total dividends = $4.60(20,000)Total dividends = $92,000To fund this dividend payment, the company must raise:Dollars raised = Required funds – Net income Dollars raised = $92,000 – 45,000Dollars raised = $47,000This money can only be raised with the sale of new equity to maintain theall-equity financing. Since those new shareholders must also earn 12 percent,their share of the firm one year from now is:New shareholder value in one year = $47,000(1.12)New shareholder value in one year = $52,640This means that the old shareholders' interest falls to:Old shareholder value in one year = $1,635,000 – 52,640Old shareholder value in one year = $1,582,360Under this scenario, the current value of the firm is:Value = $92,000 + $1,582,360/1.12Value = $1,504,821Since the firm value is the same as in part a, the change in dividend policy had no effect.ii.The new shareholders are not entitled to receive the current dividend. They will receive only the value of the equity one year hence. The present value ofthose flows is:Present value = $1,582,360/1.12Present value = $1,412,821.43And the current share price will be:Current share price = $1,412,821.43/20,000Current share price = $70.64So, the number of new shares the company must sell will be:Shares sold = $47,000/$70.64Shares sold = 665.34 shares15. a.The current price is the current cash flow of the company plus the present value ofthe expected cash flows, divided by the number of shares outstanding. So, thecurrent stock price is:Stock price = ($1,400,000 + 20,000,000) / 750,000Stock price = $28.53b.To achieve a zero dividend payout policy, he can invest the dividends back into thecompany’s stock. The dividends per share will be:Dividends per share = [($1,400,000)(.50)]/750,000Dividends per share = $0.93And the stockholder in question will receive:Dividends paid to shareholder = $0.93(1,000)Dividends paid to shareholder = $933.33The new stock price after the dividends are paid will be:Ex-dividend stock price = $28.53 – 0.93Ex-dividend stock price = $27.60So, the number of shares the investor will buy is:Number of shares to buy = $933.33 / $27.60Number of shares to buy = 33.8216. ing the formula from the text proposed by Lintner:Div1 = Div0 +s(t EPS1– Div0)Div1 = $1.50 + .3[(.4)($4.15) – $1.50]Div1 = $1.548b.Now we use an adjustment rate of 0.60, so the dividend next year will be:Div1 = Div0 +s(t EPS1– Div0)Div1 = $1.50 + .6[(.4)($4.15) – $1.50]Div1 = $1.596c.The lower adjustment factor in part a is more conservative. The lower adjustmentfactor will always result in a lower future dividend.Challenge17.Assuming no capital gains tax, the aftertax return for the Gordon Company is the capitalgains growth rate, plus the dividend yield times one minus the tax rate. Using the constant growth dividend model, we get:Aftertax return = g + D(1 – t) = .12Solving for g, we get:.12 = g + .06(1 – .35)g = .0810The equivalent pretax return for Gecko Company, which pays no dividend, is:Pretax return = g + D = .0810 + .06 = 14.10%18. Using the equation for the decline in the stock price ex-dividend for each of the taxrate policies, we get:(P0– P X)/D = (1 – T P)/(1 – T G)a.P0– P X = D(1 – 0)/(1 – 0)P0– P X = Db.P0– P X = D(1 – .15)/(1 – 0)P0– P X = .85Dc.P0– P X = D(1 – .15)/(1 – .20)P0– P X = 1.0625Dd.With this tax policy, we simply need to multiply the personal tax rate times oneminus the dividend exemption percentage, so:P0– P X = D[1 – (.35)(.30)]/(1 – .35)P0– P X = 1.3769De.Since different investors have widely varying tax rates on ordinary income andcapital gains, dividend payments have different after-tax implications for differentinvestors. This differential taxation among investors is one aspect of what we havecalled the clientele effect.19.Since the $3,000,000 cash is after corporate tax, the full amount will be invested. So, thevalue of each alternative is:Alternative 1:The firm invests in T-bills or in preferred stock, and then pays out as a special dividend in 3 yearsIf the firm invests in T-Bills:If the firm invests in T-bills, the aftertax yield of the T-bills will be:Aftertax corporate yield = .05(1 – .35)Aftertax corporate yield = .0325 or 3.25%So, the future value of the corporate investment in T-bills will be:FV of investment in T-bills = $3,000,000(1 + .0325)3FV of investment in T-bills = $3,302,109.23Since the future value will be paid to shareholders as a dividend, the aftertax cash flow will be:Aftertax cash flow to shareholders = $3,302,109.23(1 – .15)Aftertax cash flow to shareholders = $2,806,792.85If the firm invests in preferred stock:If the firm invests in preferred stock, the assumption would be that the dividends received will be reinvested in the same preferred stock. The preferred stock will pay a dividend of:Preferred dividend = .07($3,000,000)Preferred dividend = $210,000Since 70 percent of the dividends are excluded from tax:Taxable preferred dividends = (1 – .70)($210,000)Taxable preferred dividends = $63,000And the taxes the company must pay on the preferred dividends will be:Taxes on preferred dividends = .35($63,000)Taxes on preferred dividends = $22,050So, the aftertax dividend for the corporation will be:Aftertax corporate dividend = $210,000 – 22,050Aftertax corporate dividend = $187,950This means the aftertax corporate dividend yield is:Aftertax corporate dividend yield = $187,950 / $3,000,000Aftertax corporate dividend yield = .0627 or 6.27%The future value of the company’s investment in preferred stock will be:FV of investment in preferred stock = $3,000,000(1 + .0627)3FV of investment in preferred stock = $3,599,912.91Since the future value will be paid to shareholders as a dividend, the aftertax cash flow will be:Aftertax cash flow to shareholders = $3,599,912.91(1 – .15)Aftertax cash flow to shareholders = $3,059,925.97Alternative 2:The firm pays out dividend now, and individuals invest on their own. The aftertax cash received by shareholders now will be:Aftertax cash received today = $3,000,000(1 – .15)Aftertax cash received today = $2,550,000The individuals invest in Treasury bills:If the shareholders invest the current aftertax dividends in Treasury bills, the aftertax individual yield will be:Aftertax individual yield on T-bills = .05(1 – .31)Aftertax individual yield on T-bills = .0345 or 3.45%So, the future value of the individual investment in Treasury bills will be:FV of investment in T-bills = $2,550,000(1 + .0345)3 FV of investment in T-bills = $2,823,135.12The individuals invest in preferred stock:If the individual invests in preferred stock, the assumption would be that the dividends received will be reinvested in the same preferred stock. The preferred stock will pay a dividend of:Preferred dividend = .07($2,550,000)Preferred dividend = $178,500And the taxes on the preferred dividends will be:Taxes on preferred dividends = .31($178,500)Taxes on preferred dividends = $55,335So, the aftertax preferred dividend will be:Aftertax preferred dividend = $178,500 – 55,335Aftertax preferred dividend = $123,165This means the aftertax individual dividend yield is:Aftertax corporate dividend yield = $123,165 / $2,550,000Aftertax corporate dividend yield = .0483 or 4.83%The future value of the individual investment in preferred stock will be:FV of investment in preferred stock = $2,550,000(1 + .0483)3FV of investment in preferred stock = $2,937,628.94The aftertax cash flow for the shareholders is maximized when the firm invests the cash in the preferred stocks and pays a special dividend later.20. a.Let x be the ordinary income tax rate. The individual receives an after-tax dividendof:Aftertax dividend = $1,000(1 –x)which she invests in Treasury bonds. The Treasury bond will generate aftertax cashflows to the investor of:Aftertax cash flow from Treasury bonds = $1,000(1 –x)[1 + .08(1 –x)]If the firm invests the money, its proceeds are:Firm proceeds = $1,000[1 + .08(1 – .35)]And the proceeds to the investor when the firm pays a dividend will be: Proceeds if firm invests first = (1 –x){$1,000[1 + .08(1 – .35)]}To be indifferent, the investor’s proceeds must be the same whether she invests theafter-tax dividend or receives the proceeds from the firm’s investment a nd paystaxes on that amount. To find the rate at which the investor would be indifferent,we can set the two equations equal, and solve for x. Doing so, we find:$1,000(1 –x)[1 + .08(1 –x)] = (1 –x){$1,000[1 + .08(1 – .35)]}1 + .08(1 –x) = 1 + .08(1 – .35)x = .35 or 35%Note that this argument does not depend upon the length of time the investment is held.b.Yes, this is a reasonable answer. She is only indifferent if the after-tax proceedsfrom the $1,000 investment in identical securities are identical. That occurs onlywhen the tax rates are identical.c.Since both investors will receive the same pre-tax return, you would expect thesame answer as in part a. Yet, because the company enjoys a tax benefit frominvesting in stock (70 percent of income from stock is exempt from corporate taxes),the tax rate on ordinary income which induces indifference, is much lower. Again,set the two equations equal and solve for x:$1,000(1 –x)[1 + .12(1 –x)] = (1 –x)($1,000{1 + .12[.70 + (1 – .70)(1 – .35)]})1 + .12(1 –x) = 1 + .12[.70 + (1 – .70)(1 – .35)]x = .1050 or 10.50%d.It is a compelling argument, but there are legal constraints, which deter firms frominvesting large sums in stock of other companies.。
国际金融习题含答案
国际金融习题含答案一、选择题1. 以下哪项不是国际货币基金组织（IMF）的主要职能？A. 监测全球经济趋势B. 提供技术援助C. 为成员国提供短期资本流动支持D. 制定国际金融法规答案：D解析：国际货币基金组织（IMF）的主要职能包括监测全球经济趋势、提供技术援助以及为成员国提供短期资本流动支持，而不包括制定国际金融法规。
2. 以下哪个国家的货币不属于欧元区？A. 法国B. 德国C. 英国D. 荷兰答案：C解析：欧元区是指使用欧元作为官方货币的国家组成的区域，法国、德国和荷兰都属于欧元区，而英国并未加入欧元区。
3. 以下哪个汇率制度属于固定汇率制度？A. 浮动汇率制度B. 管制汇率制度C. 联系汇率制度D. 黑市汇率制度答案：C解析：联系汇率制度是一种固定汇率制度，它将一国货币与另一国货币挂钩，保持固定汇率。
而浮动汇率制度、管制汇率制度和黑市汇率制度均不属于固定汇率制度。
二、填空题1. 国际金融市场上的主要金融工具包括______、______、______和______。
答案：股票、债券、期货和期权解析：国际金融市场上的主要金融工具包括股票、债券、期货和期权，这些金融工具是投资者进行投资和风险管理的重要手段。
2. 国际收支平衡表包括______和______两大组成部分。
答案：经常账户和资本账户解析：国际收支平衡表是反映一个国家与其他国家在一定时期内经济交易情况的报表，它包括经常账户和资本账户两大组成部分。
三、判断题1. 国际货币基金组织（IMF）的主要职能是为成员国提供短期资本流动支持。
（）答案：正确解析：国际货币基金组织（IMF）的主要职能之一是为成员国提供短期资本流动支持，以应对国际收支失衡问题。
2. 欧元区的成立有助于降低成员国之间的贸易壁垒。
（）答案：正确解析：欧元区的成立使得成员国之间使用统一的货币，这有助于降低贸易壁垒，促进成员国之间的贸易往来。
四、简答题1. 简述外汇市场的功能。
金融金融监管体系配套习题及答案
第四编调控监管第十九章金融监管体系一、填空题1. 义的金融监管是指金融监管当局依据国家______的授权对整个金融业（包括金融机构以及金融机构在金融市场上所有的业务活动）实施的监督管理。
2. 义的金融监管是在上述监管之外，还包括了金融机构______、同业组织的自律性监管、社会中介组织和舆论的社会性监管等。
3. 融监管有两层含义：外部管理和______。
4. 融监管的目标，一般是出于保障和维护本国金融体系的______、保护存款人和社会公众______、维持金融业的______三个方面。
5. 国对商业银行的监管是由______负责，对证券市场和期货市场的监管是由______负责，对保险市场的监管是由______负责。
6. 融机构市场退出的原因和方式可以分为两类：______与______。
7. 管指标考核体系有以下三个子体系：首先是______体系。
8. 融监管当局进行稽核、检查的形式主要有______和______两种。
9. 《巴塞尔协议》规定银行资本应分为______资本和____________资本两部分。
10.《巴塞尔协议》要求，银行资本对加权风险资产的目标比率应为______，其中核心资本比率至少为______。
11. 在市场经济中金融监管的三个基本特征是：______、____________、______。
12. 金融监管的具体监管内容主要由三个方厩，市场准人的监管、______、市场退出的监管。
13. 银行监管的政策、工具和目标具有相对的稳定性。
关注重心是商业银行经营合规、______和______。
14. 金融监管与金融调控在______上是一致的。
二、单项选择题1. 融机构的财务状况在利率出现不利的波动时面对的风险是（）A. 利率风险B. 汇率风险C. 政策风险D. 信用风险2. 于金融产品的市场价格（如证券价格、金融衍生产品价格）的变动，而使金融机构面临损失的风险是（）A. 利率风险B. 汇率风险C. 市场风险D. 价格风险3. 20世纪30年接连出台法律，实行严格的分业经营制度的国家是（）A. 英国B. 德国C. 美国D. 法国4. 下列说法正确的是（）A. 只要符合条件就可以设立银行B. 我国商业银行可以从事信托投资和股票业务C. 银行不得向关系人发放信用贷款D. 商业银行资本充足率不得小于4％5. 对金融机构最严厉的行政制裁措施是（）A. 罚款B. 撤换高级管理人员C. 发出停业整顿命令D. 吊销营业执照6. 金融机构在业务经营中，严格遵守国家和地方政府颁布的各种金融法律、法规及各种有关规定，严格执行中央银行或监管当局的各种规章制度，被称之（）A. 合规经营B. 守法经营C. 正常经营D. 遵纪经营7. 我国现阶段的金融监管的具体目标是（）A. 经营的安全性B. 包括ACD全部C. 竞争的公平性D. 政策的一致性8. 关于银行等金融机构的市场准人的表述下面______是错误的。
米什金货币金融学英文版习题答案chapter19英文习题
米什金货币金融学英文版习题答案chapter19英文习题Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 19 The International Financial System19.1 Intervention in the Foreign Exchange Market1) A central bank ________ of domestic currency and corresponding ________ of foreign assets in the foreign exchange market leads to an equal decline in its international reserves and the monetary base, everything else held constant.A) sale; purchaseB) sale; saleC) purchase; saleD) purchase; purchaseAnswer: CAACSB: Analytical Thinking2) A central bank ________ of domestic currency and corresponding ________ of foreign assets in the foreign exchange market leads to an equal increase in its international reserves and the monetary base, everything else held constant.A) sale; purchaseB) sale; saleC) purchase; saleD) purchase; purchaseAnswer: AAACSB: Analytical Thinking3) Suppose that the Bank of Japan buys U.S. dollar assets with yen-denominated assets. Everything else held constant, this transaction will cause ________ in the foreign assets held by the Federal Reserve and ________ in the U.S. monetary base.A) an increase; an increaseB) an increase; a decreaseC) a decrease; an increaseD) a decrease; a decreaseAnswer: AAACSB: Analytical Thinking4) Suppose that the Bank of Japan buys yen-denominated assets with U.S. dollar assets. Everything else held constant, this transaction will cause ________ in the foreign assets held by the Federal Reserve and ________ in the U.S. monetary base.A) an increase; an increaseB) an increase; a decreaseC) a decrease; an increaseD) a decrease; a decreaseAnswer: DAACSB: Analytical Thinking5) When the central bank allows the purchase or sale of domestic currency to have an effect on the monetary base, it is calledA) an unsterilized foreign exchange intervention.B) a sterilized foreign exchange intervention.C) an exchange rate feedback rule.D) a money neutral foreign exchange intervention.Answer: AAACSB: Reflective Thinking6) A foreign exchange intervention with an offsetting open market operation that leaves the monetary base unchanged is calledA) an unsterilized foreign exchange intervention.B) a sterilized foreign exchange intervention.C) an exchange rate feedback rule.D) a money neutral foreign exchange intervention.Answer: BAACSB: Reflective Thinking7) Everything else held constant, if a central bank makes an unsterilized purchase of foreign assets, then the domestic money supply will ________ and the domestic currency will ________.A) increase; appreciateB) increase; depreciateC) decrease; appreciateD) decrease; depreciateAnswer: BAACSB: Analytical Thinking8) Everything else held constant, if a central bank makes an unsterilized ________ of foreign assets, then the domestic money supply will increase and the domestic currency will ________.A) purchase; appreciateB) purchase; depreciateC) sale; appreciateD) sale; depreciateAnswer: BAACSB: Analytical Thinking9) Everything else held constant, if a central bank makes an unsterilized ________ of foreign assets, then the domestic money supply will ________ and the domestic currency will appreciate.A) purchase; increaseB) purchase; decreaseC) sale; increaseD) sale; decreaseAnswer: DAACSB: Analytical Thinking10) Everything else held constant, if a central bank makes an unsterilized sale of foreign assets, then the domestic money supply will ________ and the domestic currency will ________.A) increase; appreciateB) increase; depreciateC) decrease; appreciateD) decrease; depreciateAnswer: CAACSB: Analytical Thinking11) Everything else held constant, if a central bank makes an unsterilized ________ of foreign assets, then the domestic money supply will decrease and the domestic currency will ________.A) purchase; appreciateB) purchase; depreciateC) sale; appreciateD) sale; depreciateAnswer: CAACSB: Analytical Thinking12) Everything else held constant, if a central bank makes an unsterilized ________ of foreign assets, then the domestic money supply will ________ and the domestic currency will depreciate.A) purchase; increaseB) purchase; decreaseC) sale; increaseD) sale; decreaseAnswer: AAACSB: Analytical Thinking13) Everything else held constant, if a central bank makes a sterilized purchase of foreign assets, then the domestic currencywillA) appreciate.B) depreciate.C) either appreciate, depreciate, or remain constant.D) not be affected.Answer: DAACSB: Analytical Thinking14) Because sterilized interventions mean offsetting open market operations, there is no impact on the monetary base and the money supply, and therefore a sterilized interventionA) causes the exchange rate to overshoot in the short run.B) causes the exchange rate to undershoot in the short run.C) causes the exchange rate to depreciate in the short run, but has no effect on the exchange rate in the long run.D) has no effect on the exchange rate.Answer: DAACSB: Analytical Thinking15) Everything else held constant, if a central bank makes a sterilized sale of foreign assets, then the domestic currency willA) appreciate.B) depreciate.C) either appreciate, depreciate, or remain constant.D) not be affected.Answer: DAACSB: Analytical Thinking16) If the United States has a current account deficit with England of $1 million, and the Bank of England sells $1 million worth of pounds in the foreign exchange market, then England ________ $1 million of international reserves and its monetary base ________ by $1 million.A) gains; risesB) gains; fallsC) loses; risesD) loses; fallsAnswer: AAACSB: Analytical Thinking19.2 Balance of Payments1) The difference between merchandise exports and imports is called the ________ balance.A) current accountB) capital accountC) official reserve transactionsD) tradeAnswer: DAACSB: Reflective Thinking2) The account that shows international transactions involving currently produced goods and services is called theA) trade balance.B) current account.C) balance of payments.D) capital account.Answer: BAACSB: Reflective Thinking3) The account that shows international transactions involving financial transactions (stocks, bonds, bank loans, etc.) is called theA) trade balance.B) current account.C) balance of payments.D) capital account.Answer: DAACSB: Reflective Thinking4) Which of the following does NOT appear in the current account part of the balance of payments?A) a loan of $1 million from Bank of America to BrazilB) foreign aid to El SalvadorC) an Air France ticket bought by an AmericanD) income earned by General Motors from its plants abroadAnswer: AAACSB: Reflective Thinking5) Of the following, the one that appears in the current account of the balance of payments isA) an Italian investor's purchase of IBM stock.B) income earned by U.S. subsidiaries of Barclay's Bank of London.C) a loan by a Swiss bank to an American corporation.D) a purchase of a British Treasury bond by the Fed.Answer: BAACSB: Reflective Thinking6) Capital ________ are American purchases of foreign assets, and capital ________ are foreign purchases of American assets.A) inflows; outflowsB) inflows; inflowsC) outflows; outflowsD) outflows; inflowsAnswer: DAACSB: Reflective Thinking7) Which of the following appears in the capital account part of the balance of payments?A) a gift to an American from his English auntB) a purchase by the Honda corporation of a U.S. Treasury billC) a purchase by the Bank of England of a U.S. Treasury billD) income earned by the Honda corporation on its automobile plant in OhioAnswer: BAACSB: Reflective Thinking8) The net amount of international reserves that move between governments to finance international transactions is called the ________ balance.A) capital accountB) current accountC) tradeD) official reserve transactionsAnswer: DAACSB: Reflective Thinking。
19章课后习题答案
1.由于题目都是一笔交易，所以在国际收支账户中仅记录一条：（1）借方：Ⅰ类，单方面转移支付（对外捐赠）（2）借方：Ⅲ类，本国在外国的短期资产增加，-$500（3）贷方：Ⅱ类，外国在本国的长期资产增加，+$1,000,000（4）借方：Ⅱ类，本国在外国的长期资产增加（5）借方：Ⅰ类，商品进口（6）贷方：Ⅰ类，国外投资收益增加（7）借方：Ⅰ类，商品进口（8）借方：Ⅰ类，商品进口（9）贷方：Ⅰ类，商品出口（10）借方：Ⅰ类，服务进口（11）贷方：Ⅰ类，国外投资收益增加2.资本和金融账户记录的是给定时间内（通常是一年）本国和外国净资产流动情况。
如果是净借方余额（资本和金融账户赤字或净资本外流），这说明本国拥有的外国资产超过外国拥有的本国资产；如果是净贷方余额（资本和金融账户盈余或净资本流入），情况正好相反。
而经常账户反映的是给定时间内外国资源和本国资源的净流动情况。
如果是净借方余额（经常账户赤字），这说明本国从外国购买的商品、服务、得到的投资收益和转移支付超过外国从本国购买的商品、服务、得到的投资收益和转移支付。
如果是净贷方余额（经常账户盈余），情况正好相反。
3.一国的国际投资净头寸是指本国公民和政府拥有的外国资产（实物和金融资产）减去外国公民和政府拥有的本国资产（实物和金融资产），即本国对外债权和对外债务之差。
由于经常项目盈余代表对外拥有债权的增加，因此当前经常项目盈余会导致美国净国际投资头寸增加。
4.日本的官方储备项目差额要比经济项目盈余小得多，首先，这是因为日本货币当局对外汇市场的干预很少，由此导致IV类项目（官方储备项目）剩余很少。
其次，也说明日本国内私人海外投资规模巨大。
但当国内海外投资下降或政府干预外汇市场力度加强时，官方储备项目差额将会增加。
大家还要注意的是，日本的经常项目盈余小于其贸易盈余，这是因为日本是服务贸易（包括运输服务、旅游等等）的净进口者。
中国的情况也大体相同，中国虽然经常项目也是具有高额顺差，但服务贸易是逆差。
国际金融课后习题答案
国际金融课后习题答案一、选择题1. 以下哪项不是国际金融市场的主要功能？A. 资金融通B. 外汇交易C. 货币兑换D. 商品交易答案：D2. 以下哪个国家不属于国际货币基金组织（IMF）的成员国？A. 中国B. 美国C. 俄罗斯D. 巴西答案：C3. 以下哪个国家不属于世界银行集团？A. 国际复兴开发银行B. 国际金融公司C. 国际开发协会D. 国际货币基金组织答案：D二、填空题1. 国际金融市场是指全球范围内的金融市场，包括____、____、____等。
答案：外汇市场、资本市场、债券市场2. 国际货币基金组织（IMF）的宗旨是促进国际货币合作，实现汇率稳定，____、____。
答案：平衡国际收支、提供资金援助3. 世界银行集团成立于____年，总部位于____。
答案：1944年，华盛顿三、判断题1. 国际金融市场对各国经济具有积极的影响，可以提高资源配置效率。
（）答案：正确2. 国际货币基金组织（IMF）的主要任务是提供短期资金援助，解决成员国国际收支困难。
（）答案：正确3. 世界银行的主要业务是向发展中国家提供长期贷款，支持基础设施建设和经济发展。
（）答案：正确四、简答题1. 简述国际金融市场的作用。
答案：国际金融市场具有以下作用：（1）促进全球资本流动，提高资源配置效率；（2）促进国际贸易和投资，推动世界经济发展；（3）为各国政府和企业提供融资渠道，降低融资成本；（4）提供风险管理工具，帮助市场主体应对市场风险；（5）推动国际金融合作，促进国际货币体系稳定。
2. 简述国际货币基金组织（IMF）的主要职能。
答案：国际货币基金组织（IMF）的主要职能包括：（1）监督国际金融市场，监测全球经济走势；（2）提供短期资金援助，帮助成员国解决国际收支困难；（3）协调成员国之间的宏观经济政策，促进国际货币合作；（4）提供技术援助和培训，帮助成员国提高金融管理能力；（5）参与国际债务重组和救助，维护国际金融稳定。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
第十九章课后习题参考答案1. 国际证券组合投资渠道有哪些？国际证券组合投资渠道主要有以下四种：（1）国际共同基金。
国际共同基金是指基金公司将基金认购人的资金不完全投资在国内市场，而将部分或全部资金投资到海外资本市场的共同基金。
（2）存托凭证。
是一种在某一国家证券市场流通的代表国外公司股票的可转让凭证。
（3）国家基金。
国家基金是指将全部资金专门投入到海外某一特定资本市场的基金。
（4）世界股票基准份额（WEBS）。
WEBS是美国机构复制国外股票市场指数的基金。
2. 为什么国家与国家之间的股票相关系数小于国家内部股票的相关系数？这对国际证券投资有何意义?国家与国家之间的股票相关系数小于国家内部股票的相关系数，直观上讲，这是因为经济、政治、体制，甚至是一些心理因素对股票收益的影响在国与国之间有很大的不同造成的。
此外，各国商业周期的相异性也会进一步降低国际相关性。
当一些投资者有机会进入外国资本市场，而且本国与外国资本市场相关程度远小于1时，一国投资者可以通过投资到那些和本国资本市场相关程度比较小的国家，大大降低组合投资风险。
3. 在实践中一般用哪些指标来衡量国际证券投资组合的绩效？在实践中一般使用夏普测度（Sharp measure，SHP）和特雷纳测度（Treynor measure，TRN）来衡量组合投资的绩效。
SHP和TRN越高，组合绩效越好；SHP和TRN越低，组合投资绩效越差。
SHP和TRN是用来衡量经风险调整后的预期收益率指标，它们表示的是每单位投资所带来的超过无风险收益率的预期超额收益率，只是两者用来衡量风险的指标不同：前者是采用证券组合的标准差，对证券组合的总风险进行调整；后者采用β值，对系统风险进行调整。
公式如下：式中，SHP和TRN分别表示证券组合的夏普测度和特雷纳测度，E(r p)、r f、σp分别表示证券组合的预期收益率、无风险收益率和证券组合的标准差。
4. 有人说：“国际金融市场一体化进程的不断发展会削弱国际证券组合投资所带来的好处。
”请说说你的看法。
一国投资者进行国际证券投资的目的是为了更进一步的降低投资风险和提高投资收益。
但是在20世纪70年代中期之前，各国投资者很少投资国外资本市场，这主要是各国在国际资本流动上设置了众多的障碍。
随着各国外汇市场的不断开放和和资本管制的逐步放松，国际证券投资规模越来越大，各国投资者发现进行国际证券投资可以更好的分散风险。
而且国内、国际证券相关程度越低，证券组合的风险分散效果越明显。
但是当各国的资本市场之间的相关程度越来越高，国际证券投资就不再能导致风险的显著下降。
因此随着国际金融市场一体化进程的不断发展，国际证券组合投资带来的好处可能会削弱。
5. 假设有两只国际共同基金，基金A和基金B。
其中基金A的年平均收益率为20％，标准差为10％，基金B的年平均收益率为15％，标准差为5％，年平均无风险利率为5％，请利用夏普测度来判定两个基金的优劣。
=1.5=2基金A和基金B的夏普测度分别为1.5和2，依据夏普测度，基金B的风险调整收益要好于基金A。
6. 假设国际共同基金A和基金C的年平均收益率分别为20%和8%，β值分别为2和0.8，市场组合的平均收益率为9%，年平均无风险收益率为5%，请利用特雷诺测度来比较基金A 和基金C，并把他们与市组合进行比较。
0.0750.03750.04基金A和基金C的特雷诺测度分别等于0.075和0.0375，市场指数的特雷诺测度为0.04，因此基金A的表现好于基金C和市场表现，而基金C的表现不如市场表现。
7. 如果某一投资者将80%的资金购买了一只本国股票，20%的资金购买了一只外国股票，本国股票的标准差为15%，外国股票的标准差为18%，本国股票与外国股票之间的相关系数为0.5，请问：该投资者证券组合的标准差为多少？≈14.15%8. 若某一年美国S & P500指数年度收益率为10%，标准差为15%；用美元衡量的欧、澳、远东股票市场指数（EAFE）年度收益率为12%，标准差为16%，两者的相关系数为0.56，请问：（1）若一美国投资者将资金的一半投资在S & P500指数上，另一半投资在EAFE市场指数，请计算该投资者证券组合回报率和标准差；（2）如果两个市场的相关系数为0.7，该投资者证券组合的回报率和标准差又如何呢?(1)投资者证券组合回报率如下=0.5×0.1+0.5×0.12=0.11投资者证券组合标准差如下≈13.68%（2）投资者证券组合回报率如下=0.5×0.1+0.5×0.12=0.11投资者证券组合标准差如下≈14.29%9. 在一架飞机上，有三个分别来自印度、美国、法国的男子坐在一起聊天，他们谈到了国际股票市场情况。
美国人说：“我都不知道印度有股票市场？我对印度根本不了解，印度的首度在哪儿呀？我绝对不会将资金投资到印度股票市场的。
”法国人说：“我也不会将资金投资到印度，但也不会将资金投资到美国市场。
当地市场总会偏袒当地投资者，对外国投资者购买当地股票有歧视，而且，法国的会计报表编制方法和美国、印度并不相同，我看不懂这些市场的会计报表。
”印度人说：“我也不会将资金投到除印度股票市场以外的地方，我只了解印度股票市场，为什么要去美国和法国投资啊？我对这些国家公司并不熟悉。
”如果你是旁观者，你如何说服他们在国际股票市场投资呢。
在本案例中，三人均表现出对本国市场的偏好，可能这是由于交易成本、信息不对称等原因所引起。
但是，证券组合投资理论表明，证券组合所包含的证券之间相关性越小，证券组合风险分散效果越好。
由于不同国家股票市场之间的相关程度要低于一国国内股票之间的相关程度，所以，进行国际证券组合投资可以达到更好的风险分散目的。
10. 国际公司生产经营范围广泛，一国投资者是否可以通过购买本国的跨国公司股票来达到国际分散化投资目的？Solnik（1978年）和Dada、Williams（1993年）证实了持有国内跨国公司股份并不能够很好地替代国际证券组合分散化投资。
他们认为国际公司股票价格会更加强烈地受到国内市场指数的影响。
Rowland和Tesar（1998年）针对居住在加拿大、法国、德国、意大利、英国和美国的投资者，分析了购买本国国际公司股票和投资外国市场指数的不同。
他们发现，对于大多数国家和时间段而言，国际公司并不会给国内股票的证券组合提供风险分散的好处，但是外国股票的确可以给国内股票的证券组合提供风险分散的益处。
11. 一国投资者购买国家基金会有什么好处?首先，为国内个人投资者提供了国际分散化投资的手段。
其次，设立国家基金的资产管理公司的专业化投资会为投资人带来更高的投资收益。
最后，有些新兴市场国家只允许国家基金等机构投资者进行投资。
12. 请比较国际证券分散化投资手段DR和国家基金各有什么优缺点？国家基金的优点：（1）为国内个人投资者提供了国际分散化投资的手段。
（2）设立国家基金的资产管理公司的专业化投资会为投资人带来更高的投资收益。
（3）有些新兴市场国家只允许国家基金等机构投资者进行投资。
国家基金的缺点：（1）国家基金价格变化对美国股市变化更敏感。
（2）折、溢价情况普遍，且波动剧烈。
DR的优点：为国内个人投资者提供了国际分散化投资的手段，节约交易成本，还可以享受快速而可靠的披露、结算和保管服务。
DR的缺点：大部分的DR来自发达国家，通过DR把投资分散于新兴市场的机会是有限的。
DR和国家基金作为两种国际分散投资的手段，国际基金很有可能提供更完全的证券组合分散，但是所获的潜在收益很有可能被溢价和折价所抵减。
13. 欧元的出现对国际证券分散化投资产生了什么影响？欧元的出现使欧洲国家的金融市场的联系更加紧密，一体化程度更高，欧洲国家之间的证券市场的相关性提高。
众所周知，证券市场之间的相关程度越低，证券组合的风险分散效果越明显。
但是当各国的资本市场之间的相关程度越来越高，国际证券投资就不再能导致风险的显著下降。
因此随着欧元的出现，欧洲金融市场一体化进程的不断发展，国际证券分散化投资不会再带来更多的好处。
14. 请谈谈你如何理解“本国偏好之谜”的概念。
尽管国际证券组合投资理论表明一国投资者应该将资金尽量分散投资到国外资本市场，以充分分享国际证券组合的好处，但实际中，投资者将绝大部分资金投资在本国资本市场，而只将极少部分资金投资海外市场，这违背了国际证券组合投资理论。
这种现象称为“本国偏好之谜”。
15. 信息不对称可以解释“本国偏好之谜”吗？经济学家们试图从信息不对称的角度对本国偏好现象进行解释，虽然有助于理解本国偏好之谜，但是无法取得共识。
信息不对称理论认为投资者从企业提供的资料中获取的信息准确程度是不一样的，而国内投资者在这方面更有优势。
信息不对称理论及其所引生出来的距离理论在一定程度上解释了本国偏好之迷，但不能解释在机构投资者拥有较高的素质和理性分析能力的美国也会产生本国偏好之迷，这是其缺陷。
16. 行为金融理论在解释“本国偏好之谜”更有优势吗？行为金融的兴起为“本国偏好之谜”提供了新的视角。
French和Poterba (1991)在解释“本国偏好之谜”时，认为投资者行为是引起本国偏好的重要原因。
他们认为，投资者对各国资产收益率的预期存在偏差，一般都普遍认为本国市场收益率要高于其他国家。
另外，投资者可能并不是基于收益和方差的历史资料来估算投资组合的风险，而是赋予外国投资以特别的风险，因为他们对外国市场、制度和企业知之甚少。
投资者因此更愿意持有本国股票而不愿意投资海外股票市场。
Fellner和Maciejovsky (2003)认为，人的社会身份和民族归属感可能是引起本国偏好的一个因素，强烈的民族归属感促使投资者更愿意购买本国公司股票而不愿意投资海外市场。
行为金融研究也许会对“本国偏好之谜”提供更好更合理的解释。