国际财务管理第七章

国际财务管理精选课件

(二)通货膨胀对财务状况的影响
1.东道国通货膨胀会对在该国经营的子公司的财务状况造成一系列的影响:
实物资产重置成本增加货币性资产贬值货币性负债获得收益收益虚增 2.国际企业难以设计转移定价
三、金融市场
储蓄资金
金融机构：
商业银行储蓄银行信用合作社保险公司养老基金
贷款资金
三、风险价值的计算
1、确定概率分布
概率：指某一事件可能发生的机会，用Pi表示。 Pi的条件：0≤Pi≤1 ；ΣPi=1 。例：某公司有两个投资项目，大发银行与富商地产，其
基本情况如下：
经济情况繁荣一般衰退
发生概率 0.2 0.6 0.2
银行报酬率 20% 15% 10%
地产报酬率 100% 15% -70%
宣言》 WTO有关规则欧盟有关条约
第五节国际财务管理与经济环境
一、经济制度国家对国民经济运行的干预程度和所有制的
不同，对会计规范具有重大影响。
二、通货膨胀/紧缩
(一)通货膨胀影响企业现金流例.某国际企业子公司大量进口某种原材料用于生产 ,产品主要在东道国进行销售。假设东道国发生通货膨胀，则该子公司的现金流入量可能会发生何种变化？ ——假如东道国货币没有发生贬值，则现金流入增加 ——假如东道国货币贬值，现金流入不一定增加
普通法系和大陆法系的会计制度不同。
会计制度的实施方式也不同。
二、国内法对国际企业的管制
（一）专门针对国际企业股权比例分红原则共同管理当地成分要求资本转移信息披露
（二）并非专门针对国际企业
税法公司法破产法
三、国际法对国际企业的管制
联合国《跨国公司行为准则》经合组织《经合组织关于国际投资与多国企业的

国际财务管理知识分析及练习题参考答案

国际财务治理?练习题参考答案第1章国际财务治理导论一、名词解释1.国际企业:超越国界从事商业活动的企业，包括各种类型、各种规模的参与国际商务的企业。

国内生产、国际销售是国际企业最简单的国际业务。

跨国公司是国际企业开展的较高时期和典型代表。

2.许可经营:许可方企业向受许可方企业提供技术，包括版权、专利技术、技术诀窍或商标以换取使用费的一种经营方式。

当许可方企业与受许可方企业分不位于不同国家时，就形成了国家间的许可经营。

这种方式也能够被瞧作技术出口。

3.特许经营：是一种特殊的许可经营方式，许可方通过向被许可方提供全套专业化企业经营手段，包括商标、企业组织、销售或效劳策略和培训、技术支持等定期取得特许权使用费，被许可方那么必须同意遵守严格的规那么和程序以实现经营的标准化。

特许权使用费通常以被许可方的销售收进为根底收取。

4.分部式组织:称事业部制组织结构。

其特点是在高层治理者之下，按地区或产品设置假设干分部，实行“集中政策，分散经营〞的集中领导下的分权治理。

5.混合式组织：事实上非常少有哪家企业是单纯采纳一种结构类型的，采纳两种以上组合方式的称为混合式结构。

6.分权模式:子公司拥有充分的财务治理决策权，母公司关于其财务治理操纵以间接治理为主。

二、简答题1.国际财务治理与国内企业的财务治理内容有哪些的重要区不。

【答案】国际财务治理是指对国际企业的涉外经济活动进行的财务治理。

财务治理要紧涉及的是如何作出各种最正确的公司财务决定，比方通过适宜的投资、资产结构、股息政策以及人力资源治理，从而到达既定的公司目标〔股东财宝最大化〕。

国际财务治理与国内财务治理之间的区不要紧表达在以下几个方面：〔1〕跨国经营和财务活动受外汇风险的妨碍；〔2〕全球范围内融资，寻求最正确全球融资战略；〔3〕跨国经营中商品和资金无法自由流淌；〔4〕对外投资为股东在全球范围内分散风险。

2.试述国际财务治理体系的内容。

【答案】国际财务治理体系的内容要紧包括：〔1〕国际财务治理环境。

国际项目财务管理制度

第一章总则第一条为规范国际项目财务管理工作，确保财务信息的真实、准确、完整，防范财务风险，提高国际项目运营效益，特制定本制度。

第二条本制度适用于我公司在境内外开展的国际项目财务管理工作。

第三条国际项目财务管理应遵循以下原则：1. 遵守国家法律法规，执行国际财务准则；2. 诚信为本，确保财务信息真实、准确、完整；3. 风险控制，加强财务风险防范；4. 优化资源配置，提高项目运营效益。

第二章组织机构与职责第四条公司设立国际项目财务管理部门，负责国际项目财务管理的全面工作。

第五条国际项目财务管理部门的主要职责：1. 负责制定国际项目财务管理制度，并组织实施；2. 负责国际项目财务核算、报表编制、财务分析等工作；3. 负责国际项目财务风险防范与控制；4. 负责国际项目财务预算编制、执行与监控；5. 负责国际项目财务审计与合规性检查；6. 负责与项目所在国税务机关的沟通协调。

第三章财务核算与报表第六条国际项目财务核算应按照国际财务准则进行，确保财务信息的真实、准确、完整。

第七条国际项目财务报表应包括资产负债表、利润表、现金流量表等，按照项目所在国法律法规要求进行编制。

第八条国际项目财务报表编制完成后，应提交给公司总部财务部门审核，确保报表的真实性、准确性和完整性。

第四章财务预算与监控第九条国际项目财务预算应根据项目具体情况，合理编制，明确预算目标、预算项目和预算金额。

第十条国际项目财务预算执行过程中，应定期进行监控，确保预算目标的实现。

第十一条如遇特殊情况导致预算调整，应及时向上级汇报，并按程序进行审批。

第五章风险控制第十二条国际项目财务风险主要包括汇率风险、利率风险、政治风险、法律风险等。

第十三条针对国际项目财务风险，应采取以下措施：1. 加强汇率风险管理，合理选择结算货币，规避汇率波动风险；2. 加强利率风险管理，合理选择融资方式，降低融资成本；3. 加强政治风险、法律风险防范，密切关注项目所在国法律法规、政策变化，确保项目合规运营。

国际财务管理教案

3．刘金宝：金融工程导论，文汇出版社，1998年版。
课
外
作
业
及
要
求
1．什么是掉期外汇交易？掉期外汇交易有哪几种类型？从事掉期交易的动机是什么？
2．什么是即期外汇交易？即期外汇交易交割日期的确定惯例是怎样的？
3．什么是远期外汇交易？什么是择期交易？远期外汇交易有哪些作用？
后
记
安徽财经大学教案专用页
内容
分析：
1．甲公司以更具优势的固定利率借入资金5 000万美元，年利率10%，期限五年，每半年归还一次利息。乙公司则以浮动利率借入资金5 000万美元，年利率为LIBOR+0.75%，利率每半年调整一次，借款期限5年。双方均向银行提出利率交换。
2．假设银行安排本案互换应获得的收益为2.5万美元（5 000×0.05%），每年收益为0.5万美元（2.5÷5），折算为年利率0.01%（0.5÷5 000）。
《国际财务管理》教案
安徽财经大学教案专用页
内容
（标题）
第一章国际财务管理概述
课
时
4
教
学
目
的
及
要
求
使学生了解跨国公司和国际财务管理的基本概念，掌握国际财务管理的主要内容，了解国际财务管理的特定目标，了解国际财务管理的重要性。
重
点
难
点
及
其
处
理
重点：
1．国际财务管理的概念
2．跨国公司财务管理与国际财务管理的异同
课
外
作
业
及
要
求
1．试述金融期货交易的保证金制度。
2．金融期货市场有哪些功能？
3．外汇期货交易与远期外汇交易的关系如何？

国际财务管理(PPT全部) 第(7)章

现行汇率法 1040 80 1640 2760 2000 4760 0 1400 1600 3000 750 1010 1760 4760 ($440) 12
5200 400 8200 13800 10000 23800 0 7000 8000 15000 3000 5800 8800 23800
时态法
现行汇率法
C C
H C H C H C C H G
C C
C C C C C C C H G
9
外币利润及利润分配表折算汇率比较表
报表项目营业收入营业成本折旧成本存货成本其他成本期间费用折旧费用存货费用其他费用营业外支出所得税利润分配未分配利润
流动性及非流动性法 A H A A
10
例：外币报表折算风险的揭示

某美国跨国公司在海外拥有一家控股 100% 股权的子公司，若子公司所在国的当地货币为LC，母公司的报告货币为美元。假定 20*5 年末美元汇率为 $1 ＝ LC4 ， 20*6 年未发生任何营运活动，20*6年末美元汇率上升到 $1 ＝ LC5 ，用上述四种方法进行折算，结果如下：
5
二、货币性及非货币性法

资产负债表项目分为货币性项目及非货币性项目。货币性项目是指按当地货币固定金额表述的，在汇率变动时其母公司或总公司本国货币等值就会发生变动的项目。不属于货币性项目的，归入非货币性项目。资产负债表项目——货币性项目按资产负债表日现行汇率折算；非货币性项目和所有者权益项目按历史汇率折算。存货属于非货币性项目，按历史汇率进行折算。利润表项目——收入、费用项目除固定资产折旧、无形资产摊销等采用历史汇率折算外，一般按报告期间平均汇率折算；销售成本项目则是在对期初存货、本期购货、期末存货分别按历史成本折算的基础上计算确认。折算损益处理——全部列入当期损益。

第七章国际财务管理

4、国际财务管理的整体性
国际财务管理具有境内外的整体性，切不可只关注境外或境内业务，必须把国际企业的整体业务纳入研究对象，从而充分发挥境内与境外业务的互补效应、协同效应与相机决策效应。
国际财务管理必须强调国际业绩评价，完善国际财务治理，加强全球运营控制，以保证财务系统的资源控制能力与调动能力，有效保障企业战略的实现。
（二）政治环境
1、东道国政府对待国外企业的政策态度
国际企业对东道国的产品市场、劳动力市场、资金市场产生影响；国际企业的文化、道德观念、政治观点与东道国可能相冲突。因此，东道国可能采取不同的政策态度：一视同仁政策；严格限制政策；鼓励和限制与干预相结合政策。
2、东道国政治的稳定性
什么是国际企业？
国际企业：超越国界从事商业活动的企业。国内生产、国际销售是国际企业最简单的国际业务。跨国公司是国际企业发展的较高阶段和典型代表。跨国公司：一个在两个或更多的国家经营业务的工商企业，它有一个反映企业全球战略经营政策的中央决策体系ห้องสมุดไป่ตู้其内部的各个实体分享资源、信息，并分担责任。
（四）社会人文环境
1. 东道国的文化状况所谓文化并非是个体的特征，而是一个社会许多人共有的心理程序。在从事国际经营的过程中，出现文化冲突是不可避免的，但如果处理不当，就会侵蚀企业的发展，最终导致企业国际经营的失败。而要避免这一尴尬局面，提高企业国际经营的竞争力，首先必须深刻认识自身的文化特点，其次要充分认识东道国的文化状况。 2. 东道国的观念与信仰 3. 东道国的教育水平
人民币的可兑换问题
1994年实行外汇管理体制改革，汇率并轨、银行结售汇、取消外汇计划审批等，实现了人民币经常项目下有条件的可兑换 1996年7月1日起，对外商投资企业实行银行结汇和售汇，取消对其经常项目用汇的限制，提高了居民个人用汇供汇标准，扩大了供汇范围，于 1996年底实现了人民币经常项目的完全可兑换正在积极创造条件，逐步放松对资本项目的外汇限制，开放资本市场，以实行人民币资本项目的可兑换，达到人民币完全自由兑换的要求。

《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《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。

国际财务管理课后习题答案chapter 7doc资料

CHAPTER 7 FUTURES AND OPTIONS ON FOREIGN EXCHANGESUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. Explain the basic differences between the operation of a currency forward market and a futures market.Answer: The forward market is an OTC market where the forward contract for purchase or sale of foreign currency is tailor-made between the client and its international bank. No money changes hands until the maturity date of the contract when delivery and receipt are typically made. A futures contract is an exchange-traded instrument with standardized features specifying contract size and delivery date. Futures contracts are marked-to-market daily to reflect changes in the settlement price. Delivery is seldom made in a futures market. Rather a reversing trade is made to close out a long or short position.2. In order for a derivatives market to function most efficiently, two types of economic agents are needed: hedgers and speculators. Explain.Answer: Two types of market participants are necessary for the efficient operation of a derivatives market: speculators and hedgers. A speculator attempts to profit from a change in the futures price. To do this, the speculator will take a long or short position in a futures contract depending upon his expectations of future price movement. A hedger, on-the-other-hand, desires to avoid price variation by locking in a purchase price of the underlying asset through a long position in a futures contract or a sales price through a short position. In effect, the hedger passes off the risk of price variation to the speculator who is better able, or at least more willing, to bear this risk.3. Why are most futures positions closed out through a reversing trade rather than held to delivery?Answer: In forward markets, approximately 90 percent of all contracts that are initially established result in the short making delivery to the long of the asset underlying the contract. This is natural because the terms of forward contracts are tailor-made between the long and short. By contrast, only about one percent of currency futures contracts result in delivery. While futures contracts are useful for speculation and hedging, their standardized delivery dates make them unlikely to correspond to the actual future dates when foreign exchange transactions will occur. Thus, they are generally closed out in a reversing trade. In fact, the commission thatbuyers and sellers pay to transact in the futures market is a single amount that covers the round-trip transactions of initiating and closing out the position.4. How can the FX futures market be used for price discovery?Answer: To the extent that FX forward prices are an unbiased predictor of future spot exchange rates, the market anticipates whether one currency will appreciate or depreciate versus another. Because FX futures contracts trade in an expiration cycle, different contracts expire at different periodic dates into the future. The pattern of the prices of these cont racts provides information as to the market’s current belief about the relative future value of one currency versus another at the scheduled expiration dates of the contracts. One will generally see a steadily appreciating or depreciating pattern; however, it may be mixed at times. Thus, the futures market is useful for price discovery, i.e., obtaining the market’s forecast of the spot exchange rate at different future dates.5. What is the major difference in the obligation of one with a long position in a futures (or forward) contract in comparison to an options contract?Answer: A futures (or forward) contract is a vehicle for buying or selling a stated amount of foreign exchange at a stated price per unit at a specified time in the future. If the long holds the contract to the delivery date, he pays the effective contractual futures (or forward) price, regardless of whether it is an advantageous price in comparison to the spot price at the delivery date. By contrast, an option is a contract giving the long the right to buy or sell a given quantity of an asset at a specified price at some time in the future, but not enforcing any obligation on him if the spot price is more favorable than the exercise price. Because the option owner does not have to exercise the option if it is to his disadvantage, the option has a price, or premium, whereas no price is paid at inception to enter into a futures (or forward) contract.6. What is meant by the terminology that an option is in-, at-, or out-of-the-money?Answer: A call (put) option with S t > E (E > S t) is referred to as trading in-the-money. If S t E the option is trading at-the-money. If S t< E (E < S t) the call (put) option is trading out-of-the-money.7. List the arguments (variables) of which an FX call or put option model price is a function. How does the call and put premium change with respect to a change in the arguments?Answer: Both call and put options are functions of only six variables: S t, E, r i, r$, T andσ. When all else remains the same, the price of a European FX call (put) option will increase:1. the larger (smaller) is S,2. the smaller (larger) is E,3. the smaller (larger) is r i,4. the larger (smaller) is r$,5. the larger (smaller) r$ is relative to r i, and6. the greater is σ.When r$ and r i are not too much different in size, a European FX call and put will increase in price when the option term-to-maturity increases. However, when r$ is very much larger than r i, a European FX call will increase in price, but the put premium will decrease, when the option term-to-maturity increases. The opposite is true when r i is very much greater than r$. For American FX options the analysis is less complicated. Since a longer term American option can be exercised on any date that a shorter term option can be exercised, or a some later date, it follows that the all else remaining the same, the longer term American option will sell at a price at least as large as the shorter term option.PROBLEMS1. Assume today’s settlement price on a CME EUR futures contract is $1.3140/EUR. You have a short position in one contract. Your performance bond account currently has a balance of $1,700. The next three day s’ settlement prices are $1.3126, $1.3133, and $1.3049. Calculate the changes in the performance bond account from daily marking-to-market and the balance of the performance bond account after the third day.Solution: $1,700 + [($1.3140 - $1.3126) + ($1.3126 - $1.3133)+ ($1.3133 - $1.3049)] x EUR125,000 = $2,837.50,where EUR125,000 is the contractual size of one EUR contract.2. Do problem 1 again assuming you have a long position in the futures contract.Solution: $1,700 + [($1.3126 - $1.3140) + ($1.3133 - $1.3126) + ($1.3049 - $1.3133)] x EUR125,000 = $562.50,where EUR125,000 is the contractual size of one EUR contract.With only $562.50 in your performance bond account, you would experience a margin call requesting that additional funds be added to your performance bond account to bring the balance back up to the initial performance bond level.3. Using the quotations in Exhibit 7.3, calculate the face value of the open interest in the June 2005 Swiss franc futures contract.Solution: 2,101 contracts x SF125,000 = SF262,625,000.where SF125,000 is the contractual size of one SF contract.4. Using the quotations in Exhibit 7.3, note that the June 2005 Mexican peso futures contract has a price of $0.08845. You believe the spot price in June will be $0.09500. What speculative position would you enter into to attempt to profit from your beliefs? Calculate your anticipated profits, assuming you take a position in three contracts. What is the size of your profit (loss) if the futures price is indeed an unbiased predictor of the future spot price and this price materializes?Solution: If you expect the Mexican peso to rise from $0.08845 to $0.09500, you would take a long position in futures since the futures price of $0.08845 is less than your expected spot price.Your anticipated profit from a long position in three contracts is: 3 x ($0.09500 - $0.08845) x MP500,000 = $9,825.00, where MP500,000 is the contractual size of one MP contract.If the futures price is an unbiased predictor of the expected spot price, the expected spot price is the futures price of $0.08845/MP. If this spot price materializes, you will not have any profits or losses from your short position in three futures contracts: 3 x ($0.08845 - $0.08845) x MP500,000 = 0.5. Do problem 4 again assuming you believe the June 2005 spot price will be $0.08500.Solution: If you expect the Mexican peso to depreciate from $0.08845 to $0.07500, you would take a short position in futures since the futures price of $0.08845 is greater than your expected spot price.Your anticipated profit from a short position in three contracts is: 3 x ($0.08845 - $0.07500) x MP500,000 = $20,175.00.If the futures price is an unbiased predictor of the future spot price and this price materializes, you will not profit or lose from your long futures position.6. George Johnson is considering a possible six-month $100 million LIBOR-based, floating-rate bank loan to fund a project at terms shown in the table below. Johnson fears a possible rise in the LIBOR rate by December and wants to use the December Eurodollar futures contract to hedge this risk. The contract expires December 20, 1999, has a US$ 1 million contract size, and a discount yield of7.3 percent.Johnson will ignore the cash flow implications of marking to market, initial margin requirements, and any timing mismatch between exchange-traded futures contract cash flows and the interest payments due in March.Loan TermsSeptember 20, 1999 December 20, 1999 March 20, 2000 • Borrow $100 million at • Pay interest for first three • Pay back principal September 20 LIBOR + 200 months plus interestbasis points (bps) • Roll loan over at• September 20 LIBOR = 7% December 20 LIBOR +200 bpsLoan First loan payment (9%) Second paymentinitiated and futures contract expires and principal↓↓↓•••9/20/99 12/20/99 3/20/00a. Formulate Johnson’s September 20 floating-to-fixed-rate strategy using the Eurodollar future contracts discussed in the text above. Show that this strategy would result in a fixed-rate loan, assuming an increase in the LIBOR rate to 7.8 percent by December 20, which remains at 7.8 percent through March 20. Show all calculations.Johnson is considering a 12-month loan as an alternative. This approach will result in two additional uncertain cash flows, as follows:Loan First Second Third Fourth payment initiated payment (9%) payment payment and principal ↓↓↓↓↓•••••9/20/99 12/20/99 3/20/00 6/20/00 9/20/00 b. Describe the strip hedge that Johnson could use and explain how it hedges the 12-month loan (specify number of contracts). No calculations are needed.CFA Guideline Answera. The basis point value (BPV) of a Eurodollar futures contract can be found by substituting the contract specifications into the following money market relationship:BPV FUT = Change in Value = (face value) x (days to maturity / 360) x (change in yield)= ($1 million) x (90 / 360) x (.0001)= $25The number of contract, N, can be found by:N = (BPV spot) / (BPV futures)= ($2,500) / ($25)= 100ORN = (value of spot position) / (face value of each futures contract)= ($100 million) / ($1 million)= 100ORN = (value of spot position) / (value of futures position)= ($100,000,000) / ($981,750)where value of futures position = $1,000,000 x [1 – (0.073 / 4)]102 contractsTherefore on September 20, Johnson would sell 100 (or 102) December Eurodollar futures contracts at the 7.3 percent yield. The implied LIBOR rate in December is 7.3 percent as indicated by the December Eurofutures discount yield of 7.3 percent. Thus a borrowing rate of 9.3 percent (7.3 percent + 200 basis points) can be locked in if the hedge is correctly implemented.A rise in the rate to 7.8 percent represents a 50 basis point (bp) increase over the implied LIBOR rate. For a 50 basis point increase in LIBOR, the cash flow on the short futures position is:= ($25 per basis point per contract) x 50 bp x 100 contracts= $125,000.However, the cash flow on the floating rate liability is:= -0.098 x ($100,000,000 / 4)= - $2,450,000.Combining the cash flow from the hedge with the cash flow from the loan results in a net outflow of $2,325,000, which translates into an annual rate of 9.3 percent:= ($2,325,000 x 4) / $100,000,000 = 0.093This is precisely the implied borrowing rate that Johnson locked in on September 20. Regardless of the LIBOR rate on December 20, the net cash outflow will be $2,325,000, which translates into an annualized rate of 9.3 percent. Consequently, the floating rate liability has been converted to a fixed rate liability in the sense that the interest rate uncertainty associated with the March 20 payment (using the December 20 contract) has been removed as of September 20.b. In a strip hedge, Johnson would sell 100 December futures (for the March payment), 100 March futures (for the June payment), and 100 June futures (for the September payment). The objective is to hedge each interest rate payment separately using the appropriate number of contracts. The problem is the same as in Part A except here three cash flows are subject to rising rates and a strip of futures is used to hedge this interest rate risk. This problem is simplified somewhat because the cash flow mismatch between thefutures and the loan payment is ignored. Therefore, in order to hedge each cash flow, Johnson simply sells 100 contracts for each payment. The strip hedge transforms the floating rate loan into a strip of fixed rate payments. As was done in Part A, the fixed rates are found by adding 200 basis points to the implied forward LIBOR rate indicated by the discount yield of the three different Eurodollar futures contracts. The fixed payments will be equal when the LIBOR term structure is flat for the first year.7. Jacob Bower has a liability that:• has a principal balance of $100 million on June 30, 1998,• accrues interest quarterly starting on June 30, 1998,• pays interest quarterly,• has a one-year term to maturity, and• calculates interest due based on 90-day LIBOR (the London Interbank OfferedRate).Bower wishes to hedge his remaining interest payments against changes in interest rates.Bower has correctly calculated that he needs to sell (short) 300 Eurodollar futures contracts to accomplish the hedge. He is considering the alternative hedging strategies outlined in the following table.Initial Position (6/30/98) in90-Day LIBOR Eurodollar ContractsStrategy A Strategy BContract Month (contracts) (contracts)September 1998 300 100December 1998 0 100March 1999 0 100a. Explain why strategy B is a more effective hedge than strategy A when the yield curveundergoes an instantaneous nonparallel shift.b. Discuss an interest rate scenario in which strategy A would be superior to strategy B.CFA Guideline Answera. Strategy B’s SuperiorityStrategy B is a strip hedge that is constructed by selling (shorting) 100 futures contracts maturing in each of the next three quarters. With the strip hedge in place, each quarter of the coming year is hedged against shifts in interest rates for that quarter. The reason Strategy B will be a more effective hedge than Strategy A for Jacob Bower is that Strategy B is likely to work well whether a parallel shift or a nonparallel shift occurs over the one-year term of Bower’s liability. That is, regardless of what happens to the term structure, Strategy B structures the futures hedge so that the rates reflected by the Eurodollar futures cash price match the applicable rates for the underlying liability-the 90day LIBOR-based rate on Bower’s liability. The same is not true for Strategy A. Because Jacob Bower’s liability carries a floating interest rate that resets quarterly, he needs a strategy that provides a series of three-month hedges. Strategy A will need to be restructured when the three-month September contract expires. In particular, if the yield curve twists upward (futures yields rise more for distant expirations than for near expirations), Strategy A will produce inferior hedge results.b. Scenario in Which Strategy A is SuperiorStrategy A is a stack hedge strategy that initially involves selling (shorting) 300 September contracts. Strategy A is rarely better than Strategy B as a hedging or risk-reduction strategy. Only from the perspective of favorable cash flows is Strategy A better than Strategy B. Such cash flows occur only in certain interest rate scenarios. For example Strategy A will work as well as Strategy B for Bower’s liability if interest rates (instantaneously) change in parallel fashion. Another interest rate scenario where Strategy A outperforms Strategy B is one in which the yield curve rises but with a twist so that futures yields rise more for near expirations than for distant expirations. Upon expiration of the September contract, Bower will have to roll out his hedge by selling 200 December contracts to hedge the remaining interest payments. This action will have the effect that the cash flow from Strategy A will be larger than the cash flow from Strategy B because the appreciation on the 300 short September futures contracts will be larger than the cumulative appreciation in the 300 contracts shorted in Strategy B (i.e., 100 September, 100 December, and 100 March). Consequently, the cash flow from Strategy A will more than offset the increase in the interest payment on the liability, whereas the cash flow from Strategy B will exactly offset the increase in the interest payment on the liability.8. Use the quotations in Exhibit 7.7 to calculate the intrinsic value and the time value of the 97 September Japanese yen American call and put options.Solution: Premium - Intrinsic Value = Time Value97 Sep Call 2.08 - Max[95.80 – 97.00 = - 1.20, 0] = 2.08 cents per 100 yen97 Sep Put 2.47 - Max[97.00 – 95.80 = 1.20, 0] = 1.27 cents per 100 yen9. Assume spot Swiss franc is $0.7000 and the six-month forward rate is $0.6950. What is the minimum price that a six-month American call option with a striking price of $0.6800 should sell for in a rational market? Assume the annualized six-month Eurodollar rate is 3 ½ percent.Solution:Note to Instructor: A complete solution to this problem relies on the boundary expressions presented in footnote 3 of the text of Chapter 7.C a≥Max[(70 - 68), (69.50 - 68)/(1.0175), 0]≥Max[ 2, 1.47, 0] = 2 cents10. Do problem 9 again assuming an American put option instead of a call option.Solution: P a≥Max[(68 - 70), (68 - 69.50)/(1.0175), 0]≥Max[ -2, -1.47, 0] = 0 cents11. Use the European option-pricing models developed in the chapter to value the call of problem 9 and the put of problem 10. Assume the annualized volatility of the Swiss franc is 14.2 percent. This problem can be solved using the FXOPM.xls spreadsheet.Solution:d1 = [ln(69.50/68) + .5(.142)2(.50)]/(.142)√.50 = .2675d2 = d1 - .142√.50 = .2765 - .1004 = .1671N(d1) = .6055N(d2) = .5664N(-d1) = .3945N(-d2) = .4336C e = [69.50(.6055) - 68(.5664)]e-(.035)(.50) = 3.51 centsP e = [68(.4336) - 69.50(.3945)]e-(.035)(.50) = 2.03 cents12. Use the binomial option-pricing model developed in the chapter to value the call of problem 9.The volatility of the Swiss franc is 14.2 percent.Solution: The spot rate at T will be either 77.39¢ = 70.00¢(1.1056) or 63.32¢ = 70.00¢(.9045), where u = e.142 .50 = 1.1056 and d = 1/u = .9045. At the exercise price of E = 68, the option will only be exercised at time T if the Swiss franc appreciates; its exercise value would be C uT= 9.39¢ = 77.39¢ - 68. If the Swiss franc depreciates it would not be rational to exercise the option; its value would be C dT = 0.The hedge ratio is h = (9.39 – 0)/(77.39 – 63.32) = .6674.Thus, the call premium is:C0 = Max{[69.50(.6674) – 68((70/68)(.6674 – 1) +1)]/(1.0175), 70 – 68}= Max[1.64, 2] = 2 cents per SF.MINI CASE: THE OPTIONS SPECULATORA speculator is considering the purchase of five three-month Japanese yen call options with a striking price of 96 cents per 100 yen. The premium is 1.35 cents per 100 yen. The spot price is 95.28 cents per 100 yen and the 90-day forward rate is 95.71 cents. The speculator believes the yen will appreciate to $1.00 per 100 yen over the next three months. As the speculator’s assistant, you have been asked to prepare the following:1. Graph the call option cash flow schedule.2. Determine the speculator’s profit if the yen appreciates to $1.00/100 yen.3. Determine the speculator’s profit if the yen only appreciates to the forward rate.4. Determine the future spot price at which the speculator will only break even.Suggested Solution to the Options Speculator:1.-2. (5 x ¥6,250,000) x [(100 - 96) - 1.35]/10000 = $8,281.25.3. Since the option expires out-of-the-money, the speculator will let the option expire worthless. He will only lose the option premium.4. S T = E + C = 96 + 1.35 = 97.35 cents per 100 yen.。

cpa财务管理各章分值

cpa财务管理各章分值一、引言注册会计师（CPA）资格考试是衡量财务管理专业人员素质和能力的重要标准。

其中，财务管理科目涉及的知识点广泛，分值分布合理。

为了帮助广大考生更好地备考，本文将详细介绍CPA财务管理各章分值分布，并给出相应的备考策略。

二、CPA财务管理各章分值概述1.第一章：财务报表与分析本章主要考察考生对财务报表的认知、财务报表分析方法及运用能力。

分值约为20分。

2.第二章：财务规划与决策本章涉及财务规划、现金流量预测、资本预算等知识点。

分值约为25分。

3.第三章：投资决策本章重点考察考生对投资项目的评价、现金流量估算以及风险分析能力。

分值约为20分。

4.第四章：融资决策本章主要考察融资渠道、资本结构及股利政策等方面的知识。

分值约为20分。

5.第五章：营运管理本章涉及现金管理、应收账款管理、存货管理等方面。

分值约为15分。

6.第六章：利润分配与税收筹划本章重点关注企业利润分配政策、税收筹划及税务会计等方面的知识。

分值约为15分。

7.第七章：企业并购与重组本章主要考察企业并购、资产重组等方面的知识。

分值约为10分。

8.第八章：国际财务管理本章涉及汇率、外汇风险管理、国际财务报表等方面的知识。

分值约为10分。

9.第九章：财务管理前沿问题本章主要考察财务理论、财务实践等方面的最新发展。

分值约为10分。

10.第十章：财务风险管理本章重点关注企业财务风险的识别、评估和控制方法。

分值约为15分。

三、CPA财务管理备考策略1.章节重点把握：考生应根据教材和辅导资料，逐章梳理知识点，重点突破。

2.强化练习与总结：通过大量练习题、模拟试题和真题，巩固所学知识，总结经验。

3.注重理论与实际应用相结合：财务管理考试注重考察考生的实际应用能力，因此在备考过程中要注重理论与实践相结合。

4.定期自测与反思：设置固定时间进行自测，分析错误原因，及时调整学习方法。

四、结语CPA财务管理考试涉及内容较多，但只要考生根据本文所提供的提纲，合理安排时间，掌握重点知识点，注重实践应用，并通过不断练习和总结提高，相信一定能取得理想的成绩。

International FinancialManagement 7国际财务管理课件

15
Trade Finance Methods
Letters of Credit (L/C) – The required documents typically include a draft (sight or time), a commercial invoice, and a bill of lading (receipt for shipment). – Sometimes, the exporter may request that a local bank confirm (guarantee) the L/C.
Borrow Funds
Chapter 7*
Financing International Trade
2
Objectives
This chapter first suggests why international trade can be difficult. Then, it explains the various ways in which banking institutions can facilitate international trade by resolving problems faced by the exporter and importer. The specific objectives are:
Provision of Loans Purchase Securities
MNC Parent Borrow Funds Borrmmercial Paper Market
Borrow Funds
Borrow Funds
Subsidiaries of MNC with Deficient Funds

《国际财务管理》PPT课件

▪ 收购现有企业：
▪ 主要通过资本市场运作获得东道国公司的控制权 ▪ 进入国外市场 ▪ 对国外企业有完全控制权
▪ 建立境外公司：
▪ 投资大，周期长。
六、单个企业国际化经营的进程
▪ 1、出口产品 ▪ 2、建立海外分支机构 ▪ 3、实现跨国经营
§2 国际财务管理是什么？
▪ 一、定义 ▪ 二、目标 ▪ 三、主要内容 ▪ 四、组织模式
二、国际机遇与风险
▪ 1、国际机遇：
▪ 广阔的市场空间； ▪ 全球范围的融资平台； ▪ 全球范围的投资空间； ▪ 全球范围的风险分散。
▪ 2、国际风险：
▪ 汇率风险； ▪ 经济风险； ▪ 政治风险。
三、中国企业国际化的现状及问题
▪ 1、进程：
▪ 起始于改革开放，90年代中期得到企业界和学界的重视与讨论，2000年中央明确提出“走出去”战略。
▪ 2、现状：
▪ 企业国际化步伐明显加快，各项业务总量持续增长（2005年底，我国累计对外直接投资额超过500亿美元，境外中资企业超过1万家）
▪ “亚洲为主，发展非洲，拓展欧美、拉美和南太” 的多元化市场格局初步形成（2004年亚洲占75%）
▪ 企业跨国经营的优势行业仍然集中在劳动密集型产业（资源开发、加工制造业和服务贸易）
一、定义
▪ 国际财务管理是指对国际企业的涉外经济活动进行的财务管理。
▪ 财务管理主要涉及的是如何作出各种最佳的公司财务决定，比如通过适宜的投资、资产结构、股息政策以及人力资源管理，从而达到既定的公司目标（股东财富最大化）。
▪ 国际企业需要同时进行国内财务管理和国际财务管理。
国际财务管理与国内财务管理之间的区别
第一章国际财务管理概览
▪ §1 国际企业 ▪ §2 国际财务管理是什么？ ▪ §对国际企业的涉外经济活动进行的财务管理。

国际财务管理复习资料汇总

第一章：1.什么是国际财务管理国际财务管理，也叫国际理财，是国际企业从事跨国性生产经营活动所面临新的财务管理问题，是研究企业在国际市场中如何对其资金运营活动及其财务关系所进行的管理，它是财务管理在国际领域中的延伸和发展。

2.促使国际财务管理发展的分析①历史发展到20世纪80年代，由于商品经济的国际化发展、世界经济的一体化趋势、国际金融市场体系的形成和跨国公司的崛起，使诞生国际财务管理的社会环境开始成熟。

②跨越国界的生产经营活动是国际财务管理产生的条件。

国际财务管理的诞生是企业的跨国性生产经营活动所产生的需求，其条件必须是商品经济国际化发展到一定程度，国际市场已经比较成熟的时期。

2.促使国际财务管理产生的社会环境:⑴、商品经济国际化的发展；⑵、世界经济的一体化趋势；⑶、跨国公司的全球性经营战略。

3.国际财务管理的基础理论国际财务管理研究的内容（一）外汇风险及其管理（二）全球性的融资策略和方法①．跨国企业可以进行全球性的股本融资。

②．国际企业可以在国际金融市场上筹集多品种的短期流动资金贷款，但要注意融资成本的测算和风险的规避；③．国际企业可以在国际金融市场上筹集中长期信贷。

④．国际企业有机会在更广泛的金融市场进行债务融资。

⑤．国际企业还可以选择特定方向的融资（三）国际投资决策（四）财源的全球性调配（五）国际营运资本管理（六）国际税务管理（七）国际反倾销的财务对策4.财务管理目标理论:(一)利润最大化(二)净现值最大化(三)资金成本最小化(四)股东财富最大化第二章：1. 直接标价法又称为应付标价法，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其汇率。

间接标价法又称为应收标价法，是以一定单位的本国货币为标准，折算为一定数额的外国货币来表示其汇率。

2．汇率的分类(1)按外汇交易交割期限为标准，可划分为:即期汇率:也叫现汇汇率，是指买卖外汇双方成交当天或两天以内进行交割的汇率。

远期汇率:是在未来一定时期进行交割，而事先由买卖双方签订合同、达成协议的汇率。

国际财务管理课后习题标准答案chapter-7

CHAPTER 7 FUTURES AND OPTIONS ON FOREIGN EXCHANGESUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. Explain the basic differences between the operation of a currency forward market and a futures market.Answer: The forward market is an OTC market where the forward contract for purchase or sale of foreign currency is tailor-made between the client and its international bank. No money changes hands until the maturity date of the contract when delivery and receipt are typically made. A futures contract is an exchange-traded instrument with standardized features specifying contract size and delivery date. Futures contracts are marked-to-market daily to reflect changes in the settlement price. Delivery is seldom made in a futures market. Rather a reversing trade is made to close out a long or short position.2. In order for a derivatives market to function most efficiently, two types of economic agents are needed: hedgers and speculators. Explain.Answer: Two types of market participants are necessary for the efficient operation of a derivatives market: speculators and hedgers. A speculator attempts to profit from a change in the futures price. To do this, the speculator will take a long or short position in a futures contract depending upon his expectations of future price movement. A hedger, on-the-other-hand, desires to avoid price variation by locking in a purchase price of the underlying asset through a long position in a futures contract or a sales price through a short position. In effect, the hedger passes off the risk of price variation to the speculator who is better able, or at least more willing, to bear this risk.3. Why are most futures positions closed out through a reversing trade rather than held to delivery?Answer: In forward markets, approximately 90 percent of all contracts that are initially established result in the short making delivery to the long of the asset underlying the contract. This is natural because the terms of forward contracts are tailor-made between the long and short. By contrast, only about one percent of currency futures contracts result in delivery. While futures contracts are useful for speculation and hedging, their standardized delivery dates make them unlikely to correspond to the actual future dates when foreign exchange transactions will occur. Thus, they are generally closed out in a reversing trade. In fact, the commission thatbuyers and sellers pay to transact in the futures market is a single amount that covers the round-trip transactions of initiating and closing out the position.4. How can the FX futures market be used for price discovery?Answer: To the extent that FX forward prices are an unbiased predictor of future spot exchange rates, the market anticipates whether one currency will appreciate or depreciate versus another. Because FX futures contracts trade in an expiration cycle, different contracts expire at different periodic dates into the future. The pattern of the prices of these cont racts provides information as to the market’s current belief about the relative future value of one currency versus another at the scheduled expiration dates of the contracts. One will generally see a steadily appreciating or depreciating pattern; however, it may be mixed at times. Thus, the futures market is useful for price discovery, i.e., obtaining the market’s forecast of the spot exchange rate at different future dates.5. What is the major difference in the obligation of one with a long position in a futures (or forward) contract in comparison to an options contract?Answer: A futures (or forward) contract is a vehicle for buying or selling a stated amount of foreign exchange at a stated price per unit at a specified time in the future. If the long holds the contract to the delivery date, he pays the effective contractual futures (or forward) price, regardless of whether it is an advantageous price in comparison to the spot price at the delivery date. By contrast, an option is a contract giving the long the right to buy or sell a given quantity of an asset at a specified price at some time in the future, but not enforcing any obligation on him if the spot price is more favorable than the exercise price. Because the option owner does not have to exercise the option if it is to his disadvantage, the option has a price, or premium, whereas no price is paid at inception to enter into a futures (or forward) contract.6. What is meant by the terminology that an option is in-, at-, or out-of-the-money?Answer: A call (put) option with S t > E (E > S t) is referred to as trading in-the-money. If S t E the option is trading at-the-money. If S t< E (E < S t) the call (put) option is trading out-of-the-money.7. List the arguments (variables) of which an FX call or put option model price is a function. How does the call and put premium change with respect to a change in the arguments?Answer: Both call and put options are functions of only six variables: S t, E, r i, r$, T andσ. When all else remains the same, the price of a European FX call (put) option will increase:1. the larger (smaller) is S,2. the smaller (larger) is E,3. the smaller (larger) is r i,4. the larger (smaller) is r$,5. the larger (smaller) r$ is relative to r i, and6. the greater is σ.When r$ and r i are not too much different in size, a European FX call and put will increase in price when the option term-to-maturity increases. However, when r$ is very much larger than r i, a European FX call will increase in price, but the put premium will decrease, when the option term-to-maturity increases. The opposite is true when r i is very much greater than r$. For American FX options the analysis is less complicated. Since a longer term American option can be exercised on any date that a shorter term option can be exercised, or a some later date, it follows that the all else remaining the same, the longer term American option will sell at a price at least as large as the shorter term option.PROBLEMS1. Assume today’s settlement price on a CME EUR futures contract is $1.3140/EUR. You have a short position in one contract. Your performance bond account currently has a balance of $1,700. The next three day s’ settlement prices are $1.3126, $1.3133, and $1.3049. Calculate the changes in the performance bond account from daily marking-to-market and the balance of the performance bond account after the third day.Solution: $1,700 + [($1.3140 - $1.3126) + ($1.3126 - $1.3133)+ ($1.3133 - $1.3049)] x EUR125,000 = $2,837.50,where EUR125,000 is the contractual size of one EUR contract.2. Do problem 1 again assuming you have a long position in the futures contract.Solution: $1,700 + [($1.3126 - $1.3140) + ($1.3133 - $1.3126) + ($1.3049 - $1.3133)] x EUR125,000 = $562.50,where EUR125,000 is the contractual size of one EUR contract.With only $562.50 in your performance bond account, you would experience a margin call requesting that additional funds be added to your performance bond account to bring the balance back up to the initial performance bond level.3. Using the quotations in Exhibit 7.3, calculate the face value of the open interest in the June 2005 Swiss franc futures contract.Solution: 2,101 contracts x SF125,000 = SF262,625,000.where SF125,000 is the contractual size of one SF contract.4. Using the quotations in Exhibit 7.3, note that the June 2005 Mexican peso futures contract has a price of $0.08845. You believe the spot price in June will be $0.09500. What speculative position would you enter into to attempt to profit from your beliefs? Calculate your anticipated profits, assuming you take a position in three contracts. What is the size of your profit (loss) if the futures price is indeed an unbiased predictor of the future spot price and this price materializes?Solution: If you expect the Mexican peso to rise from $0.08845 to $0.09500, you would take a long position in futures since the futures price of $0.08845 is less than your expected spot price.Your anticipated profit from a long position in three contracts is: 3 x ($0.09500 - $0.08845) x MP500,000 = $9,825.00, where MP500,000 is the contractual size of one MP contract.If the futures price is an unbiased predictor of the expected spot price, the expected spot price is the futures price of $0.08845/MP. If this spot price materializes, you will not have any profits or losses from your short position in three futures contracts: 3 x ($0.08845 - $0.08845) x MP500,000 = 0.5. Do problem 4 again assuming you believe the June 2005 spot price will be $0.08500.Solution: If you expect the Mexican peso to depreciate from $0.08845 to $0.07500, you would take a short position in futures since the futures price of $0.08845 is greater than your expected spot price.Your anticipated profit from a short position in three contracts is: 3 x ($0.08845 - $0.07500) x MP500,000 = $20,175.00.If the futures price is an unbiased predictor of the future spot price and this price materializes, you will not profit or lose from your long futures position.6. George Johnson is considering a possible six-month $100 million LIBOR-based, floating-rate bank loan to fund a project at terms shown in the table below. Johnson fears a possible rise in the LIBOR rate by December and wants to use the December Eurodollar futures contract to hedge this risk. The contract expires December 20, 1999, has a US$ 1 million contract size, and a discount yield of7.3 percent.Johnson will ignore the cash flow implications of marking to market, initial margin requirements, and any timing mismatch between exchange-traded futures contract cash flows and the interest payments due in March.Loan TermsSeptember 20, 1999 December 20, 1999 March 20, 2000 • Borrow $100 million at • Pay interest for first three • Pay back principal September 20 LIBOR + 200 months plus interestbasis points (bps) • Roll loan over at• September 20 LIBOR = 7% December 20 LIBOR +200 bpsLoan First loan payment (9%) Second paymentinitiated and futures contract expires and principal↓↓↓•••9/20/99 12/20/99 3/20/00a. Formulate Johnson’s September 20 floating-to-fixed-rate strategy using the Eurodollar future contracts discussed in the text above. Show that this strategy would result in a fixed-rate loan, assuming an increase in the LIBOR rate to 7.8 percent by December 20, which remains at 7.8 percent through March 20. Show all calculations.Johnson is considering a 12-month loan as an alternative. This approach will result in two additional uncertain cash flows, as follows:Loan First Second Third Fourth payment initiated payment (9%) payment payment and principal ↓↓↓↓↓•••••9/20/99 12/20/99 3/20/00 6/20/00 9/20/00 b. Describe the strip hedge that Johnson could use and explain how it hedges the 12-month loan (specify number of contracts). No calculations are needed.CFA Guideline Answera. The basis point value (BPV) of a Eurodollar futures contract can be found by substituting the contract specifications into the following money market relationship:BPV FUT = Change in Value = (face value) x (days to maturity / 360) x (change in yield)= ($1 million) x (90 / 360) x (.0001)= $25The number of contract, N, can be found by:N = (BPV spot) / (BPV futures)= ($2,500) / ($25)= 100ORN = (value of spot position) / (face value of each futures contract)= ($100 million) / ($1 million)= 100ORN = (value of spot position) / (value of futures position)= ($100,000,000) / ($981,750)where value of futures position = $1,000,000 x [1 – (0.073 / 4)]102 contractsTherefore on September 20, Johnson would sell 100 (or 102) December Eurodollar futures contracts at the 7.3 percent yield. The implied LIBOR rate in December is 7.3 percent as indicated by the December Eurofutures discount yield of 7.3 percent. Thus a borrowing rate of 9.3 percent (7.3 percent + 200 basis points) can be locked in if the hedge is correctly implemented.A rise in the rate to 7.8 percent represents a 50 basis point (bp) increase over the implied LIBOR rate. For a 50 basis point increase in LIBOR, the cash flow on the short futures position is:= ($25 per basis point per contract) x 50 bp x 100 contracts= $125,000.However, the cash flow on the floating rate liability is:= -0.098 x ($100,000,000 / 4)= - $2,450,000.Combining the cash flow from the hedge with the cash flow from the loan results in a net outflow of $2,325,000, which translates into an annual rate of 9.3 percent:= ($2,325,000 x 4) / $100,000,000 = 0.093This is precisely the implied borrowing rate that Johnson locked in on September 20. Regardless of the LIBOR rate on December 20, the net cash outflow will be $2,325,000, which translates into an annualized rate of 9.3 percent. Consequently, the floating rate liability has been converted to a fixed rate liability in the sense that the interest rate uncertainty associated with the March 20 payment (using the December 20 contract) has been removed as of September 20.b. In a strip hedge, Johnson would sell 100 December futures (for the March payment), 100 March futures (for the June payment), and 100 June futures (for the September payment). The objective is to hedge each interest rate payment separately using the appropriate number of contracts. The problem is the same as in Part A except here three cash flows are subject to rising rates and a strip of futures is used to hedge this interest rate risk. This problem is simplified somewhat because the cash flow mismatch between thefutures and the loan payment is ignored. Therefore, in order to hedge each cash flow, Johnson simply sells 100 contracts for each payment. The strip hedge transforms the floating rate loan into a strip of fixed rate payments. As was done in Part A, the fixed rates are found by adding 200 basis points to the implied forward LIBOR rate indicated by the discount yield of the three different Eurodollar futures contracts. The fixed payments will be equal when the LIBOR term structure is flat for the first year.7. Jacob Bower has a liability that:• has a principal balance of $100 million on June 30, 1998,• accrues interest quarterly starting on June 30, 1998,• pays interest quarterly,• has a one-year term to maturity, and• calculates interest due based on 90-day LIBOR (the London Interbank OfferedRate).Bower wishes to hedge his remaining interest payments against changes in interest rates.Bower has correctly calculated that he needs to sell (short) 300 Eurodollar futures contracts to accomplish the hedge. He is considering the alternative hedging strategies outlined in the following table.Initial Position (6/30/98) in90-Day LIBOR Eurodollar ContractsStrategy A Strategy BContract Month (contracts) (contracts)September 1998 300 100December 1998 0 100March 1999 0 100a. Explain why strategy B is a more effective hedge than strategy A when the yield curveundergoes an instantaneous nonparallel shift.b. Discuss an interest rate scenario in which strategy A would be superior to strategy B.CFA Guideline Answera. Strategy B’s SuperiorityStrategy B is a strip hedge that is constructed by selling (shorting) 100 futures contracts maturing in each of the next three quarters. With the strip hedge in place, each quarter of the coming year is hedged against shifts in interest rates for that quarter. The reason Strategy B will be a more effective hedge than Strategy A for Jacob Bower is that Strategy B is likely to work well whether a parallel shift or a nonparallel shift occurs over the one-year term of Bower’s liability. That is, regardless of what happens to the term structure, Strategy B structures the futures hedge so that the rates reflected by the Eurodollar futures cash price match the applicable rates for the underlying liability-the 90day LIBOR-based rate on Bower’s liability. The same is not true for Strategy A. Because Jacob Bower’s liability carries a floating interest rate that resets quarterly, he needs a strategy that provides a series of three-month hedges. Strategy A will need to be restructured when the three-month September contract expires. In particular, if the yield curve twists upward (futures yields rise more for distant expirations than for near expirations), Strategy A will produce inferior hedge results.b. Scenario in Which Strategy A is SuperiorStrategy A is a stack hedge strategy that initially involves selling (shorting) 300 September contracts. Strategy A is rarely better than Strategy B as a hedging or risk-reduction strategy. Only from the perspective of favorable cash flows is Strategy A better than Strategy B. Such cash flows occur only in certain interest rate scenarios. For example Strategy A will work as well as Strategy B for Bower’s liability if interest rates (instantaneously) change in parallel fashion. Another interest rate scenario where Strategy A outperforms Strategy B is one in which the yield curve rises but with a twist so that futures yields rise more for near expirations than for distant expirations. Upon expiration of the September contract, Bower will have to roll out his hedge by selling 200 December contracts to hedge the remaining interest payments. This action will have the effect that the cash flow from Strategy A will be larger than the cash flow from Strategy B because the appreciation on the 300 short September futures contracts will be larger than the cumulative appreciation in the 300 contracts shorted in Strategy B (i.e., 100 September, 100 December, and 100 March). Consequently, the cash flow from Strategy A will more than offset the increase in the interest payment on the liability, whereas the cash flow from Strategy B will exactly offset the increase in the interest payment on the liability.8. Use the quotations in Exhibit 7.7 to calculate the intrinsic value and the time value of the 97 September Japanese yen American call and put options.Solution: Premium - Intrinsic Value = Time Value97 Sep Call 2.08 - Max[95.80 – 97.00 = - 1.20, 0] = 2.08 cents per 100 yen97 Sep Put 2.47 - Max[97.00 – 95.80 = 1.20, 0] = 1.27 cents per 100 yen9. Assume spot Swiss franc is $0.7000 and the six-month forward rate is $0.6950. What is the minimum price that a six-month American call option with a striking price of $0.6800 should sell for in a rational market? Assume the annualized six-month Eurodollar rate is 3 ½ percent.Solution:Note to Instructor: A complete solution to this problem relies on the boundary expressions presented in footnote 3 of the text of Chapter 7.C a≥Max[(70 - 68), (69.50 - 68)/(1.0175), 0]≥Max[ 2, 1.47, 0] = 2 cents10. Do problem 9 again assuming an American put option instead of a call option.Solution: P a≥Max[(68 - 70), (68 - 69.50)/(1.0175), 0]≥Max[ -2, -1.47, 0] = 0 cents11. Use the European option-pricing models developed in the chapter to value the call of problem 9 and the put of problem 10. Assume the annualized volatility of the Swiss franc is 14.2 percent. This problem can be solved using the FXOPM.xls spreadsheet.Solution:d1 = [ln(69.50/68) + .5(.142)2(.50)]/(.142)√.50 = .2675d2 = d1 - .142√.50 = .2765 - .1004 = .1671N(d1) = .6055N(d2) = .5664N(-d1) = .3945N(-d2) = .4336C e = [69.50(.6055) - 68(.5664)]e-(.035)(.50) = 3.51 centsP e = [68(.4336) - 69.50(.3945)]e-(.035)(.50) = 2.03 cents12. Use the binomial option-pricing model developed in the chapter to value the call of problem 9.The volatility of the Swiss franc is 14.2 percent.Solution: The spot rate at T will be either 77.39¢ = 70.00¢(1.1056) or 63.32¢ = 70.00¢(.9045), where u = e.142 .50 = 1.1056 and d = 1/u = .9045. At the exercise price of E = 68, the option will only be exercised at time T if the Swiss franc appreciates; its exercise value would be C uT= 9.39¢ = 77.39¢ - 68. If the Swiss franc depreciates it would not be rational to exercise the option; its value would be C dT = 0.The hedge ratio is h = (9.39 – 0)/(77.39 – 63.32) = .6674.Thus, the call premium is:C0 = Max{[69.50(.6674) – 68((70/68)(.6674 – 1) +1)]/(1.0175), 70 – 68}= Max[1.64, 2] = 2 cents per SF.MINI CASE: THE OPTIONS SPECULATORA speculator is considering the purchase of five three-month Japanese yen call options with a striking price of 96 cents per 100 yen. The premium is 1.35 cents per 100 yen. The spot price is 95.28 cents per 100 yen and the 90-day forward rate is 95.71 cents. The speculator believes the yen will appreciate to $1.00 per 100 yen over the next three months. As the speculator’s assistant, you have been asked to prepare the following:1. Graph the call option cash flow schedule.2. Determine the speculator’s profit if the yen appreciates to $1.00/100 yen.3. Determine the speculator’s profit if the yen only appreciates to the forward rate.4. Determine the future spot price at which the speculator will only break even.Suggested Solution to the Options Speculator:1.-2. (5 x ¥6,250,000) x [(100 - 96) - 1.35]/10000 = $8,281.25.3. Since the option expires out-of-the-money, the speculator will let the option expire worthless. He will only lose the option premium.4. S T = E + C = 96 + 1.35 = 97.35 cents per 100 yen.。

国际财务管理第六版中文版第七章课后题

第七章外汇期货与外汇期权1.$1,700 + [($1.3140 - $1.3126) + ($1.3126 - $1.3133)+ ($1.3133 - $1.3049)] x 125,000 = $2,837.50,2. $1,700 + [($1.3126 - $1.3140) + ($1.3133 - $1.3126) + ($1.3049 - $1.3133)] x 125,000 = $562.50,因为保证金账户余额只有562.50，将会经历追加保证金要求，增加保证金账户余额至最初的水平3.3496 x 125,000 =620000004. 因为未来即期价格高于期货合约价格，因此多头方有利。

3个合同多头方的预期利润为 3 x ($0.083800 - $0.077275) x 500,000 = $9787.5如果期货的价格与未来的即期价格相同，则没有获利。

5. 空头3 x ($0.077275- $0.07500) x 500,000 = 3412.5如果期货的价格与未来的即期价格相同，则没有获利。

6.若到期的即期价格低于或等于108.5，看涨期权的净到期价值为0,；若到期的即期价格高于108.5的，看涨期权的净到期价值为。

因此，若即期价格为110美分，则净到期价值=110-108.5=1.5美分。

若即期价格为112美分，则净到期价值=110-108.5=3.5美分。

7.若到期的即期价格高于或等于108.5，看跌期权的净到期价值为0；若到期的即期价格低于108.5的，看涨期权的净到期价值为。

因此，若即期价格为106美分，则净到期价值=108.5-106=2.5美分。

若即期价格为108美分，则净到期价值=108.5-108=0.5美分。

若即期价格为大于等于108.5美分，则净到期价值为0.1 / 1。

国际财务管理复习要点

国际财务管理复习资料第一章总论国际企业财务管理的内容，其中区别于国内财务管理的内容是外汇内容管理。

影响国际企业财务管理的因素，其中重点是经济因素，第一，金融市场和金融结构的完善程度关系到该国投资和融资的难易程度；第二，金融政策，如实行的是浮动汇率还是固定汇率，政府是否对外汇实行严格管制，政府是否采取紧缩的货币政策抑制投资、金融市场的深度和广度；第三，该国的市场是否健全；此外，该国的财政税收政策、产业政策、对外贸易政策等，也会对国际企业的财务管理带来重大影响。

三种类型的跨国公司：raw material , new maket, minimize cost。

国际企业财务管理的控制模式分两种，集权模式和分权模式。

集权模式的优点有：集中利用财务专家，降低资金成本，优化公司资源配置，降低公司赋税，增强抗风险能力。

缺点是：不利于调动公司积极性，不利协调当地持股人的关系，可能激化与东道国的矛盾，不利于考核子公司的业绩。

第二章国际金融市场国际金融市场的含义：是在居民与非居民之间或非居民与非居民之间实现如外汇、资金、有价证券、黄金和金融期货等金融性商品在国际范围内有效配置的场所。

离岸国际金融市场作为一种新型的国际金融市场，具有两个特征，其一，以非居民交易为业务主体，所以也成为境外市场。

其二，基本不受所在国法规的限制，从相对意义上说，是完全自由化额国际金融市场。

国际金融市场的消极影响：（1）能造成一国经济的不稳定（2）使金融危机在国家之间传递（3）易引发国际债务危机（4）成为犯罪集团的洗钱场所。

汇率的类型，从银行买卖外汇的角度来划分，可分为买入汇率（也称买入价，即银行向同业或客户买入外汇时所使用的汇率，这一汇率多用于出口商与银行间的外汇交易）卖出汇率（也成卖出价，即银行向同业或客户卖出外汇时所使用的汇率，多用于进口商与银行之间的外汇交易）和中间汇率（也成中间价，是买入汇率与卖出汇率的平均数）。

影响汇率变动的因素，重点是其中的利率水平，利率提高，本币的即期汇率升水，远期汇率贴水。

自考《国际财务管理》第七章串讲资料

自考《国际财务管理》第七章串讲资料1.筹资渠道指企业的资金来源；筹资方式指企业取得资金的具体形式。

2.筹资渠道与筹资方式的关系：一定的筹资方式，可能只适用于某一特定的筹资渠道，但同一渠道的资金，可采用不同方式取得，而统一筹资方式又可适用于不同的资金渠道。

3.国际企业的资金来源：（多选）①公司集团内部的资金；②母公司本土国的资金；③子公司东道国的资金；④国际金融机构的资金。

4.国际企业的筹资方式：①发行国际股票；②发行国际债券；③利用国际借款；④采用国际租赁；⑤实行项目融资。

5.短期资金采用商业信用、银行短期借款方式来筹集。

6.长期资金采用吸收投资、发行股票、发行债券、长期借款、融资租赁、留用利润方式筹集。

7.所有者权益就是净资产。

8.企业通过发行股票、吸收直接投资、留用利润方式筹集的资金属于企业的所有者权益。

（多选）9.企业通过发行债券、借款、融资、租赁方式筹集的资金属于企业的负债。

10.资金结构是企业资金总额中自有资金和负债资金所占的比例。

11.自由资金成本高风险低；负债资金成本低风险高。

12.资金成本是指企业取得并使用资金所必须支付的费用。

13.财务风险是指企业因利用负债资金经营而带来的风险。

14.财务风险包括：（1）负债资金会使税后利润大幅度变动；（2）负债资金会使普通股盈余大幅度变动；（3）负债资金会增加企业破产的机会。

15.国际企业筹资的特点：（多选）（1）资金来源广泛多样；（2）风险多；（3）决策复杂。

16.国际企业筹资的基本原则：（简答）（1）分析科研、生产、经营状况，合理确定资金需要量；（适量）（2）研究资金的时间价值，适时取得所需资金；（适时）（3）了解筹资渠道和资金市场，认真选择资金来源；（资金选择渠道）（4）研究各种筹资方式，确定最佳资金结构；（确定资金结构）（5）认真预测汇率变动情况，最大限度减少外汇风险。

（降低风险）17.国际企业资金来源：（1）公司集团内部的资金来源：母公司或子公司的未分配利润、折旧和暂时闲置的经营资金。

国际财务管理课本单词

第二章exchange rate汇率 mergers并购 restructuring重组 monetary policy货币政策 exchange rate policy汇率政策 debt crisis债务危机European Monetary Union欧洲货币联盟fiscal union财政联盟 citizens referendum全民公投第四章全球各地的公司治理 corporate governance around the world公司治理 corporate governance股东财富最大化 Shareholder wealth maximization忠诚职责 duty of loyalty公司治理机制 corporate governance system股东 shareholder管理人员managers利益相关者 stakeholders上市公司 the public corporation利益冲突 the conflicts of interest代理问题 agency problem 自由现金流 free cash flows董事会 board of directors外部董事 outside directors激励合约 incentive contracts所有权集中 concentrated ownership利益联盟效应 alignment管理防御效应entrenchment透明度 accounting transparenc敌意收购 no stile takeover法律和公司治理 law and corporate governance英国普通法 English common law法国大陆法French civil law德国大路法 german civil law斯堪的纳维亚大陆法Scandinavian civil law用脚投票 voting by foot用手投票 voting by hand华尔街 the wall street 第五章American terms 美式标价 European terms 欧式标价Cross-exchange rate 套算汇率 spot rate 即期汇率 Forward rate 远期汇率 Foreign exchange market 外汇市场Interbank market 银行间同业市场 Spot market 即期市场Forward market 远期市场 retail market 零售市场Wholesale market 批发市场OTC 场外市场Client market客户市场 ask price卖出报价 Bid price买入报价 currency against currency 货币对货币互换Direct quotation 直接标价 indirect quotation 间接标价Forward premium /discount 远期升水/贴水Triangular arbitrage三角套利Correspondent banking relationships 通汇关系Appreciate 升值depreciate 贬值第六章套利 arbitrage 套利组合arbitrage portfolio 抵补套利covered interest arbitrage 市场假说efficient market hypothesis 费雪效应fisher effect 远期预期平价Forward expected parity 实际汇率Real exchange rate 利率平价 interest rate parity 国际费雪效应international fisher effect 一介定律law of one price 基本分析法fundamental approach 不可贸易商品Non-tradable Goods购买力平价purchasing power parity 货币数量理论 Quantity theory of money 技术分析法technical approach 非抵补利率平价 uncovered interest rate parity 自我筹资self-financing 汇率决定exchange rate determination 汇率预测forecasting exchange rate 随机漫步假说random walk hypothesis 第七章American option 美式期权 Exercise price/Striking price 执行European option 欧式期权 At-the-money 平价Settlement price 结算价格In-the-money 价内 Long 多头Out-of-money 价外Short 空头Call option看涨期权 Writer 开立者Put option 看跌期权 Open interest 未平仓合约 Futures 期货 Option 期权 Hedgers 套期保值者 speculators 投机者Contract size 合约规模 standardized 标准化Derivative security 衍生证券 premium 期权费第九章销售额 sales 变动成本 variable costs固定制造费用 fixed overhead costs 折旧额 depreciation allowances税前净利润 net profit before tax 所得税 income tax税后利润 profit after tax 加回折旧add back depreciation以英镑计算的经营现金流量 operating cash flow亿美元计算的经营现金流量 in pounds/dollars第十章利润表：income statement销售收入：sales revenue折旧费用: depreciation净营业利润：net operating income所得税： income tax税后利润：profit after tax外汇损益：foreign exchange gain(loss)净利润：net income股利：dividends留存收益增加额: addition to retained earings现金流量表 cash flow statement资产负责表 balance sheet现金 cash应收账款 accounts receivable存货 inventory固定资产净额 net fixed assets总资产 total assets应付账款 accounts payable应付票据 notes payable流动负债 current liabilities长期负债 long-term debt普通股 common stock留存收益 retained earnings累计换算调整 CTA(cumulative translation adjustment)利润表 INCOME STATEMENT产品销售净额Net sales of products减：产品销售税金Less：Sales tax产品销售成本 Cost of sales产品销售毛利 Gross profit on sales减：销售费用 Less：Selling expenses管理费用General and administrative expenses财务费用Financial expenses汇兑损失(减汇兑收益) Exchange losses (minus exchange gains)产品销售利润Profit on sales加：其他业务利润Add：profit from other operations营业利润Operating profit加：投资收益Add：Income on investment加：营业外收入Add：Non-operating income减：营业外支出Less：Non-operating expenses加：以前年度损益调整Add：adjustment of loss and gain for previous years利润总额 Total profit减：所得税 Less：Income tax净利润 Net profit资产负债表 Balance Sheet项目 ITEM 项目 ITEM货币资金 Cash 短期借款 Short-term loans短期投资 Short term investments 应付票款 Notes payable应收票据 Notes receivable 应付帐款 Accounts payab1e应收股利 Dividend receivable 预收帐款 Advances from customers应收利息 Interest receivable 应付工资 Accrued payro1l应收帐款 Accounts receivable 应付福利费 Welfare payable其他应收款 Other receivables 应付利润(股利) Profits payab1e预付帐款 Accounts prepaid 应交税金 Taxes payable期货保证金 Future guarantee 其他应交款 Other payable to government应收补贴款 Allowance receivable 其他应付款 Other creditors应收出口退税 Export drawback receivable 预提费用 Provision for expenses存货 Inventories 预计负债 Accrued liabilities其中：原材料 Including:Raw materials 一年内到期的长期负债 Long term liabilities due within one year 产成品(库存商品) Finished goods 其他流动负债 Other current liabilities待摊费用 Prepaid and deferred expenses 流动负债合计 Total current liabilities待处理流动资产净损失 Unsettled G/L on current assets 长期借款 Long-term loans payable一年内到期的长期债权投资 Long-term debenture investment falling due in a yaear 应付债券 Bonds payable其他流动资产 Other current assets 长期应付款 long-term accounts payable流动资产合计 Total current assets 专项应付款 Special accounts payable长期投资： Long-term investment：其他长期负债 Other long-term liabilities其中:长期股权投资 Including long term equity investment 其中:特准储备资金 Including:Special reserve fund长期债权投资 Long term securities investment 长期负债合计 Total long term liabilities*合并价差 Incorporating price difference 递延税款贷项 Deferred taxation credit长期投资合计 Total long-term investment 负债合计 Total liabilities固定资产原价 Fixed assets-cost减：累计折旧 Less:Accumulated Dpreciation * 少数股东权益 Minority interests固定资产净值 Fixed assets-net value 实收资本(股本) Subscribed Capital减：固定资产减值准备 Less:Impairment of fixed assets 国家资本 National capital固定资产净额 Net value of fixed assets 集体资本 Collective capital固定资产清理 Disposal of fixed assets 法人资本 Legal person"s capital工程物资 Project material 其中:国有法人资本 Including:State-owned legal person"s capital在建工程 Construction in Progress 集体法人资本 Collective legal person"s capital待处理固定资产净损失 Unsettled G/L on fixed assets 个人资本 Personal capital固定资产合计 Total tangible assets 外商资本 Foreign businessmen"s capital无形资产 Intangible assets 资本公积 Capital surplus其中:土地使用权 Including and use rights 盈余公积 surplus reserve递延资产（长期待摊费用）Deferred assets 其中:法定盈余公积 Including:statutory surplus reserve其中:固定资产修理 Including:Fixed assets repair 公益金 public welfare fund固定资产改良支出 Improvement expenditure of fixed assets 补充流动资本 Supplermentary current capital其他长期资产 Other long term assets * 未确认的投资损失（以“-”号填列） Unaffirmed investment loss普通股 Ordinary shares 累计换算调整 Cumulative translation adjustments其中:特准储备物资 Among it:Specially approved reserving materials 留存收益 Retained earnings无形及其他资产合计 Total intangible assets and other assets 外币报表折算差额 Converted difference in Foreign Currency Statements递延税款借项 Deferred assets debits 所有者权益合计 Total shareholder"s equity资产总计 Total Assets 负债及所有者权益总计 Total Liabilities & Equity第十一章International Banking And Money Market国际银行与货币市场International Debt Crisis国际债务危机Debt-for-Equity Swaps 债权转股权LDC (less-developed countries) "欠发达国家"MNCs(Multinational Company) 跨国公司Equity investor权益投资者LDC central bank欠发达国家中央银行Export-oriented industries出口导向型产业High-technology industries 高科技产业CFO(Chief Financial Officer )首席财务官Global Government Bonds国际政府债券第十二章外国债券 foreign bonds欧洲债券 Eurobonds记名债券 registration bonds 不记名债券 bearer bonds 全球债券 global bonds 固定利率债券 straight fixed-rate bond 欧洲中期债券 Euro-medium-term notes 浮动利率票据 floating-rate notes、可转换债券 convertible bonds 附认股权证的债券 bonds with equity warrants双重货币债券 dual-currency bonds一级市场 primary market二级市场 secondary market卖出价 ask price 买入价 bid price主承销商 lead manager Yankee bonds 扬基债第十四章Swap Bank互换银行quality spread 质量Eurobond欧元债券currency swap货币互换Market completeness 完备市场Comparative advantage 比较优势Currency swap货币互换Counter parties交易双方Parent company母公司 Subsidiary子公司Producers 生产商 Financing needs 融资需求Swap market price 互换市场报价第十五章Portfolio risk diversification证券组合的风险分散 Sharpe Performance measure夏普绩效值Correlation coefficient相关系数Efficient set有效集Systematic risk系统风险 Risk-free rate无风险利率hedge fund对冲基金Risk —Return风险—收益第十六章Country risk 国家风险 Cross-border mergers and acquisitions 跨国并购Foreign direct investments（FDI）flows 对外直接投资流量Foreign direct investments （FDI）stocks 对外直接投资存量Greenfield investments绿地投资Intangible assets 无形资产Internalization Theory 内部化理论 Overseas Private Investment Corporation 海外私人投资公司Political risk 政治风险Product life-cycle theory 产品生命周期理论Synergisitic gains 利润增长值效应第十七章资本结构-capital structure 资本成本-cost of capital 加权平均资本成本-weighted average cost of capital 资本资产定价模型-capital asset pricing model,CAPM市场投资组合-market portfolio 系统风险-systematic risk 国际资产定价模型-international asset pricing model,IAPM 可国际交易资产-internationally tradable assets 可国际间交易资产-internationally notradable assets 完全分割资本市场-completely segmented capital market 国家的系统风险-country systematic risk 完全一体化的世界资本市场-fully integrated world capital markets 世界系统风险-world systematic risk部分一体化世界金融市场-partially integrated world financial markets定价的举出效应-pricing spillover effect 间接世界系统风险—indirect world systematic risk 市场双重定价现象-price-to-market,PTM phenomenon 净外国市场风险-pure foreign market risk投资组合-subsitution portfolio。