Chapter 5—Currency Derivatives
1. Kalons, Inc. is a U.S.-based MNC that frequently imports raw materials from Canada. Kalons is
typically invoiced for these goods in Canadian dollars and is concerned that the Canadian dollar will appreciate in the near future. Which of the following is not an appropriate hedging technique under
these circumstances?
a. purchase Canadian dollars forward.
b. purchase Canadian dollar futures contracts.
c. purchase Canadian dollar put options.
d. purchase Canadian dollar call options.
ANS: C PTS: 1
2. Graylon, Inc., based in Washington, exports products to a German firm and will receive payment of
€200,000 in three months. On June 1, the spot rate of the euro was $1.12, and the 3-month forward rate was $1.10. On June 1, Graylon negotiated a forward contract with a bank to sell €200,000 forward in three months. The spot rate of the euro on September 1 is $1.15. Graylon will receive $____ for the euros.
a. 224,000
b. 220,000
c. 200,000
d. 230,000
ANS: B
SOLUTION: €200,000 × $1.10 = $220,000
PTS: 1
3. The one-year forward rate of the British pound is quoted at $1.60, and the spot rate of the British
pound is quoted at $1.63. The forward ____ is ____ percent.
a. discount; 1.9
b. discount; 1.8
c. premium; 1.9
d. premium; 1.8
ANS: B
SOLUTION: (F/S) ? 1 = ($1.60/$1.63) ? 1 = ?1.8 percent.
PTS: 1
4. The 90-day forward rate for the euro is $1.07, while the current spot rate of the euro is $1.0
5. What is
the annualized forward premium or discount of the euro?
a. 1.9 percent discount.
b. 1.9 percent premium.
c. 7.6 percent premium.
d. 7.6 percent discount.
ANS: C
SOLUTION: [(F/S) ? 1] × 360/90 = 7.6 percent.
PTS: 1
5. Thornton, Inc. needs to invest five million Nepalese rupees in its Nepalese subsidiary to support local
operations. Thornton would like its subsidiary to repay the rupees in one year. Thornton would like to engage in a swap transaction. Thus, Thornton would:
a. convert the rupees to dollars in the spot market today and convert rupees to dollars in one
year at today's forward rate.
b. convert the dollars to rupees in the spot market today and convert dollars to rupees in one
year at the prevailing spot rate.
c. convert the dollars to rupees in the spot market today and convert rupees to dollars in one
year at today's forward rate.
d. convert the dollars to rupees in the spot market today and convert rupees to dollars in one
year at the prevailing spot rate.
ANS: C PTS: 1
6. In the U.S., the typical currency futures contract is based on a currency value in terms of:
a. euros.
b. U.S. dollars.
c. British pounds.
d. Canadian dollars.
ANS: B PTS: 1
7. Currency futures contracts sold on an exchange:
a. contain a commitment to the owner, and are standardized.
b. contain a commitment to the owner, and can be tailored to the desire of the owner.
c. contain a right but not a commitment to the owner, and can be tailored to the desire of the
owner.
d. contain a right but not a commitment to the owner, and are standardized.
ANS: A PTS: 1
8. Currency options sold through an options exchange:
a. contain a commitment to the owner, and are standardized.
b. contain a commitment to the owner, and can be tailored to the desire of the owner.
c. contain a right but not a commitment to the owner, and can be tailored to the desire of the
owner.
d. contain a right but not a commitment to the owner, and are standardized.
ANS: D PTS: 1
9. Currency options are commonly traded through the ____ system.
a. robot
b. Euro
c. GLOBEX
d. Scope
ANS: C PTS: 1
10. Forward contracts:
a. contain a commitment to the owner, and are standardized.
b. contain a commitment to the owner, and can be tailored to the desire of the owner.
c. contain a right but not a commitment to the owner, and can be tailored to the desire of the
owner.
d. contain a right but not a commitment to the owner, and are standardized.
ANS: B PTS: 1
11. Which of the following is the most likely strategy for a U.S. firm that will be receiving Swiss francs in
the future and desires to avoid exchange rate risk (assume the firm has no offsetting position in
francs)?
a. purchase a call option on francs.
b. sell a futures contract on francs.
c. obtain a forward contract to purchase francs forwar
d.
d. all of the above are appropriate strategies for the scenario described.
ANS: B PTS: 1
12. Which of the following is the most unlikely strategy for a U.S. firm that will be purchasing Swiss
francs in the future and desires to avoid exchange rate risk (assume the firm has no offsetting position in francs)?
a. purchase a call option on francs.
b. obtain a forward contract to purchase francs forward.
c. sell a futures contract on francs.
d. all of the above are appropriate strategies for the scenario described.
ANS: C PTS: 1
13. If your firm expects the euro to substantially depreciate, it could speculate by ____ euro call options or
____ euros forward in the forward exchange market.
a. selling; selling
b. selling; purchasing
c. purchasing; purchasing
d. purchasing; selling
ANS: A PTS: 1
14. When you own ____, there is no obligation on your part; however, when you own ____, there is an
obligation on your part.
a. call options; put options
b. futures contracts; call options
c. forward contracts; futures contracts
d. put options; forward contracts
ANS: D PTS: 1
15. The greater the variability of a currency, the ____ will be the premium of a call option on this currency,
and the ____ will be the premium of a put option on this currency, other things equal.
a. greater; lower
b. greater; greater
c. lower; greater
d. lower; lower
ANS: B PTS: 1
16. When currency options are not standardized and traded over-the-counter, there is ____ liquidity and a
____ bid/ask spread.
a. less; narrower
b. more; narrower
c. more; wider
d. less; wider
ANS: D PTS: 1
17. The shorter the time to the expiration date for a currency, the ____ will be the premium of a call option,
and the ____ will be the premium of a put option, other things equal.
a. greater; greater
b. greater; lower
c. lower; lower
d. lower; greater
ANS: C PTS: 1
18. Assume that a speculator purchases a put option on British pounds (with a strike price of $1.50) for
$.05 per unit. A pound option represents 31,250 units. Assume that at the time of the purchase, the spot rate of the pound is $1.51 and continually rises to $1.62 by the expiration date. The highest net profit possible for the speculator based on the information above is:
a. $1,562.50.
b. ?$1,562.50.
c. ?$1,250.00.
d. ?$625.00.
ANS: B
SOLUTION: The premium of the option is $.05 × (31,250 units) = $1,562.50. Since the
option will not be exercised, the net profit is ?$1,562.50.
PTS: 1
19. Which of the following is true?
a. The futures market is primarily used by speculators while the forward market is primarily
used for hedging.
b. The futures market is primarily used for hedging while the forward market is primarily
used for speculating.
c. The futures market and the forward market are primarily used for speculating.
d. The futures market and the forward market are primarily used for hedging.
ANS: A PTS: 1
20. Which of the following is true?
a. Most forward contracts between firms and banks are for speculative purposes.
b. Most future contracts represent a conservative approach by firms to hedge foreign trade.
c. The forward contracts offered by banks have maturities for only four possible dates in the
future.
d. none of the above
ANS: D PTS: 1
21. If you expect the euro to depreciate, it would be appropriate to ____ for speculative purposes.
a. buy a euro call and buy a euro put
b. buy a euro call and sell a euro put
c. sell a euro call and sell a euro put
d. sell a euro call and buy a euro put
ANS: D PTS: 1
22. If you expect the British pound to appreciate, you could speculate by ____ pound call options or ____
pound put options.
a. purchasing; selling
b. purchasing; purchasing
c. selling; selling
d. selling; purchasing
ANS: A PTS: 1
23. Which of the following is correct?
a. The longer the time to maturity, the less the value of a currency call option, other things
equal.
b. The longer the time to maturity, the less the value of a currency put option, other things
equal.
c. The higher the spot rate relative to the exercise price, the greater the value of a currency
put option, other things equal.
d. The lower the exercise price relative to the spot rate, the greater the value of a currency
call option, other things equal.
ANS: D PTS: 1
24. Research has found that the options market is:
a. efficient before controlling for transaction costs.
b. efficient after controlling for transaction costs.
c. highly inefficient.
d. none of the above
ANS: B PTS: 1
25. Assume no transactions costs exist for any futures or forward contracts. The price of British pound
futures with a settlement date 180 days from now will:
a. definitely be above the 180-day forward rate.
b. definitely be below the 180-day forward rate.
c. be about the same as the 180-day forward rate.
d. none of the above; there is no relation between the futures and forward prices.
ANS: C PTS: 1
26. Assume that a currency's spot and future prices are the same, and the currency's interest rate is higher
than the U.S. rate. The actions of U.S. investors to lock in this higher foreign return would ____ the currency's spot rate and ____ the currency's futures price.
a. put upward pressure on; put upward pressure on
b. put downward pressure on; put upward pressure on
c. put upward pressure on; put downward pressure on
d. put downward pressure on; put downward pressure on
ANS: C PTS: 1
27. A firm sells a currency futures contract, and then decides before the settlement date that it no longer
wants to maintain such a position. It can close out its position by:
a. buying an identical futures contract.
b. selling an identical futures contract.
c. buying a futures contract with a different settlement date.
d. selling a futures contract for a different amount of currency.
e. purchasing a put option contract in the same currency.
ANS: A PTS: 1
28. If the spot rate of the euro increased substantially over a one-month period, the futures price on euros
would likely ____ over that same period.
a. increase slightly
b. decrease substantially
c. increase substantially
d. stay the same
ANS: C PTS: 1
29. A U.S. firm is bidding for a project needed by the Swiss government. The firm will not know if the bid
is accepted until three months from now. The firm will need Swiss francs to cover expenses but will be paid by the Swiss government in dollars if it is hired for the project. The firm can best insulate itself against exchange rate exposure by:
a. selling futures in francs.
b. buying futures in francs.
c. buying franc put options.
d. buying franc call options.
ANS: D PTS: 1
30. A firm wants to use an option to hedge 12.5 million in receivables from New Zealand firms. The
premium is $.03. The exercise price is $.55. If the option is exercised, what is the total amount of
dollars received (after accounting for the premium paid)?
a. $6,875,000.
b. $7,250,000.
c. $7,000,000.
d. $6,500,000.
e. none of the above
ANS: D
SOLUTION: Dollars received from exercising option = NZ$12.5 million × $.55 =
$6,875,000. Premium paid for options = NZ$12.5 million × $.03 = $375,000.
Amount of dollars received minus premium = $6,500,000.
PTS: 1
31. If you purchase a straddle on euros, this implies that you:
a. finance the purchase of a call option by selling a put option in the euros.
b. finance the purchase of a call option by selling a call option in the euros.
c. finance the purchase of a put option by selling a put option in the euros.
d. finance the purchase of a put option by selling a call option in the euros.
e. none of the above
ANS: E PTS: 1
32. The premium on a pound put option is $.03 per unit. The exercise price is $1.60. The break-even point
is ____ for the buyer of the put, and ____ for the seller of the put. (Assume zero transactions costs and that the buyer and seller of the put option are speculators.)
a. $1.63; $1.63
b. $1.63; $1.60
c. $1.63; $1.57
d. $1.57; $1.63
e. none of the above
ANS: E
SOLUTION: Break-even point on put option to both the buyer and seller is $1.60 ? $.03 =
$1.57.
PTS: 1
33. The existing spot rate of the Canadian dollar is $.82. The premium on a Canadian dollar call option is
$.04. The exercise price is $.81. The option will be exercised on the expiration date if at all. If the spot rate on the expiration date is $.87, the profit as a percent of the initial investment (the premium paid) is:
a. 0 percent.
b. 25 percent.
c. 50 percent.
d. 150 percent.
e. none of the above
ANS: C
SOLUTION: The net profit per unit is: $.87 ? $.81 ? $.04 = $.02. The net profit per unit as
a percent of the initial investment per unit is: $.02/$.04 = 50%.
PTS: 1
34. You purchase a call option on pounds for a premium of $.03 per unit, with an exercise price of $1.64;
the option will not be exercised until the expiration date, if at all. If the spot rate on the expiration date is $1.65, your net profit per unit is:
a. ?$.03.
b. ?$.02.
c. ?$.01.
d. $.02.
e. none of the above
ANS: B
SOLUTION: Net profit per unit = $1.65 ? $1.64 ? $.03 = ?$.02.
PTS: 1
35. You purchase a put option on Swiss francs for a premium of $.02, with an exercise price of $.61. The
option will not be exercised until the expiration date, if at all. If the spot rate on the expiration date is $.58, your net profit per unit is:
a. ?$.03.
b. ?$.02.
c. ?$.01.
d. $.02.
e. none of the above
ANS: E
SOLUTION: Net profit per unit = $.61 ? $.58 ? $.02 = $.01.
PTS: 1
36. You are a speculator who sells a call option on Swiss francs for a premium of $.06, with an exercise
price of $.64. The option will not be exercised until the expiration date, if at all. If the spot rate of the Swiss franc is $.69 on the expiration date, your net profit per unit, assuming that you have to buy Swiss francs in the market to fulfill your obligation, is:
a. ?$.02.
b. ?$.01.
c. $.01.
d. $.02.
e. none of the above
ANS: C
SOLUTION: Net profit per unit = $.64 + $.06 ? $.69 = $.01.
PTS: 1
37. You are a speculator who sells a put option on Canadian dollars for a premium of $.03 per unit, with
an exercise price of $.86. The option will not be exercised until the expiration date, if at all. If the spot rate of the Canadian dollar is $.78 on the expiration date, your net profit per unit is:
a. ?$.08.
b. ?$.03.
c. $.05.
d. $.08.
e. none of the above
ANS: E
SOLUTION: Net profit = $.78 + $.03 ? $.86 = ?$.05.
PTS: 1
38. European currency options can be exercised ____; American currency options can be exercised ____.
a. any time up to the expiration date; any time up to the expiration date
b. any time up to the expiration date; only on the expiration date
c. only on the expiration date; only on the expiration date
d. only on the expiration date; any time up to the expiration date
ANS: D PTS: 1
39. Macomb Corporation is a U.S. firm that invoices some of its exports in Japanese yen. If it expects the
yen to weaken, it could ____ to hedge the exchange rate risk on those exports.
a. sell yen put options
b. buy yen call options
c. buy futures contracts on yen
d. sell futures contracts on yen
ANS: D PTS: 1
40. A call option on Australian dollars has a strike (exercise) price of $.56. The present exchange rate is
$.59. This call option can be referred to as:
a. in the money.
b. out of the money.
c. at the money.
d. at a discount.
ANS: A PTS: 1
41. A put option on British pounds has a strike (exercise) price of $1.48. The present exchange rate is
$1.55. This put option can be referred to as:
a. in the money.
b. out of the money.
c. at the money.
d. at a discount.
ANS: B PTS: 1
42. Which of the following is not an instrument used by U.S.-based MNCs to cover their foreign currency
positions?
a. forward contracts.
b. futures contracts.
c. non-deliverable forward contracts.
d. options.
e. all of the above are instruments used to cover foreign currency positions.
ANS: E PTS: 1
43. When the futures price on euros is below the forward rate on euros for the same settlement date,
astute investors may attempt to simultaneously ____ euros forward and ____ euro futures.
a. sell; sell
b. buy; sell
c. sell; buy
d. buy; buy
ANS: B PTS: 1
44. When the futures price is equal to the spot rate of a given currency, and the foreign country exhibits a
higher interest rate than the U.S. interest rate, astute investors may attempt to simultaneously ____ the foreign currency, invest it in the foreign country, and ____ futures in the foreign currency.
a. buy; buy
b. sell; buy
c. buy; sell
d. buy; buy
ANS: C PTS: 1
45. Which of the following would result in a profit of a euro futures contract when the euro depreciates?
a. buy a euro futures contract; sell a futures contract after the euro has depreciated.
b. sell a euro futures contract; buy a futures contract after the euro has depreciated.
c. buy a euro futures contract; buy an additional futures contract after the euro has
depreciated.
d. none of the above would result in a profit when the euro depreciates.
ANS: B PTS: 1
46. Which of the following is not true regarding options?
a. Options are traded on exchanges, never over-the-counter.
b. Similar to futures contracts, margin requirements are normally imposed on option traders.
c. Although commissions for options are fixed per transaction, multiple contracts may be
involved in a transaction, thus lowering the commission per contract.
d. Currency options can be classified as either put or call options.
e. All of the above are true.
ANS: A PTS: 1
47. A U.S. corporation has purchased currency put options to hedge a 100,000 Canadian dollar (C$)
receivable. The premium is $.01 and the exercise price of the option is $.75. If the spot rate at the time of maturity is $.85, what is the net amount received by the corporation if it acts rationally?
a. $74,000.
b. $84,000.
c. $75,000.
d. $85,000.
ANS: B
SOLUTION: Dollars received from selling Canadian dollars in the spot market =
C$100,000 × $.85 = $85,000. Premium paid for options = C$100,000 × $.01
= $1,000. Amount of dollars received less premium = $84,000.
PTS: 1
48. A U.S. corporation has purchased currency call options to hedge a 70,000 pound payable. The
premium is $.02 and the exercise price of the option is $.50. If the spot rate at the time of maturity is $.65, what is the total amount paid by the corporation if it acts rationally?
a. $33,600.
b. $46,900.
c. $44,100.
d. $36,400.
ANS: D
SOLUTION: Dollars paid when exercising the option = ￡70,000 × $.50 = $35,000.
Premium paid for options = ￡70,000 × $.02 = $1,400. Amount of dollars paid
= $35,000 + $1,400 = $36,400.
PTS: 1
49. Frank is an option speculator. He anticipates the Danish kroner to appreciate from its current level of
$.19 to $.21. Currently, kroner call options are available with an exercise price of $.18 and a premium of $.02. Should Frank attempt to buy this option? If the future spot rate of the Danish kroner is indeed $.21, what is his profit or loss per unit?
a. no; ?$0.01.
b. yes; $0.01.
c. yes; ?$0.01.
d. yes; $0.03.
ANS: B
SOLUTION: The net profit per unit is: $.21 ? $.18 ? $.02 = $.01.
PTS: 1
50. Carl is an option writer. In anticipation of a depreciation of the British pound from its current level of
$1.50 to $1.45, he has written a call option with an exercise price of $1.51 and a premium of $.02. If the spot rate at the option's maturity turns out to be $1.54, what is Carl's profit or loss per unit
(assuming the buyer of the option acts rationally)?
a. ?$0.01.
b. $0.01.
c. ?$0.04.
d. $0.04.
e. ?$0.03.
ANS: A
SOLUTION: The net profit per unit is $1.51 + $.02 ? $1.54 = ?$.01.
PTS: 1
51. Johnson, Inc., a U.S.-based MNC, will need 10 million Thai baht on August 1. It is now May 1.
Johnson has negotiated a non-deliverable forward contract with its bank. The reference rate is the
baht's closing exchange rate (in $) quoted by Thailand's central bank in 90 days. The baht's spot rate today is $.02. If the rate quoted by Thailand's central bank on August 1 is $.022, Johnson will ____ $____.
a. pay; 20,000
b. be paid; 20,000
c. pay; 2,000
d. be paid; 2,000
e. none of the above
ANS: B
SOLUTION: Amount received per unit = $.022 ? $.02 = $.002 × THB10,000,0000 =
$20,000.
PTS: 1
52. If the observed put option premium is less than what is suggested by the put-call parity equation, astute
arbitrageurs could make a profit by ____ the put option, ____ the call option, and ____ the underlying currency.
a. selling; buying; buying
b. buying; selling; buying
c. selling; buying; selling
d. buying; buying; buying
ANS: B PTS: 1
53. A put option premium has a lower bound that is equal to the greater of zero and the difference between
the underlying ____ prices. The upper bound of a call option premium is the ____ price.
a. spot and exercise; exercise
b. spot and exercise; spot
c. exercise and spot; exercise
d. exercise and spot; spot
ANS: C PTS: 1
54. A call option premium has a lower bound that is equal to the greater of zero and the difference
between the underlying ____ prices. The upper bound of a call option premium is the ____ price.
a. spot and exercise; exercise
b. spot and exercise; spot
c. exercise and spot; exercise
d. exercise and spot; spot
ANS: B PTS: 1
55. Assume the spot rate of the Swiss franc is $.62 and the one-year forward rate is $.66. The forward rate
exhibits a ____ of ____.
a. premium; about 6%
b. discount; about 6%
c. discount; about 6.45%
d. premium; about 6.45%
ANS: D
SOLUTION: Premium = (Forward rate ? Spot rate)/Spot rate = ($.66 ? $.62)/$.62 = 6.45%
PTS: 1
56. Assume the spot rate of a currency is $.37 and the 90-day forward rate is $.36. The forward rate of this
currency exhibits a ____ of ____ on an annualized basis.
a. discount; 11.11%
b. premium; 11.11%
c. premium; 10.81%
d. discount; 10.81%
ANS: D
SOLUTION: Discount = [(FR ? SR)/SR] × (360/90)
= [($.36 ? $.37)/$.37] × (360/90)
= ?10.81% (Discount)
PTS: 1
57. Which of the following are most commonly traded on an exchange?
a. forward contracts.
b. futures contracts.
c. currencies
d. none of the above
ANS: B PTS: 1
58. Conditional currency options are:
a. options that do not require premiums.
b. options where the premiums are canceled if a trigger level is reached.
c. options that allow the buyer to decide what currency the option will be settled in.
d. none of the above
ANS: B PTS: 1
59. Which of the following is true regarding the options markets?
a. Hedgers and speculators both attempt to lower risk.
b. Hedgers attempt to lower risk, while speculators attempt to make riskless profits.
c. Hedgers and speculators are both necessary in order for the market to be liqui
d.
d. all of the above
ANS: C PTS: 1
60. The premium of a currency put option will increase if:
a. the volatility of the underlying asset goes up.
b. the time to maturity goes up.
c. the spot rate declines.
d. none of the above
ANS: D PTS: 1
61. Which of the following is true of options?
a. The writer decides whether the option will be exercised.
b. The writer pays the buyer the option premium.
c. The buyer decides if the option will be exercise
d.
d. More than one of thes
e.
ANS: C PTS: 1
62. The purchase of a currency put option would be appropriate for which of the following?
a. Investors who expect to buy a foreign bond in one month.
b. Corporations who expect to buy foreign currency to finance foreign subsidiaries.
c. Corporations who expect to collect on a foreign account receivable in one month.
d. all of the above
ANS: B PTS: 1
63. If you have bought the right to sell, you are a:
a. call writer.
b. put buyer.
c. futures buyer.
d. put writer.
ANS: B PTS: 1
64. If you have a position where you might be obligated to buy Euros, you are:
a. a call writer.
b. a put writer.
c. a put buyer.
d. a futures seller.
ANS: C PTS: 1
65. Which of the following is true for futures, but not for forwards?
a. actual delivery.
b. no transactions costs.
c. self regulation.
d. none of the above
ANS: D PTS: 1
66. Your company expects to receive 5,000,000 Japanese yen 60 days from now. You decide to hedge
your position by selling Japanese yen forward. The current spot rate of the yen is $.0089, while the forward rate is $.0095. You expect the spot rate in 60 days to be $.0090. How many dollars will you receive for the 5,000,000 yen 60 days from now?
a. $44,500.
b. $45,000.
c. $526 million.
d. $47,500.
ANS: D
SOLUTION: ￥5,000,000 × $.0095/￥ = $47,500
PTS: 1
67. The spot rate for the Singapore dollar is $.588. The 30-day forward rate is $.590. The forward rate
contains an annualized ____ of ____%.
a. discount; ?4.07
b. premium; 4.07
c. discount; ?4.08
d. premium; 4.08
e. premium; 3.40
ANS: D
SOLUTION: ($.59 ? $.588)/$.588 × (360/30) = 4.08%
PTS: 1
68. Non-deliverable forward contracts (NDFs) are frequently used for currencies in emerging markets.
a. True
b. False
ANS: T PTS: 1
69. The price of a futures contract will generally vary significantly from that of a forward contract.
a. True
b. False
ANS: F PTS: 1
70. If the futures rate is lower than the forward rate, astute investors would attempt to simultaneously buy
futures and sell forward. Such actions would place downward pressure on the futures price and upward pressure on the forward rate.
a. True
b. False
ANS: F PTS: 1
71. Forward contracts are usually liquidated by actual delivery of the currency, while futures contracts are
usually liquidated by offsetting transactions.
a. True
b. False
ANS: T PTS: 1
72. If an investor who previously sold futures contracts wishes to liquidate his position, he could sell
futures contracts with the same maturity date.
a. True
b. False
ANS: F PTS: 1
73. Since futures contracts are traded on an exchange, the exchange will always take the "other side" of the
transaction in terms of accepting the credit risk.
a. True
b. False
ANS: T PTS: 1
74. Currency options are only traded on exchanges. That is, there is no over-the-counter market for
options.
a. True
b. False
ANS: F PTS: 1
75. Both call and put option premiums are affected by the level of the existing spot price relative to the
strike price; for example, a high spot price relative to the strike price will result in a relatively high premium for a call option but a relatively low premium for a put option.
a. True
b. False
ANS: T PTS: 1
76. The writer of a call option is obligated to sell the underlying currency to the buyer of the option if the
option is exercised.
a. True
b. False
ANS: T PTS: 1
77. The lower bound of the call option premium is the greater of zero and the difference between the spot
rate and the exercise price; the upper bound of a currency call option is the spot rate.
a. True
b. False
ANS: T PTS: 1
78. The lower bound of a put option premium is the greater of zero and the difference between the
exercise price and the spot rate; the upper bound of a currency put option is the exercise price.
a. True
b. False
ANS: T PTS: 1
79. Due to put-call parity, we can use the same formula to price calls and puts.
a. True
b. False
ANS: F PTS: 1
80. If an actual put option premium is less than what is suggested by the put-call parity relationship,
arbitrage can be conducted.
a. True
b. False
ANS: T PTS: 1
81. If the futures rate is above the forward rate, actions by rational investors would put upward pressure on
the forward rate and downward pressure on the futures rate.
a. True
b. False
ANS: T PTS: 1
82. Futures contracts are standardized with respect to delivery date and the futures price specified for the
settlement date.
a. True
b. False
ANS: F PTS: 1
83. If an investor who has previously purchased a futures contract wishes to liquidate her position, she
would sell an identical futures contract with the same settlement date.
a. True
b. False
ANS: T PTS: 1
84. Margin requirements are deposits placed by investors in futures contracts with their respective
brokerage firms when they take their position. They are intended to minimize credit risk associated with futures contracts.
a. True
b. False
ANS: T PTS: 1
85. A European option can only be exercised at the expiration date, while an American option can be
exercised any time prior to the expiration date.
a. True
b. False
ANS: T PTS: 1
86. The highest amount a buyer of a call or a put option can lose is the exercise price.
a. True
b. False
ANS: F PTS: 1
87. A straddle is a speculative strategy that represents the purchase of both a call and a put.
a. True
b. False
ANS: T PTS: 1
88. A currency put option is a contract specifying a standard volume of a particular currency to be
exchanged on a specific settlement date.
a. True
b. False
ANS: F PTS: 1
89. An option writer is the seller of a call or a put option.
a. True
b. False
ANS: T PTS: 1
90. The forward premium is the price specified in a call or put option.
a. True
b. False
ANS: F PTS: 1
91. An MNC frequently uses either forward or futures contracts to hedge its exposure to foreign
receivables. To do so, the MNC can either sell the foreign currency forward or sell futures.
a. True
b. False
ANS: T PTS: 1
92. Hedgers should buy puts if they are hedging an expected inflow of foreign currency.
a. True
b. False
ANS: T PTS: 1
93. Forward contracts are the best technique for managing exposure arising from project bidding.
a. True
b. False
ANS: F PTS: 1
94. The currency futures markets are regulated by the International Monetary Fund.
a. True
b. False
ANS: F PTS: 1
95. It is possible to have an opportunity loss when using futures to hedge.
a. True
b. False
ANS: T PTS: 1
96. Margin is used in the forward market to mitigate default risk.
a. True
b. False
ANS: F PTS: 1
97. There are no transactions costs associated with trading futures or options.
a. True
b. False
ANS: F PTS: 1
98. Futures and options are available for crossrates.
a. True
b. False
ANS: T PTS: 1
99. Options can be traded on an exchange or over the counter.
a. True
b. False
ANS: T PTS: 1
100. The writer of an uncovered call can experience a loss limited to the option premium.
a. True
b. False
ANS: F PTS: 1
101. American style options can be exercised any time up to maturity.
a. True
b. False
ANS: F PTS: 1
102. If a currency put option is out of the money, then the present exchange rate is less than the strike price.
a. True
b. False
ANS: F PTS: 1
103. As mentioned in the text, the most common maturities for forward rates are:
a. one, three, six, and twelve months.
b. one, three, six, and twelve years.
c. two, three, and five years.
d. two, three, and five weeks.
ANS: A PTS: 1
104. Managers of MNCs are typically expected to use currency derivatives for speculation in order to improve profits.
a. True
b. False
ANS: F PTS: 1
105. The 180-day forward rate for the euro is $1.34, while the current spot rate of the euro is $1.29. What is the annualized forward premium or discount of the euro?
a. 7.46% premium
b. 7.46% discount
c. 7.75% premium
d. 7.75% discount
ANS: C
SOLUTION: [(F/S) ? 1] × 360/180 = [($1.34/$1.29) ? 1] × 360/180 = 7.75%
PTS: 1
106. The annualized forward premium on the euro is 7%. What is the 90-day forward rate on the euro if the spot rate today is $1.25?
a. $1.27
b. $1.34
c. $1.16
d. $1.23
ANS: A
SOLUTION: $1.25 × [1 + 7%/(360/90)] = $1.27
PTS: 1
107. The one-year forward rate of the Japanese yen is quoted at $.013, and the spot rate of Japanese yen is quoted at $.011. The forward ____ is ____ percent.
a. discount; 18.18
b. premium; 18.18
c. discount; 15.38
d. premium; 15.38
ANS: B
SOLUTION: (F/S) ? 1 = ($.013/$.011) ? 1 = 18.18%
PTS: 1
108. The spot rate of British pound is quoted at $1.49. The 90-day forward rate exhibits a 2% discount.
What is the 90-day forward rate of the pound?
a. $1.52
b. $1.61
c. $1.37
d. $1.46
ANS: D
SOLUTION: $1.49 × (1 ? .02) = $1.46
PTS: 1
109. The spot rate of euro is quoted at $1.29. The annualized forward premium on the euro is 10%. What is the 30-day forward rate of the euro?
a. $1.28
b. $1.30
c. $1.42
d. $1.16
ANS: B
SOLUTION: $1.29 × [1+ 0.10/(360/30)] = $1.30
PTS: 1
110. The premium on a euro call option is $.02. The exercise price is $1.32. The break-even point is ____ for the buyer of the call, and ____ for the seller of the call. (Assume zero transactions costs and that the buyer and seller of the put option are speculators.)
a. $1.30; $1.30
b. $1.34; $1.30
c. $1.30; $1.34
d. $1.34; $1.34
ANS: D
SOLUTION: Break-even point on call option to both the buyer and seller is $1.32 + $.02 =
$1.34.
PTS: 1
111. If you have a position where you might be obligated to sell pounds, you are:
a. a call writer.
b. a call buyer.
c. a put writer.
d. a put buyer.
ANS: A PTS: 1
112. If you have bought a right to buy foreign currency, you are:
a. a call writer.
b. a call buyer.
c. a put writer.
d. a put buyer.
ANS: B PTS: 1
113. The premium on a pound put option is $.04. The spot rate and the exercise price is $1.52. The spot rate at the time of this option expiration is expected to be $1.51. The speculators could profit by:
a. writing a put option.
b. buying a put option.
c. buying a call option
d. writing a call option and buying a call option simultaneously.
ANS: D PTS: 1
114. A call option on Japanese yen has a strike (exercise) price of $.012. The present exchange rate is $.011.
This call option can be referred to as:
a. in the money.
b. out of the money.
c. at the money.
d. at a discount.
ANS: B PTS: 1
115. A put option on Swiss franc has a strike (exercise) price of $.92. The present exchange rate is $.89.
This put option can be referred to as:
a. in the money.
b. out of the money.
c. at the money.
d. at a discount.
ANS: A PTS: 1
116. Crown Co. is expecting to receive 100,000 British pounds in one year. Crown expects the spot rate of British pound to be $1.49 in a year, so it decides to avoid exchange rate risk by hedging its receivables.
The spot rate of the pound is quoted at $1.51. The strike price of put and call options are $1.54 and
$1.53 respectively. The premium on both options is $.03. The one-year forward rate exhibits a 2.65% premium. Assume there are no transaction costs. What is the best possible hedging strategy and how many U.S. dollars Crown Co. will receive under this strategy?
a. buy a put option and receive $150,000.
b. sell pounds forward and receive $155,000.
c. sell a call option and receive $156,000.
d. sell a put option and receive $157,000.
ANS: B
SOLUTION: There are only two feasible choices for hedging in these circumstances:
国际财务管理作业1.关于货币升值与贬值的说法正确的是： A 本币升值有利于本国商品出口 B 本币贬值有利于本国商品出口 C 本币升值有助于消除经常账户的逆差 D 本币贬值有助于消除资本账户的逆差 正确答案:B 2.中国银行2013年9月7日的部分外汇牌价为：美元，现汇买入价：610 68现钞买入价：605 78现汇卖出价：613 12现钞卖出价：613 12中行折算价：617 28此时，王某想兑换100美元现金出境旅游，他应支付给银行的人民币金额为（）。 A 610 68 B 605 78 C 613 12 D 617 28 正确答案:C 3.国内企业股票不直接在境外上市，而是通过已在境外证券交易所上市或能够比较容易取得境外证券交易所上市资格的公司来达到间接上市、获取国际资本市场资金目的的融资方式称为（）。 A 外国直接投资 B 存托凭证上市 C 境外直接上市 D 境外借壳上市 正确答案:D 4.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:A 5.关于世界银行贷款特点的表述不正确的是（）。 A 贷款期限较短 B 贷款利率一般低于资本市场利率 C 借款方承担汇率变动风险 D 不得拖欠还款日期 正确答案:A 6.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 D 将子公司资金转移到母公司，绕过东道国的外汇管制 正确答案:C 7.关于国际直接投资方式表述正确的是（）。 A 国际合资投资可以减少或避免企业的投资风险 国际合作投资所需时间较长B C 国际合作投资相对较为规范
《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）
CHAPTER 6 INTERNATIONAL PARITY RELATIONSHIPS SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMS QUESTIONS 1. 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?
浙江大学远程教育学院《国际财务管理》练习题 姓名：学号： 年级：学习中心： ————————————————————————————— 《国际财务管理》离线作业 第1 章国际财务管理导论 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 国际企业发展的较高阶段和典型代表。 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别位 于不同国家时，就形成了国家间的许可经营。这种方式也可以被看作技术出口。 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、销售或服务策略和培训、技术支持等定 期取得特许权使用费，被许可方则必须同意遵守严格的规则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入为基础收取。 4. 分部式组织: 称事业部制组织结构。其特点是在高层管理者之下，按地区或产 品设置若干分部，实行“集中政策，分散经营”的集中领导下的分权管理。 5. 混合式组织：事实上很少有哪家企业是单纯采用一种结构类型的，采用两种以 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管理决策权，母公司对于其财务管理控制以 间接管理为主。 1
二、简答题 1. 国际财务管理与国内企业的财务管理内容有哪些的重要区别。 答：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）。 国际财务管理与国内财务管理之间的区别主要体现在以下几个方面： （1）跨国经营和财务活动受外汇风险的影响； （2）全球范围内融资，寻求最佳全球融资战略； （3）跨国经营中商品和资金无法自由流动； （4）对外投资为股东在全球范围内分散风险。 2. 试述国际财务管理体系的内容。 答：国际财务管理体系的内容主要包括： （1）国际财务管理环境。指的是国际货币制度、国际收支制度和国际结算制度 等制度环境的总和。 （2）外汇预测与外汇风险的管理。外汇风险是指经济主体在持有或运用外汇的 经济活动中，因汇率变动而蒙受损失的一种可能性。主要包括交易风险，折算风险和经济风险。对汇率变化进行预测，掌握外汇风险管理的知识和技术。 （3）国际融资管理。包括融资渠道，融资原则，融资方式，资金成本及融资风 险。 （4）国际投资管理。包括国际直接投资和国际间接投资两种形式。 （5）国际营运资金管理。包括国际现金管理，国际应收账款管理，国际存货管 理。 （6）国际利润管理。对企业的利润分配进行管理，制定利润分配制度，确定利 润的留存比例，并对业绩进行考核。 （7）国际资金转移管理。通过设计有效的国际企业内部资金转移机制达到避开 障碍、保证国际企业总体利益的目的。 2
单选题 1.国际企业在合并财务报表过程中由于不同货币计价所产生的企业报表反映价值改变的风险称为（ ）。 A 经济风险 B 交易风险 C 折算风险 D 金融风险 正确答案:C 单选题 2.根据无偏估计理论，如果外汇市场是有效的，则远期汇率应该是（）的一个无偏估计。 A 现时即期汇率 B 未来即期汇率 C 远期折现汇率 D 远期合同汇率 正确答案:B 单选题 3.由东道国对跨国公司在当地业务的政策的不确定性引起的政治风险称为（）。 A 制度风险 B 转移风险 C 经营风险 D 控制风险 正确答案:D 单选题 4.出口方把经进口方承兑和进口方银行担保的期限在6个月-10年的远期汇票或本票，在无追索权的基础上出售给出口地银行或金融公司，从而提前获得现金的融资方式为（） A 国际保理业务 B 保付代理 C 福费廷业务 D 卖方信贷 正确答案:C 单选题 5.每种货币在本国都有购买商品和劳务的能力，不同货币购买力的比率构成了相互间汇率的基础。 这是（）。 A 购买力平价理论 B 国际费雪效应理论 C 利率平价理论
D 无偏估计理论 正确答案:A 单选题 6.只有（）的变化才会对经营风险产生影响，即影响营业现金流。 A 真实汇率 B 名义汇率 C 原始汇率 D 现行汇率 正确答案:A 单选题 7.国际企业财务管理在确定采取集权模式还是分权模式时，应当考虑的因素不包括（）。 A 董事会决策 B 代理成本与企业适应性的平衡 C 企业的组织结构 D 文化传统 正确答案:A 单选题 8.现金管理中心进行多国现金调度时，应比较（），确定现金余缺。 A 母公司当日现金余额与核定的最低现金余额 B 子公司当日现金余额与核定的最低现金余额 C 母公司当日现金余额与核定的最高现金余额 D 子公司当日现金余额与核定的最高现金余额 正确答案:B 单选题 9.通过再开票中心管理营运资金，以下说法错误的是（）。 A 有利于集中管理国际企业内部的应收、应付款 B 有利于提高国际企业缴纳税收额度 C 有利于统一调度资金 D 有利于有效进行外汇风险管理 正确答案:B 单选题 10.国际转移定价的基本方法不包括（）。 A 以市场为基础的定价 B 以成本为基础的定价 C 交易自主的定价 D 双重定价
名词解释（5'*4） （1）外汇市场：指经营外汇交易的场所，这个市场的职能是经营货币商品，即不同国家的货币。 外汇：是指把一个国家和地区的货币兑换成另一个国家和地区的货币，借以清偿国际间债券、债务关系的一种专门性经营活动。 （2）直接标价法：又称应付标价法，是指用一定单位的外国货币作为标准，折算成若干单位的本国货币。 间接标价法：又称应收标价法，是指用一定单位的本国货币作为标准，折算成若干单位的外国货币。 （3）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，多用于出口商与银行间的外汇交易。 卖出汇率：也称卖出价，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间的外汇交易。（4）平行贷款：是指在不同国家的两个母公司分别在国内向对方公司在本国境内的子公司提供金额相当的本币贷款，并承诺在指定到期日，各自归还所借货币。 背对背贷款：母公司或其他提供资金的子公司把自己存入中介银行，银行就指示其在子公司所在国的分行向子公司提供等值资金，通常是以当地货币进行贷款。 （5）信用证：银行按照进口商的要求和指示，对出口商发出的，授权出口商开立以该银行或进口商为付款人的汇票，保证在交来符合信用证条件规定的汇票和单据时，必定承兑和付款的保证文件。 银行保函：又称保证书，是指银行、保险合同、担保公司或个人（保证人）应申请人的请求，向第三方（受益人）开立的一种书面信用担保凭证，保证在申请人未能按双方协议履行责任或义务时，由担保人代其履行一定金额、一定期限范围内的某种支付责任或经济责任。 （6）美国存托凭证：是非美国公司把本国市场发行的股票拿到美国股票市场二级上市的变通形式，由发行公司委托某银行作为存券银行，负责ADR在美国的发行、注册、支付股利等有关事宜，美国委托凭证以美元定价、报价及清算交割，在美国股票市场进行交易。 简答（10'*2） 国际金融市场的作用： 1.积极作用：1）加速生产和资本国际化。资本突破了突破国界的限制，得以在更广阔的空间自由流动，并在国际范围得到优化配置，推动跨国公司的发展壮大。 2）推动国际贸易的发展。发挥国际结算和国际信贷中心的作用，还为贸易双方回避汇率、利率变动的风险设立有效的避险工具等业务的开办有力地保证和推动了国际贸易的发展。 3）为各国经济发展提供资金。国际贸易市场通过自身的各项业务活动，聚集了大量资金，似的多级金融市场能够为各国经济发展提供所需的资金。 4）促进银行业务国际化。它吸引了无数跨国银行，通过各种业务活动把各国金融机构有机地联系起来，使各国银行信用发展为国际间银行信用，从而促进银行业务国际化。 2.消极作用：1) 能造成一国经济的不稳定。它的存在使得国际间短期资本形成了一种相对独立的力量。2）使金融危机在国家之间传递。离岸金融市场使得金融管制制度对国际金融市场的参与者的约束性降低，从而令不当交易发生的情况增加。 3）引发国际债务危机。如果一国利用国际金融市场融资的便利性与无限制性，在其无法合理配置国内资源的情况下，逆差加剧，一旦借款国没有办法偿还债务，那么国际债务危机就会发生。 4）成为犯罪集团的洗钱场所。 国际直接投资的动因和方式： 动因：1.突破保护主义屏障，打破贸易壁垒。企业通过对外直接投资，将企业的资金在出口国建立生产基地进行生产，可以成功绕过出口国政府设置的贸易壁垒。比如美国对日本进口的汽车征收高关税，日本的本田公司就在美国的俄亥俄州投资生产汽车避开贸易壁垒。 2.调整产业结构。直接投资可以将资源密集型、劳动密集型以及一些重污染的企业转移到国外，节
国际财务管理在线作业标准化管理处编码[BBX968T-XBB8968-NNJ668-MM9N]
.【第1章】国际企业财务管理在确定采取集权模式还是分权模式时，应当考虑的因素不包括（）。 A 董事会决策 B 代理成本与企业适应性的平衡 C 企业的组织结构 D 文化传统 正确答案:A 2.【第1章】以下关于许可经营与特许经营的说法，正确的是（）。 A 特许经营是许可经营的特殊方式 B 许可经营的许可方会向被许可方提供全套专业化企业经营手段 C 许可经营的被许可方必须同意遵守严格的规则和程序 D 许可经营是特许经营的特殊方式 正确答案:A
3.【第1章】某国际企业以保持稳健的财务状况为经营目的，该企业的企业目标最有可能为（）。 A 股东价值 B 持续发展 C 客户利益 D 雇员利益 正确答案:D 4.【第1章】企业国际化进程与全球政治经济密切相关，以下属于推动企业国际化的新动力和条件的有（）。 A 研究与开发成本上升 B 发挥比较优势 C 产品生命周期缩短 D 规模经济发展的需要
正确答案:ACD 5.【第1章】相比于跨国并购，新建境外子公司可以使国际企业在国际市场上迅速形成生产能力。 正确错误 正确答案: 错 6.【第1章】国际税收管理与国际财务管理不同，不属于国际财务管理的内容。 正确错误 正确答案: 错 7.【第1章】中等规模的国际企业更倾向于采用集权模式财务管理。 正确错误 正确答案: 对
8.【第1章】许可经营中，被许可方将会受到许可方的严格控制。 正确错误 正确答案: 错 9.【第1章】国际财务管理与国内财务管理在性质上是相同的，国际财务管理是国内财务管理在全球范围内的简单扩展和延伸。 正确错误 正确答案: 错 10.【第1章】国际企业利润管理的核心是利润分配和业绩的考评。 正确错误 正确答案: 对
《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） 公司应纳所得税额=400×33%=132（万美元）B． 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）。
《国际财务管理》 一、单项选择题 1. 国际证券组合投资可以降低（）。 A .系统风险 B .非系统风险 C .市场风险 D .不可分散风险【答案】B 2. 如果票面利率小于市场利率，此时债券应该（）发行。 A .溢价 B .折价 C .平价 D .以上答案都可以【答案】B 3. 以下风险中最重要的是（）。 A .商品交易风险 B .外汇借款风险 C .会计折算风险 D .经济风险【答案】D 4. 如果某项借款名义贷款期为10年，而实际贷款期只有5年，则这项借款最有可能采用的偿还方式是（）。 A .到期一次偿还 B .分期等额偿还 C .逐年分次等额还本 D .以上三种都可以 【答案】C 5. 在国际信贷计算利息时以365/365来表示计息天数与基础天数的关系称为（）。 A .大陆法 B .欧洲货币法 C .英国法 D .时态法 【答案】C 6. 欧洲货币市场的主要短期信贷利率是（）。 A .LIBOR B .SIBOR C .HOBOR D .NIBOR 【答案】A 7. 一国政府、金融机构、公司等在某一外国债券市场上发行的，不是以该外国的货币为面值的债券是（）。 A .普通债券 B .国内债券 C .欧洲债券 D .外国债券【答案】C 8. 在对国外投资的子公司进行财务评价时，应扣除的子公司不可控因素不包括（）。 A .转移价格 B .利率波动 C .通货膨胀 D .汇率波动【答案】B 9. 在国际技术转让中，利润分享率一般认为应是（）。 A .1/2 B .1/3 C .1/4 D .1/5 【答案】C 10. 美国A公司预测美元对英镑美元升值，美元对马克美元贬值，则A公司（）。 A .从英国的进口，应加快支付 B .对英国的出口，应推迟收汇 C .从德国的进口，应推迟支付 D .对德国的出口，应推迟收汇
《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。（）
第1 章国际财务管理导论 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发展的较高阶段和典型代表。 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别位于不同国家时，就形成了国家间的许可经营。这种方式也可以被看作技术出口。 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、销售或服务策略和培训、技术支持等定期取得特许权使用费，被许可方则必须同意遵守严格的规则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入为基础收取。 4.分部式组织 称事业部制组织结构。其特点是在高层管理者之下，按地区或产品设置若干分部，实行“集中政策，分散经营”的集中领导下的分权管理。 5.混合式组织 事实上很少有哪家企业是单纯采用一种结构类型的，采用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管理决策权，母公司对于其财务管理控制以间接管理为主。
二、简答题 1.国际财务管理与国内企业的财务管理内容有哪些的重要区别。 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）。 国际财务管理与国内财务管理之间的区别主要体现在以下几个方面： （1）跨国经营和财务活动受外汇风险的影响； （2）全球范围内融资，寻求最佳全球融资战略； （3）跨国经营中商品和资金无法自由流动； （4）对外投资为股东在全球范围内分散风险。 2.试述国际财务管理体系的内容。 国际财务管理体系的内容主要包括： 1）国际财务管理环境。指的是国际货币制度、国际收支制度和国际 结算制度等制度环境的总和。 （2）外汇预测与外汇风险的管理。外汇风险是指经济主体在持有或运用外汇的经济活动中，因汇率变动而蒙受损失的一种可能性。主要包括交易风险，折算风险和经济风险。对汇率变化进行预测，掌握外汇风险管理的知识和技
2019秋东财《国际财务管理》在线作业二-5（100分） 【奥鹏】-[东北财经大学]东财《国际财务管理》在线作业二 试卷总分:100 得分:100 第1题,产品返销指的是____ 。 A、直接产品补偿 B、间接产品补偿 C、加工费补偿 D、租赁补偿 正确答案: 第2题,对经营风险的评估方法可以采用（）。 A、概率的方法 B、经营杠杆系数的方法 C、财务杠杆系数的方法 D、利用风险投资指数 正确答案: 第3题,严格地说，资金一旦投入某一项目，要抽出资金就比较困难通常是发生在____上。 A、国际直接投资 B、国际间接投资
D、证券投资组合 正确答案: 第4题,进口用汇效果指标的数值____就越好。 A、越高 B、越低 C、等于零 D、等于无穷大 正确答案: 第5题,在融资租赁方式下，租金中包含的融资利息通常是____的。 A、递减 B、递增 C、不变 D、以上三者都有可能 正确答案: 第6题,投资者直接与企业的控制权或经营管理权相联系是____的特征。
B、对外直接投资 C、对外间接投资 D、国际股票投资 正确答案: 第7题,如果在债券发行时就购买了10年期债券，并持有10年，则此期间的收益率是____。 A、持有期间收益率 B、认购者收益率 C、最终收益率 D、以上答案都可以 正确答案: 第8题,加价保值方法主要用于____交易中。 A、出口 B、进口 C、进出口 D、以上答案都不对 正确答案:
第9题,假设利率情况如下: 按月浮动按三个月浮动7月1日9.0750% 9.1000%, 8月1日9.1250% 9.2150%,9月1日9.2375% 9.5000%企业7月1日向银行借款，期限三个月，如果按月浮动计息，则该企业在计算利息时使用到的利率是____。 A、9.075% B、9.125% C、9.2375% D、以上三者都会用到 正确答案: 第10题,只要财务活动一跨越国界，就构成了____。 A、西方财务管理 B、跨国公司财务管理 C、国际财务管理 D、世界财务管理 正确答案: 第11题,“企业间接上市可以提高企业的国际知名度和转换企业的经营机制”这句话____。 A、正确
《国际财务管理》作业参考答案 第１章国际财务管理导论 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发展的较高阶段和典型代表。 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别位于不同国家时，就形成了国家间的许可经营。这种方式也可以被看作技术出口。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、销售或服务策略和培训、技术支持等定期取得特许权使用费,被许可方则必须同意遵守严格的规则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入为基础收取。 4.分部式组织:称事业部制组织结构。其特点是在高层管理者之下，按地区或产品设置若干分部,实行“集中政策,分散经营”的集中领导下的分权管理。 5.混合式组织：事实上很少有哪家企业是单纯采用一种结构类型的，采用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管理决策权，母公司对于其财务管理控制以间接管理为主。 二、简答题 1.国际财务管理与国内企业的财务管理内容有哪些的重要区别。 【答案】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)。 国际财务管理与国内财务管理之间的区别主要体现在以下几个方面： (１)跨国经营和财务活动受外汇风险的影响;
1.企业价值的计算： n 1 FCF V=∑FCFt------ 可化简为V ≈--- t=1 (1+i)t i FCFt ：年企业报酬； t ：取得报酬的具体时间；i:与企业相适应的贴现率； n ：取得报酬持续的时间； 在持续经营假设的条件下，n 为无穷大。 2.企业偿债能力分析：（可分为长期；短期） ★短期偿债能力分析：指企业偿付流动负债的能力； 评价企业短期偿债能力的财务比率主要有： ①流量比率；②速度比率；③现金比率；④现金流量比率；⑤到期债务本息偿付比率等； 流动比率=流动资产流动负债 流动比率等于2时最佳。 速动比率=速动资产流动负债 =流动资产－存货流动负债 （酸性试验比率） 速动比率等于1时最好。 现金比率=可立即动用的资金流动负债 该比率是对短期偿债能力要求最高的指标。主要适用于那些应收账款和存货的 变现能力都存在问题的企业。这一指标越高，短期偿债能力越强。 现金净流量比率=经营活动现金净流量流动负债 现金净流量是年度内现金净流量扣减现金流出量的余额，可通过企业的现金流 量表获得。该指标越高，说明企业支付当期债务的能力越强，企业财务状况越好。 （注：如果有在一年内到期的长期负债，则应视为流动负债） ★长期偿债能力分析：指企业支付长期负债的能力。（企业长期偿债能力与企业的盈利能力、资金结构有关） 评价企业长期偿债能力分析： ①资产负债率； ②长期负债比率；③所有者权益比率； ①资产负债率＝负债总额资产总额 ×100% （资产负债率越高，说明偿债能力越差） ②长期负债比率=长期负债总额资产总额 ×100% = 负债总额?短期负债资产总额 ×100%（此比率越低说明企业偿债能力越强） ③所有者权益比率=所有者权益总额资产总额 ×100%＝资产总额－负债总额资产总额 ×100% 此比率越高越好，所有者权益比率的倒数又称为权益乘数） （注:上述的资产总额都为资产净值总额，根据分析得出，因此在分析长期负债能力时，应结合盈利能力的指标进行，也要充分的考虑到长期租赁、担保责任等对长期偿债能力的影响） 3.企业负担利息能力的分析:（指企业所实现的利润支付利息的能力） ★一般是运用利息的保障倍数来反映； 利息的保障倍数= 息税前盈余利息费用 =税前利润+利息费用利息费用 （注：利息保障倍数至少大于1，否则就难以偿还债务及利息） 4.企业盈利能力分析：（指企业赚取利润的能力。） ★与销售收入有关的盈利能力指标：（销售毛利率；销售净利率。） ①销售毛利率=销售毛利销售收入净额 ×100%=销售收入净额－销售成本销售收入净额 ×100%（此指标越大获得利润能力越大） ②销售净利率=净利润销售收入净额 ×100% （此指标越高，企业通过销售获取的收益能力越强） 净利润=利润总额 ×（1-所得税率） ★ 与资金有关的的盈利能力指标：（投资报酬率；所有者权益报酬率；）
Lecture 4 Exchange Rate Parity Problems: 6-2, 3, 4, 7, 8 Suggested Solutions 2. 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 difference between $49,755 and $48489. 3. a.(1+I$) =1.02 (1+I￡)(F/S) = (1.0145)(1.52/1.50) = 1.0280 Thus, 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 $1,542,040 Arbitrage profit will be $12,040 c.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. a.(1+ i $) = 1.014 < (F/S) (1+ i € ) = 1.053. Thus, one has to borrow dollars and invest in euros to make arbitrage profit. 1)Borrow $1,000,000 and repay $1,014,000 in three months. 2)Sell $1,000,000 spot for €800,000. 3)Invest €800,000 at the euro interest rate of 1.35 % for three months and receive €810,800 at maturity. 4)Sell €810,800 forward for $1,037,758. Arbitrage profit = $1,037,758 - $1,014,000 = $23,758. b.Follow the first three steps above. But the last step, involving exchange risk hedging, will be different. 5)Buy $1,014,000 forward for €792,238. Arbitrage profit = €810,800 - €792,238 = €18,562 7. 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/ran d. 8. a.First, note that (1+i €) = 1.054 is less than (F/S)(1+i €) = (1.60/1.50)(1.052) = 1.1221.
Chapter 3—International Financial Markets 1. Assume that a bank's bid rate on Swiss francs is $.45 and its ask rate is $.47. Its bid-ask percentage spread is: a. about 4.44%. b. about 4.26%. c. about 4.03%. d. about 4.17%. ANS: B SOLUTION: Bid-ask percentage spread = ($.47 ? $.45)/$.47 = 4.26% PTS: 1 2. Assume that a bank's bid rate on Japanese yen is $.0041 and its ask rate is $.004 3. Its bid-ask percentage spread is: a. about 4.99%. b. about 4.88%. c. about 4.65%. d. about 4.43%. ANS: C SOLUTION: Bid-ask percentage spread = ($.0043 ? $.0041)/$.0043 = 4.65% PTS: 1 3. The bid/ask spread for small retail transactions is commonly in the range of ____ percent. a. 3 to 7 b. .01 to .03 c. 10 to 15 d. .5 to 1 ANS: A PTS: 1 4. ____ is not a factor that affects the bid/ask spread. a. Order costs b. Inventory costs c. Volume d. All of the above factors affect the bid/ask spread ANS: D PTS: 1 5. The forward rate is the exchange rate used for immediate exchange of currencies. a. True b. False ANS: F PTS: 1 6. The ask quote is the price for which a bank offers to sell a currency. a. True b. False ANS: T PTS: 1
国际财务管理考试答案 Pleasure Group Office【T985AB-B866SYT-B182C-BS682T-STT18】
1. S(￡/$)=，F1 (￡/$)=，F3 (￡/$)= ，F6 (￡/$)=。.计算欧式标价法下美元对英镑1个月、3个月、6个月期的远期升水或贴水。（假设每个月只有30天）你对结果如何解释答：f1 = [F1 (￡/$) - S (￡/$)]/ S (￡/$)*360/30 = =% f3 = [F3 (￡/$) - S (￡/$)]/ S (￡/$)*360/90 = =% f6 = [F6 (￡/$) - S (￡/$)]/ S (￡/$)*360/180 ==% 2. 目前S($/￡) = ，F3 ($/￡) = ，在你对汇率进行分析的基础上，你认为S3 ($/￡) = 。假如你愿意买入或者卖出￡1 000 000； (1) 如果在远期市场上进行投机的话，你需要采取那些行动投机美元的预期收益是多少 (2) 如果即期汇率最终事实上是S3 ($/￡) = ，那么你投机美元的收益将是多少 答：卖出英镑，买入美元 ￡ 1 000 000 × S($/￡) = $ 1 950 000 (1) S3($/￡) = 做多头——买入远期英镑 $ 1 950 000 ÷ F3($/￡) = $ 1 950 000 ÷ = ￡1 026 316 ￡ 1 026 316 × S3($/￡) = ￡ 1 026 316 × = $1 970 527 $ 1 970 527 – $ 1 950 000 = $ 20 527 (2) S3($/￡) = ￡ 1 026 316 × S3($/￡) = ￡ 1 026 316 × = $1 908 948 $ 1 908 948 – $ 1 950 000 = –$ 41 052 3. Cray研究所赊销给德国Max Planck研究院一台超级计算机，6个月后应收1000万欧元。目前，6个月的远期汇率是美元/欧元，而Cray研究所的外汇顾问预测6个月后的即期汇率是美元/欧元。 (1) 使用远期合约套期保值的预期损益是多少 收益(Gain) = ( F–S T) ×€ 1 000 万 (2) 如是你是财务经理，你会建议对这笔欧元进行套期保值吗