国际财务管理课后作业答案
国际财务管理(英文版)课后习题答案2
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CHAPTER 1GLOBALIZATION AND THE MULTINATIONAL FIRMSUGGESTED ANSWERS TO END—OF-CHAPTER QUESTIONS QUESTIONS1 。
Why is it important to study international financial management?Answer: We are now living in a world where all the major economic functions, i.e.,consumption,production, and investment,are highly globalized. It is thus essential for financial managers to fully understand vital international dimensions of financial management. This global shift is in marked contrast to a situation that existed when the authors of this book were learning finance some twenty years ago. At that time, most professors customarily (and safely, to some extent) ignored international aspects of finance 。
This mode of operation has become untenable since then.2. How is international financial management different from domestic financial management?Answer :There are three major dimensions that set apart international finance from domestic finance 。
国际财务管理课后习题答案(第六章)
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CHAPTER 6 INTERNATIONAL PARITY RELATIONSHIPSSUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1。
Give a full definition of arbitrage。
Answer:Arbitrage can be defined as the act of simultaneously buying and selling the same or equivalent assets or commodities for the purpose of making certain, guaranteed profits。
2. Discuss the implications of the interest rate parity for the exchange rate determination。
Answer:Assuming that the forward exchange rate is roughly an unbiased predictor of the future spot rate, IRP can be written as:S = [(1 + I£)/(1 + I$)]E[S t+1|I t]。
The exchange rate is thus determined by the relative interest rates,and the expected future spot rate,conditional on all the available information,I t, as of the present time。
One thus can say that expectation is self-fulfilling. Since the information set will be continuously updated as news hit the market, the exchange rate will exhibit a highly dynamic,random behavior.3. Explain the conditions under which the forward exchange rate will be an unbiased predictor of the future spot exchange rate.Answer: The forward exchange rate will be an unbiased predictor of the future spot rate if (I) the risk premium is insignificant and (ii) foreign exchange markets are informationally efficient。
国际财务管理课后习题答案(第六章)
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CHAPTER 6 INTERNATIONAL PARITY RELATIONSHIPSSUGGESTED ANSWERS AND SOLUTIONS TO END—OF—CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. Give a full definition of arbitrage.Answer:Arbitrage can be defined as the act of simultaneously buying and selling the same or equivalent assets or commodities for the purpose of making certain,guaranteed profits.2. Discuss the implications of the interest rate parity for the exchange rate determination。
Answer: Assuming that the forward exchange rate is roughly an unbiased predictor of the future spot rate, IRP can be written as:S = [(1 + I£)/(1 + I$)]E[S t+1 I t]。
The exchange rate is thus determined by the relative interest rates, and the expected future spot rate,conditional on all the available information,I t, as of the present time. One thus can say that expectation is self—fulfilling。
国际财务管理课后习题答案
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C H A P T E R8M A N A G E M E N T O F T R A N S A C T I O N E X P O S U R ESUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS ANDPROBLEMSQUESTIONS1. How would you define transaction exposure How is it different from economic exposureAnswer: Transaction exposure is the sensitivity of realized domestic currency values of the firm’s contractual cash flows denominated in foreign currencies to unexpected changes in exchange rates. Unlike economic exposure, transaction exposure is well-defined and short-term.2. Discuss and compare hedging transaction exposure using the forward contract vs. money market instruments. When do the alternative hedging approaches produce the same resultAnswer: Hedging transaction exposure by a forward contract is achieved by selling or buying foreign currency receivables or payables forward. On the other hand, money market hedge is achieved by borrowing or lending the present value of foreign currency receivables or payables, thereby creating offsetting foreign currency positions. If the interest rate parity is holding, the two hedging methods are equivalent.3. Discuss and compare the costs of hedging via the forward contract and the options contract. Answer: There is no up-front cost of hedging by forward contracts. In the case of options hedging, however, hedgers should pay the premiums for the contracts up-front. The cost of forward hedging, however, may be realized ex post when the hedger regrets his/her hedging decision.4. What are the advantages of a currency options contract as a hedging tool compared with the forward contractAnswer: The main advantage of using options contracts for hedging is that the hedger can decide whether to exercise options upon observing the realized future exchange rate. Options thus provide a hedge against ex post regret that forward hedger might have to suffer. Hedgers can only eliminate the downside risk while retaining the upside potential.5. Suppose your company has purchased a put option on the German mark to manage exchange exposure associated with an account receivable denominated in that currency. In this case, your company can be said to have an ‘insurance’ policy on its receivable. Explain in what sense this is so.Answer: Your company in this case knows in advance that it will receive a certain minimum dollar amount no matter what might happen to the $/€exchange rate. Furthermore, if the German mark appreciates, your company will benefit from the rising euro.6. Recent surveys of corporate exchange risk management practices indicate that many U.S. firms simply do not hedge. How would you explain this resultAnswer: There can be many possible reasons for this. First, many firms may feel that they are not really exposed to exchange risk due to product diversification, diversified markets for their products, etc. Second, firms may be using self-insurance against exchange risk. Third, firms may feel that shareholders can diversify exchange risk themselves, rendering corporate risk management unnecessary.7. Should a firm hedge Why or why notAnswer: In a perfect capital market, firms may not need to hedge exchange risk. But firms can add to their value by hedging if markets are imperfect. First, if management knows about the firm’s exposure better than shareholders, the firm, not its shareholders, should hedge. Second, firms may be able to hedge at a lower cost. Third, if default costs are significant, corporate hedging can be justifiable because it reduces the probability of default. Fourth, if the firm faces progressive taxes, it can reduce tax obligations by hedging which stabilizes corporate earnings.8. Using an example, discuss the possible effect of hedging on a firm’s tax obligations.Answer: One can use an example similar to the one presented in the chapter.9. Explain contingent exposure and discuss the advantages of using currency options to manage this type of currency exposure.Answer: Companies may encounter a situation where they may or may not face currency exposure. In this situation, companies need options, not obligations, to buy or sell a given amount of foreign exchange they may or may not receive or have to pay. If companies either hedge using forward contracts or do not hedge at all, they may face definite currency exposure.10. Explain cross-hedging and discuss the factors determining its effectiveness.Answer: Cross-hedging involves hedging a position in one asset by taking a position in another asset. The effectiveness of cross-hedging would depend on the strength and stability of the relationship between the two assets.PROBLEMS1. Cray Research sold a super computer to the Max Planck Institute in Germany on credit and invoiced €10 million payable in six months. Currently, the six-month forward exchange rate is $€ and the foreign exchange advisor for Cray Research predicts that the spot rate is likely to be $€ in six months.(a) What is the expected gain/loss from the forward hedging(b) If you were the financial manager of Cray Research, would you recommend hedging this euro receivable Why or why not(c) Suppose the foreign exchange advisor predicts that the future spot rate will be the same as the forward exchange rate quoted today. Would you recommend hedging in this case Why or why not Solution: (a) Expected gain($) = 10,000,000 –= 10,000,000(.05)= $500,000.(b) I would recommend hedging because Cray Research can increase the expected dollar receipt by $500,000 and also eliminate the exchange risk.(c) Since I eliminate risk without sacrificing dollar receipt, I still would recommend hedging.2. IBM purchased computer chips from NEC, a Japanese electronics concern, and was billed ¥250 million payable in three months. Currently, the spot exchange rate is ¥105/$ and the three-month forward rate is ¥100/$. The three-month money market interest rate is 8 percent per annum in the U.S. and 7 percent per annum in Japan. The management of IBM decided to use the money market hedge to deal with this yen account payable.(a) Explain the process of a money market hedge and compute the dollar cost of meeting the yen obligation.(b) Conduct the cash flow analysis of the money market hedge.Solution: (a). Let’s first compute the PV of ¥250 million, .,250m/ = ¥245,700,So if the above yen amount is invested today at the Japanese interest rate for three months, the maturity value will be exactly equal to ¥25 million which is the amount of payable.To buy the above yen amount today, it will cost:$2,340, = ¥250,000,000/105.The dollar cost of meeting this yen obligation is $2,340, as of today.(b)___________________________________________________________________Transaction CF0 CF1____________________________________________________________________1. Buy yens spot -$2,340,with dollars ¥245,700,2. Invest in Japan - ¥245,700, ¥250,000,0003. Pay yens - ¥250,000,000Net cash flow - $2,340,____________________________________________________________________3. You plan to visit Geneva, Switzerland in three months to attend an international business conference.You expect to incur the total cost of SF 5,000 for lodging, meals and transportation during your stay. As of today, the spot exchange rate is $SF and the three-month forward rate is $SF. You can buy the three-month call option on SF with the exercise rate of $SF for the premium of $ per SF. Assume that your expected future spot exchange rate is the same as the forward rate. The three-month interest rate is 6 percent per annum in the United States and 4 percent per annum in Switzerland.(a) Calculate your expected dollar cost of buying SF5,000 if you choose to hedge via call option on SF.(b) Calculate the future dollar cost of meeting this SF obligation if you decide to hedge using a forward contract.(c) At what future spot exchange rate will you be indifferent between the forward and option market hedges(d) Illustrate the future dollar costs of meeting the SF payable against the future spot exchange rate under both the options and forward market hedges.Solution: (a) Total option premium = (.05)(5000) = $250. In three months, $250 is worth $ = $250. At the expected future spot rate of $SF, which is less than the exercise price, you don’t expect to exercise options. Rather, you expect to buy Swiss franc at $SF. Since you are going to buy SF5,000, you expect to spend $3,150 (=.63x5,000). Thus, the total expected cost of buying SF5,000 will be the sum of $3,150 and $, ., $3,.(b) $3,150 = (.63)(5,000).(c) $3,150 = 5,000x + , where x represents the break-even future spot rate. Solving for x, we obtain x = $SF. Note that at the break-even future spot rate, options will not be exercised.(d) If the Swiss franc appreciates beyond $SF, which is the exercise price of call option, you will exercise the option and buy SF5,000 for $3,200. The total cost of buying SF5,000 will be $3, = $3,200 + $.This is the maximum you will pay.4. Boeing just signed a contract to sell a Boeing 737 aircraft to Air France. Air France will be billed €20million which is payable in one year. The current spot exchange rate is $€ and the one -year forward rateis $€. The annual interest rate is % in the U.S. and % in France. Boeing is concerned with the volatile exchange rate between the dollar and the euro and would like to hedge exchange exposure.(a) It is considering two hedging alternatives: sell the euro proceeds from the sale forward or borrow euros from the Credit Lyonnaise against the euro receivable. Which alternative would you recommend Why(b) Other things being equal, at what forward exchange rate would Boeing be indifferent between the two hedging methodsSolution: (a) In the case of forward hedge, the future dollar proceeds will be (20,000,000) = $22,000,000. In the case of money market hedge (MMH), the firm has to first borrow the PV of its euro receivable, ., 20,000,000/ =€19,047,619. Then the firm should exchange this euro amount into dollars at the current spot rate to receive: (€19,047,619)($€) = $20,000,000, which can be in vested at the dollar interest rate for one year to yield:$20,000,000 = $21,200,000.Clearly, the firm can receive $800,000 more by using forward hedging.(b) According to IRP, F = S(1+i $)/(1+i F ). Thus the “indifferent” forward rate will be: F = / = $€.5. Suppose that Baltimore Machinery sold a drilling machine to a Swiss firm and gave the Swiss client a choice of paying either $10,000 or SF 15,000 in three months.(a) In the above example, Baltimore Machinery effectively gave the Swiss client a free option to buy up to $10,000 dollars using Swiss franc. What is the ‘implied’ exercise exchange rate(b) If the spot exchange rate turns out to be $SF, which currency do you think the Swiss client will choose to use for payment What is the value of this free option for the Swiss client (c) What is the best way for Baltimore Machinery to deal with the exchange exposure Solution: (a) The implied exercise (price) rate is: 10,000/15,000 = $SF .(b) If the Swiss client chooses to pay $10,000, it will cost SF16,129 (=10,000/.62). Since the Swiss client has an option to pay SF15,000, it will choose to do so. The value of this option is obviously SF1,129 (=SF16,129-SF15,000).(c) Baltimore Machinery faces a contingent exposure in the sense that it may or may not receive SF15,000 in the future. The firm thus can hedge this exposure by buying a put option on SF15,000. 6. Princess Cruise Company (PCC) purchased a ship from Mitsubishi Heavy Industry. PCC owes Mitsubishi Heavy Industry 500 million yen in one year. The current spot rate is 124 yen per dollar and the one-year forward rate is 110 yen per dollar. The annual interest rate is 5% in Japan and 8% in the .$ Cost Options hedgeForward hedge$3,$3,1500 (strike price)$/SF$PCC can also buy a one-year call option on yen at the strike price of $.0081 per yen for a premium of .014 cents per yen.(a) Compute the future dollar costs of meeting this obligation using the money market hedge and the forward hedges.(b) Assuming that the forward exchange rate is the best predictor of the future spot rate, compute the expected future dollar cost of meeting this obligation when the option hedge is used.(c) At what future spot rate do you think PCC may be indifferent between the option and forward hedge Solution: (a) In the case of forward hedge, the dollar cost will be 500,000,000/110 = $4,545,455. In the case of money market hedge, the future dollar cost will be: 500,000,000/(124)= $4,147,465.(b) The option premium is: (.014/100)(500,000,000) = $70,000. Its future value will be $70,000 = $75,600.At the expected future spot rate of $.0091(=1/110), which is higher than the exercise of $.0081, PCC will exercise its call option and buy ¥500,000,000 for $4,050,000 (=500,000,.The total expected cost will thus be $4,125,600, which is the sum of $75,600 and $4,050,000.(c) When t he option hedge is used, PCC will spend “at most” $4,125,000. On the other hand, when the forward hedging is used, PCC will have to spend $4,545,455 regardless of the future spot rate. This means that the options hedge dominates the forward hedge. At no future spot rate, PCC will be indifferent between forward and options hedges.7. Airbus sold an aircraft, A400, to Delta Airlines, a U.S. company, and billed $30 million payable in six months. Airbus is concerned with the euro proceeds from international sales and would like to control exchange risk. The current spot exchange rate is $€ and six-month forward exchange rate is $€ at the moment. Airbus can buy a six-month put option on . dollars with a strike price of €$ for a premium of € per . dollar. Currently, six-month interest rate is % in the euro zone and % in the U.S.pute the guaranteed euro proceeds from the American sale if Airbus decides to hedge using aforward contract.b.If Airbus decides to hedge using money market instruments, what action does Airbus need to takeWhat would be the guaranteed euro proceeds from the American sale in this casec.If Airbus decides to hedge using put options on . dollars, what would be the ‘expected’ europroceeds from the American sale Assume that Airbus regards the current forward exchange rate as an unbiased predictor of the future spot exchange rate.d.At what future spot exchange rate do you think Airbus will be indifferent between the option andmoney market hedgeSolution:a. Airbus will sell $30 million for ward for €27,272,727 = ($30,000,000) / ($€).b. Airbus will borrow the present value of the dollar receivable, ., $29,126,214 = $30,000,000/, and then sell the dollar proceeds spot for euros: €27,739,251. This is the euro amount that Airbus is going to ke ep.c. Since the expected future spot rate is less than the strike price of the put option, ., €< €, Airbus expects to exercise the option and receive €28,500,000 = ($30,000,000)(€$). This is gross proceeds. Airbus spent €600,000 (=,000,000) upfront for the option and its future cost is equal to €615,000 = €600,000 x . Thus the net europroceeds from the American sale is €27,885,000, which is the difference between the gross proceeds and the option costs.d. At the indifferent future spot rate, the following will hold:€28,432,732 = S T (30,000,000) - €615,000.Solving for S T, we obtain the “indifference” future spot exchange rate, ., €$, or $€. Note that €28,432,732 is the future value of the proceeds under money market hedging:€28,432,732 = (€27,739,251) .Suggested solution for Mini Case: Chase Options, Inc.[See Chapter 13 for the case text]Chase Options, Inc.Hedging Foreign Currency Exposure Through Currency OptionsHarvey A. PoniachekI. Case SummaryThis case reviews the foreign exchange options market and hedging. It presents various international transactions that require currency options hedging strategies by the corporations involved. Seven transactions under a variety of circumstances are introduced that require hedging by currency options. The transactions involve hedging of dividend remittances, portfolio investment exposure, and strategic economic competitiveness. Market quotations are provided for options (and options hedging ratios), forwards, and interest rates for various maturities.II. Case Objective.The case introduces the student to the principles of currency options market and hedging strategies. The transactions are of various types that often confront companies that are involved in extensive international business or multinational corporations. The case induces students to acquire hands-on experience in addressing specific exposure and hedging concerns, including how to apply various market quotations, which hedging strategy is most suitable, and how to address exposure in foreign currency through cross hedging policies.III. Proposed Assignment Solution1. The company expects DM100 million in repatriated profits, and does not want the DM/$ exchange rate at which they convert those profits to rise above . They can hedge this exposure using DM put options with a strike price of . If the spot rate rises above , they can exercise the option, while if that rate falls they can enjoy additional profits from favorable exchange rate movements.To purchase the options would require an up-front premium of:DM 100,000,000 x = DM 1,640,000.With a strike price of DM/$, this would assure the U.S. company of receiving at least:DM 100,000,000 – DM 1,640,000 x (1 + x 272/360)= DM 98,254,544/ DM/$ = $57,796,791by exercising the option if the DM depreciated. Note that the proceeds from the repatriated profits are reduced by the premium paid, which is further adjusted by the interest foregone on this amount. However, if the DM were to appreciate relative to the dollar, the company would allow the option to expire, and enjoy greater dollar proceeds from this increase.Should forward contracts be used to hedge this exposure, the proceeds received would be:DM100,000,000/ DM/$ = $59,790,732,regardless of the movement of the DM/$ exchange rate. While this amount is almost $2 million more than that realized using option hedges above, there is no flexibility regarding the exercise date; if this date differs from that at which the repatriate profits are available, the company may be exposed to additional further current exposure. Further, there is no opportunity to enjoy any appreciation in the DM. If the company were to buy DM puts as above, and sell an equivalent amount in calls with strike price , the premium paid would be exactly offset by the premium received. This would assure that the exchange rate realized would fall between and . If the rate rises above , the company will exercise its put option, and if it fell below , the other party would use its call; for any rate in between, both options would expire worthless. The proceeds realized would then fall between:DM 100,00,000/ DM/$ = $60,716,454andDM 100,000,000/ DM/$ = $58,823,529.This would allow the company some upside potential, while guaranteeing proceeds at least $1 million greater than the minimum for simply buying a put as above.Buy/Sell OptionsDM/$SpotPut Payoff “Put”Profits Call Payoff“Call”Profits Net Profit(1,742,846) 0 1,742,846 60,716,454 60,716,454 (1,742,846) 0 1,742,846 60,716,454 60,716,454 (1,742,846) 0 1,742,846 60,716,454 60,716,454 (1,742,846) 0 1,742,846 60,716,454 60,716,454 (1,742,846) 0 1,742,846 60,716,454 60,716,454 (1,742,846) 60,606,061 1,742,846 0 60,606,061 (1,742,846) 60,240,964 1,742,846 0 60,240,964 (1,742,846) 59,880,240 1,742,846 0 59,880,240 (1,742,846) 59,523,810 1,742,846 0 59,523,810 (1,742,846) 59,171,598 1,742,846 0 59,171,598 (1,742,846) 58,823,529 1,742,846 0 58,823,529 (1,742,846) 58,823,529 1,742,846 0 58,823,529 (1,742,846) 58,823,529 1,742,846 0 58,823,529 (1,742,846) 58,823,529 1,742,846 0 58,823,529 (1,742,846) 58,823,529 1,742,846 0 58,823,529 (1,742,846) 58,823,529 1,742,846 0 58,823,529 (1,742,846) 58,823,529 1,742,846 0 58,823,529 (1,742,846) 58,823,529 1,742,846 0 58,823,529 (1,742,846) 58,823,529 1,742,846 0 58,823,529 (1,742,846) 58,823,529 1,742,846 0 58,823,529(1,742,846) 58,823,529 1,742,846 0 58,823,529 (1,742,846) 58,823,529 1,742,846 0 58,823,529 (1,742,846) 58,823,529 1,742,846 0 58,823,529 (1,742,846) 58,823,529 1,742,846 0 58,823,529 (1,742,846) 58,823,529 1,742,846 0 58,823,529 (1,742,846) 58,823,529 1,742,846 0 58,823,529Since the firm believes that there is a good chance that the pound sterling will weaken, locking them into a forward contract would not be appropriate, because they would lose the opportunity to profit from this weakening. Their hedge strategy should follow for an upside potential to match their viewpoint. Therefore, they should purchase sterling call options, paying a premium of:5,000,000 STG x = 88,000 STG.If the dollar strengthens against the pound, the firm allows the option to expire, and buys sterling in the spot market at a cheaper price than they would have paid for a forward contract; otherwise, the sterling calls protect against unfavorable depreciation of the dollar.Because the fund manager is uncertain when he will sell the bonds, he requires a hedge which will allow flexibility as to the exercise date. Thus, options are the best instrument for him to use. He can buy A$ puts to lock in a floor of A$/$. Since he is willing to forego any further currency appreciation, he can sell A$ calls with a strike price of A$/$ to defray the cost of his hedge (in fact he earns a net premium of A$ 100,000,000 x –= A$ 2,300), while knowing that he can’t receive less than A$/$ when redeeming his investment, and can benefit from a small appreciation of the A$.Example #3:Problem: Hedge principal denominated in A$ into US$. Forgo upside potential to buy floor protection.I. Hedge by writing calls and buying puts1) Write calls for $/A$ @Buy puts for $/A$ @# contracts needed = Principal in A$/Contract size100,000,000A$/100,000 A$ = 1002) Revenue from sale of calls = (# contracts)(size of contract)(premium)$75,573 = (100)(100,000 A$)(.007234 $/A$)(1 + .0825 195/360)3) Total cost of puts = (# contracts)(size of contract)(premium)$75,332 = (100)(100,000 A$)(.007211 $/A$)(1 + .0825 195/360)4) Put payoffIf spot falls below , fund manager will exercise putIf spot rises above , fund manager will let put expire5) Call payoffIf spot rises above .8025, call will be exercised If spot falls below .8025, call will expire6) Net payoffSee following Table for net payoff Australian Dollar Bond HedgeStrikePrice Put Payoff “Put”Principal Call Payoff“Call”Principal Net Profit(75,332) 72,000,000 75,573 0 72,000,241(75,332) 72,000,000 75,573 0 72,000,241(75,332) 72,000,000 75,573 0 72,000,241(75,332) 72,000,000 75,573 0 72,000,241(75,332) 72,000,000 75,573 0 72,000,241(75,332) 72,000,000 75,573 0 72,000,241(75,332) 72,000,000 75,573 0 72,000,241(75,332) 72,000,000 75,573 0 72,000,241(75,332) 72,000,000 75,573 0 72,000,241(75,332) 72,000,000 75,573 0 72,000,241(75,332) 72,000,000 75,573 0 72,000,241(75,332) 72,000,000 75,573 0 72,000,241(75,332) 72,000,000 75,573 0 72,000,241(75,332) 73,000,000 75,573 0 73,000,241(75,332) 74,000,000 75,573 0 74,000,241(75,332) 75,000,000 75,573 0 75,000,241(75,332) 76,000,000 75,573 0 76,000,241(75,332) 77,000,000 75,573 0 77,000,241(75,332) 78,000,000 75,573 0 78,000,241(75,332) 79,000,000 75,573 0 79,000,241(75,332) 80,000,000 75,573 0 80,000,241(75,332) 0 75,573 80,250,000 80,250,241(75,332) 0 75,573 80,250,000 80,250,241(75,332) 0 75,573 80,250,000 80,250,241(75,332) 0 75,573 80,250,000 80,250,241(75,332) 0 75,573 80,250,000 80,250,241 4. The German company is bidding on a contract which they cannot be certain of winning. Thus, the need to execute a currency transaction is similarly uncertain, and using a forward or futures as a hedge is inappropriate, because it would force them to perform even if they do not win the contract.Using a sterling put option as a hedge for this transaction makes the most sense. For a premium of:12 million STG x = 193,200 STG,they can assure themselves that adverse movements in the pound sterling exchange rate will not diminish the profitability of the project (and hence the feasibility of their bid), while at the same time allowing the potential for gains from sterling appreciation.5. Since AMC in concerned about the adverse effects that a strengthening of the dollar would have on its business, we need to create a situation in which it will profit from such an appreciation. Purchasing a yen put or a dollar call will achieve this objective. The data in Exhibit 1, row 7 represent a 10 percent appreciation of the dollar strike vs. forward rate) and can be used to hedge against a similar appreciation of the dollar.For every million yen of hedging, the cost would be:Yen 100,000,000 x = 127 Yen.To determine the breakeven point, we need to compute the value of this option if the dollar appreciated 10 percent (spot rose to , and subtract from it the premium we paid. This profit would be compared with the profit earned on five to 10 percent of AMC’s sales (which would be lost as a result of the dollar appreciation). The number of options to be purchased which would equalize these two quantities would represent the breakeven point.Example #5:Hedge the economic cost of the depreciating Yen to AMC.If we assume that AMC sales fall in direct proportion to depreciation in the yen ., a 10 percent decline in yen and 10 percent decline in sales), then we can hedge the full value of AMC’s sales. I have assumed $100 million in sales.1) Buy yen puts# contracts needed = Expected Sales *Current ¥/$ Rate / Contract size9600 = ($100,000,000)(120¥/$) / ¥1,250,0002) Total Cost = (# contracts)(contract size)(premium)$1,524,000 = (9600)( ¥1,250,000)($¥)3) Floor rate = Exercise – Premium¥/$ = ¥/$ - $1,524,000/12,000,000,000¥4) The payoff changes depending on the level of the ¥/$ rate. The following table summarizes thepayoffs. An equilibrium is reached when the spot rate equals the floor rate.AMC ProfitabilityYen/$ Spot Put Payoff Sales Net Profit120 (1,524,990) 100,000,000 98,475,010121 (1,524,990) 99,173,664 97,648,564122 (1,524,990) 98,360,656 96,835,666123 (1,524,990) 97,560,976 86,035,986124 (1,524,990) 96,774,194 95,249,204125 (1,524,990) 96,000,000 94,475,010126 (1,524,990) 95,238,095 93,713,105127 (847,829) 94,488,189 93,640,360128 (109,640) 93,750,000 93,640,360129 617,104 93,023,256 93,640,360130 1,332,668 92,307,692 93,640,360131 2,037,307 91,603,053 93,640,360132 2,731,269 90,909,091 93,640,360133 3,414,796 90,225,664 93,640,360134 4,088,122 89,552,239 93,640,360135 4,751,431 88,888,889 93,640,360136 5,405,066 88,235,294 93,640,360137 6,049,118 87,591,241 93,640,360138 6,683,839 86,966,522 93,640,360139 7,308,425 86,330,936 93,640,360140 7,926,075 85,714,286 93,640,360141 8,533,977 85,106,383 93,640,360142 9,133,318 84,507,042 93,640,360143 9,724,276 83,916,084 93,640,360144 10,307,027 83,333,333 93,640,360145 10,881,740 82,758,621 93,640,360146 11,448,579 82,191,781 93,640,360147 12,007,707 81,632,653 93,640,360148 12,569,279 81,081,081 93,640,360149 13,103,448 80,536,913 93,640,360150 13,640,360 80,000,000 93,640,360The parent has a DM payable, and Lira receivable. It has several ways to cover its exposure; forwards, options, or swaps.The forward would be acceptable for the DM loan, because it has a known quantity and maturity, but the Lira exposure would retain some of its uncertainty because these factors are not assured.The parent could buy DM calls and Lira puts. This would allow them to take advantage of favorable。
国际财务管理习题及答案
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01
3. 国际融资风险管理
02
• 国际融资风险的识别与评估
03
• 国际融资风险的控制与防范措施
国际营运资金管理的答案
1. 国际营运资金管理概述 • 国际营运资金管理的定义和目标
• 国际营运资金管理的主要内容和方法
国际营运资金管理的答案
2. 国际现金管理
• 国际现金流入与流出的管理
• 国际现金预算与控制的方法和 步骤
国际投资决策
1. 简答题
简述国际投资的优势和风险。
4. 案例题
分析某公司如何进行国际投资决策。
2. 论述题
论述国际投资决策需要考虑的因素。
3. 计算题
计算国际投资组合的预期收益率和风险。
国际融资决策
1. 简答题
简述国际融资的渠道和方式。
3. 计算题
计算国际融资的成本和效益。
2. 论述题
论述国际融资决策需要考虑的因 素。
国际财务管理涉及多国经济环境、货 币汇率变动、国际税务法规、政治风 险等因素,需要综合考虑多种因素, 制定合适的财务策略。
国际财务管理的重要性
1. 全球化经营的需要
随着全球化进程加速,跨国公司需要有效的国际财务管理来整合全 球资源,优化资源配置,提高经营效率。
2. 降低财务风险
国际财务管理有助于跨国公司识别、评估和控制财务风险,降低经 营风险。
国际营运资金管理的答案
3. 国际应收账款管理
• 国际应收账款的信用政策制定与执 行
• 国际应收账款的催收与保理业务
04 国际财务管理案例分析
跨国公司外汇风险管理案例
案例背景
某跨国公司在多个国家设有子公 司,由于各国的汇率波动,公司 面临外汇风险。
(完整word版)国际财务管理课后习题答案chapter9
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CHAPTER 9 MANAGEMENT OF ECONOMIC EXPOSURESUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. How would you define economic exposure to exchange risk?Answer: Economic exposure can be defined as the possibility that the firm’s cash flows and thus its market value may be affected by the unexpected exchange rate changes.2. Explain the following statement: “Exposure is the regression coefficient.”Answer: Exposure to currency risk can be appropriately measured by th e sensitivity of the firm’s future cash flows and the market value to random changes in exchange rates. Statistically, this sensitivity can be estimated by the regression coefficient. Thus, exposure can be said to be the regression coefficient.3. Suppose that your company has an equity position in a French firm. Discuss the condition under which the dollar/franc exchange rate uncertainty does not constitute exchange exposure for your company.Answer: Mere changes in exchange rates do not necessarily constitute currency exposure. If the French franc value of the equity moves in the opposite direction as much as the dollar value of the franc changes, then the dollar value of the equity position will be insensitive to exchange rate movements. As a result, your company will not be exposed to currency risk.4. Explain the competitive and conversion effects of exchange rate changes on the firm’s operating cash flow.Answer: The competitive effect: exchange rate changes may affect operating cash flows by altering the firm’s competitive position.The conversion effect: A given operating cash flows in terms of a foreign currency will be converted into higher or lower dollar (home currency)amounts as the exchange rate changes.5. Discuss the determinants of operating exposure.Answer: The main determinants of a firm’s operating exposure are (1) the structure of the markets in which the firm sources its inputs, such as labor and materials, and sells its products, and (2) the firm’s ability to mitigate the effect of exchange rate changes by adjusting its markets, product mix, and sourcing.6. Discuss the implications of purchasing power parity for operating exposure.Answer: If the exchange rate changes are matched by the inflation rate differential between countries, firms’ competitive positions will not be altered by exchange rate changes. Firms are not subject to operating exposure.7. General Motors exports cars to Spain but the strong dollar against the peseta hurts sales of GM cars in Spain. In the Spanish market, GM faces competition from the Italian and French car makers, such as Fiat and Renault, whose currencies remain stable relative to the peseta. What kind of measures would you recommend so that GM can maintain its market share in Spain.Answer: Possible measures that GM can take include: (1) diversify the market; try to market the cars not just in Spain and other European countries but also in, say, Asia; (2) locate production facilities in Spain and source inputs locally; (3) locate production facilities, say, in Mexico where production costs are low and export to Spain from Mexico.8. What are the advantages and disadvantages of financial hedging of the firm’s operating exposure vis-à-vis operational hedges (such as relocating manufacturing site)?Answer: Financial hedging can be implemented quickly with relatively low costs, but it is difficult to hedge against long-term, real exposure with financial contracts. On the other hand, operational hedges are costly, time-consuming, and not easily reversible.9. Discuss the advantages and disadvantages of maintaining multiple manufacturing sites as a hedge against exchange rate exposure.Answer: To establish multiple manufacturing sites can be effective in managing exchange risk exposure, but it can be costly because the firm may not be able to take advantage of the economy of scale.10. Evaluate the following statement: “A firm can reduce its currency exposure by diversifying across different business lines.”Answer: Conglomerate expansion may be too costly as a means of hedging exchange risk exposure. Investment in a different line of business must be made based on its own merit.11. The exchange rate uncertainty may not necessarily mean that firms face exchange risk exposure. Explain why this may be the case.Answer: A firm can have a natural hedging position due to, for example, diversified markets, flexible sourcing capabilities, etc. In addition, to the extent that the PPP holds, nominal exchange rate changes do not influenc e firms’ competitive positions. Under these circumstances, firms do not need to worry about exchange risk exposure.PROBLEMS1. Suppose that you hold a piece of land in the City of London that you may want to sell in one year. As a U.S. resident, you are concerned with the dollar value of the land. Assume that, if the British economy booms in the future, the land will be worth £2,000 and one British pound will be worth $1.40. If the British economy slows down, on the other hand, the land will be worth less, i.e., £1,500, but the pound will be stronger, i.e., $1.50/£. You feel that the British economy will experience a boom with a 60% probability and a slow-down with a 40% probability.(a) Estimate your exposure b to the exchange risk.(b) Compute the variance of the dollar value of your property that is attributable to the exchange rate uncertainty.(c) Discuss how you can hedge your exchange risk exposure and also examine the consequences of hedging.Solution: (a) Let us compute the necessary parameter values:E(P) = (.6)($2800)+(.4)($2250) = $1680+$900 = $2,580E(S) = (.6)(1.40)+(.4)(1.5) = 0.84+0.60 = $1.44Var(S) = (.6)(1.40-1.44)2 + (.4)(1.50-1.44)2= .00096+.00144 = .0024.Cov(P,S) = (.6)(2800-2580)(1.4-1.44)+(.4)(2250-2580)(1.5-1.44)= -5.28-7.92 = -13.20b = Cov(P,S)/Var(S) = -13.20/.0024 = -£5,500.You have a negative exposure! As the pound gets stronger (weaker) against the dollar, the dollar value of your British holding goes down (up).(b) b2Var(S) = (-5500)2(.0024) =72,600($)2(c) Buy £5,500 forward. By doing so, you can eliminate the volatility of the dollar value of your British asset that is due to the exchange rate volatility.2. A U.S. firm holds an asset in France and faces the following scenario:In the above table, P* is the euro price of the asset held by the U.S. firm and P is the dollar price of the asset.(a) Compute the exchange exposure faced by the U.S. firm.(b) What is the variance of the dollar price of this asset if the U.S. firm remains unhedged against thisexposure?(c) If the U.S. firm hedges against this exposure using the forward contract, what is the variance of thedollar value of the hedged position?Solution: (a)E(S) = .25(1.20 +1.10+1.00+0.90) = $1.05/€E(P) = .25(1,800+1,540+1,300 +1,080) = $1,430Var(S) = .25[(1.20-1.05)2 +(1.10-1.05)2+(1.00-1.05)2+(0.90-1.05)2]= .0125Cov(P,S) = .25[(1,800-1,430)(1.20-1.05) + (1,540-1,430)(1.10-1.05)(1,300-1,430)(1.00-1.05) + (1,080-1,430)(0.90-1.05)]= 30b = Cov(P,S)/Var(S) = 30/0.0125 = €2,400.(b) Var(P) = .25[(1,800-1,430)2+(1,540-1,430)2+(1,300-1,430)2+(1,080-1,430)2]= 72,100($)2.(c) Var(P) - b2Var(S) = 72,100 - (2,400)2(0.0125) = 100($)2.This means that most of the volatility of the dollar value of the French asset can be removed by hedging exchange risk. The hedging can be achieved by selling €2,400 forward.MINI CASE: ECONOMIC EXPOSURE OF ALBION COMPUTERS PLCConsider Case 3 of Albion Computers PLC discussed in the chapter. Now, assume that the pound is expected to depreciate to $1.50 from the current level of $1.60 per pound. This implies that the pound cost of the imported part, i.e., Intel’s microprocessors, is £341 (=$512/$1.50). Other variables, such as the unit sales volume and the U.K. inflation rate, remain the same as in Case 3.(a) Compute the projected annual cash flow in dollars.(b) Compute the projected operating gains/losses over the four-year horizon as the discounted present value of change in cash flows, which is due to the pound depreciation, from the benchmark case presented in Exhibit 12.4.(c) What actions, if any, can Albion take to mitigate the projected operating losses due to the pound depreciation?Suggested Solution to Economic Exposure of Albion Computers PLCa) The projected annual cash flow can be computed as follows:______________________________________________________Sales (40,000 units at £1,080/unit) £43,200,000Variable costs (40,000 units at £697/unit) £27,880,000Fixed overhead costs 4,000,000Depreciation allowances 1,000,000Net profit before tax £15,315,000Income tax (50%) 7,657,500Profit after tax 7,657,500Add back depreciation 1,000,000Operating cash flow in pounds £8,657,500Operating cash flow in dollars $12,986,250______________________________________________________b) ______________________________________________________Benchmark CurrentVariables Case Case______________________________________________________Exchange rate ($/£) 1.60 1.50Unit variable cost (£) 650 697Unit sales price (£) 1,000 1,080Sales volume (units) 50,000 40,000Annual cash flow (£) 7,250,000 8,657,500Annual cash flow ($) 11,600,000 12,986,250Four-year present value ($) 33,118,000 37,076,946Operating gains/losses ($) 3,958,946______________________________________________________c) In this case, Albion actually can expect to realize exchange gains, rather than losses. This is mainly due to the fact that while the selling price appreciates by 8% in the U.K. market, the variable cost of imported input increased by about 6.25%. Albion may choose not to do anything.。
国际财务管理课后作业答案
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《国际财务管理》章后练习题第一章【题1—1】某跨国公司A,2006年11月兼并某亏损国有企业B。
B企业兼并时账面净资产为500万元,2005年亏损100万元(以前年度无亏损),评估确认的价值为550万元。
经双方协商,A 跨国公司可以用以下两种方式兼并B企业。
甲方式:A公司以180万股和10万元人民币购买B企业(A公司股票市价为3元/股);乙方式:A公司以150万股和100万元人民币购买B企业。
兼并后A公司股票市价3.1元/股。
A公司共有已发行的股票2000万股(面值为1元/股)。
假设兼并后B企业的股东在A公司中所占的股份以后年度不发生变化,兼并后A公司企业每年未弥补亏损前应纳税所得额为900万元,增值后的资产的平均折旧年限为5年,行业平均利润率为10%。
所得税税率为33%。
请计算方式两种发方式的差异。
【题1—1】答案(1)甲方式:B企业不需将转让所得缴纳所得税;B 企业2005年的亏损可以由A公司弥补。
A公司当年应缴所得税=(900-100)×33%=264万元,与合并前相比少缴33万元所得税,但每年必须为增加的股权支付股利。
(2)乙方式:由于支付的非股权额(100万元)大于股权面值的20%(30万元)。
所以,被兼并企业B应就转让所得缴纳所得税。
B企业应缴纳的所得税=(150 ×3 + 100- 500)×33% = 16.5(万元)B企业去年的亏损不能由A公司再弥补。
(3)A公司可按评估后的资产价值入帐,计提折旧,每年可减少所得税(550-500)/5×33%=3.3万元。
【题1—2】东方跨国公司有A、B、C、D四个下属公司,2006年四个公司计税所得额和所在国的所得税税率为:A公司:500万美元 33%B公司:400万美元 33%C公司:300万美元 24%D公司:-300万美元 15%东方公司的计税所得额为-100万美元,其所在地区的所得税税率为15%。
国际财务管理(填有答案)
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《国际财务管理》章后练习题及参考答案第一章绪论一、单选题1. 关于国际财务管理学与财务管理学的关系表述正确的是(C)。
A. 国际财务管理是学习财务管理的基础B. 国际财务管理与财务管理是两门截然不同的学科C. 国际财务管理是财务管理的一个新的分支D. 国际财务管理研究的范围要比财务管理的窄2. 凡经济活动跨越两个或更多国家国界的企业,都可以称为( A )。
A. 国际企业B. 跨国企业C. 跨国公司D. 多国企业3.企业的( C)管理与财务管理密切结合,是国际财务管理的基本特点A.资金B.人事C.外汇 D成本4.国际财务管理与跨国企业财务管理两个概念( D) 。
A. 完全相同B. 截然不同C. 仅是名称不同D. 内容有所不同4.国际财务管理的内容不应该包括( C )。
A. 国际技术转让费管理B. 外汇风险管理C. 合并财务报表管理D. 企业进出口外汇收支管理5.“企业生产经营国际化”和“金融市场国际化”的关系是( C )。
A. 二者毫不相关B. 二者完全相同C. 二者相辅相成D. 二者互相起负面影响二、多选题1.国际企业财务管理的组织形态应考虑的因素有()。
A.公司规模的大小B.国际经营的投入程度C.管理经验的多少D.整个国际经营所采取的组织形式2.国际财务管理体系的内容包括()A.外汇风险的管理B.国际税收管理C.国际投筹资管理D.国际营运资金管3.国际财务管理目标的特点()。
A.稳定性B.多元性C.层次性D.复杂性4.广义的国际财务管理观包括()。
A.世界统一财务管理观B.比较财务管理观C.跨国公司财务管理观D.国际企业财务管理观5. 我国企业的国际财务活动日益频繁,具体表现在( )。
A. 企业从内向型向外向型转化B. 外贸专业公司有了新的发展C. 在国内开办三资企业D. 向国外投资办企业E. 通过各种形式从国外筹集资金三、判断题1.国际财务管理是对企业跨国的财务活动进行的管理。
()2.国际财务管理学是着重研究企业如何进行国际财务决策,使所有者权益最大化的一门科学。
国际财务管理(作业)答案
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国际财务管理作业答案书31页习题4、美元与日元的汇率是$1=¥200.01,日元与欧元的汇率是 Euro=¥189.12,那么欧元与美元的兑换比率是多少?日元=1/200.01 美元日元=1/189.12 欧元所以欧元和美元的比率是189.12/200.01=0.94555、假设在纽约,直接标价法下英镑与美元的汇率是1.1110-5.那么在纽约500000 英镑价值多少美元?在伦敦,直接标价法下的美元汇率是多少?英镑与美元的汇率是1/1.1110-5,那么在纽约英镑值555500-555750 在伦敦直接标价法下美元汇率是 1/0.9 1/0.896、一个投资者想以0.9080 美元的价格购买欧元现货,然后以0.9086 美元的价格卖出一个 180 天的欧元远期。
请问欧元掉期率是多少?180 天欧元升水是多少?(0.9086-0.9080)/0.9080*360/180=0.0013 升水是0.000669页习题2、一家英国公司向美国某公司出售引擎并从其购买零件。
假设有一笔15 亿美元的应收账款和一笔7.4 亿美元的应付账款。
他还有6 亿美元的借款,现汇汇率是$1.5128/£。
这家英国公司用美元和英镑表示的美元交易风险各是多少?假设英镑升值到$1.7642/£,这家英国公司用英镑表示的美元交易风险损益是多少?用美元表示的美元交易风险15 亿美元-7.4 亿美元-6 亿美元=14.8660 亿美元用英镑表示的美元交易风险(15 亿美元-7.4 亿美元-6 亿美元)/1.5128=9.8268 亿英镑用英镑表示的美元交易风险损益=9.8268 亿英镑-14.8660 亿美元/1.7642=1.4003 亿英镑。
3、假设美国贝尔公司的英国分公司在年初和年末的流动资产是 100 万英镑,固定资产 200 万英镑,流动负债是100 万英镑,它没有长期负债。
在流动/非流动着算法、货币/非货币折算法、时态法和现行汇率法下的英国贝尔分公司的会计风险是多少?流动/非流动性折算法下英国贝尔分公司的会计风险为:流动资产100 万英镑+流动负债100 万英镑货币/非货币则算法下英国贝尔分公司的会计风险为:货币性资产100 万英镑+货币性负债 100 万英镑。
浙江大学远程教育《国际财务管理作业》1
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1.国际企业在全球范围内对公司内部的收付款项进行综合调度,抵消部分收付款额度,而只将抵消后的净额进行结算的方法称为()。
A 抵消结算B 净额结算C 内部结算D 统筹结算 正确答案:B2.国际企业国外子公司向母公司转移资金的最重要方式是()。
A 股利B 内部信贷C 支付特许权费D 支付管理服务费 正确答案:A3.国际企业在考虑国家风险的情况下,决定采用调高项目报酬率的方式辅助投资决策,这就是()。
A 调整折现率法B 调整现金流量法C 调整利率法D 降低成本法 正确答案:A4.不论跨国纳税人的收入源于何国,只要是本国居民,就要对其全部收入予以征税,这属于()。
A 按属地原则确立的税收管辖权B 居住管辖权 C地域管辖权D 收入来源管辖权 正确答案:B5.可口可乐公司采用在其他国家设立制造厂而非特许经营的模式,从国际直接投资角度来看,属于国际直接投资的( )动机。
A 避开贸易壁垒B 保护无形资产C 利用国外生产要素D 实现纵向一体化 正确答案:B6.关于国际商业银行贷款的表述不正确的是( )。
A 不需要专款专用B 贷款金额大C 贷款成本较低D 贷款手续简便 正确答案:C7.国际转移价格的强化管理功能是指( )。
A 在世界范围内调配公司资源,实现优化配置B 将尽可能多的利润转移到税率较低的国家,降低税负C对子公司实行业绩评价和管理控制,体现分权管理式管理8.关于融资性租赁与经营性租赁异同点的表述,正确的是()。
A 融资性租赁的租赁公司保留设备所有权B 融资性租赁合同期内,租赁设备的管理、维修和保养由出租人负责C 经营性租赁的租期一般较长D 租赁期满后,经营性租赁的承租人可以按资产的公平市价购买设备正确答案:A9.不属于国际资金转移管理方式的是( )。
A 内部信贷B 支付特许权费C 转移定价D 购买原材料 正确答案:D10.为了使国际企业的整体纳税额减少,由高税国子公司向低税国子公司的出口业务应采取( )。
国际财务管理课后习题答案chapter3
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国际财务管理课后习题答案chapter3***** 3 ***** OF *****S*****ED ***** AND *****NS TO END-OF-**********NS AND *****S*****NS1. Define the balance of payments.Answer: The balance of payments (BOP) can be defined as the statistical record of a country?s international transactions over a certain period of time presented in the form of double-entry bookkeeping.2. Why would it be useful to examine a country?s balance of payments data?Answer: It would be useful to examine a country?s BOP for at least two reasons. First, BOP provides detailed information about the supply and demand of the country?s currency. Second, BOP data can be used to evaluate the performance of the country in international economic competition. For example, if a country is experiencing perennial BOP deficits, it may signal that the country?s industries lack competitiveness.3. The United States has experienced continuous current account deficits since the early 1980s. What do you think are the main causes for the deficits? What would be the consequences of continuous U.S. current account deficits?Answer: The current account deficits of U.S. may have reflected a few reasons such as (I) a historically high real interest rate in the U.S., which is due to ballooning federal budget deficits, that kept the dollar strong, and (ii) weak competitiveness of the U.S. industries.4. In contrast to the U.S., Japan has realized continuous current account surpluses. What could be the main causes for these surpluses? Is it desirable to have continuous current account surpluses?Answer: Japan?s continuous current account surpluses may have reflected a weak yen and high competitiveness of Japanese industries. Massive capital exports by Japan prevented yen from appreciating more than it did. At the same time, foreigners? exports to Japan were hampered by closed nature of Japanese markets. Continuous current account surpluses disrupt free trade by promoting protectionist IM-1sentiment in the deficit country. It is not desirable especially when it is brought about by the mercantilist policies.5. Comment on the following statement: “Since the U.S. imports more than it exports, it is necessary for the U.S. to import capital from foreign countries to finance its current account deficits.”Answer: The statement presupposes that the U.S. current account deficit causes its capital account surplus. In reality, the causality may be running in the opposite direction: U.S. capital account surplus may cause the country?s current account deficit. Suppose foreigners find the U.S. a great place to invest and send their capital to the U.S., resulting in U.S. capital account surplus. This capital inflow will strengthen the dollar, hurting the U.S. export and encouraging imports from foreign countries, causing current account deficits.6. Explain how a country can run an overall balance of payments deficit or surplus.Answer: A country can run an overall BOP deficit or surplus by engaging in the official reserve transactions. For example, an overall BOP deficit can be supported by drawing down the central bank?s reserve holdings. Likewise, an overall BOP surplus can be absorbed byadding to the central bank?s reserve holdings.7. Explain official reserve assets and its major components.Answer: Official reserve assets are those financial assets that can be used as international means of payments. Currently, official reserve assets comprise: (I) gold, (ii) foreign exchanges, (iii) special drawing rights (SDRs), and (iv) reserve positions with the IMF. Foreign exchanges are by far the most important official reserves.8. Explain how to compute the overall balance and discuss its significance.Answer: The overall BOP is determined by computing the cumulative balance of payments including the current account, capital account, and the statistical discrepancies. The overall BOP is significant because it indicates a country?s international payment gap that must be financed by the government?s official reserve transactions.IM-29. Since the early 1980s, foreign portfolio investors have purchased a significant portion of U.S. treasury bond issues. Discuss the short-term and long-term effects of foreigners? portfolio investment on the U.S. balance of payments.Answer: As foreigners purchase U.S. Treasury bonds, U.S. BOP will improve in the short run. But in the long run, U.S. BOP may deteriorate because the U.S. should pay interests and principals to foreigners. If foreign funds are used productively and contributes to the competitiveness of U.S. industries, however, U.S. BOP may improve in the long run.10. Describe the balance of payments identity and discuss its implications under the fixed and flexible exchange rate regimes.Answer: The balance of payments identity holds that the combined balance on the current and capital accounts should beequal in size, but opposite in sign, to the change in the official reserves: BCA + BKA = -BRA. Under the pure flexible exchange rate regime, central banks do not engage in official reserve transactions. Thus, the overall balance must balance, i.e., BCA = -BKA. Under the fixed exchange rate regime, however, a country can have an overall BOP surplus or deficit as the central bank will accommodate it via official reserve transactions.11. Exhibit 3.3 indicates that in 1991, the U.S. had a current account deficit and at the same time a capital account deficit. Explain how this can happen?Answer: In 1991, the U.S. experienced an overall BOP deficit, which must have been accommodated by the Federal Reserve?s official reserve action, i.e., drawing down its reserve holdings.12. Explain how each of the following transactions will be classified and recorded in the debit and credit of the U.S. balance of payments:(1) A Japanese insurance company purchases U.S. Treasury bonds and pays out of its bank account kept in New York City.(2) A U.S. citizen consumes a meal at a restaurant in Paris and pays with her American Express card. (3) A Indian immigrant living in Los Angeles sends a check drawn on his L.A. bank account as a gift to his parents living in Bombay.IM-3(4) A U.S. computer programmer is hired by a British company for consulting and gets paid from the U.S. bank account maintained by the British company. Answer:_________________________________________________________________ TransactionsJapanese purchase of U.S. T bonds? ? ? ???? ?Credit Debit_________________________________________________________________ Japanese payment using NYC accountU.S. citizen having a meal in Paris Paying the meal with American ExpressGift to parents in Bombay Receipts of the check by parents (goodwill)Export of programming serviceBritish payment out its account in U.S._________________________________________________________________13. Construct the balance of payment table for Japan for the year of 1998 which is comparable in format to Exhibit 3.1, and interpret the numerical data. You may consult International Financial Statistics published by IMF or research for useful websites for the data yourself.IM-4Answer:A summary of the Japanese Balance of Payments for 1998 (in $ billion)Current Account (1) Exports(2) Imports(3) Unilateral transferCapital Account (4) Direct investment (5) Portfolio investmentBalance on financial account [(4) + (5) + (6)]Overall balance (5.1) Equity securities (5.2) Debt securities Balance on current account [(1) + (2) + (3)] (2.1) Merchandise (2.2) Services(3.3) Factor income (1.1) Merchandise (1.2) Services (1.3) Factor incomeCredits646.03 374.04 62.41 209.585.53 120.693.27 73.70 16.11 57.59 39.514.36 6.17Debits-516.50 -251.66 -111.83 -153.01-14.37 -24.62 -113.73 -14.00 -99.73 -109.35-131.22-6.17(6) Other investment(7) Statistical discrepancies Official Reserve AccountSource: IMF, International Financial Statistics Yearbook, 1999.Note: Capital account in the above table corresponds with the ?Financial account? in IMF?s balance of payment statistics. IMF?s Capital account? is included in ?Other investment? in the above table.IM-5。
国际财务管理智慧树知到课后章节答案2023年下北京第二外国语学院
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国际财务管理智慧树知到课后章节答案2023年下北京第二外国语学院北京第二外国语学院第一章测试1.国际企业是指()。
答案:任何超出本国界限从事商业活动的公司2.企业国际化的动因包括()。
答案:绕开贸易壁垒;分散风险;寻找必要的市场;发挥企业自身优势;降低生产成本(获取低成本生产要素);获得关键要素的供给3.国际财务管理的主导目标是()。
答案:企业价值最大化4.跨国公司是国际企业发展的较高阶段。
()答案:对5.与国内企业相比,国际企业需要保持资金的流动性和较好的偿债能力。
()答案:对第二章测试1.国际收支平衡表中,经常账户、资本和金融账户、净误差与遗漏三部分的余额加总为()。
答案:2.下列说法正确的有()。
答案:如果货物或服务的出口大于进口,称为贸易顺差;货物是一国出口货物所得外汇收入和进口货物的外汇支出的总称;资金流入本国,在国际收支平衡表上将产生货物或服务贷方的增加3.初次收入包括()。
答案:雇员报酬;投资收益4.储备资产减少,应记入贷方;反之,储备资产增加,应记入借方。
()答案:对5.亚洲的大部分国家是低个人主义(即高集体主义)的国家。
()答案:对第三章测试1.关于外汇期权,下列说法正确的是()。
答案:期权的内在价值是立即行使期权时所能获得的收益2.下列说法正确的有()。
答案:单独浮动汇率制度是指一国货币不与其他货币发生固定的联系,汇率根据外汇市场供求关系浮动的制度;钉住浮动汇率制度是指一国货币与某一种外币或某一记账单位保持固定比例关系,随着该种外币或记账单位的浮动而浮动的制度3.外汇期货合约有以下特征()。
答案:是一种标准化的合约;需要缴纳保证金并逐日清算4.外汇,是指以外国货币表示的支付手段或资产。
()答案:对5.直接标价法是以一定单位的本国货币折算为一定数额的外国货币的标价方法。
()答案:错第四章测试1.关于经济风险,下列说法正确的是()。
答案:核心能力较弱的企业更容易在汇率波动中遭受损失2.交易风险的种类有()。
国际财务管理课后习题答案
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国际财务管理
第四章 外汇汇率预测
• 1、
St 5
1 8%
1 5% • 2、 iA =(1+6%)×(1+5%)-1≈11.3% iB =(1+6%)×(1+8%)-1≈14.48%
SF 5 1 14 . 48 % 1 11 . 3 % 5 . 1429
108
1
110
1
9月1日,98 100 0 . 010204 0 . 01 0 . 000204 由此造成收益为:6250×(0.000204-0.0001683)≈0.23万美元
5、
卖出应收款100万英镑应收美元数
执行汇率 应收款到期日的 期权协 即期汇率 定价格 (汇率) 1英镑=1.58美元 1英镑=1.60美元 1英镑=1.63美元 1英镑=1.65美元 1英镑=1.67美元 1.63美元 1.63美元 1.63美元 1.63美元 1.63美元 1.63美元 1.63美元 1.63美元 1.65美元 1.67美元
第六章 外汇风险管理的策略 与方法
外汇现货市场
外汇期货市场
3月1日,
6250 110 56 . 82 万美元 62 . 5 万美元
3月1日,
9月1日,
6250 108
57 . 87 万美元
9月1日,
6250 100
6250 98
63 . 78 万美元
损失:62.5-56.82=5.68万美 收益:63.78- 57.87-0.5 元 =5.41万美元 • 现货市场的损失没有全部被期货市场的收益所抵补,相差 0.27万美元,其原因是: (1)支付外汇期货交易佣金0.5万美元 (2)期汇市场与现汇市场的汇率变动幅度不一致 3月1日,1 1 0 . 0092592 0 . 0090099 0 . 0001683
国际财务管理课后习题答案(第六章)
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CHAPTER 6 INTERNATIONAL PARITY RELATIONSHIPSSUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. Give a full definition of arbitrage.Answer:Arbitrage can be defined as the act of simultaneously buying and selling the same or equivalent assets or commodities for the purpose of making certain, guaranteed profits.2. Discuss the implications of the interest rate parity for the exchange rate determination.Answer: Assuming that the forward exchange rate is roughly an unbiased predictor of the future spot rate, IRP can be written as:S = [(1 + I£)/(1 + I$)]E[S t+1 I t].The exchange rate is thus determined by the relative interest rates, and the expected future spot rate, conditional on all the available information, I t, as of the present time. One thus can say that expectation is self-fulfilling. Since the information set will be continuously updated as news hit the market, the exchange rate will exhibit a highly dynamic, random behavior.3. Explain the conditions under which the forward exchange rate will be an unbiased predictor of the future spot exchange rate.Answer: The forward exchange rate will be an unbiased predictor of the future spot rate if (I) the risk premium is insignificant and (ii) foreign exchange markets are informationally efficient.4. Explain the purchasing power parity, both the absolute and relative versions. What causes the deviations from the purchasing power parity?Answer: The absolute version of purchasing power parity (PPP):S = P$/P£.The relative version is:e = π$ - π£.PPP can be violated if there are barriers to international trade or if people in different countries have different consumption taste. PPP is the law of one price applied to a standard consumption basket.8. Explain the random walk model for exchange rate forecasting. Can it be consistent with the technical analysis?Answer: The random walk model predicts that the current exchange rate will be the best predictor of the future exchange rate. An implication of the model is that past history of the exchange rate is of no value in predicting future exchange rate. The model thus is inconsistent with the technical analysis which tries to utilize past history in predicting the future exchange rate.*9. Derive and explain the monetary approach to exchange rate determination.Answer: The monetary approach is associated with the Chicago School of Economics. It is based on two tenets: purchasing power parity and the quantity theory of money. Combing these two theories allows for stating, say, the $/£ spot exchange rate as:S($/£) = (M$/M£)(V$/V£)(y£/y$),where M denotes the money supply, V the velocity of money, and y the national aggregate output. The theory holds that what matters in exchange rate determination are:1. The relative money supply,2. The relative velocities of monies, and3. The relative national outputs.10. CFA question: 1997, Level 3.A.Explain the following three concepts of purchasing power parity (PPP):a. The law of one price.b. Absolute PPP.c. Relative PPP.B.Evaluate the usefulness of relative PPP in predicting movements in foreign exchange rates on:a.Short-term basis (for example, three months)b.Long-term basis (for example, six years)Answer:A. a. The law of one price (LOP) refers to the international arbitrage condition for the standardconsumption basket. LOP requires that the consumption basket should be selling for the same price ina given currency across countries.A. b. Absolute PPP holds that the price level in a country is equal to the price level in another countrytimes the exchange rate between the two countries.A. c. Relative PPP holds that the rate of exchange rate change between a pair of countries is aboutequalto the difference in inflation rates of the two countries.B. a. PPP is not useful for predicting exchange rates on the short-term basis mainly becauseinternational commodity arbitrage is a time-consuming process.B. b. PPP is useful for predicting exchange rates on the long-term basis.PROBLEMS1. Suppose that the treasurer of IBM has an extra cash reserve of $100,000,000 to invest for six months. The six-month interest rate is 8 percent per annum in the United States and 6 percent per annum in Germany. Currently, the spot exchange rate is €1.01 per dollar and the six-month forward exchange rate is €0.99 per dollar. The treasurer of IBM does not wish to bear any exchange risk. Where should he/she invest to maximize the return?The market conditions are summarized as follows:I$ = 4%; i€= 3.5%; S = €1.01/$; F = €0.99/$.If $100,000,000 is invested in the U.S., the maturity value in six months will be$104,000,000 = $100,000,000 (1 + .04).Alternatively, $100,000,000 can be converted into euros and invested at the German interest rate, with the euro maturity value sold forward. In this case the dollar maturity value will be$105,590,909 = ($100,000,000 x 1.01)(1 + .035)(1/0.99)Clearly, it is better to invest $100,000,000 in Germany with exchange risk hedging.2. While you were visiting London, you purchased a Jaguar for £35,000, payable in three months. You have enough cash at your bank in New York City, which pays 0.35% interest per month, compounding monthly, to pay for the car. Currently, the spot exchange rate is $1.45/£and the three-month forward exchange rate is $1.40/£. In London, the money market interest rate is 2.0% for a three-month investment. There are two alternative ways of paying for your Jaguar.(a) Keep the funds at your bank in the U.S. and buy £35,000 forward.(b) Buy a certain pound amount spot today and invest the amount in the U.K. for three months so that the maturity value becomes equal to £35,000.Evaluate each payment method. Which method would you prefer? Why?Solution: The problem situation is summarized as follows:A/P = £35,000 payable in three monthsi NY = 0.35%/month, compounding monthlyi LD = 2.0% for three monthsS = $1.45/£; F = $1.40/£.Option a:When you buy £35,000 forward, you will need $49,000 in three months to fulfill the forward contract. The present value of $49,000 is computed as follows:$49,000/(1.0035)3 = $48,489.Thus, the cost of Jaguar as of today is $48,489.Option b:The present value of £35,000 is £34,314 = £35,000/(1.02). To buy £34,314 today, it will cost $49,755 = 34,314x1.45. Thus the cost of Jaguar as of today is $49,755.You should definitely choose to use “option a”, and save $1,266, which is the diff erence between $49,755 and $48489.3. Currently, the spot exchange rate is $1.50/£ and the three-month forward exchange rate is $1.52/£. The three-month interest rate is 8.0% per annum in the U.S. and 5.8% per annum in the U.K. Assume that you can borrow as much as $1,500,000 or £1,000,000.a. Determine whether the interest rate parity is currently holding.b. If the IRP is not holding, how would you carry out covered interest arbitrage? Show all the steps and determine the arbitrage profit.c. Explain how the IRP will be restored as a result of covered arbitrage activities.Solution: Let’s summarize the given data first:S = $1.5/£; F = $1.52/£; I$ = 2.0%; I£ = 1.45%Credit = $1,500,000 or £1,000,000.a. (1+I$) = 1.02(1+I£)(F/S) = (1.0145)(1.52/1.50) = 1.0280Thus, IRP is not holding exactly.b. (1) Borrow $1,500,000; repayment will be $1,530,000.(2) Buy £1,000,000 spot using $1,500,000.(3) Invest £1,000,000 at the pound interest rate of 1.45%;maturity value will be £1,014,500.(4) Sell £1,014,500 forward for $1,542,040Arbitrage profit will be $12,040c. Following the arbitrage transactions described above,The dollar interest rate will rise;The pound interest rate will fall;The spot exchange rate will rise;The forward exchange rate will fall.These adjustments will continue until IRP holds.4. Suppose that the current spot exchange rate is €0.80/$ and the three-month forward exchange rate is €0.7813/$. The three-month interest rate is5.6 percent per annum in the United States and 5.40 percent per annum in France. Assume that you can borrow up to $1,000,000 or €800,000.a. Show how to realize a certain profit via covered interest arbitrage, assuming that you want to realize profit in terms of U.S. dollars. Also determine the size of your arbitrage profit.b. Assume that you want to realize profit in terms of euros. Show the covered arbitrage process and determine the arbitrage profit in euros.Solution:a.(1+ i $) = 1.014 < (F/S) (1+ i € ) = 1.053. Thus, one has to borrow dollars and invest in euros tomake arbitrage profit.1.Borrow $1,000,000 and repay $1,014,000 in three months.2.Sell $1,000,000 spot for €1,060,000.3.Invest €1,060,000 at the euro interest rate of 1.35 % for three months and receive €1,074,310 atmaturity.4.Sell €1,074,310 forward for $1,053,245.Arbitrage profit = $1,053,245 - $1,014,000 = $39,245.b.Follow the first three steps above. But the last step, involving exchange risk hedging, will bedifferent.5.Buy $1,014,000 forward for €1,034,280.Arbitrage profit = €1,074,310 - €1,034,280 = €40,0305. In the issue of October 23, 1999, the Economist reports that the interest rate per annum is 5.93% in the United States and 70.0% in Turkey. Why do you think the interest rate is so high in Turkey? Based on the reported interest rates, how would you predict the change of the exchange rate between the U.S. dollarand the Turkish lira?Solution: A high Turkish interest rate must reflect a high expected inflation in Turkey. According to international Fisher effect (IFE), we haveE(e) = i$ - i Lira= 5.93% - 70.0% = -64.07%The Turkish lira thus is expected to depreciate against the U.S. dollar by about 64%.6. As of November 1, 1999, the exchange rate between the Brazilian real and U.S. dollar is R$1.95/$. The consensus forecast for the U.S. and Brazil inflation rates for the next 1-year period is 2.6% and 20.0%, respectively. How would you forecast the exchange rate to be at around November 1, 2000?Solution: Since the inflation rate is quite high in Brazil, we may use the purchasing power parity to forecast the exchange rate.E(e) = E(π$) - E(πR$)= 2.6% - 20.0%= -17.4%E(S T) = S o(1 + E(e))= (R$1.95/$) (1 + 0.174)= R$2.29/$7. (CFA question) Omni Advisors, an international pension fund manager, uses the concepts of purchasing power parity (PPP) and the International Fisher Effect (IFE) to forecast spot exchange rates. Omni gathers the financial information as follows:Base price level 100Current U.S. price level 105Current South African price level 111Base rand spot exchange rate $0.175Current rand spot exchange rate $0.158Expected annual U.S. inflation 7%Expected annual South African inflation 5%Expected U.S. one-year interest rate 10%Expected South African one-year interest rate 8%Calculate the following exchange rates (ZAR and USD refer to the South African and U.S. dollar, respectively).a. The current ZAR spot rate in USD that would have been forecast by PPP.b. Using the IFE, the expected ZAR spot rate in USD one year from now.c. Using PPP, the expected ZAR spot rate in USD four years from now.Solution:a. ZAR spot rate under PPP = [1.05/1.11](0.175) = $0.1655/rand.b. Expected ZAR spot rate = [1.10/1.08] (0.158) = $0.1609/rand.c. Expected ZAR under PPP = [(1.07)4/(1.05)4] (0.158) = $0.1704/rand.8. Suppose that the current spot exchange rate is €1.50/₤ and the one-year forward exchange rate is €1.60/₤. The one-year interest rate is 5.4% in euros and 5.2% in pounds. You can borrow at most €1,000,000 or the equivalent pound amount, i.e., ₤666,667, at the current spot exchange rate.a.Show how you can realize a guaranteed profit from covered interest arbitrage. Assume that you are aeuro-based investor. Also determine the size of the arbitrage profit.b.Discuss how the interest rate parity may be restored as a result of the abovetransactions.c.Suppose you are a pound-based investor. Show the covered arbitrage process anddetermine the pound profit amount.Solution:a. First, note that (1+i €) = 1.054 is less than (F/S)(1+i €) = (1.60/1.50)(1.052) = 1.1221.You should thus borrow in euros and lend in pounds.1)Borrow €1,000,000 and promise to repay €1,054,000 in one year.2)Buy ₤666,667 spot for €1,000,000.3)Invest ₤666,667 at the pound interest rate of 5.2%; the maturity value will be ₤701,334.4)To hedge exchange risk, sell the maturity value ₤701,334 forward in exchange for €1,122,134.The arbitrage profit will be the difference between €1,122,134 and €1,054,000, i.e., €68,134.b. As a result of the above arbitrage transactions, the euro interest rate will rise, the poundinterest rate will fall. In addition, the spot exchange rate (euros per pound) will rise and the forward rate will fall. These adjustments will continue until the interest rate parity is restored.c. The pound-based investor will carry out the same transactions 1), 2), and 3) in a. But to hedge, he/she will bu y €1,054,000 forward in exchange for ₤658,750. The arbitrage profit will then be ₤42,584 = ₤701,334 - ₤658,750.9. Due to the integrated nature of their capital markets, investors in both the U.S. and U.K. require the same real interest rate, 2.5%, on their lending. There is a consensus in capital markets that the annual inflation rate is likely to be 3.5% in the U.S. and 1.5% in the U.K. for the next three years. The spot exchange rate is currently $1.50/£.pute the nominal interest rate per annum in both the U.S. and U.K., assuming that the Fishereffect holds.b.What is your expected future spot dollar-pound exchange rate in three years from now?c.Can you infer the forward dollar-pound exchange rate for one-year maturity?Solution.a. Nominal ra te in US = (1+ρ) (1+E(π$)) – 1 = (1.025)(1.035) – 1 = 0.0609 or 6.09%.Nominal rate in UK= (1+ρ) (1+E(π₤)) – 1 = (1.025)(1.015) – 1 = 0.0404 or 4.04%.b. E(S T) = [(1.0609)3/(1.0404)3] (1.50) = $1.5904/₤.c. F = [1.0609/1.0404](1.50) = $1.5296/₤.Mini Case: Turkish Lira and the Purchasing Power ParityVeritas Emerging Market Fund specializes in investing in emerging stock markets of the world. Mr. Henry Mobaus, an experienced hand in international investment and your boss, is currently interested in Turkish stock markets. He thinks that Turkey will eventually be invited to negotiate its membership in the European Union. If this happens, it will boost the stock prices in Turkey. But, at the same time, he is quite concerned with the volatile exchange rates of the Turkish currency. He would like to understand what drives the Turkish exchange rates. Since the inflation rate is much higher in Turkey than in the U.S., he thinks that the purchasing power parity may be holding at least to some extent. As a research assistant for him, you were assigned to check this out. In other words, you have to study and prepare a report on the following question: Does the purchasing power parity hold for the Turkish lira-U.S. dollar exchange rate? Among other things, Mr. Mobaus would like you to do the following:Plot the past exchange rate changes against the differential inflation rates betweenTurkey and the U.S. for the last four years.Regress the rate of exchange rate changes on the inflation rate differential to estimatethe intercept and the slope coefficient, and interpret the regression results.Data source: You may download the consumer price index data for the U.S. and Turkey from the following website: /home/0,2987,en_2649_201185_1_1_1_1_1,00.html, “hot file” (Excel format) . You may download the exchange rate data from the website: merce.ubc.ca/xr/data.html.Solution:a. In the current solution, we use the monthly data from January 1999 – December 2002.b. We regress exchange rate changes (e) on the inflation rate differential and estimate theintercept (α ) and slope coefficient (β):3.095) (t 1.472βˆ0.649)- (t 0.011αˆε Inf_US) -Inf_Turkey (βˆαˆ e tt ===-=++=The estimated intercept is insignificantly different from zero, whereas the slope coefficient is positive and significantly different from zero. In fact, the slope coefficient is insignificantly different from unity. [Note that t-statistics for β = 1 is 0.992 = (1.472 – 1)/0.476 where s.e. is 0.476] In other words, we cannot reject the hypothesis that the intercept is zero and the slope coefficient is one. The results are thus supportive of purchasing power parity.5. D iscuss the implications of the deviations from the purchasing power parity for countries’ competitive positions in the world market.Answer: If exchange rate changes satisfy PPP, competitive positions of countries will remain unaffected following exchange rate changes. Otherwise, exchange rate changes will affect relative competitiveness of countries. If a country’s currency appreciates (depreciates) by more than is warranted by PPP, that will hurt (strengthen) the country’s competitive position in the wo rld market.6. Explain and derive the international Fisher effect.Answer: The international Fisher effect can be obtained by combining the Fisher effect and the relative version of PPP in its expectational form. Specifically, the Fisher effect holds thatE(π$) = I$ - ρ$,E(π£) = I£ - ρ£.Assuming that the real interest rate is the same between the two countries, i.e., ρ$ = ρ£, and substituting the above results into the PPP, i.e., E(e) = E(π$)- E(π£), we obtain the international Fisher effect: E(e) = I$ - I£.7. Researchers found that it is very difficult to forecast the future exchange rates more accurately than the forward exchange rate or the current spot exchange rate. How would you interpret this finding?Answer: This implies that exchange markets are informationally efficient. Thus, unless one has private information that is not yet reflected in the current market rates, it would be difficult to beat the market.。
国际财务管理作业及答案
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1.若美元对人民币的即期汇率为¥7.9/$,6个月的远期汇率为¥7.8/$,已知中国6个月存款利率为2.9%,美元6个月存款利率为 4.2%。
如果投资者有一笔美元(假定100万美元),你认为应该到哪投资?为什么?答:我认为应该投资中国。
如果100万美元直接存在美国银行中:6个月到期值=$100×(1+4.2%×6/12)=$102.1(万元)如果100万美元按即期汇率换成人民币,存入中国银行,按远期汇率将人民币到期值换成美元:6个月到期值=$100×7.9×(1+2.9%×6/12)÷7.8=$102.75(万元)$102.75-102.1=$0.65(万元)在中国投资比在美国投资增加收入$6500。
2.论述交易风险管理的范围和策略,并选择某一方法展开论述。
3.国内某企业按9%的利率取得一笔期限为1年的100万港币。
企业收到该比款项后将其兑换为人民币并向供应商支付货款,此时汇率为¥1.02/HK$,一年后偿还时汇率为¥0.96/HK$,该企业所负担的所得税税率为40%。
要求:(1)计算港元的汇率变动率;(2)分别计算该企业考虑和不考虑所得税下的借款实际融资成本。
解:(1)汇率变动率=(0.96-1.02)/1.02=-5.88%(2)不考虑所得税,实际融资成本=(1+9%)×(1-5.88%)-1=2.59%考虑所得税,实际融资成本=[(1+9%)×(1-5.88%)-1]×(1-40%)=1.55%4.为什么国际直接投资决策时大多数公司以母公司为评价主体?答:(1)流向母公司现金流量受到税收差异、外汇管制、收费过量和汇率变动等的影响,与子公司现金流量不同。
税收差异——子公司所取得的收益要汇回母公司,而母公司与子公司面临的税率可能存在差异。
当母公司所在国对汇回的收益课以高税,子公司的可行项目在母公司看来该是不可行的。
国际财务管理夏乐书李琳第五版课后答案
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CH3外汇汇率与外汇风险EX3-1EX3-2EX3-3EX3-4EX3-5法兰克福市场3个月远期汇率为1美元=1.2092/1.2112欧元伦敦市场3个月远期汇率为1英镑=1.7005/1.7025美元EX4-1EX4-2(根据利率平价说)EX4-3EX4-4EX4-5EX4-6(1英镑=1.4美元)(1英镑=1.5美元)EX5-1EX-2EX-3EX-4CH6外汇风险管理的策略与方法EX6-1加价后的商品单价为1428加元(等值于1000美元)EX6-2汇率风险分摊后的货款为96.7994万美元美国公司损失(100-96.7994)/100*100%=3.20%甲企业损失(96.7994*6.61-6.2*100)/(6.2*100)*100%=3.20%EX6-3如果是第三版别之前的版本,请注意修改题目中的数据1欧元=10.03元人民币等讨论:(1)如果不防范需要付出人民币期望值为1006.8万元;如果订立远期合约需要确定付出1006万人民币。
(2)不防范方式支付欧元的人民币数额是可能数,具体金额取决于支付时的汇率,面临的汇率风险大,而且按照预测汇率变动情况计算,付出人民币的期望值高于远期合约方式;订立远期合约方式,到期时可以确定支付1006万元人民币。
(3)应该采用买入远期外汇方式。
EX6-5EX6-8借款与投资方式,基本确定可以收入49.9888万元人民币,风险较小其中:借款在国内投资可以获得本金50万元人民币,投资获利1.2188万元人民币,借款的B元按照远期汇率(4.92)计算利息为1.23万元人民币EX8-1公司应支付的承担费为7486.11美元EX8-2该借款的成本率为10.87%或10.88%EX8-3(1)公式2[8%*(1+2%)+2%]*(1-0.25)=7.62%(2)公式3[(1+8%)(1+2%)-1]*(1-0.25)=7.62%EX8-41256.22=95.1/(1+Kg)+99.216/(1+Kg)^2+1378.68/(1+Kg)^3利用EXCEL的IRR函数求得Kg为8.35%EX8-5(1)借入A元的成本率为30.67%,借入B元的成本率为16%,因此,应借入B元(2)平衡点时的汇率为1A元=6.2143B元EX8-6(1)日元的期望成本率为13.11%,欧元的期望成本率为10.86%(2)各占50%进行融资组合的综合成本率如下EX9-1债券的发行价格为52577.10日元EX9-2债券的发行价格为4656.26日元(注意还本后利息金额计算的基础需变化)EX9-3按照单利计算的分析法,计算债券发行价格为9666.67日元EX9-4该债券的成本率为7.56%EX9-5(1)美元债券的成本率为6.17%(其中考虑了发行费用每期抵税后的影响)(2)欧元债券的成本率为7.46%(第三版书汇率数据有变化)EX9-6该债券的税前成本率为7.88%EX9-7股票成本率为27.76%EX12-1采用间接抵免法,该子公司应向我国缴纳公司所得税额96万元人民币EX12-2采用直接抵免法,该分公司应向我国缴纳公司所得税额20万元人民币EX13-2假定生产子公司的销售收入在低价策略中为3500万元,高价策略中为4500万元,填表如下子公司经营情况表项目生产子公司(在A国,税率30%)销售子公司(在B国,税率30%)公司整体生产子公司(在A国,税率20%)销售子公司(在B国,税率40%)公司整体低价策略销售收入销售成本销售毛利经营费用税前利润所得税税后利润3500300050030020060140500035001500200130039091050003000200050015004501050350030005003002004016050003500150020013005207805000300020005001500560940高价策略销售收入销售成本销售毛利经营费用税前利润所得税税后利润450030001500300120036084050004500500200300902105000300020005001500450105045003000150030012002409605000450050020030012018050003000200050015003601140EX13-3冲销后的收支净额为55万元。
《国际财务管理》章后练习题及参考答案
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《国际财务管理》章后练习题及参考答案《国际财务管理》章后练习题及参考答案《国际财务管理》章后练习题及参考答案第一章绪论第一章绪论一、单选题一、单选题1. 关于国际财务管理学与财务管理学的关系表述正确的是(C)。
A. 国际财务管理是学习财务管理的基础B. 国际财务管理与财务管理是两门截然不同的学科C. 国际财务管理是财务管理的一个新的分支D. 国际财务管理研究的范围要比财务管理的窄2. 凡经济活动跨越两个或更多国家国界的企业,都可以称为( A )。
A. 国际企业 B. 跨国企业 C. 跨国公司 D. 多国企业3.企业的( C)管理与财务管理密切结合,是国际财务管理的基本特点 A.资金 B.人事 C.外汇 D成本4.国际财务管理与跨国企业财务管理两个概念( D) 。
A. 完全相同B. 截然不同C. 仅是名称不同D. 内容有所不同 4.国际财务管理的内容不应该包括( C )。
A. 国际技术转让费管理B. 外汇风险管理企业进出口外汇收支管理 C. 合并财务报表管理 D.5.“企业生产经营国际化”和“金融市场国际化”的关系是( C )。
A. 二者毫不相关 B. 二者完全相同 C. 二者相辅相成 D. 二者互相起负面影响二、多选题二、多选题1.国际企业财务管理的组织形态应考虑的因素有( )。
A.公司规模的大小 B.国际经营的投入程度C.管理经验的多少D.整个国际经营所采取的组织形式 2.国际财务管理体系的内容包括( )A.外汇风险的管理B.国际税收管理C.国际投筹资管理D.国际营运资金管 3.国际财务管理目标的特点( )。
A.稳定性B.多元性C.层次性D.复杂性4.广义的国际财务管理观包括( )。
A.世界统一财务管理观B.比较财务管理观C.跨国公司财务管理观D.国际企业财务管理观5. 我国企业的国际财务活动日益频繁,具体表现在( )。
A. 企业从内向型向外向型转化 B. 外贸专业公司有了新的发展 C. 在国内开办三资企业 D. 向国外投资办企业 E. 通过各种形式从国外筹集资金三、判断题三、判断题1.国际财务管理是对企业跨国的财务活动进行的管理。
(完整word版)国际财务管理课后习题答案chapter4
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CHAPTER 4 CORPORATE GOVERNANCE AROUND THE WORLDSUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQuestions1.The majority of major corporations are franchised as public corporations. Discuss the key strengthand weakness of the ‘public corporation’. When do you think the public corporation as an organizational form is unsuitable?Answer: The key strength of the public corporation lies in that it allows for efficient risk sharing among investors. As a result, the public corporation may raise a large sum of capital at a relatively low cost. The main weakness of the public corporation stems from the conflicts of interest between managers and shareholders.2.The public corporation is owned by multitude of shareholders but managed by professional managers.Managers can take self-interested actions at the expense of shareholders. Discuss the conditions under which the so-called agency problem arises.Answer: The agency problem arises when managers have control rights but insignificant cash flow rights. This wedge between control and cash flow rights motivates managers to engage in self-dealings at the expense of shareholders.3.Following corporate scandals and failures in the U.S. and abroad, there is a growingdemand for corporate governance reform. What should be the key objectives ofcorporate governance reform? What kind of obstacles can there be thwarting reformefforts?Answer: The key objectives of corporate governance reform should be to strengthen shareholder rights and protect shareholders from expropriation by corporate insiders, whether managers or large shareholders. Controlling shareholders or managers do not wish to lose their control rights and thus resist reform efforts.4.Studies show that the legal protection of shareholder rights varies a great deal acrosscountries. Discuss the possible reasons why the English common law traditionprovides the strongest and the French civil law tradition the weakest protection ofinvestors.Answer: In civil law countries, the state historically has played an active role in regulating economic activities and has been less protective of property rights. In England, control of the court passed from the crown to the parliament and property owners in seventeenth century. English common law thus became more protective of property owners, and this protection was extended to investors over time.5.Explain ‘the wedge’ between the control and cash flow rights and discuss its implications forcorporate governance.Answer: When there is a separation of ownership and control, managers have control rights with insignificant cash flow rights, whereas shareholders have cash flow rights but no control rights. This wedge gives rise to the conflicts of interest between managers and shareholders. The wedge is the source of the agency problem.6.Discuss different ways that dominant investors use to establish and maintain the control of thecompany with relatively small investments.Answer: Dominant investors may use: (i) shares with superior voting rights, (ii) pyramidal ownership structure, and (iii) inter-firm cross-holdings.7.The Cadbury Code of the Best Practice adopted in the United Kingdom led to a successful reform ofcorporate governance in the country. Explain the key requirements of the Code and discuss how it may have contributed to the success of reform.Answer: The Code requires that chairman of the board and CEO be held by two different individuals, and that there should be at least three outside board members. The recommended board structure helped to strengthen the monitoring function of the board and reduce the agency problem.8.Many companies grant stocks or stock options to the managers. Discuss the benefitsand possible costs of using this kind of incentive compensation scheme.Answer: Stock options can be useful for aligning the interest of managers with that of shareholders and reduce the wedge between managerial control rights and cash flow rights. But at the same time, stock options may induce managers to distort investment decisions and manipulate financial statements so that they can maximize their benefits in the short run.9.It has been shown that foreign companies listed in the U.S. stock exchanges are valued more thanthose from the same countries that are not listed in the U.S. Explain the reasons why U.S.-listed foreign firms are valued more than those which are not. Also explain why not every foreign firm wants to list stocks in the United States.Answer: Foreign companies domiciled in countries with weak investor protection can bond themselves credibly to better investor protection by listing their stocks in U.S. exchanges that are known to provide a strong investor protection. Managers of some companies may not wish to list shares in U.S. exchanges, subjecting themselves to stringent disclosure and monitoring, for fear of losing their control rights and private benefits.。
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《国际财务管理》章后练习题第一章【题1—1】某跨国公司A,2006年11月兼并某亏损国有企业B。
B企业兼并时账面净资产为500万元,2005年亏损100万元(以前年度无亏损),评估确认的价值为550万元。
经双方协商,A 跨国公司可以用以下两种方式兼并B企业。
甲方式:A公司以180万股和10万元人民币购买B企业(A公司股票市价为3元/股);乙方式:A公司以150万股和100万元人民币购买B企业。
兼并后A公司股票市价3.1元/股。
A公司共有已发行的股票2000万股(面值为1元/股)。
假设兼并后B企业的股东在A公司中所占的股份以后年度不发生变化,兼并后A公司企业每年未弥补亏损前应纳税所得额为900万元,增值后的资产的平均折旧年限为5年,行业平均利润率为10%。
所得税税率为33%。
请计算方式两种发方式的差异。
【题1—1】答案(1)甲方式:B企业不需将转让所得缴纳所得税;B 企业2005年的亏损可以由A公司弥补。
A公司当年应缴所得税=(900-100)×33%=264万元,与合并前相比少缴33万元所得税,但每年必须为增加的股权支付股利。
(2)乙方式:由于支付的非股权额(100万元)大于股权面值的20%(30万元)。
所以,被兼并企业B应就转让所得缴纳所得税。
B企业应缴纳的所得税=(150 ×3 + 100- 500)×33% = 16.5(万元)B企业去年的亏损不能由A公司再弥补。
(3)A公司可按评估后的资产价值入帐,计提折旧,每年可减少所得税(550-500)/5×33%=3.3万元。
【题1—2】东方跨国公司有A、B、C、D四个下属公司,2006年四个公司计税所得额和所在国的所得税税率为:A公司:500万美元 33%B公司:400万美元 33%C公司:300万美元 24%D公司:-300万美元 15%东方公司的计税所得额为-100万美元,其所在地区的所得税税率为15%。
请从税务角度选择成立子公司还是分公司?【题1—2】答案(1)若A、B、C、D为子公司A公司应纳所得税额=500×33%=165(万美元)B公司应纳所得税额=400×33%=132(万美元)C公司应纳所得税额=300×24%=72(万美元)D公司和总公司的亏损留作以后年度弥补。
东方跨国公司2006年度合计应纳所得税额=165+132+72=369(万美元)(2)若A、B、C、D为分公司分公司本身不独立核算,那么,各分支机构的年度计税所得额都要并入总机构缴纳所得税,其应纳所得税的计算为:500+400+300-300-100)×15%=120(万美元)企业合并纳税,一是各自之间的亏损可以弥补,二是由于总机构位于低税率地区,汇总纳税可以降低税率,节税249万美元(369-120)。
第二章【题2—1】以下是2006年8月×日人民币外汇牌价(人民币/100外币):货币汇买价汇卖价日元 6.816 6.8707美元 795.37 798.55港币 102.29 102.68欧元 1013.01 1021.14英镑 1498.63 1510.67澳元 604.35 609.2加元 715.12 720.87瑞郎 640.65 645.79要求:计算600欧元可以兑换多少人民币?100人民币可以兑换多少日元?100美元可以兑换多少英镑?10加元可以兑换多少澳元?200瑞士法郎可以兑换多少欧元?500港元可以兑换多少美元?【题2—1】答案:600×¥10.1301/€=¥6078.18¥100÷¥0.068707/JP¥=JP¥1455.46$100×¥7.9537/$÷¥15.1067/£=£52.65C$10×¥7.1512/C$÷¥6.092/AU$=AU$11.7387SFr200×¥6.4065/÷¥10.2114/€=€125.48HK$500×¥1.0229/HK$÷¥7.9855/$=$64.05【题2—2】2005年9月8日$1=¥8.890,2006年9月8日$1=¥7.9533。
要求:计算人民币升值百分比和美元贬值百分比。
答案:【题2—3】某日伦敦外汇市场£1=HK$14.6756-94,3个月远期汇率点数248-256。
要求,根据远期报价点数计算远期汇率数。
【题2—3】答案:HK$14.6756+0.0248=HK$14.7004HK$14.6794+0.0256=HK$14.7050远期汇率报价点数为HK$14.7004-50【题2—4】某日,纽约市场1美元=1.2130-45欧元,法兰克福市场1英镑=1.5141-53欧元,伦敦市场1英镑=1.3300-20美元。
套汇者拟用200万英镑进行间接套汇。
要求:分析该套汇者是否能通过套汇获得收益?如何进行套汇?如果进行套汇,计算其套汇收益(或损失)。
【题2—4】答案:(1)可以进行套汇交易。
因为:根据法兰克福市场与伦敦市场的汇率套算:美元与欧元的套算汇率为:€1.5153/£÷$1.3300/£=€1.1393/$——假定欧元换英镑,再换成美元。
而:纽约市场美元换欧元汇率为:€1.2130/$。
存在汇率差。
(2)可以采用英镑——美元——欧元——英镑方式。
即:伦敦市场:英镑换美元:£200×1.33=$266(万元)纽约市场:美元换欧元:$266×1.213=€322.658(万元)法兰克福市场:欧元换英镑:€322.658÷1.5153=£212.933413(万元)(3)套汇获利£129 334.13。
£2 129 334.13-2 000 000=£129 334.13第三章【题3—1】如果预期的通货膨胀率是75%,收益率为3%,根据费雪效应求名义利率是多少?【题3—1】答案:名义利率=[1+0.75]×[1+0.03]-1=80.25%【题3—2】假设美国和墨西哥两国都只生产一种商品即大豆,大豆在美国的价格为$2.74,而在墨西哥的价格为₤1.28。
要求:计算a.根据一价定理,$对₤的远期汇率是多少?b.假设下一年的大豆价格预期会上升,在美国将是$3.18,而在墨西哥是₤1.55,一年后$对₤的即期汇率是多少?【题3—2】答案:A:$对₤的汇率=1.28÷2.74=是₤0.4672/$B:$对₤的远期汇率=1.55÷3.18=是₤0.4874/$【题3—3】英镑与美元的汇率期初为$0.861/£,期末为$0.934/£,请分别计算美元相对于英镑的汇率变动幅度和英镑相对于美元的汇率变动幅度。
【题3—3】答案:【题3—4】假设美国的5年期年利率为6%,瑞士法郎5年期年利率为4%,利率平价在5年内存在。
如果瑞士法郎的即期汇率为0.82美元。
要求计算:a.瑞士法郎5年期远期汇率升水或贴水。
b.用远期汇率预测法预测5年后瑞士法郎的即期汇率。
【题3—4】答案:(1)瑞士法郎5年期远期汇率升水。
(2)瑞士法郎5年期预期汇率=$0.82/SFr×(1+6%)5÷(1+4%)5=0.82×1.3382÷1.2167=$0.90/SFr【题3—5】2006年9月1日,某跨国公司收到了摩根大通和高盛对未来6个月后人民币与美元汇率的预测,结果分别是¥7.66/$和¥7.74/$。
目前即期汇率为¥7.86/$,三个月远期汇率为¥7.81/$。
在2006年12月1日,即期汇率实际是¥7.83/$。
问:a.哪家公司的预测更为准确?b.哪家公司的预测导致了正确的财务决策?【题3—5】答案:高盛的预测更为准确。
第四章【题4—1】法国某跨国公司预计在6月份(3个月后)有一笔150万的欧元应付账款,同月该公司有一笔美元收入,可以用于支付此笔应付账款。
已知欧元的即期汇率为$1.0450/€, 3个月远期汇率$1.0650/€。
公司担心欧元相对于美元的价值将继续上升,决定使用期货交易锁定美元成本。
请回答:(1)该公司应该购买还是出售3个月欧元期货合约?为什么?(2)该公司需要购买或者出售多少份欧元期货合约?(3)该公司6月份应该如何操作?(假定当时欧元的即期汇率是$1.0900/€,期货价格为$1.0950/€)(4)与不进行期货交易保值相比,公司可降低多少美元成本?【题4—1】答案:(1)预计未来欧元升值,为锁定美元成本,应该购买欧元期货合约;(2)公司需要购买欧元期货合约份数:€1 500 000÷€125 000/份=12份(3)6月份公司应以$1.0950/€的价格出售12份欧元期货合约,轧平欧元期货头寸。
同时在即期市场上以$1.0900/€汇率出售已经收到的美元,买进150万的欧元,支付应付账款。
(4)如果不进行期货交易保值,公司在即期市场购买150万欧元的美元成本为:1 500 000×$1.0900/€=$1 635 000进行期货交易保值,公司购买150万欧元的美元成本为:1 500 000×($1.0900/€+$1.0650/€-$1.0950/€)=$1 590 000公司降低美元成本:$1 635 000-$1 590 000=$45 000【题4—2】某公司正在考虑从费城交易所购买3个月期的英镑看涨期权合约,金额为£250 000。
协定价格为$1.51/£,期权费为每英镑0.03美元。
假定:目前的即期汇率为$1.48/£,三个月远期汇率为$1.51/£。
该公司预测三个月后即期汇率最高为$1.57/£,最低为$1.44/£,最可能的汇率是$1.52/£。
要求:(1)计算盈亏平衡点价格。
(2)用图表表述该公司期权行使与否决策。
(3)计算在预测的范围内,该公司的收益或损失。
【题4—2】答案(1)盈亏平衡点价格=$1.51/£+0.03=$1.54/£(2)该公司期权行使与否决策图。
(3-1)当即期外汇市场价格=$1.57/£,超过协定价格,行使期权,有收益。
计算如下收益=£250 000×($1.57/£-$1.54/£)=$7 500(3-2)当即期外汇市场价格=$1.52/£,高于协定价格,行使期权,有损失,损失低于期权费$7500。
计算如下:损失=£250 000×($1.54/£-$1.52/£)=$5 000(3-2)当即期外汇市场价格=$1.44/£,低于协定价格,放弃行使期权,损失期权费$7500。
【题4—3】英国瑞达公司20××年3月根据已经签订的合同及现金预算确定,3个月后(6月份)有美元净收入40元。