1、Part 1: The International Financial EnvironmentChapter 1: Multinational Financial Management: An Overview1.Managing The MNC 目的maximize shareholder wealth.maximizing the value of the entire MNC2.Agency Problems问题 原因 解决措施问题：This conflict of goals between a firms managers and shareholders is often refe
2、rred to as the agency problem.原因： scattered around the worlddistant subsidiaries different cultures sheer size the short term effects of decisions解决措施： Information system Oversee Compensation system3.Management Structure of an MNCcentralized management style优势can reduce agency costs reduces the powe
3、r of subsidiary managers 劣势make poor decisionsdecentralized management style优势this style gives more control to those managers who are closer to the subsidiarys operations and environment.劣势higher agency costs4.Why Firms Pursue International Business选择（知道叙述的是哪个理论）+填空 Theory of Comparative Advantage，W
4、hen a country specializes in some products, it may not produce other products, so trade between countries is essential.Imperfect Markets Theory if markets were perfect so that the factors of production (such as labor) were easily transferablethe real world suffers from imperfect market conditions wh
5、ere factors of production are somewhat immobile.Product Cycle Theory a firm is likely to establish itself first in its home country. Foreign demand for the firms product will initially be accommodated by exportingproduce the product in foreign marketsdifferentiate the product5.How Firms Engage In In
6、ternational Business? 填空 简答5分5点 International Trade Licensing Franchising Joint Ventures Acquisitions of Existing Operations Establishing New Foreign SubsidiariesChapter 2: International Flow of Funds1.Balance Of Payments 选择 填空The balance of payments is a summary of transactions between domestic and
7、 foreignresidents for a specific country over a specified period of time.2.Current Account 填空 Payments for Merchandise and Services Factor Income Payments Transfer Payments Examples of Payment Entries Actual Current Account Balance3. Capital and Financial Accounts 填空 Direct Foreign Investment Portfo
8、lio Investment Other Capital Investment Errors and Omissions and Reserves4. Impact of Outsourcing on Trade 选择Outsourcing represents the process of subcontracting to a third party. In the context of multinational financial management, outsourcing is subcontracting to a third party in another country
9、to provide supplies or services that were previously produced internally.优点convenientlower costcreated many jobs in countries.缺点it may reduce jobs in ones own country.monitor5.Factors Affecting International Trade Flows 填空/简答 Cost of Labor Impact of Inflation Impact of National Income Impact of Gove
10、rnment Policies6.Impact of Government Policies 简答，任选5点 Restrictions on Imports Subsidies for Exporters Restrictions on Piracy Environmental Restrictions Labor Laws Business Laws Tax Breaks Country Security Laws7.Agencies That Facilitate International Flows 选择 International Monetary Fund (IMF) World
11、Bank (IBRD) World Trade Organization (WTO) International Financial Corporation (IFC) International Development Association (IDA) Bank for International Settlements（BIS） OECD Regional Development Agencies8. International Monetary Fund (IMF) 简答 promote cooperation among countries on international mone
12、tary issues promote stability in exchange rates provide temporary funds to member countries attempting to correct imbalances of international payments promote free mobility of capital funds across countries, and promote free trade.职能 选择 compensatory financing facility (CFF) special drawing rights (S
13、DRs)9. World Bank 职能 简答 make loans to countries to enhance economic development Structural Adjustment Loan (SAL), enhance a countrys long-term economic growth. cofinancing agreements. Multilateral Investment Guarantee Agency (MIGA)Chapter 3: International Financial Markets1.填空 5个市场 Foreign Exchange
14、Market International Money Markets International Credit Markets International Bond Markets Foreign Stock Market2. History of Foreign Exchange Gold Standard is convertible into gold at a specified rate. Agreements on Fixed Exchange Rates Floating Exchange Rate System3.Bretton Woods Agreement 各点知道（固定汇
15、率） Each currency was convertible into the U.S. dollar. prevent exchange rates from moving more than 1 percent above or belowSmithsonian Agreement the U.S. dollar was devalued relative to the other major currencies. exchange rates were also allowed to fluctuate by 2.25 percent4. Factors That Affect t
16、he Spread 影响买卖差价的因素？简答（6选5）Spread = f (Order costs; Inventory costs; Competition; Volume; Currency risk）5. Risk of International Bonds Credit Risk Interest Rate Risk Exchange Rate Risk Liquidity RiskChapter 4: Exchange Rate Determination1.Factors That Influence Exchange Rates 填空/选择 percentage change
17、 in the spot rate inflation interest rate income level government controls expectationsChapter 5: Currency Derivatives1.选择 有印象2.选择 填空A currency call option is said to be in the money when the present exchange rate exceeds the strike price, at the money when the present exchange rate equals the strik
18、e price, and out of the money when the present exchange rate is less than the strike price.A currency put option is said to be in the money when the present exchange rate is less than the strike price, at the money when the present exchange rate equals the strike price, and out of the money when the
19、 present exchange rate exceeds the strike price. For a given currency and expiration date, an in-the-money put option will require a higher premium than options that are at the money or out of the money.Part 2: Exchange Rate BehaviorChapter 6: Government Influence on Exchange Rates1.Exchange Rate Sy
20、stems 选择 各自区别 知道 Fixed Freely floating Managed float Pegged2. Government Intervention 政府干预外汇手段Direct Intervention nonsterilized intervention sterilized interventionIndirect InterventionChapter 7: International Arbitrage and Interest Rate Parity1.International Arbitrage 填空it is applied to foreign exc
21、hange and international money markets and takes three common forms: Locational arbitrage Triangular arbitrage Covered interest arbitrageChapter 8: Relationships among Inflation, Interest Rates, and Exchange Rates1.Purchasing Power Parity (PPP) 填空 选择when a countrys inflation rate rises, the demand fo
22、r its currency declines as its exports declineplace downward pressure on the high-inflation countrys currencyfinance is the purchasing power parity (PPP) theory, which attempts to quantify the inflation exchange rate relationship.2. International Fisher Effect (IFE) 国际费雪效应 选择 填空 interest rate inflat
23、ion rate exchange ratesPart 3: Exchange Rate Risk ManagementChapter 9: Forecasting Exchange Rates1.Why Firms Forecast Exchange Rates 简答 5点 Hedging decision. Short-term investment decision. Capital budgeting decision. Earnings assessment. Long-term financing decision.2. Forecasting Techniques 4个方法（定义
24、） 每个方法怎么预测 Technical Forecasting use of historical exchange rate data to predict future values Fundamental Forecasting fundamental relationships between economic variables and exchange rates. Market-Based Forecasting (1) the spot rate or (2) the forward rate Mixed Forecasting combination of forecast
25、ing techniquesChapter 10: Measuring Exposure to Exchange Rate Fluctuations1 风险有几种 填空题 Transaction exposure Economic exposure Translation exposurePart 4: Long-Term Asset and Liability ManagementChapter 13: Direct Foreign Investment1 Revenue-Related Motives 简答题（10选5） Attract new sources of demand. Ent
26、er profitable markets. Exploit monopolistic advantages. React to trade restrictions. Diversify internationally. Fully benefit from economies of scale. Use foreign factors of production. Use foreign raw materials. Use foreign technology. React to exchange rate movements.2 Barriers to DFI 简答（7选5） Prot
27、ective Barriers “Red Tape” Barriers Industry Barriers Environmental Barriers Regulatory Barriers Ethical Differences Political InstabilityChapter 15: International Corporate Governance and Control 1. Factors Affecting Target Valuation 简答（8选5）Target-Specific Factors Targets Previous Cash Flows Manage
28、rial Talent of the TargetCountry-Specific Factors Targets Local Economic Conditions Targets Local Political Conditions Targets Industry Conditions Targets Currency Conditions Targets Local Stock Market Conditions Taxes Applicable to the TargetChapter 16: Country Risk Analysis1. Country Risk Characte
29、ristics 填空 选择Country risk characteristics can be partitioned as political or financial.2.国家风险有哪些? 简答 （10选5）Political Risk Characteristics Attitude of consumers in the host country Actions of host government Blockage of fund transfers Currency inconvertibility War Inefficient bureaucracy CorruptionFi
30、nancial Risk Characteristics Interest rates. Exchange rates. Inflation.3. Preventing Host Government Takeovers 简答题 Use a short-term horizon. Rely on unique supplies or technology. Hire local labor. Borrow local funds. Purchase insurance. Use project finance.4.填空 选择The World Bank has established an a
31、ffiliate called the Multilateral Investment Guarantee Agency (MIGA) to provide political insurance for MNCs with direct foreign investment in less developed countries. MIGA offers insurance against expropriation, breach of contract, currency inconvertibility, war, and civil disturbances.Chapter 19:
32、Financing International Trade1.Payment Methods For International Trade 简答 Prepayment Letters of credit Drafts (sight/time) Consignment Open account2.Trade Finance Methods 简答（7选5） Accounts receivable financing Factoring Letters of credit (L/Cs) Bankers acceptances Working capital financing Medium-term capital goods financing (forfaiting) Countertrade
