1、国际财务管理重点第一章1.MN c的两个目的to maximize shareholder wealth股东财富最大化to satisfying their respective governments,creditors,or employees.满足利益相关者的预期2.什么是代理理论This conflict of goals between a firms managers and shareholders is often refferred to as the agenvy priblem .3.代理理论产生的原因monitoring managers of distant subs
2、idiaries in foreign countries is more difficult.foreign subsidiary managers raised in different cultures may not follow uniform goalsthe sheer size of the larger MNcs can also creat large agence problemssome nonU.S. managers tend to downplay the short-term effects of decisions4.代理理论解决措施It should cle
3、arly communicate the goals for each subsidiary to ensure that all subsidiaries focus on maximizing the value of the MNC rather than their respective subsidiary values.The parent can oversee the subsidiary decisions to check whether the subsidiary managers are satisfying the MNCs goals.The parent can
4、 also implement compensation plans that reward the subsidiary managers who satisfy the MNCS goals .5.集权式跨国财务管理 cenrtalized Multinational Financial Management 分权式跨国财务管理 Decentralized Multinational Finacial Management 6.三个理论 （填空）比较优势理论 Theory of Comparative Advantage定义要了解 When a country specializes in
5、 some products,it may not produce other priducts,so trade between countries is essential.当某个国家专业化地生产某些产品时就有可能会引起该国其他产品的生产短缺，这样国际贸易就十分必要了。 不完全市场理论 mperfect Markets Theory 定义：the real world suffers from imperfect market conditions ,there are costs and.often restrictions related to the transferring of
6、labor and other resources used for production.产品周期理论 Product Cycle Theory 定义：a firm.is likely to establish itself first in its home country.7.估值模型公式（了解不考具体形式）8.企业从事国际贸易最常用的方法The most common methods by which firms conduct internationnal businessinternational trade 国际贸易licensing 许可经营franchising 特许经营jo
7、int ventures 合资企业acquisitions of foreign firms 收购formation of foreign subsidiaries 外国子公司的形式第二章：zhanrnational Flow Of Funds国际资本流动1.国际收支平衡表 包含哪些大项 每个大项下又分三小 填空1）Current Account 经常项目Payments for merchandise and services 货物和服务收支factor income ayments要素所得收支transfer payments 转移支付所得2）Capital and finicial ac
8、counts 资本融资项目direct foreign investment 直接对外投资DFIprotfolio investment 证券投资other capital investment其他资本投资2.外包业务定义（我记得老师说出选择或判断）Outsourcing represents the process of subcontracting 签订合同to a third party优点：allows mncs to conduct operations at a lower cost created many jobs in countries where wages are lo
9、w3.Factors affecting international trade flows影响国际贸易流动的因素 简答cost of labor 劳动成本inflation 通货膨胀national income 国民收入government policies 政府政策限制exchange rates汇率4.政府通过哪些措施改变贸易顺差 简答restrictions on imports 进口限制subsidies for expirters 出口补贴restrictiins on piracy 对盗版进行限制environmental restrictions 环境限制labor laws
10、劳动法business laws 商业法tax breaks 税收减免country security laws 国家证券法trade surplus 贸易顺差trade deficits 贸易逆差5. 每个机构职能 提供贷款？42页第三章.International financial markets国际金融市场1.国际金融市场5种类型填空foreign exchange market 外汇市场international money market国际货币市场international credit market 国际信贷市场internatinal bond market 国际债券市场？2.
11、history of foreign exchange 外汇的历史沿革（了解）gold standard.金本位制aggrements on fixed exchange rates 固定汇率制floating exchange rate system 浮动汇率制53即期市场 即期市场的结构？3.银行买入卖出差价3.4.factors that affect the spread 影响差价的因素 简答order costs 订单成本正相关inventory costs 存货成本 正compttition 竞争 负volume 交易量 负currency risk 货币风险 正5.两个协议的名字
12、布雷顿森林协定 Bretton Woods Agreement史密森协定 Smithsonian Agreement6.套算汇率的计算7.国际债券的风险 Risk of international bondscredit risk 信贷风险interest risk 利率风险exchange risk汇率风险liquidity risk流动性风险第四章 Exchange rate determination 汇率决定1.汇率变动公式贬值 depreciation 升值 appreciation2.86与87页？3.影响汇率的因素（填空或简答）factors that influnce exch
13、ange ratesef（INF,INT,INC,GC,EXP）epercentage change in the spit rate 现货汇率变动百分比INFchange in the differential between U.S. inflation and the foreign countries inflation 美国通货膨胀与外国通货膨胀差异变动INTchange in the differential between the U.S. interest rate and the foreign countrys interes rate 美国汇率与外国汇率差异变动INCch
14、ange in the differential between the U.S. income level and the foreign countrys income level 美国收入水平与外国收入水平差异变动GCchange in government controls 政府管制变动EXPchange in expectations of future exchange rates 远期汇率变动4.汇率变动的预测目的 ？5.如何进行投机 speculationexpected appreciation 升值expected depreciation第五章.Currency Deri
15、vatives货币衍生品1.premium or discount on the forward rate升水还是贴水FS（1p）远期汇率即期汇率（1溢价率）（F/S）1p远期/即期1溢价率p is negative ，the foward rate contains a discount 贴水2.Compraison of the forward and future markets（有印象 会有选择题）size of contract 合同金额不同delivery date 交割日security deposit 保证金clearing operation 交割清零markeyplace
16、市场regulation 规范性liquidation 清算方法transaction costs 交易成本3.期货相关计算买入期货相当于买入外币 买期货合同 锁定外币汇率卖出期货合同 相当于卖出外币 锁定汇率closing out a futures position 对以前的合约进行冲销（平仓）speculation with currency futures利用期货进行投机.currency options market 货币期权市场4.看涨什么情况实值什么时候虚值 等值in the money实值期权when the present exchange rate exceeds the
17、stike price 即期汇率行权汇率at the money 等值期权when the present exchange rate equals the strike price即期汇率行权汇率out of the money 虚值期权when the present exchange rate less than the strike price 5.factors affecting currency call optiin premiums 看涨期权权利金的影响因素spot price relative to strike price.即期汇率行权价SX（正向影响）length of
18、 time 期权时长 正向影响potential variability of currency 币值的不稳定性 正向影响6.利用看涨期权投机7.看跌期权实值 虚值 等值in the money 实值期权when the present exchange rate is less than the strike.priceat the money 等值期权when the present exchange rate equals the strike priceout of the money 虚值期权when the present exchange rate exceeds the str
19、ike price 8.factors affecting currency put option premiums看跌期权权利金的影响因素9.看跌期权进行投机 speculating with currency put options第六章Government influence on exchange rates政府对汇率的影响1.exchange rate systems 汇率体系fixed 固定汇率制freely floating 自由浮动汇率制managed float 管理浮动汇率制pegged 钉住汇率制定义要大概有印象 选择题 2.Government intervention
20、 政府干预两种方式1）直接干预direct intetventionreliance on reserves 外汇储备nonsterilized versus sterilized intervention非冲销干预利用国债冲销为冲销干预 不用国债为非冲销干预2）间接干预 indirect intervention5个因素ef（INF,INT,INC,GC,EXP）epercentage change in the spit rate 现货汇率变动百分比INFchange in the differential between U.S. inflation and the foreign co
21、untries inflation 美国通货膨胀与外国通货膨胀差异变动INTchange in the differential between the U.S. interest rate and the foreign countrys interes rate 美国汇率与外国汇率差异变动INCchange in the differential between the U.S. income level and the foreign countrys income level 美国收入水平与外国收入水平差异变动GCchange in government controls 政府管制变动
22、EXPchange in expectations of future exchange rates 远期汇率变动第七章 International arbitrage and interest rate parity国际套利与利率平价1.international arbitrage 国际套利方式 填空locational arbitarge地点套利triangular arbitarge.三角套利covered interest arbitarge 抛补套利2.三种套利方式的计算地点套利？三角套利不考虑差价：注意先买哪国货币不要搞错考虑差价：抛补套利计算不考虑差价购买远期合约汇率为1.6购
23、买远期合约汇率为1.5692考虑差价（利率差价与汇率差价）3.三角套利的优点triangular arbitrage does not tie up funds 不占用任何资金the strategy is risk free无风险4.Interest rate parity（ IRP）利率平价理论定义？5.利率和升贴水之间的关系6.远期汇率升水的决定determining the forward 第8章 通货膨胀、利率与汇率的关系1.purchasing power parity （PPP）购买力平价理论 研究通货膨胀和汇率关系？定义2.外国货币汇率怎样变化3.International f
24、isher effect （IFE）费雪效应 研究利率和通货膨胀间关系定义？期中考试题5.6.7.10.第9章Forecasting exchange rates汇率预测1.Why firms forecast exchange rates套期保值决策 简答hedging decesionshortterm investment decision 短期投资决策capital budgeting decision资本预算决策earning assessment 收益评价long-term financing decision 长期融资决策2.forecasting techniques 预测汇率
25、的方法考察 哪种方法怎样预测 基于什么预测？technical forecasting 技术预测法 基于历史数据fundamental forecasting 基本预测法 基于经济变量market-based forecasting 市场预测法mixed forecasting 混合预测法怎样预测不清楚第10章汇率波动风险的计量 Measuring exposure to exchange rate fluctuations1.风险三种类型 填空transaction exposure 交易风险economic exposure 经济风险translation exposure 折算风险2.e
26、xposure of an MNCS proyfolio 对货币组合汇率风险的计算3.基于风险价值模型计算交易风险transaction exposure based on value at risk？第11章 Managing transactiin exposure 交易风险的管理1.对应付账款套期保值的方式futures hedge 期货合同forward hedge 远期合同money market hedge 货币市场套期currency option hedge 期权套期保值no hedge2.计算所有类型 选择是否使用 若使用选用哪种 对应付账款 应收账款分别计算？ 10分综合题
27、第12章1. 用远期进行对冲 计算第13章Direction foreign investment 直接对外投资1.motives for direct foreign investment 直接对外投资的动机 简答 十个选五个1）revenue-related motives 收入相关的动机attract new sources of demands吸引新的需求来源enter profitable markets 进入超额利润市场exploit monopolistic advantages 利用垄断市场优势react to trade restrictions 对贸易限制做出反应diver
28、sify internationally 国际化分散经营2）cost-ralated motives 成本相关的动机fully benefit from economies of scale充分受益于规模经济use foreign factors of production利用外国生产要素use foreign raw materials 利用外国原材料use foreign technology 利用外国技术react to exchange rate mivements对汇率变动做出反应2.计算p324 3.barriers to DFI 直接对外投资的壁垒 简答protective ba
29、rriers 保护性壁垒red tap barriers红头文件壁垒industry barriers 行业壁垒environmental barriers 环境壁垒regulatory barriers管制壁垒ethical differences 道德差异political instability 政治的不稳定性第14章Multinational capital budgeting 跨国资本预算1.other factors to consider 在跨国资本预算时需要考虑的其他变量exchange rate fluctuations 汇率波动inflation通货financing ar
30、rangement 融资安排blocked funds资金冻结uncertain salvage value 残值收入不确定性impact of project on prevailing cash flows 新投资项目是否会影响之前项目现金流host government incentives 东道国政府的优惠real options 实物期权2. p344页计算p346页计算p351页计算第15章International corporate governance and control国际公司治理与控制1. factors affecting target valuation 影响目标
31、公司估值的因素 简答1）target-specific factors 被收购企业角度targets previous cash flow 以前的现金流进行评估managerial talent of the target 目标公司管理层能力2）country-specific factors 国家因素targets local economic conditions当地经济环境targets local political conditions 当地政治环境targets industry conditions 行业环境targets currency conditions货币环境targe
32、ts local stock market conditions股价环境taxes applicable to the target 税法第16章 Analysis of country risk国家风险分析1.国家风险分析的特征 country risk characteristics 简答1）Political risk characteristicsAttitude of consumers in the host country 东道国消费者的态度 Actions of host government 东道国政府的态度 Blockage Of fund transfers 汇回金额施加
33、比例限制Currency inconvertibility货币不可转换 War 战争 inefficient bureaucracy 官僚主义 Corruption 腐败 2）Financial risk characteristicsInterest rates 利率 Exchange rates 汇率 Inflation 通货膨胀 2.Preventing Host government Takeovers防止东道国恶意接管 use a short-term horizon 短期投资 Rely on Unique supplies Or technology 独有的原材料和技术 Hire
34、local labor 雇佣当地劳动力 Borrow local funds 借入当地资金purchase insurance 购买保险 Use Project finance 利用项目融资 第17章 Multinational cost of capital and capital structure 跨国资本成本和资本结构 1.资本资产定价模型 ？第19章 financing international trade 国际贸易融资1.Payment methods for international trade 简答Pre payment 预付 Letters of credit 信用证 Drafts （Sight/time）Consignment 寄售Open account 记账赊销 2.Trade finance Methods 短期融资方式 简答Accounts receivable financing 用应收账款融资 Factoring Letters of credit （L/Cs）信用证Bankers AcceptancesWorking capital financing Medium-term Capital goods financing Countertrade 对等贸易
