ch 9 internatioanl financial market

Chapter 1《American EconomicReview》《美国经济评论》《Journal of Finance》《金融学报》《The Wealth of Nations》《国富论》acquisition 收购adjust risk 调整风险aggressive target 激进（性）的目标asset 资产asset allocation 资产配置bidder 出价者，竞标者Black-Scholes optionspricing formulaB-S期权定价公式business finance 企业财务（金融）capital budgeting 资本预算capital expenditure 资本支出capital structure 资本结构cash flow 现金流chief executive officer（CEO）首席执行官chief financial officer（CFO）首席财务官（财务总监）claims 权益（证）、索取权利classical economics 古典经济学common stock 普通股competitive stock market 竞争性的股票市场conflict of interest 利益冲突consumption and savingdecisions消费和储蓄决策consumption preference 消费偏好controller 审计员convertible securities 可转换证券corporation （有限责任）公司corporation finance 公司财务（金融）debt outstanding 未清偿贷款（债务）derivative securities 衍生证券diversify risk 分散风险dividend and financialpolicies红利（股利）和财务政策economic value 经济价值entertainment industry 娱乐行业（产业）entity 实体equity权益（与Liability（负债对应）evaluation of cost 成本估算（评价）exclusive goal 唯一目标executive compensationprogram管理者补偿（薪酬）计划extended family 大家庭finance 金融, 财政, 金融学finance system 金融系统financial advisory firm 金融咨询公司financial capital 金融资本financial contracting 订立金融合约（合同）Financial Executive Institute 财务执行官组织financing 筹措资金（融资）financing decision 融资决策general partner 一般合伙人going concern 关注效应infrastructure 基础设施、架构initial outlay 初始投入integrated financial program 完整的财务计划investment decision 投资决策ITT corporation 国际电报电话公司learning curve 学习曲线liability 负债、债务、责任limited liability 有限责任limited partner 有限责任合伙人long-lived asset 长期资产long-range incentivesystem长期激励系统market discipline 市场规则market interest rate 市场利率market risk premium 市场风险价格market value of shares 股票市场价值（简称市值）marketing 营销maximize the wealth （使）财富最大化merger 兼并，合并mortgage loan 抵押贷款multinational conglomerate 跨国企业集团mutual fund 共同基金net worth 净资产operating margin 营业利润option 期权original core business 原始的核心业务partnership 合伙企业pension liabilities 养老金负债personal investing 个人投资physical capital 实物资本pool联营；集中使用的（资金，物）portfolio 投资组合portfolio of asset 资产组合preferred stock 优先股president 总裁primary commitment 首要（基本）任务private corporation 私人（非公众）公司professional managers 职业经理人profit 利润profit-maximizationcriterion利润最大化标准proposition 命题public corporation 公众公司quantitative model 定量模型regulatory body 监管机构resource allocationdecision资源配置决策retail outlet 零售摊点return 回报，收益risk-averse 风险厌恶（规避）security price 证券价格share price appreciation 股价上涨（增值）shareholder-wealth-maximization股东财富最大化sole proprietorship 个体（业主制）企业spin-off 配股spread out over time 跨时间分布stake 资助，资金stock option 股票期权strategic planning 战略规划supplier 供货商takeover 接管the exchange of assetsand risks资产和风险的交换the set of markets andother institutions市场及其它机构的集合trade off 权衡uncertain benefit 不确定性收益unlimited （limited）liability无（有）限责任vice-president forfinancial财务副总裁voting right （股东）投票权welfare 福利well-functioning capitalmarket高效的资本市场working capitalmanagement营运资本管理Chapter 2accounting procedure 会计程序adverse selection 逆向选择American Express 美国运通信用卡arithmetic mean 算术平均数asymmetry 不对称average risk premium 平均风险升水（溢价）Bank for InternationalSettlement（BIS）国际清算银行banking panic 银行危机bartern. 易货贸易；v. 讨价还价board of directors 董事会by-product 副产品call option 买入期权（看涨期权）capital gain（loss）资本收益（损失）Capital market资本市场（即长期资金市场）cash dividend 现金股利（红利）central bank 中央银行charge price 要价clearing and settlingpayment清算和结算支付closed-end 封闭式的collateral 担保品collateralization 以…担保commercial loan 商业贷款commercial loan rate 商业贷款利率credit card 信用卡default 违约、托债、弃权default risk 违约风险deficit unit 赤字部门defined-benefit pensionplan规定收益型养恤金制defined-contributionpension plan规定缴费型养恤金制depository savingsinstitution存款储蓄机构（系统）derivative 衍生（证券）Deutsche Bank 德意志银行dissemination 推广、传播dividend reinvestment 红利（股利）再投资dollar-denominated asset 以美元计价的资产double-entry-bookkeeping 复式记账法equity 权益equity-kickers 权益条件expected rates of return 期望（预期）收益率Federal Reserve System 联邦储备系统Finance AccountingStandardsBoard财务会计标准委员会financial instrument 金融工具financial intermediary 金融中介financial market parameters 金融市场参数financial variable 金融（财务）变量fixed-income-instruments 固定收益证券flow of fund 资金流flow of fund 资金流foreign exchange 外汇formation extraction 信息提取forward contract 远期合约functional perspective （从）功能（的角度或观点）future 期货German marks 德国马克go public 上市incentive problem 激励问题index fund 指数（化）基金index-linked bonds（与物价）指数联系的债券information service 信息咨讯（服务）insurance company 保险公司interest rate 利息率（简称利率）interest rate arbitrage 利率套利interest rate equalization 利率平价intermediary 中介International BankforReconstruction andDevelopment国际复兴开发银行International Monetary Fund（IMF）国际货币基金组织International Swap DealersAssociation国际掉期交易商协会intertemporal 跨期的（多阶段的）IOUI owe you的简称，喻指“借条”issuing stock 发行股票Japanese yen 日元life annuity 人寿年金limited liability 有限责任liquidity 流动性maturity （票据）到期日；期限money market货币市场（即短期资金市场）moral-hazard 道德风险mortgage 抵押mortgage rate 抵押利率mutual fund 共同基金New York Stock Exchange 纽约股票交易所nominal interest rate 名义利率offset 弥补、抵消open-end 开放式的option 期权Osaka Options and FuturesExchange大阪期货期权交易所over-the-counter-market（OTC）场外（交易）市场parties to contract 合约的参与者pool or aggregate 联营；集中使用的（资金或物品）；premium 升水、溢价price appreciation 增值principal-agent problem 委托－代理问题pro rata 按比例的put option 卖出期权（看跌期权）qusai- 准、半rate of exchange 汇率rates of return 收益（回报）率rating agency 评级机构real interest rate 实际利率real rate of return 实际收益率redeem 赎回、偿还residual claim 剩余索取（求偿）权risk aversion 风险厌恶（规避）risk premium 风险升水（溢价）security dealer 证券交易商shed specific risk 规避（分散）特定（或私有）风险standard deviation 标准差standardized option contract （经）标准化的期权合约surplus unit 盈余部门trade-off 权衡trust company 信托公司U.S Treasury Bills 美国国库券underwrite 认购、包销unit of account 计值单位universal bank全能银行（指兼做中央银行和商业银行业务的银行）volatility 波动性well-information 信息充分的yen rate of return（以）日元（记值）的收益率yield curve 收益（率）曲线yield spread 收益价差Chapter 3accounting earnings 会计收入accounting rule 会计规则accrual 应计的accrual accounting 应计制（权责发生制）accumulated depreciation 累计折旧amortize 摊销、分期偿还apocryphal 伪经的、假冒的asset turnover（ATO）资产周转率（销售收入/总资产）audit 查账、审计balance sheet 资产负债表benchmark （比较）基准bond-rating 债券评级book value 账面价值capital structure 资本结构capital-incentive utility 资本密集型的公用事业（公司）cash and equivalents 现金及其等价物cash budget 现金预算cash cycle time 现金循环周期cash inflow 现金流入cash outflow 现金流出common stock outstanding 流通在外的普通股contingent liability 或有负债（如：可能发生的诉讼赔偿等）current asset 流动资产current liability 流动负债current ratio 流动比率depreciation 折旧、贬值disclose 披露dividend payout rate 股利支付率earnings before interest and tax （EBIT）息税前利润（=毛利- GS&A）earnings per share 每股盈余（收益）earnings retention rate （收益）留存比率expiration date 到期日external financing 外部融资（比如，发行股票和债券）financial distress 财务危机（困境）financial leverage 财务杠杆（率）financial ratio 财务比率financial statement 财务报表general, selling, andadministrative expenses（GS&A）管理及销售费用goodwill 商誉gross margin 毛利（润）（=销售收入-产品销售成本）income statement 损益表income tax 所得税intangible asset 无形资产inventory 库存、存货inventory turnover 存货周转率liquidity 流动性long-term debt 长期负债market to book 市值价值/账面价值marking to market 盯住市场net income（or net profit）净利润（即税后利润=EBIT-利息-所得税）net working capital 净营运资本（=流动资产-流动负债）net worth 净资产（即权益，=资产-负债）off-balance-sheet 表外项目operation income 营运收益（营业利润）opportunity cost 机会成本owner’s equity所有者权益paid-in capital 实收资本payable 应付账款percent-of-sales method 销售（收入）百分比法planning horizon 计划（时间）跨度price to earnings 市盈率（价格/盈余）profitability 盈利能力、盈利性property 土地、地产、所有权quick ratio 速动比率receivable 应收账款receivables turnover 应收账款周转率retained earnings 留存收益ROA（return on asset）资产收益率（EBIT/资产）ROE（return on equity）净资产收益率（即权益报酬率，=税后利润/净资产）ROS（return on sales）销售利润率（EBIT/销售收入）short-term debt 短期负债specify performance target 设定业绩目标statements of cash flow 现金流量表sustainable growth rate 持续增长率taxable income 应税收益（即税前利润=EBIT-利息）times interest earned 利息保障倍数Tobin’s Q托宾Q值（=资产市值/重置成本）total shareholder returns 总的股东收益（率）Chapter 4after-tax interest rate 税后利率amortization 分期偿还、摊销annual percentage rate（APR）年度百分比（利率）annuity 年金before-tax interest rate 税前利率compound interest 复利compounding 复和（与discounting 相反的概念）discount rate 折现率、贴现率discounted cash flow（DCF）折现现金流discounting 折现、折扣effective annual rate（EFF）有效年利率exchange rate 汇率future value 终值future value factor 终值系数（即由现值计算终值的换算因子）growth annuity 增长年金immediate annuity 即付年金implied interest rate 隐含利率installment 分期付款internal rate of return（IRR）内部报酬率market capitalizationrate市场资本化利率（简称市场利率）net present value（NPV）净现值opportunity cost ofcapital资本的机会成本ordinary annuity 普通年金（即后付年金）original principal （初始）本金outstanding balance 未平头寸payback period 回收期perpetual annuity（orperpetuity）永续年金present value 现值present value factor （终值）现值系数（终值系数的倒数）reinvest 再投资simple interest 单利tax-exempt 免税的time value of money （TVM）货币（或资金）的时间价值yield to maturity 到期收益率Chapter 5bequest 遗赠、遗赠物break-even 得失相当的，盈亏平衡的deductible 可扣除（或抵扣）的explicit cost 显性成本feasible plan 可行（的）计划human capital 人力资本implicit cost 隐性成本incremental 增量的、增值的intertemporal budgetconstraint跨期预算约束optimization model 优化模型permanent income 永久性收入provision 条文、条款tax deferred 税收（可）延缓的tax exempt 免税的trial-and-error 试错Chapter 6after-tax cash flow 税后现金流all-equity-financed firm 全权益融资公司annualized capital cost 年金化资本成本appropriation 拨款、占用break-even point 盈亏平衡点capital budgeting 资本预算cost of capital 资本成本coupon bond 息票债券cumulative present value 累计现值full-fledged 完备的、正式的horizontal axis 横轴（或横坐标）labor-intensive 劳动密集型的liquidate 清算、清偿market-related risk 市场相关（或者承认予以补偿）的风险，即系统风险（systematic risk）prototype 模型、原型residual value 残值risk premium 风险溢价risk-adjusted discountrate（经）风险调整的折现率sensitivity analysis 敏感性分析vertical axis 纵轴（或纵坐标）zero-inflation 零通涨（率）Chapter 7Arbitrage 套利arbitrageurs 套利（交易）者beverage 饮料bona fide 真正的bond 债券default risk 违约风险default-free 无违约（风险）的earnings per share 每股盈余efficient marketshypothesis（EMH）有效市场假说fetch 售得…fixed-income securities 固定收益证券foreign exchangemarket外汇市场fundamental value 基础价值information set 信息集interest-rate arbitrage 利率套利intrinsic value 内在价值laundry 洗衣店Law of One Price 一价定律price/earnings multiple 市盈率（倍数）real estate 房地产、不动产sibling 兄弟、同胞、氏族成员tautologically 同意反复地transaction costs 交易成本triangular arbitrage 三角套利vending 售货well-informed 信息充分的Chapter 8abscissa 横坐标ask price 卖价、要价（报价）bid price 买价、出价（询价）callable bond 可赎回债券convertible bond 可转换债券coupon bond 带息债券、息票债券current yield 即期收益（率）discount bond 折价债券face value/ par value 面值maturity 到期日ordinate 纵坐标par bond 平价债券premium bond 溢价债券pure discount bond 纯折现债券quote 牌价redeem 赎回、偿还risk-free interest rate 无风险利率yield curve 收益（率）曲线yield to maturity 到期收益（率）zero-coupon bond 零息（票）债券Chapter 9New York StockExchange纽约股票交易所cash dividend 现金股利（或红利、分红）closing price 收盘价Constant-Growth-RateDDM不变增长率股利折现模型current/existingstockholders现有股东、老股东discounted-dividendmodel（DDM）股利折现模型dividend policy 股利政策dividend yield 分利收益率ex-dividend price 除息（即股息）价格expected rate of return 期望收益率（或报酬率）infinite 无穷（或无限）的internal equity financing 内部权益融资Investment opportunity 投资机会market capitalization rate 市场资本化利率odd lots 零星（交易量）per se 亲自、亲身perpetual 永久的price/earnings ratio 市盈率Reinvested earnings 再投资收益required rate of return 必要报酬率（或收益率）risk-adjusted discountrate（经）风险调整折现率round lots 整批（交易量）share repurchase 股票回购skeptical 怀疑的stock dividend 股票股利stock splits 股票分割Chapter 10actuary 精算师caterer 酒席承办人colossal 巨大的、异常的confidence intervals 置信区间consortium 社团、合伙continuous probability distribution 连续概率分布diversification 分散化（投资）diversifying 分散化、多样化dunce 笨蛋、书呆子ex ante 事先的ex post 事后的expected rate of return 期望收益率（报酬率）flexibility 灵活性、柔性forward contract 远期合约hedger （套期）保值者、对冲者hedging 保值、对冲、对两方下注以防止（赌博、冒险等）的损失insuring 投保、给…保险jurisdiction 司法、权力、权限layoff 解雇、失业materialize 实现mean 均值normal distribution 正态分布overview 概述perverse 故意作对的、任性的portfolio 投资组合precautionary saving 预防性储蓄probability distribution 概率分布quadruple adj. 四倍的；v. 使…（增加）四倍recrimination 反责refund 退还risk assessment 风险评估risk aversion 风险规避risk avoidance 风险避免risk exposure 风险暴露risk identification 风险识别risk management 风险管理risk retention 风险保留risk transfer 风险转移sinful 有罪的、过错的、不道德的speculator 投机者square root 平方根stakeholder 利益相关者standard deviation 标准差swap 互换volatility 波动率Chapter 11American-type option 美式期权call option 买入期权（简称“买权”）cap （利率）上限condominium 公寓私有的共有方式co-payment 共同支付counterparty 交易对手credit guarantee 信用担保credit risk 信用风险deductible/deduction 免赔额delivery 交割delivery date 交割日derivative 衍生工具diversifiable risk 可分散的风险diversification principle 分散化（或多元化）原则European-type option 欧式期权exclusion 除外责任expiration date 到期日expire 到期face value 面值fictitious 虚构的firm-specific risk （公司）私有（或特有）风险forward contract 远期合约forward price 远期价格future contract 期货合约guarantee 保证、保证人、担保、担保品loan guarantee 债务保单long position 多头market risk 市场风险non-diversifiable risk 不可分散的风险premium 保险费、附加费、溢价proceed n. 盈利put option 卖出期权（简称“卖权”）rolling over 滚动（式）的short position 空头shortfall 不足之数、赤字spot price 即期价格standardized （经）标准化的strike price/ exerciseprice执行价格、行权价swap contract 互换合约、调期合约Chapter 12decision horizon 决策（修正）期限efficient portfolio 有效组合efficient portfolio frontier 有效组合前沿expected return 期望收益率mean-variance model 均值－方差模型minimum-varianceportfolio最小方差组合mutual fund 共同基金optimal combination ofrisky assets风险资产最优组合planning horizon 计划期、规划期point of tangency 切点portfolio selection （投资）组合选择risk premium 风险溢价risk tolerance 风险容忍（度）riskless asset 无风险资产risky-asset portfolio 风险资产组合set of……的集合tangency portfolio 切线组合target expected return 目标期望收益率trade-off 权衡、平衡trading horizon 交易（间隔）期限Chapter 13active investmentstrategies积极投资策略active portfolio selectionstrategy积极的组合选择策略Arbitrage Pricing Theory （APT）套利（定价）理论beat the market 打败市场benchmark 基准benchmark portfolio 基准组合Capital Asset PricingModel（CAPM）资本资产定价模型capital market line（CML）资本市场线consensus 一致、一致同意cost of capital 资本成本covariance 协方差equilibrium asset price 均衡（的）资产价格equilibrium expectedreturn均衡（的）期望收益率equilibrium price 均衡价格equilibrium risk premium 均衡风险溢价indexing 指数化irreducible 不能减少的、难复位的marginal contribution 边际贡献market portfolio 市场组合market-related risk 市场相关的（或承认的）风险multifactor IntertemporalCapital Asset PricingModel（ICAPM）多因子、跨期资本资产定价模型mutual fund 共同基金non-market risk 非市场风险passive investing 消极投资passive portfolio selectionstrategy消极的组合选择策略pension fund 养老基金regression coefficient 回归系数reward-to-risk ratio 风险补偿比率security market line（SML）证券市场线short-sale 卖空systematic risk 系统风险unsystematic risk 非系统风险Chapter 14arbitrageur 套利者bountiful 慷慨的、充足的casino 卡西诺赌场、小别墅closing out（one’s/a）position平仓continuouscompounding连续复利cost of carry 持有成本daily marking to market 逐日盯市（即每日无负债清算制度）delivery 交割delivery date 交割日delivery price 交割价格expectationshypothesis期望假说financial future 金融期货（即标的物为金融产品的期货合约）foreign-exchangeparity relation汇率平价关系forward contract 远期合约forward price 远期价格forward-spotprice-parity relation 远期-即期价格间的平价关系future contract 期货合约future price 期货价格future spot price 将来的现货价格hedger 套期保值者intrinsic value 内在价值margin 保证金open interest 未平仓合约数、头寸开放权益数position 头寸posting of margin （对）保证金（进行）过帐quasi-arbitrage 准套利（机会）replicate 复制speculator 投机者spoilage 损坏spot price 即期价格、现货价格spread 价差、差额the wall street journal 《华尔街日报》Chapter 15American-typeoption美式期权arrear 应付欠款、储备物at the money option 两平期权Black-Scholes model 布莱克-斯科尔斯期权定价模型boom 繁荣的bullish 乐观的call （option）买入期权（简称买权）、看涨期权capital-gain 资本（性）收益cash settlement 现金结算Chicago BoardOptions Exchange（CBOE）芝加哥期权交易所commission 佣金Contingent Claims 或有权益（简称或有权、或然权）credit guarantee 信用保证（或承诺）de facto 实际的、实际上decision tree 决策树delinquency 失职、违法行为dividend yield 股利收益率dividend-adjusted option formula 股利调整期权（定价）公式embedded option 嵌入式期权European put option 欧式卖权European-typeoption欧式期权evasion 逃避、躲避Exchange-traded option 场内（即在交易所交易的）期权exercise price/strikeprice执行价格/敲定价格expirationdate/maturity date到期日explicit 外生的flexibility 灵活性、柔性FutureOptions/Option onFutures期货期权growth option 增长期权guarantor 保证人hedge ratio 对冲比率、套期比率implicit 内生的implied volatility 隐含波动率in the money option 虚值期权incremental 增量的、增加的index option 指数期权intrinsicvalue/tangible value内在价值、执行价值junk bond 垃圾债券litigation 诉讼、争论mainline 主流的、传统的natural logarithm 自然对数normal distribution 正态分布Option 期权out of the moneyoption实值期权Over-the-counteroption场外（交易的）期权payoff diagrams 支付图plaintiff 起诉人provision 条文、条款put （option）卖出期权（简称卖权）、看跌期权put-call parityrelation买（权）与卖（权）间的平价关系real option 实物期权recession 衰退self-financinginvestment strategy自融资投资策略sequel 续篇、后果shortfall 不足之数、赤字stochastic 随机的 swap 互换 time value 时间价值 truncate截断two-state （binomial ）option pricing model 两状态（二项式）期权定价模型 underlying asset 标的资产、基础资产Chapter 16account payable 应付账款accrued wage应计工资adjusted present value （APV ）（经）调整的现值 after-tax incremental cash flow 税后增量现金流agency cost 代理成本 allegiance 忠诚、忠贞 all-equtiy financing 全权益融资 bankruptcy cost破产成本bankruptcy proceeding 破产程序、破产诉讼 Capital Structure资本结构capital structure irrelevance proposition 资本结构无关性定理 circumvent 绕过、智胜 collateral 担保品 common stock 普通股 corporate income tax公司所得税cost of financial distress 财务危机（危难）成本 debt financing 债务融资 entity实体、本质、存在 equity financing 权益融资 external financing外部融资（筹资） fiduciary受信托的 financial distress财务危机（危难） financing instrument 金融工具 franchise 特许权 free cash flow自由现金流 frictionless 无摩擦的gourmet供美食家的享用的、美食家imminent 临近的、迫在眉睫的 interest tax shield （债务）利息税盾 internal financing 内部融资（筹资） issuing new stock 发行新股leveraged investment 杠杆投资（即投资额中有部分债务融资） long-term lease 长期租赁 M & M proposition MM 定理market debt-to-equity ratio（用）市场（价值表示的）债务-权益比率market-value/economic balance sheet （用）市场价值（表示的）资产负债表 Modigliani & Miller （M 莫迪里阿尼和米勒& M ）optimal capital structure 最优资本结构 pension liability 养老金（形式的）债务 perk额外补贴 personal income tax 个人所得税 preferred stock优先股学习必备欢迎下载prestige 威信、声望pro rata 按比例的realized capital gains 已实现资本收益redeploy 重新部署（布置、调派）repurchase stock 回购股票residual claim 剩余索取权（求偿权）retained earning 留存收益scrutiny 细致检查secured debt 安全债务stock option 股票期权subsidy 津贴、财政援助、特别津贴voting right 投票权warrant 认股权证、认股权weighted average costof capital（WACC）加权资本成本Chapter 17acquisition 收购bargain v. 讲价、讨价还价；n. 便宜货、交易、协定breakup 分散、中止、崩溃consolidation 合并、联合、巩固consummate 完成、使…完美contest 竞争、争夺corroborate 加强证实、巩固、支持discretion 决定权、谨慎、判断力divest 使…脱去information set 信息集loss carry-forward 亏损递延malevolence 恶意、坏影响merger 兼并opaqueness 不透明real option 实物期权spin-off 派生出、让产易股、抽资脱离synergy 协同增效takeover 接管。

一、国际市场营销学International Marketing定义：是一门研究企业如何向一国以上的消费者或用户提供商品和劳务，以获得全球利益最大化的学科。

Definition: It is a subject to study how to supplycommodities and services to the consumers in more and more nations in orderto obtain global profits in maximization.二、国际市场营销的内涵和特点Intensions and Features of International Marketing1. 国际营销的主体是企业The principle of International marketing is the enterprise.2. 国际营销的范围是一国以上的市场，包括本国.The scopes of International Marketing are markets more over one nation, including domestic market.3. 国际营销的内容是提供产品和服务The content of International marketing is to supply products or services.4. 国际营销的目的是取得更大的经济利益.The purpose of International Marketing is to make bigger economic profits.三、国际营销的途径The Channels of International Marketing1. 被动的出口passive export中间商找生产企业购买产品出口，生产企业无需主动做国际市场营销。

Middleman buys product from producers for export, producers do not need to do international marketing actively2. 积极的出口active export企业有稳定的出口货源和自己的出口部，通过国内外展览、互联网广告等进行国际营销活动。

Chapter 3International Financial Markets Lecture OutlineMotives for Using International Financial Markets Motives for Investing in Foreign MarketsMotives for Providing Credit in Foreign MarketsMotives for Borrowing in Foreign MarketsForeign Exchange MarketHistory of Foreign ExchangeForeign Exchange TransactionsExchange QuotationsForeignInterpretingCurrency Futures and Options MarketsInternational Money MarketOrigins and DevelopmentStandardizing Global Bank RegulationsInternational Credit MarketSyndicated LoansInternational Bond MarketEurobond MarketDevelopment of Other Bond MarketsComparing Interest Rates Among CurrenciesInternational Stock MarketsIssuance of Foreign Stock in the U.S.Issuance of Stock in Foreign MarketsComparison of International Financial MarketsHow Financial Markets Affect an MNC’s ValueChapter ThemeThis chapter identifies and discusses the various international financial markets used by MNCs. These markets facilitate day-to-day operations of MNCs, including foreign exchange transactions, investing in foreign markets, and borrowing in foreign markets.Topics to Stimulate Class Discussion1. Why do international financial markets exist?2. How do banks serve international financial markets?3. Which international financial markets are most important to a firm that consistently needsshort-term funds? What about a firm that needs long-term funds?Critical debateShould firms that go public engage in international offerings?Proposition Yes. When a firm issues shares to the public for the first time in an initial public offering (IPO), it is naturally concerned about whether it can place all of its shares at a reasonable price. It will be able to issue its shares at a higher price by attracting more investors. It will increase its demand by spreading the shares across countries. The higher the price at which it can issue shares, the lower is its cost of using equity capital. It can also establish a global name by spreading shares across countries.Opposing view No. If a firm spreads its shares across different countries at the time of the IPO, there will be less publicly traded shares in the home country. Thus, it will not have as much liquidity in the secondary market. Investors desire shares that they can easily sell in the secondary market, which means that they require that the shares have liquidity. To the extent that a firm reduces its liquidity in the home country by spreading its share across countries, it may not attract sufficient home demand for the shares. Thus, its efforts to create global name recognition may reduce its name recognition in the home country.With whom do you agree? State your reasons. Use InfoTrac or some other search engine to learn more about this issue. Which argument do you support? Offer your own opinion on this issue.ANSWER: The key is that students recognize the tradeoff involved. A firm that engages in a relatively small IPO will have limited liquidity even when all of the stock is issued in the home country. Thus, it should not consider issuing stock internationally. However, firms with larger stock offerings may be in a position to issue a portion of their shares outside the home country. They should not spread the stocks across several countries, but perhaps should target one or two countries where they conduct substantial business. They want to ensure sufficient liquidity in each of the foreign countries where they sell shares.Stock Markets are inefficientPropositionI cannot believe that if the value of the euro in terms of, say, the British pound increases three days in a row, on the fourth day there is still a 50:50 chance that it will go up or down in value. I think that most investors will see a trend and will buy, therefore the price is morelikely to go up. Also, if the forward market predicts a rise in value, on average, surely it is going to rise in value. In other words, currency prices are predictable. And finally, if it were so unpredictable and therefore unprofitable to the speculator, how is it that there is such a vast sum of money being traded every day for speculative purposes – there is no smoke without fire.The simple answer is that if that is what you believe, buy currencies that have viewOpposingincreased three days in a row and on average you should make a profit, buy currencies where the forward market shows an increase in value. The fact is that there are a lot of investors with just your sort of views. The market traders know all about such beliefs and will price the currency so that such easy profit (their loss) cannot be made. Look at past currency rates for yourself, check all fourth day changes after three days of rises, any difference is going to be not enough to cover transaction costs or trading expenses and the slight inaccuracy in your figures which are likely to be closing day mid point of the bid/ask spread. No, all currency movements are related to information and no-one knows if tomorrows news will be better or worse than expected.With whom do you agree? Could there be undiscovered patterns? Could some movements not be related to information? Could some private news be leaking out?ANSWER: Clearly there are no obvious patterns. Discussion on the impossibility of obvious patterns is worth emphasizing. However, does market inefficiency necessarily involve patterns, could market manipulation be occasional. There is worrying evidence from share price movements that there is unusual movement before announcements on many occasions, so the ideathat traders do not occasionally collude and move the price without supporting economic evidence is not an unreasonable view. Proof is however difficult as we have to separate anticipation from prior knowledge, the lucky speculator from the speculator who was in the know.Answers to End of Chapter Questions1. Motives for Investing in Foreign Money Markets. Explain why an MNC may invest fundsin a financial market outside its own country.ANSWER: The MNC may be able to earn a higher interest rate on funds invested in a financial market outside of its own country. In addition, the exchange rate of the currency involved may be expected to appreciate.2. Motives for Providing Credit in Foreign Markets. Explain why some financial institutionsprefer to provide credit in financial markets outside their own country.ANSWER: Financial institutions may believe that they can earn a higher return by providing credit in foreign financial markets if interest rate levels are higher and if the economic conditions are strong so that the risk of default on credit provided is low. The institutions may also want to diversity their credit so that they are not too exposed to the economic conditions in any single country.3. Exchange Rate Effects on Investing. Explain how the appreciation of the Australian dollaragainst the euro would affect the return to a French firm that invested in an Australian money market security.ANSWER: If the Australian dollar appreciates over the investment period, this implies that the French firm purchased the Australian dollars to make its investment at a lower exchange rate than the rate at which it will convert A$ to euros when the investment period is over.Thus, it benefits from the appreciation. Its return will be higher as a result of this appreciation.4. Exchange Rate Effects on Borrowing. Explain how the appreciation of the Japanese yenagainst the UK pound would affect the return to a UK firm that borrowed Japanese yen and used the proceeds for a UK project.ANSWER: If the Japanese yen appreciates over the borrowing period, this implies that the UK firm converted yen to pounds at a lower exchange rate than the rate at which it paid for yen at the time it would repay the loan. Thus, it is adversely affected by the appreciation. Its cost of borrowing will be higher as a result of this appreciation.5. Bank Services. List some of the important characteristics of bank foreign exchange servicesthat MNCs should consider.ANSWER: The important characteristics are (1) competitiveness of the quote, (2) the firm’s relationship with the bank, (3) speed of execution, (4) advice about current market conditions, and (5) forecasting advice.6. Bid/ask Spread. Delay Bank’s bid price for US dollars is £0.53 and its ask price is £0.55.What is the bid/ask percentage spread?ANSWER: (£0.55– £0.53)/£0.55 = .036 or 3.6%7. Bid/ask Spread. Compute the bid/ask percentage spread for Mexican peso in which the askrate is 20.6 New peso to the dollar and the bid rate is 21.5 New peso to the dollar.ANSWER: direct rates are 1/20.6 = $0.485:1 peso as the ask rate and 1/21.5 = $0.465:1 peso as the bid rate so the spread is[($0.485 – $0.465)/$0.485] = .041, or 4.1%. Note that the spread is fro the Mexiccan peso not the dollar.8. Forward Contract. The Wolfpack ltd is a UK exporter that invoices its exports to the UnitedStates in dollars. If it expects that the dollar will appreciate against the pound in the future, should it hedge its exports with a forward contract? Explain..ANSWER: The forward contract can hedge future receivables or payables in foreign currencies to insulate the firm against exchange rate risk. Yet, in this case, the Wolfpack Corporation should not hedge because it would benefit from appreciation of the dollar when it converts the dollars to pounds.9. Euro. Explain the foreign exchange situation for countries that use the euro when theyengage in international trade among themselves.ANSWER: There is no foreign exchange. Euros are used as the medium of exchange.10. Indirect Exchange Rate. If the direct exchange rate of the euro is worth £0.685, what is theindirect rate of the euro? That is, what is the value of a pound in euros?ANSWER: 1/0.685 = 1.46 euros.11. Cross Exchange Rate. Assume Poland’s currency (the zloty) is worth £0.17 and theJapanese yen is worth £0.005. What is the cross (implied) rate of the zloty with respect to yen?ANSWER: £0.17/£0.005 = 34 zloty:1 yen12. Syndicated Loans. Explain how syndicated loans are used in international markets.ANSWER: A large MNC may want to obtain a large loan that no single bank wants to accommodate by itself. Thus, a bank may create a syndicate whereby several other banks also participate in the loan.13. Loan Rates. Explain the process used by banks in the Eurocredit market to determine the rateto charge on loans.ANSWER: Banks set the loan rate based on the prevailing LIBOR, and allow the loan rate to float (change every 6 months) in accordance with changes in LIBOR.14. International Markets. What is the function of the international money market? Brieflydescribe the reasons for the development and growth of the European money market. Explain how the international money, credit, and bond markets differ from one another.ANSWER: The function of the international money market is to efficiently facilitate the flow of international funds from firms or governments with excess funds to those in need of funds.Growth of the European money market was largely due to (1) regulations in the U.S. that limited foreign lending by U.S. banks; and (2) regulated ceilings placed on interest rates of dollar deposits in the U.S. that encouraged deposits to be placed in the Eurocurrency market where ceilings were nonexistent.The international money market focuses on short-term deposits and loans, while the international credit market is used to tap medium-term loans, and the international bond market is used to obtain long-term funds (by issuing long-term bonds).15. Evolution of Floating Rates. Briefly describe the historical developments that led to floatingexchange rates as of 1973.ANSWER: Country governments had difficulty in maintaining fixed exchange rates. In 1971, the bands were widened. Yet, the difficulty of controlling exchange rates even within these wider bands continued. As of 1973, the bands were eliminated so that rates could respond to market forces without limits (although governments still did intervene periodically).16. International Diversification. Explain how the Asian crisis would have affected the returnsto a UK. firm investing in the Asian stock markets as a means of international diversification.[See the chapter appendix.]ANSWER: The returns to the UK firm would have been reduced substantially as a result of the Asian crisis because of both declines in the Asian stock markets and because of currency depreciation. For example, the Indonesian stock market declined by about 27% from June 1997 to June 1998. Furthermore, the Indonesian rupiah declined against the U.S. dollar by 84%.17.Eurocredit Loans.a.With regard to Eurocredit loans, who are the borrowers?b. Why would a bank desire to participate in syndicated Eurocredit loans?c. What is LIBOR and how is it used in the Eurocredit market?ANSWER:a. Large corporations and some government agencies commonly request Eurocredit loans.b. With a Eurocredit loan, no single bank would be totally exposed to the risk that theborrower may fail to repay the loan. The risk is spread among all lending banks within the syndicate.c. LIBOR (London interbank offer rate) is the rate of interest at which banks in Europe lendto each other. It is used as a base from which loan rates on other loans are determined in the Eurocredit market.18. Foreign Exchange. You just came back from Canada, where the Canadian dollar was worth£0.43. You still have C$200 from your trip and could exchange them for pounds at the airport, but the airport foreign exchange desk will only buy them for £0.40. Next week, you will be going to Mexico and will need pesos. The airport foreign exchange desk will sell you pesos for £0.055 per peso. You met a tourist at the airport who is from Mexico and is on his way to Canada. He is willing to buy your C$200 for 1500 New Pesos. Should you accept the offer or cash the Canadian dollars in at the airport? Explain.ANSWER: Exchange with the tourist. If you exchange the C$ for pesos at the foreign exchange desk, the C$200 is multiplied by £0.40 and then divided by £0.055 ie a ratio of £0.40/0.055 = 7.27 pesos to the C$. The total pesos would be 200 x 7.27 = 1454 pesos, a little less than is being offered by the tourist.19. Foreign Stock Markets. Explain why firms may issue stock in foreign markets. Why mightMNCs issue more stock in Europe since the conversion to a single currency in 1999?ANSWER: Firms may issue stock in foreign markets when they are concerned that their home market may be unable to absorb the entire issue. In addition, these firms may have foreign currency inflows in the foreign country that can be used to pay dividends on foreign-issued stock. They may also desire to enhance their global image. Since the euro can be used in several countries, firms may need a large amount of euros if they are expanding across Europe.20. Stock Market Integration. Bullet plc a UK firm, is planning to issue new shares on theLondon Stock Exchange this month. The only decision still to be made is the specific day on which the shares will be issued. Why do you think Bullet monitors results of the Tokyo stock market every morning?ANSWER: The UK stock market prices sometimes follow Japanese market prices. Thus, the firm would possibly be able to issue its stock at a higher price in the UK if it can use the Japanese market as an indicator of what will happen in the UK market. However, this indicator will not always be accurate.Advanced Questions21. Effects of September 11. Why do you think the terrorist attack on the U.S. was expected tocause a decline in U.S. interest rates? Given the expectations for a potential decline in U.S.interest rates and stock prices, how were capital flows between the U.S. and other countries likely affected?ANSWER: The attack was expected to cause a weaker economy, which would result in lower U.S. interest rates. Given the lower interest rates, and the weak stock prices, the amount of funds invested by foreign investors in U.S. securities would be reduced.22. International Financial Markets. Carrefour the French Supermarket chain has established retail outlets worldwide. These outlets are massive and contain products purchased locally as well as imports. As Carrefour generates earnings beyond what it needs abroad, it may remit those earnings back to France. Carrefour is likely to build additional outlets especially in China.a. Explain how the Carrefour outlets in China would use the spot market in foreign exchange.ANSWER:The Carrefour stores in China need other currencies to buy products from other countries, and must convert the Chinese currency (yuan) into the other currencies in the spot market to purchase these products. They also could use the spot market to convert excess earnings denominated in yuan into euros, which would be remitted to the French parent.b. Explain how Carrefour might utilize the international money markets when it isestablishing other Carrefour stores in Asia.ANSWER: Carrefour may need to maintain some deposits in the Eurocurrency market that can be used (when needed) to support the growth of Carrefour stores in various foreign markets. When some Carrefour stores in foreign markets need funds, they borrow from banks in the Eurocurrency market. Thus, the Eurocurrency market serves as a deposit or lending source for Carrefour and other MNCs on a short-term basis. (Eurocurrency refers to international currencies, most likely the dollar, not just the euro!)c. Explain how Carrefour could use the international bond market to finance theestablishment of new outlets in foreign markets.ANSWER: Carrefour could issue bonds in the Eurobond market to generate funds needed to establish new outlets. The bonds may be denominated in the currency that is needed; then, once the stores are established, some of the cash flows generated by those stores could be used to pay interest on the bonds.23.Interest Rates. Why do interest rates vary among countries? Why are interest rates normallysimilar for those European countries that use the euro as their currency? Offer a reason why the government interest rate of one country could be slightly higher than that of the government interest rate of another country, even though the euro is the currency used in both countries.ANSWER: Interest rates in each country are based on the supply of funds and demand for funds for a given currency. However, the supply and demand conditions for the euro are dictated by all participating countries in aggregate, and do not vary among participating countries. Yet, the government interest rate in one country that uses the euro could be slightly higher than others that use the euro if it is subject to default risk. The higher interest rate would reflect a risk premium.Blades plc Case Study。

1. 利率效应(Interest Rate Effect): 利率的变化对借贷成本、投资回报和资产价格产生的影响。

例如，升息可能导致借款成本上升，对股票和债券市场产生不同的影响。

2. 汇率效应(Exchange Rate Effect): 汇率的波动对国际贸易和跨国投资的影响。

货币升值可能影响出口竞争力，而货币贬值可能提升出口。

3. 通货膨胀效应(Inflation Effect): 通货膨胀水平对货币的购买力、资产价格和投资决策产生影响。

通常，适度的通货膨胀被认为对经济有益。

4. 流动性效应(Liquidity Effect): 金融市场的流动性状况对资产价格和市场波动产生影响。

缺乏流动性可能导致价格波动剧烈。

5. 信心效应(Confidence Effect): 投资者和消费者信心水平对金融市场和经济活动产生影响。

高信心通常推动投资和支出，低信心可能导致谨慎行为。

6. 流动性溢价效应(Liquidity Premium Effect): 投资者对于更具流动性的资产愿意支付溢价，这一溢价可能受市场情绪和风险偏好的影响。

7. 市场效应(Market Effect): 市场整体的表现对单个资产和投资组合产生影响。

市场趋势、牛市或熊市等都会对投资者行为产生影响。

8. 政策效应(Policy Effect): 货币政策和财政政策对经济和金融市场的影响。

例如，央行降息可能刺激投资，而财政刺激政策可能提振消费。

9. 市场心理效应(Market Psychology Effect): 投资者情绪和市场心理对价格走势的影响。

市场可能因恐慌、贪婪或情绪波动而产生不理性的行为。

10. 业绩效应(Performance Effect): 公司或基金的业绩对其股价或净值产生影响。

强劲的业绩可能推动股价上涨，而差劲的业绩可能导致下跌。

11. 供需效应(Supply and Demand Effect): 资产价格受到供求关系的影响。

Financial MarketsFinancial market金融市场: A financial market is a market in which people and entities can trade financial securities, commodities and other fungible items of value at low transaction costs and at prices that reflects supply and demand.International financial market国际金融市场: A financial market that involves participants all over the world.(查不到自己编的，请慎重考虑)Direct financing直接融资: An investor purchases the securities issued by ultimate borrowers (i.e. without intermediaries).Indirect financing间接融资: Indirect financing is where borrowers borrow funds from the financial market through indirect means, such as through a financial intermediary.Money market货币市场: Money market is a component of financial market for assets involved in short-term borrowing, lending, buying and selling with ORIGINAL maturities of one year or less. Capital market资本市场: Capital market provides for the buying and selling of long-term(over 1 year) debts or equity-backed securities.Foreign exchange market (or currency market)外汇市场: Foreign exchange market deals with the exchanges of different means of payment.Primary market一级市场: A primary market is a market in which new issues of a security (like a bond or a stock), are sold to initial buyers by the corporation or government agency borrowing the funds.Secondary market二级市场: A secondary market is where is where the sale of previously issued securities takes place.Exchange market交易所市场: It is a highly organized market where tradable securities, commodities, foreign exchanges, futures and option contracts are sold and bought.OTC market柜台市场: over-the-counter market. A decentralized market of securities not listed on an exchange where market participants trade over the telephone, facsimile or electronic network instead of a physical trading floor.Technical analysis技术分析: It is the art of deducing probable future trend from historical records of stock trading. (the study of the stock market itself rather than external factors) Fundamental analysis基本面分析或基础分析: It examines all relevant factors affecting the stock price in order to determine an intrinsic value for that stock.The top-down approach or Economy-Industry-Company(EIC) model自上而下法:1)select a country which could offer the investors better returns from other economies;2)select promising industries and companies in this country.The bottom-up or stock picking approach自下而上法: It is to find undervalued stocks regardless of the market and industry factors.Capital MarketBond债券: Bonds are securities that represent a debt owed by the issuer to the investor. They obligate the issuer to pay a specified amount at a given date.Government notes and bonds(Treasury bonds)国库券: They are issued to finance the national debt. Difference: notes have a original maturity of 1year to 10 years while bonds have a original maturity of 10-30 years. Note that they are free of default risk.Corporate bonds公司债券: Large corporations issue bonds in order to borrow funds for long periods of time. The bond indenture is a contract that states the lender’s rights and privileges andthe the borrower’s obligations.Stock股票: Shares of stock in the firm represent ownership.Outstanding stock流通股: The shares of a corporation’s stock that have been issued and are in the hands of the public.Mortgage loan抵押贷款: A mortgage loan is a loan secured by real property.Foreign Exchange MarketExchange rate汇率: The ratio of two different currencies.Bills of exchange票据: They are financial documents that require the individual or business that is addressed in the document to pay a specified amount of money on a date that is cited in the document.Demand draft即期汇票: It is a check created by a merchant with a buyer’s checking account number on it, but without the buyer’s original signature.Bankers draft银行汇票: It is a check where the funds are taken directly from financial institutions rather than the individual drawer’s account.Foreign bond外国债务: A bond issued in a domestic market by a foreign entity, in the domestic market’s currency.Dividend check股利支票: A share of profits in the form of checks received by a stockholder. （查不到自己编的，请慎重考虑）Pension check养老金支票: A sum of money in the form of checks paid regularly as a retirement benefit or by way of patronage.(查不到自己编的，请慎重考虑。

Chapter 3—International Financial Markets1. Assume that a bank's bid rate on Swiss francs is $.45 and its ask rate is $.47. Its bid-ask percentagespread is:a. about 4.44%.b. about 4.26%.c. about 4.03%.d. about 4.17%.ANS: BSOLUTION: Bid-ask percentage spread = ($.47 − $.45)/$.47 = 4.26%PTS: 12. Assume that a bank's bid rate on Japanese yen is $.0041 and its ask rate is $.0043. Its bid-askpercentage spread is:a. about 4.99%.b. about 4.88%.c. about 4.65%.d. about 4.43%.ANS: CSOLUTION: Bid-ask percentage spread = ($.0043 − $.0041)/$.0043 = 4.65%PTS: 13. The bid/ask spread for small retail transactions is commonly in the range of ____ percent.a. 3 to 7b. .01 to .03c. 10 to 15d. .5 to 1ANS: A PTS: 14. ____ is not a factor that affects the bid/ask spread.a. Order costsb. Inventory costsc. Volumed. All of the above factors affect the bid/ask spreadANS: D PTS: 15. The forward rate is the exchange rate used for immediate exchange of currencies.a. Trueb. FalseANS: F PTS: 16. The ask quote is the price for which a bank offers to sell a currency.a. Trueb. FalseANS: T PTS: 17. According to the text, the forward rate is commonly used for:a. hedging.b. immediate transactions.c. previous transactions.d. bond transactions.ANS: A PTS: 18. If a U.S. firm desires to avoid the risk from exchange rate fluctuations, and it is receiving 100,000 in90 days, it could:a. obtain a 90-day forward purchase contract on euros.b. obtain a 90-day forward sale contract on euros.c. purchase euros 90 days from now at the spot rate.d. sell euros 90 days from now at the spot rate.ANS: B PTS: 19. If a U.S. firm desires to avoid the risk from exchange rate fluctuations, and it will need C$200,000 in90 days to make payment on imports from Canada, it could:a. obtain a 90-day forward purchase contract on Canadian dollars.b. obtain a 90-day forward sale contract on Canadian dollars.c. purchase Canadian dollars 90 days from now at the spot rate.d. sell Canadian dollars 90 days from now at the spot rate.ANS: A PTS: 110. Assume the Canadian dollar is equal to $.88 and the Peruvian Sol is equal to $.35. The value of thePeruvian Sol in Canadian dollars is:a. about .3621 Canadian dollars.b. about .3977 Canadian dollars.c. about 2.36 Canadian dollars.d. about 2.51 Canadian dollars.ANS: BSOLUTION: $.35/$.88 = .3977PTS: 111. Which of the following is not true with respect to spot market liquidity?a. The more willing buyers and sellers there are, the more liquid a market is.b. The spot markets for heavily traded currencies such as the Japanese yen are very liquid.c. A currency's liquidity affects the ease with which an MNC can obtain or sell that currency.d. If a currency is illiquid, an MNC is typically able to quickly purchase that currency at areasonable exchange rate.ANS: D PTS: 112. Forward markets for currencies of developing countries are:a. prohibited.b. less liquid than markets for developed countries.c. more liquid than markets for developed countries.d. only available for use by government agencies.ANS: B PTS: 113. A forward contract can be used to lock in the ____ of a specified currency for a future point in time.a. purchase priceb. sale pricec. A or Bd. none of the aboveANS: C PTS: 114. The forward market:a. for euros is very illiquid.b. for Eastern European countries is very liquid.c. does not exist for some currencies.d. none of the aboveANS: C PTS: 115. ____ is not a bank characteristic important to customers in need of foreign exchange.a. Quote competitivenessb. Speed of executionc. Forecasting adviced. Advice about current market conditionse. All of the above are important bank characteristics to customers in need of foreignexchange.ANS: E PTS: 116. The Basel II accord is focused on eliminating inconsistencies in ____ across countries.a. capital requirementsb. deposit ratesc. deposit insuranced. bank failure policiesANS: A PTS: 117. The international money market primarily concentrates on:a. short-term lending (one year or less).b. medium-term lending.c. long-term lending.d. placing bonds with investors.e. placing newly issued stock in foreign markets.ANS: A PTS: 118. The international credit market primarily concentrates on:a. short-term lending (less than one year).b. medium-term lending.c. long-term lending.d. providing an exchange of foreign currencies for firms who need them.e. placing newly issued stock in foreign markets.ANS: B PTS: 119. The main participants in the international money market are:a. consumers.b. small firms.c. large corporations.d. small European firms needing European currencies for international trade.ANS: C PTS: 120. LIBOR is:a. the interest rate commonly charged for loans between banks.b. the average inflation rate in European countries.c. the maximum loan rate ceiling on loans in the international money market.d. the maximum deposit rate ceiling on deposits in the international money market.e. the maximum interest rate offered on bonds that are issued in London.ANS: A PTS: 121. A syndicated loan:a. represents a loan by a single bank to a syndicate of corporations.b. represents a loan by a single bank to a syndicate of country governments.c. represents a direct loan by a syndicate of oil-producing exporters to a less developedcountry.d. represents a loan by a group of banks to a borrower.e. A and BANS: D PTS: 122. The international money market is primarily served by:a. the governments of European countries, which directly intervene in foreign currencymarkets.b. government agencies such as the International Monetary Fund that enhance developmentof countries.c. several large banks that accept deposits and provide loans in various currencies.d. small banks that convert foreign currency for tourists and business visitors.ANS: C PTS: 123. International money market transactions normally represent:a. the equivalent of $1 million or more.b. the equivalent of $1,000 to $10,000.c. the equivalent of between $10,000 and $100,000.d. the equivalent of between $100,000 and $200,000.ANS: A PTS: 124. A put option is the amount or percentage by which the existing spot rate exceeds the forward rate.a. Trueb. FalseANS: F PTS: 125. From 1944 to 1971, the exchange rate between any two currencies was typically:a. fixed within narrow boundaries.b. floating, but subject to central bank intervention.c. floating, and not subject to central bank intervention.d. nonexistent; that is currencies were not exchanged, but gold was used to pay for all foreigntransactions.ANS: A PTS: 126. As a result of the Smithsonian Agreement, the U.S. dollar was:a. the currency to be used by all countries as a medium of exchange for international trade.b. forced to be freely floating relative to all currencies without any boundaries.c. devalued relative to major currencies.d. revalued (upward) relative to major currencies.ANS: C PTS: 127. According to the text, the average foreign exchange trading around the world ____ per day.a. equals about $200 billionb. equals about $400 billionc. equals about $700 billiond. exceeds $1 trillionANS: D PTS: 128. Assume a Japanese firm invoices exports to the U.S. in U.S. dollars. Assume that the forward rate andspot rate of the Japanese yen are equal. If the Japanese firm expects the U.S. dollar to ____ against the yen, it would likely wish to hedge. It could hedge by ____ dollars forward.a. depreciate; buyingb. depreciate; sellingc. appreciate; sellingd. appreciate; buyingANS: B PTS: 129. The bid-ask spread on an exchange rate can be used to directly determine:a. how an exchange rate will change.b. the transaction cost of foreign exchange.c. the forward premium.d. the currency option premium.ANS: B PTS: 130. Futures contracts are typically ____; forward contracts are typically ____.a. sold on an exchange; sold on an exchangeb. offered by commercial banks; sold on an exchangec. sold on an exchange; offered by commercial banksd. offered by commercial banks; offered by commercial banksANS: C PTS: 131. Eurobonds:a. are usually issued in bearer form.b. typically carry several protective covenants.c. cannot contain call provisions.d. A and BANS: A PTS: 132. Which of the following is true?a. Non-U.S. firms may desire to issue bonds in the U.S. due to less regulations in the U.S.b. U.S. firms may desire to issue bonds in the U.S. due to less regulations in the U.S.c. U.S. firms may desire to issue bonds in the non-U.S. markets due to less regulations innon-U.S. countries.d. A and BANS: C PTS: 133. Eurobonds:a. can be issued only by European firms.b. can be sold only to European investors.c. A and Bd. none of the aboveANS: D PTS: 134. Which currency is used the most to denominate Eurobonds?a. the British pound.b. the Japanese yen.c. the U.S. dollar.d. the Swiss franc.ANS: C PTS: 135. When the foreign exchange market opens in the U.S. each morning, the opening exchange ratequotations will be based on the:a. closing prices in the U.S. during the previous day.b. closing prices in Canada during the previous day.c. prevailing prices in locations where the foreign exchange markets have been open.d. officially set by central banks before the U.S. market opens.ANS: C PTS: 136. The U.S. dollar is not ever used as a medium of exchange in:a. industrialized countries outside the U.S.b. in any Latin American countries.c. in Eastern European countries where foreign exchange restrictions exist.d. none of the aboveANS: D PTS: 137. Which of the following is not true regarding the Bretton Woods Agreement?a. It called for fixed exchange rates between currencies.b. Governments intervened to prevent exchange rates from moving more than 1 percentabove or below their initially established levels.c. The agreement lasted from 1944 until 1971.d. Each country used gold to back its currency.e. All of the above are true regarding the Bretton Woods Agreement.ANS: D PTS: 138. A Japanese yen is worth $.0080, and a Fijian dollar (F$) is worth $.5900. What is the value of the yenin Fijian dollars (i.e., how many Fijian dollars do you need to buy a yen)?a. 73.75.b. 125.c. 1.69.d. 0.014.e. none of the aboveANS: DSOLUTION: ($.008/$.59) = F$.014/¥PTS: 139. The existence of imperfect markets has prevented the internationalization of financial markets.a. Trueb. FalseANS: F PTS: 140. Under the gold standard, each currency was convertible into gold at a specified rate, and the exchangerate between two currencies was determined by their relative convertibility rates per ounce of gold.a. Trueb. FalseANS: T PTS: 141. An investor engaging in a transaction whereby he or she contracts to purchase British pounds one yearfrom now is an example of a spot market transaction.a. Trueb. FalseANS: F PTS: 142. The Single European Act prevented a trend toward increased globalization in the banking industry.a. Trueb. FalseANS: F PTS: 143. A cross exchange rate expresses the amount of one foreign currency per unit of another foreigncurrency.a. Trueb. FalseANS: T PTS: 144. A currency put option provides the right, but not the obligation, to buy a specific currency at a specificprice within a specific period of time.a. Trueb. FalseANS: F PTS: 145. The strike price is also known as the premium price.a. Trueb. FalseANS: F PTS: 146. The interest rate commonly charged for loans between banks is called the cross rate.a. Trueb. FalseANS: F PTS: 147. The Bretton Woods Agreement is an agreement to standardize banks' capital requirements acrosscountries; the resulting capital ratios are computed using risk-weighted assets.a. Trueb. FalseANS: F PTS: 148. The Basel Accord is an agreement among the major European countries to make regulations moreuniform across European countries and to reduce taxes on goods traded between these countries.a. Trueb. FalseANS: F PTS: 149. A futures contract is a contract specifying a standard volume of a particular currency to be exchangedon a specific settlement date.a. Trueb. FalseANS: T PTS: 150. Eurobonds are certificates representing bundles of stock.a. Trueb. FalseANS: F PTS: 151. A share of the ADR of a Dutch firm represents one share of that firm's stock that is traded on a Dutchstock exchange. The share price of the firm was 15 euros when the Dutch market closed. As the U.S.market opens, the euro is worth $1.10. Thus, the price of the ADR should be ____.a. $13.64b. $15.00c. $16.50d. 16.50 eurose. none of the aboveANS: CSOLUTION: 15 × $1.10 = $16.50PTS: 152. The ADR of a British firm is convertible into 3 shares of stock. The share price of the firm was 30pounds when the British market closed. When the U.S. market opens, the pound is worth $1.63. The price of this ADR should be $____.a. 48.90b. 146.70c. 55.21d. none of the aboveANS: BSOLUTION: 3 × 30 × $1.63 = $146.70PTS: 153. If there is a large supply of savings relative to the demand for short-term funds, the interest rate forthat country will be relatively low.a. Trueb. FalseANS: T PTS: 154. If there is a strong demand to borrow a currency, and a low supply of savings in that currency, theinterest rate will be relatively low.a. Trueb. FalseANS: F PTS: 155. The preferences of corporations and governments to borrow in foreign currencies and of investors tomake short-term investments in foreign currencies resulted in the creation of the international bond market.a. Trueb. FalseANS: F PTS: 156. Large commercial banks play a major role in the international money market by accepting short-termdeposits in large amounts (such as the equivalent of $1 million or more) and in various currencies, and channeling the money to corporations and government agencies that need to borrow those short-term funds in the desired currencies.a. Trueb. FalseANS: T PTS: 157. The term "eurobor" is widely used to reflect the interbank offer rate on euros.a. Trueb. FalseANS: T PTS: 158. The term "eurobor" is widely used to reflect the total amount of euros borrowed by the firms in Europeper month to finance their growth.a. Trueb. FalseANS: F PTS: 159. Institutional investors such as commercial banks, mutual funds, insurance companies, and pensionfunds from many countries are major participants in the international bond market.a. Trueb. FalseANS: T PTS: 160. In response to the Sarbanes-Oxley Act, the reporting costs were reduced, and many non-U.S. firms thatissued new shares of stock decided to place their stock in the United States.a. Trueb. FalseANS: F PTS: 161. Global regulations require that shareholders in all countries have the same rights wherever there arestock markets.a. Trueb. FalseANS: F PTS: 162. Shareholders have more voting power in some countries than others.a. Trueb. FalseANS: T PTS: 163. Shareholders can have influence on a wider variety of management issues in some countries.a. Trueb. FalseANS: T PTS: 164. The legal protection of shareholders is the same among countries.a. Trueb. FalseANS: F PTS: 165. Shareholders in some countries may have more power to effectively sue publicly-traded firms if theirexecutives or directors commit financial fraud.a. Trueb. FalseANS: T PTS: 166. In general, common law countries such as the U.S., Canada, and the United Kingdom allow for morelegal protection than French civil law countries such as France or Italy.a. Trueb. FalseANS: T PTS: 167. The government enforcement of securities laws varies among countries.a. Trueb. FalseANS: T PTS: 168. The degree of financial information that must be provided by public companies is the same amongcountries.a. Trueb. FalseANS: F PTS: 169. In general, stock markets allow for more price efficiency and attract more investors when they have allof the following except:a. more voting rights for shareholders.b. more legal protection.c. more enforcement of the laws.d. less stringent accounting requirements.ANS: D PTS: 170. In general, companies are attracted to the stock market in which there are very limited voting rights forshareholders.a. Trueb. FalseANS: F PTS: 171. If companies can rely on stock markets to obtain funds, they will have to rely more heavily on the____ market to raise long-term funds.a. derivativeb. long-term creditc. moneyd. foreign exchangeANS: B PTS: 172. The strike price on a currency option is also known as an exercise price.a. Trueb. FalseANS: T PTS: 173. Assume that the bank's bid quote of Mexican peso is $.126 and ask price is $.129. If you have Mexicanpesos, what is the amount of pesos that you need to purchase $100,000?a. 12,600b. 775,194c. 793,651d. 12,900ANS: C PTS: 174. When receiving quotations on a currency's exchange rate, the bank's bid quote is the rate at which thebank is willing to sell currency.a. Trueb. FalseANS: F PTS: 175. An obligation to purchase a specific amount of currency at a future point in time is called a:a. call optionb. spot contractc. put optiond. forward contracte. both B and D76. Which of the following is not a method that can be used to invest internationally?a. Investment in MNC stocksb. American depository receipts (ADRs)c. World Equity benchmark Shares (WEBS)d. International mutual fundse. All of the above are methods that can be used to invest internationally.ANS: E PTS: 177. The interest rate in developing countries is usually very low.a. Trueb. FalseANS: F PTS: 178. Assume that $1 is equal to .85 Euros and 98 yen. The value of yen in euros isa. .01b. 118c. 1.18d. .0087ANS: D PTS: 179. When obtaining a loan, the risk premium paid above LIBOR depends on the:a. risk-free interest rate of the borrower.b. credit risk of the borrower.c. borrower's stock price.d. lender's stock price.ANS: B PTS: 180. The largest global exchange is:a. NASDAQb. Tokyo Stock Exchangec. NYSE Euronextd. London Stock ExchangeANS: C PTS: 181. Which of the following is not true about syndicated loans?a. A borrower that receives a syndicated loan incurs various fees besides the interest rate.b. The loans are only denominated in U.S. dollars.c. The loans are provided by a group of banks to a borrower.d. The loans are usually formed in 6 weeks or less.ANS: B PTS: 182. The interest rate on the syndicated loan depends on the:a. currency denominating the loan.b. maturity of the loan.c. creditworthiness of the borrower.d. interbank lending rate.e. all of the above.83. Assume a U.S. firm has to pay for Korean imports in 60 days. It expects that Korean won willdepreciate, but it still wants to hedge its risk. What type of hedging is more appropriate in thissituation:a. Buy dollars forwardb. Sell dollars forwardc. Purchase call optiond. Purchase put optionANS: C PTS: 184. Certificates representing bundles of stock of non-U.S. firms are called:a. Eurobondsb. ADRsc. FRNsd. EuroborANS: B PTS: 185. Assume that the spot rate of the Singapore dollar is $.664. The ADR of a Singapore firm is convertibleinto 3 shares of stock. The price of an ADR is $20. What is the share price of the firm in Singapore dollars?a. 10b. 13.28c. 30.12d. 39.84ANS: A PTS: 186. Which of the following is not true regarding ADRs?a. ADRs are denominated in the currency of the stock's home country.b. ADRs enable U.S. investors to avoid cross-border transactionsc. ADRs allow non-U.S. firms to tap into U.S. market for funds.d. ADRs sometimes allow for arbitrage opportunities.ANS: A PTS: 187. The more intense the competition for the traded currency, the larger the bid/ask spread.a. Trueb. FalseANS: F PTS: 188. Banks charge larger bid/ask spreads than they would on less liquid, less traded currencies.a. Trueb. FalseANS: F PTS: 189. At any given point in time, a bank's bid quote will be greater than its ask quote.a. Trueb. FalseANS: F PTS: 190. An MNC with receivables in Japanese Yen purchases yen forward to hedge its exposure to exchangerate fluctuations.a. Trueb. FalseANS: F PTS: 191. A currency put option provides the right, but not the obligation, to buy a specific currency at a specificprice within a specific period of time.a. Trueb. FalseANS: F PTS: 192. The LIBOR varies among currencies because the market supply of and demand for funds vary amongcurrencies.a. Trueb. FalseANS: T PTS: 193. The international money market is frequently accessed by MNCs for short-term investment andfinancing decisions, while longer term financing decisions are made in the international credit market or the international bond market and in international stock markets.a. Trueb. FalseANS: T PTS: 194. Which of the following is not a possible bid/ask quotation for the Barbados dollar?a. $.50/$.51b. $.49/$.50c. $.52/$.51d. $.51/$.52e. All of the above are possible bid/ask quotations.ANS: C PTS: 195. Your company expects to receive 5,000,000 Japanese yen 60 days from now. You decide to hedgeyour 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 if you sell yen forward?a. $44,500b. $45,000c. $526 milliond. $47,500e. $556 millionANS: D PTS: 196. Which of the following is probably not an example of the use of forward contracts by an MNC?a. Hedging pound payables by selling pounds forwardb. Hedging peso receivables by selling pesos forwardc. Hedging yen payables by purchasing yen forwardd. Hedging peso payables by purchasing pesos forwarde. All of the above are examples of using forward contracts.ANS: A PTS: 197. A quotation representing the value of a foreign currency in dollars is referred to as a(n) ____ quotation;a quotation representing the number of units of a foreign currency per dollar is referred to as a(n) ____quotation.a. direct; indirectb. indirect; directc. direct; directd. indirect; indirecte. cannot be answered without more informationANS: A PTS: 198. You observe a quotation of the Japanese yen (¥) of $0.007. You are, however, interested in the numberof yen per dollar. Thus, you calculate the ____ quotation of ____ ¥/$.a. direct; 142.86b. indirect; 142.86c. indirect; 150d. direct; 150e. indirect; 0ANS: B PTS: 199. Which of the following is not true regarding electronic communications networks (ECNs)?a. They have a visible trading floor.b. Trades are executed by a computer network.c. They have been created in many countries to match orders between buyers and sellers.d. They allow investors to place orders on their computers.e. All of the above are true.ANS: A PTS: 1100. Which of the following is probably not appropriate for an MNC wishing to reduce its exposure to British pound payables?a. Purchase pounds forwardb. Buy a pound futures contractc. Buy a pound put optiond. Buy a pound call optionANS: C PTS: 1101. Futures contracts are sold on exchanges and are consequently ____ than forward contracts, which can be ____ to satisfy an MNC's needs.a. more standardized; standardizedb. more standardized; custom-tailoredc. more custom-tailored; standardizedd. more custom-tailored; custom-tailorede. less standardized; custom-tailoredANS: B PTS: 1102. An MNC's short-term financing decisions are satisfied in the ____ market, while its medium debt financing decisions are satisfied in the ____ market.a. international money; international creditb. international money; international bondc. international credit; international moneyd. international bond; international credite. international money; international stockANS: A PTS: 1。

《International Business》(English) SyllabusCourse Code：030933ACourse Type：Obligatory CoursePeriods：48Theoretical part：32Practical Part：16Credit：3Target students：International Economics and TradePreparatory Courses：International Economics, International trade,International Finance1、Objectives"International Business" (English) is an international trade professional foundational course, targeted professional courses in English learning environment for students. This course introduces the background of economic globalization; international companies how to conduct international business activities and cross-border business activities. Including how-to-business environment in which international and national environmental evaluation of country analysis, enterpriseinter nationalization, globalization theory, international business strategy ，international business activities, entry mode selection, international business executives etc，so as to cultivate an international perspective theory in practice for students.2.Basic Requirements(1) Main ContentsThe courseis divided in to the oretical part and practical part, the theoretical part includes business culture, international business negotiations, international trade, international finance, international marketing, international strategic planning, international businessman agement, etc.; practical part using CESIM combat simulation software to run International Business, related to strategic planning, financial involve global logistics planning, cross-border investment, internationaltrade practices and other content.(2)Teaching MethodThis course teaches the theory and case studies taken combined. Teaching content of each chapter to take into account the combination of both social realities and trends, and also have the focus, combined with cutting-edge issues of commercial culture, arrange some discussion to the depth and breadth.(3) Assessment：ExaminationThe course is assessed by final exam, attendance, presentation. Final Exam: 70%; Practices with CESIM Global Challenge 20%, attendance presentation 10 %.(4) Learning RequirementsBefore learning this course, students should grasp the relevant international economics, international trade, international finance and other related courses as a basis. To adhere to the theory and practice of combining the principles of learning and using a combination of, students analyze and judge, this course will combine the cortical study and practical application of the principles, theory courses, will organize a panel discussion on the theme of international business exchange of relevant issues, including the submission of a written report to discuss the results and classroom presentation. The main advantage of the practical aspects simulation software, the sub-group global strategic lay out planning, the actual simulation performance evaluation results as a group.3. Arrangements4. SyllabusChapter 1 GlobalizationThis chapter introduces the emergence of the globally integrated business world. Globalization has reduced the traditional barriers to cross-border trade and investment (distance, time zones, language, differences in government regulations, culture, and business systems).Learning objectives:●Understand what is meant by the term globalization.●Recognize the main drivers of globalization.●Describe the changing nature of the global economy.●Explain the major arguments in the debate over the impact of globalization.●Understand how the process of globalization is creating opportunities andchallenges for business managers.Chapter 2 National Differences in Political EconomyThis chapter discusses differences in national political, economic, and legal systems, highlighting the ways in which managers in global settings need to be sensitive to these differences.Learning objectives:●Understand how the political systems of countries differ.●Understand how the economic systems of countries differ.●Understand how the legal systems of countries differ.●Explain the implications for management practice of national differences inpolitical economy.Chapter 3 Political Economy andEconomic DevelopmentThis chapter discusses differences in national political, economic, and legal systems, highlighting the ways in which managers in global settings need to be sensitive to these differences.Learning objectives:●Explain what determines the level of economic development of a nation.●Identify the macro-political and economic changes taking place worldwide.●Describe how transition economies are moving towards market based systems.●Explain the implications for management practice of national differences inpolitical economy.Chapter 4 Differences in CultureThis chapter explores the role of culture in international business: how differences in culture across and within countries can affect the practice of business.Learning objectives:●Know what is meant by the culture of a society.●Identify the sources that lead to differences in social culture.●Identify the business and economic implications of differences in culture.●Understand how differences in social culture influence values in the work place.●Develop an appreciation for the economic and business implications of culturalchange.Chapter 5 Business EthicsThis chapter looks at ethics in international business. Ethics becomes an issue across nations because of differing political systems, economic systems, legal systems and cultural values. What is acceptable behavior in one nation may be considered unethical in another.Learning objectives:●Understand the ethical issues faced by international businesses.●Recognize an ethical dilemma.●Identify the causes of unethical behavior by managers.●Describe the different philosophical approaches to ethics.●Explain how managers can incorporate ethical considerations into their decisionmaking.Chapter 6 International Trade TheoriesThis chapter presents the major theories of international trade. Scholars first began to offer explanations for trade in the fifteenth century. Since then, various trade theories have developed, along with efforts to refine them.Learning objectives:●Understand why na tions trade with each other.●Summarize the different theories explaining trade flows between nations.●Recognize why many economists believe that unrestricted free trade betweennations will raise the economic welfare of countries that participate in a free trade system.●Explain the arguments of those who maintain that government can play aproactive role in promoting national competitive advantage in certain industries.●Understand the important implications that international trade theory holds forbusiness practice.Chapter 7 The Political Economy of International TradeThis chapter focuses on the political systems and tools of trade policy. The major objective of this chapter is to describe how political realities shape the international trading system.Learning objectives:•Identify the policy instruments used by governments to influence international trade flows.•Understand why governments sometimes intervene in international trade. •Summarize and explain the arguments against strategic trade policy.•Describe the developments of the world trading system and the current trade issues. •Explain the implications for managers of developments in the world trade system.Chapter 8 Foreign Direct InvestmentThe focus of this chapter is foreign direct investment (FDI). The growth of foreign direct investment in the last 25 years has been phenomenal. FDI can take the form of a foreign firm buying a firm in a different country, or deciding to invest in a different country by building operations there.Learning objectives:•Recognize current trends regarding FDI in the world economy.•Explain the different theories of foreign direct investment.•Understand how political ideology shapes a government’s attitudes towards FDI.•Describe the benefits and costs of FDI to home and host countries.•Explain the range of policy instruments that governments use to influence FDI. •Identify the implications for management practice of the theory and government policies associated with FDI.Chapter 9 Regional Economic IntegrationThis chapter discusses regional economic integration, agreements among countries within a geographic region to achieve economic gains from the free flow of trade and investment among themselves.Learning objectives:•Describe the different levels of regional economic integration.•Understand the economic and political arguments for regional economic integration.•Understand the economic and political arguments against regional economic integration.•Explain the history, current scope, and future prospects of the wor ld’s most important regional economic agreements.•Understand the implications for business that are inherent in regional economic integration agreements.Chapter 10 Foreign Exchange MarketThe foreign exchange market is the market where currencies are bought and sold and currency prices are determined. It is a network of banks, brokers and dealers that exchange currencies 24 hours a day.Learning objectives:•Describe the functions of the foreign exchange market.•Understand what is meant by spot exchange rates.•Recognize the role that foreign exchange rates play in insuring against foreign exchange risk.•Understand the different theories explaining how currency exchange rates are determined and their relative merits.•Identify the merits of different approaches towards exchange rate forecasting. •Compare and contrast the differences between transaction, translation, and economic exposure, and what managers do to manage each type of exposure.Chapter 11 International Monetary SystemThis chapter discusses the evolution of the international monetary system and the implications of this system for international business, focusing on the institutional context within which exchange rates move.Learning objectives:•Describe the historical development of the modern global monetary system. •Explain the role played by the World Bank and the IMF in the international monetary system.•Compare and contrast the differences between a fixed and a floating exchange rate system.•Identify exchange rate systems that are used in the world today and why countries adopt different exchange rate regimes.•Understand the debate surrounding the role of the IMF in the management of financial crises.•Explain the implications of the global monetary system for currency management and business strategy.Chapter 12 International Financial MarketsThis chapter discusses the form and function of the global capital market. The market is attractive because its size lowers the cost of capital for borrowers, and allows investors to diversify their portfolios, thereby reducing their risk.Learning objectives:•Describe the benefits of the global capital market.•Identify why the global capital market has grown so rapidly over the last quarter century.•Understand the risks associated with the globalization of capital markets. •Compare and contrast the risks and benefits associated with the Eurocurrency market, the global bond market, and the global equity markets.•Understand how foreign exchange risk impacts upon the cost of capital.Chapter 13 International StrategyIn this chapter the focus shifts from the environment to the firm itself and, inparticular, to the actions managers can take to compete more effectively as an international business.Learning objectives:•Explain the concept of strategy.•Recognize how firms can profit from expanding globally.•Understand how pressures for cost reductions and pressures for local responsiveness influence strategic choice.•Identify the different strategies for competing globally and their pros and cons.Chapter 14 The Organization of International BusinessThis chapter identifies the organizational architecture that international businesses use to manage and direct global operations. The core argument outlined in this chapter is that superior enterprise profitability requires three conditions: First, the different elements of a firm’s organizational architecture must be internally consistent.Second, the organizational architecture must match or fit the strategy of the firm—strategy and architecture must be consistent.Third, the strategy and architecture of the firm must be consistent with competitive conditions prevailing in the market place.Learning objectives:•Explain what is meant by organizational architecture.•Describe the different organizational choices that can be made in an international business.•Explain how organization can be matched to strategy to improve the performance of an international business.•Discuss what is required for an international business to change its organization so that it better matches its strategy.Chapter 15 Entry Strategy and Strategic AlliancesThis chapter is concerned with three closely related topics: the decisions ofwhich markets to enter, when to enter those markets, and on what scale.Learning objectives:•Explain the three basic differences that firms contemplating foreign expansion must make: which markets to enter, when to enter those markets, and on whatscale.•Compare and contrast the different modes that firms use to enter foreign markets. •Identify the factors that influence a firm’s choice of entry strategy.•Recognize the pros and cons of acquisitions versus greenfield ventures as an entry strategy.•Evaluate the pros and cons of entering into strategic alliances.Chapter 16 Exporting, Importing and CountertradePrevious chapters have presented exporting as just one of a range of strategic options for profiting from international markets. This chapter looks more at the nuts and bolts of how to export.Learning objectives:•Explain the promises and risks associated with exporting.•Identify the steps managers can take to improve their firm’s export performance.•Identify information sources and government programs that exist to help exporters.•Recognize the basic steps involved in export financing.•Describe how countertrade can be used to facilitate exporting.Chapter 17 Global Production, Outsourcing, and LogisticsThis chapter focuses on two major activities—production and materials management, and attempts to clarify how when they are performed internationally, the cost of value creation can be lowered, and how value can be added by better serving customer needs.The choice of an optimal manufacturing location must consider country factors, technological factors, and product factors.Foreign factories can improve their capabilities over time, and this can be of immense strategic benefit to the firm. Managers need to view foreign factories as potential centers of excellence and encourage and foster attempts by local managers to upgrade factory capabilities.An essential issue in many international businesses is determining which component parts should be manufactured in-house and which should be outsourced to independent suppliers.The chapter also discusses the contributions of information technology to these activities. This is especially important in the era of the Internet.Learning objectives:•Explain why production and logistics decisions are of central importance to many multinational businesses.•Explain how country differences, production technology, and product features all affect the choice of where to locate production activities.•Recognize how the role of foreign subsidiaries in production can be enhanced over time as they accumulate knowledge.•Identify the factors that influence a firm’s dec ision of whether to source supplies from within the company or from foreign suppliers.•Describe what is required to efficiently coordinate a globally dispersed production system.Chapter 18 Global Marketing and R&DThe focus of this chapter is on how marketing and R&D can be performed so they will reduce the costs of value creation and add value by better serving customer needs.A global marketing strategy that views the world’s consumers as similar in their tastes and preferences is consistent with the mass production of a standardized output. By mass-producing a standardized output, the firm can realize substantial unit costreductions from experience curve and other scale economies. But ignoring country differences in consumer tastes and preferences can lead to failure. Thus, an international business’s marketing function needs to determine when product standardization is appropriate and when it is not, and adjust the marketing strategy accordingly. Similarly, the firm’s R&D function needs to develop g lobally standardized products when appropriate as well as products that are customized to local requirements.Learning objectives:•Explain why it makes sense to vary the attributes of a product from country to country.•Recognize why and how a firm’s distri bution strategy might vary among countries.•Identify how and why advertising and promotion strategies might vary among countries.•Explain how and why a firm’s pricing strategy might vary among countries.•Describe how the globalization of the world’s econ omy is affecting new product development within the international business firm.Chapter 19 Hiring and Managing EmployeesHuman resource management is key to the competitiveness of international firms.HRM refers to those activities undertaken by an organization to effectively apply its human resources. These activities include human resource strategy, staffing, performance evaluation, management development, compensation, and labor relations.Firm success requires that HRM policies are congruent with strategy and with formal and informal structure and controls. Strategies like “think globally and act locally” sound good, but to be successfully implemented, effective HRM policies are necessary.Learning objectives:•Summarize the strategic role of human resource management in the international business.•Identify the pros and cons of different approaches to staffing policy in the international business.•Explain why managers may fail to thrive in foreign postings.•Recognize how management development and training programs can increase the value of human capital in the international business firm.•Explain how and why performance appraisal systems might vary across nations. o Understand how and why compensation systems might vary across nations.o Understand how organized labor can influence strategic choices in the international business firm.Chapter 20 Hiring and Managing EmployeesThis chapter deals with accounting and financial management in international business. It illustrates and explains how accounting decisions, investment decisions, financing decisions, and money management decisions are complicated by different currencies, different tax regimes, different levels of political and economic risk, and so on.Learning objectives:•Discuss the national differences in accounting standards.•Explain the implications of the rise of international accounting standards. •Explain how accounting systems impact upon control systems within the multinational enterprise.•Discuss how operating in different nations impacts investment decisions within the multinational enterprise.•Discuss the different financing options available to the subsidiary of a multinational enterprise.•Understand how money management in the international business can be used to minimize cash balances, transaction costs, and taxation.•Understand the basic techniques for global money management.5. Reference BookCharles W.L. Hill, <International Business>,王蔷改编，中国人民大学出版社,2013执笔人：教研室主任：刘宏系教学主任审核签名：。

《国际市场营销》（英）教学大纲Subject Outline课程代码：3025021总学时：56学时总学分：3.5学分适用专业：国际经济与贸易专业、经济学专业（本科）一、课程性质、目的、任务：本课程是国际经济与贸易专业、经济学专业本科的学科基础课。

课程除介绍市场及国际商务的基本原理外，主要研究企业从国内贸易扩展到国际贸易时，面对不同的文化背景，如何进行产品开发、市场调研、产品促销、产品分销及市场评估等活动，从而能达到扩大产品国际市场占有率的目的。

二、课程教学的基本要求：使学生系统掌握国际市场营销的原理及其在国际商务中的运用；了解政府及不同文化背景对国际市场营销的影响；掌握市场调研、产品销售等方法；培养和提高正确分析和解决国际市场营销活动中的各种问题的能力。

三、教学方法和教学手段的建议：本课程采用双语教学。

使用原版外文教材。

要求在教学中根据学生的适应情况逐步采用英语讲授。

除课堂讲解外，大量采用案例教学，以提高学生解决实际问题的能力。

运用多媒体教学手段，辅以录像教学。

四、大纲的使用说明：本课程建议学时为56学时。

如遇课时增减，或使用不同的教材，教学内容可作适当调整。

1. 说明:This course examines the impact of economic, cultural, political, legal and other environmental influences on international marketing. Within this context, we will discuss how to identify and analyze worldwide marketing opportunities, and examine product, pricing, distribution and promotion strategies. The course is structured to provide ample opportunity for interaction among students, and between students and the instructor. Students are expected to read current periodicals and journals to keep abreast of current international developments. The course will primarily consist of lectures, discussions, presentations, cases, and group projects.主要章节和课时分配Part1. Introduction Time: 4 hoursCH1. Marketing and International MarketingCH2. GlobalizationPart2. Environment of Global Marketing Time: 8 hoursCH3. The Cultural EnvironmentCH4. The Economic EnvironmentCH5. The Legal EnvironmentCH6. The Political EnvironmentPart3. Global Marketing Opportunities & Strategies Time: 20 hours CH7. Marketing Research and Information SystemCH8. Consumer Markets & Consumer Buyer BehaviorCH9. Business market & Business buyer behaviorCH10. Market Segmentation, Targeting & PositioningCH11. Market Entry ModePart4. Global Marketing Operations Time: 24 hours CH12. Products and Services StrategiesCH13. Pricing StrategiesCH14. Promotional StrategiesCH15. Distribution Strategies主要教学内容：PART1.INTRODUCTION TIME: 4 hours1. Course introduction:2. An overview:——What’s selling?——What’s marketing?——The primary differences3. International marketing4. Concept & theories of marketing——Market——Marketing strategy——Marketing segmentation——Buyer behavior research——Marketing research and forecast——Marketing management5. History and Development of International marketing——Export marketing strategy——International marketing strategy——Global marketing strategyPART2. ENVIRONMENT OF GLOBAL MARKETINGCH3. CULTURAL FACTORS TIME: 2 hours1. Material force/condition (technology, economy)2. System of society (organization, education, social structure, media)3. Human and universe (religious belief, superstition)4. Aesthetics (painting and calligraphy, plastic arts, folktale, music, drama)5. The language6. Values (the time conception, the attitude to innovation and wealth, an awareness of risk, local customs)CH4. COMMERCIAL CUSTOMS AND PRACTICES TIME: 2 hours1. Culture and commercial customs (Imperative, Adiaphorous, Exclusive)2. Operating structure——Power structure——Management target and ambition3. Operating patternCH5. ECNOMICS ENVIRONMENT TIME: 2 hours1. Scale of market——Demographic environment——Income2. Characteristics of local economy——Natural environment——Infrastructure——CivilizationCH6. POLITICAL AND LEGAL ENVIRONMENT TIME: 2 hours1. Political Environment——The Stable Political Situation——The Successive Policy of Government——Political Risks2.Legal Environment——Mother Country Laws——Host Country Laws——International Conventions and CustomsPART3. GLOBAL MARKETING OPPORTUNITIES& TRATEGIESCH.7 MARKETING RESEARCH &INFORMATION SYSTEM TIME: 2 hours1. Marketing information system——Assessing information——Developing information——Distributing information2. The marketing research process——Defining the problem and research objectives——Developing the research plan——Implementing the research planCH.8 CONSUMER MARKETS &CONSUMER BUYER BEHA VIOR TIME: 4 hours1. Model of Consumer behavior2. Characteristics affecting consumer behavior3. Four types of buying decision behavior4. The buyer decision processCH.9 BUSINESS MARKET &BUSINESS BUYER BEHAVIOR TIME: 2 hours1. Business market2. Business buyer behavior3. International and government marketCH.10 MARKET SEGMENTATION, TARGETING & POSITIONING TIME: 4 hours 1．Market Segmentation2．Market Targeting3．PositioningCH.11 MARKET ENTRY MODE TIME: 4 hours1．Export2．Contractual3．Direct InvestmentCASES: TIME: 4 hoursPART4. GLOBAL MARKETING OPERATIONSCH.12 PRODUCTS AND SERVICES STRATEGIES TIME: 4 hours1．Product Classification2．Product Decisions——Branding——Packing3．International Product Policy——Standardization——Modification4．New Product Development Strategy5．International Product Life Cycle StrategyCH.13 PRICING STRATEGIES TIME: 4 hours1．General Pricing Approaches2．The factors influencing priding3．New-product Pricing Strategy4．Product Mix Pricing Strategy5．Product Adjustment Strategy6．Price ChangesCH.14 PROMOTION STRATEGIES TIME: 4 hours1．The Communication Mix TIME: 4 hours2．Steps in Developing Effective Communication3．Setting Total Promotion Budget and Mix4．Advertising5．Sales Promotion6．Public Relations7．Direct MarketingCH.15 DISTRIBUTION STRATEGIES TIME: 4 hours1．Nature of Distribution Channels2．Channel Behavior and Organization3．Channel Design Decisions4．Channel Management DecisionsCASE: TIME: 8 hours4.5. 教材:International Marketing Strategy Planning, Marketing Entry &Implementation (3rd edition). By Roger Bebbett, Jim Blythe6. 参考书:1). Principles of Marketing (9th edition). By Philip Kotler, Gary Armstrong2). International Marketing (11th edition). By Philip R. Cateora, John L. Graham7. 考核方式:1). Class Participation and Assignments: 10%2). Presentation (group): 20%3). Final Exam: 70%。

国际金融术语AAffiliated company 关联公司；联营公司After market 后市Allotment 配股Alternative investment 另类投资American Stock Exchange 美国证券交易所American Commodities Exchange 美国商品交易所American style option 美式期权Amex 美国证券交易所Annual General Meeting 周年大会APEC 亚太区经济合作组织(亚太经合组织) ASEAN 东南亚国家联盟(东盟)Asian bank syndication market 亚洲银团市场Asian dollar bonds 亚洲美元债券Asset Allocation 资产配置Asset Management 资产管理Asset swap 资产掉期BBank, Banker, Banking 银行，银行家，银行业Bank for International Settlements 国际结算银行Basis swap 基准掉期Benchmark 比较基准BIS 国际结算银行Bona fide buyer 真诚买家Bond market 债券市场，债市Bonds 债券，债票Bonus issue 派送红股Bonus share 红股Book runner 投资意愿建档人; 帐簿管理人Bounced cheque 空头支票BP (Basis Point) 基点Break-up valuation 破产清理价值评估Breakeven point 收支平衡点Broker, Broking, Brokerage House 经纪，证券买卖，证券交易，证券行，经纪行Build, Operate and Transfer 建造、经营、转让Build, Own, Operate and Transfer 建造、拥有、经营、转让Build/Supply-Service/Maintain 建造/设备供应-服务/维修Bullish 看涨; 看好行情Buyer's credit 买方信贷（进口）CCall option 认购期权/看涨期权Call protection/provision 赎回保障/条款Call warrant 认购认股权证Callable bond 可赎回债券Cap 上限CAPEX 资本支出Capital base 资本金Capital expenditure 资本支出Capitalization 资本值Capital markets 资本市场，资金市场Capital raising 融资，筹集资金Cash-settled warrant 现金认股权证Cash earnings per share 每股现金盈利Cash flow 现金流量CD 存款证Central Clearing & Settlement System 中央结算及交收系统Certificate of deposit 存款证CFO 财务总监；首席财务官Chicago Board of Trade 芝加哥交易所Chicago Board Options Exchange 芝加哥期权交易所Chicago Mercantile Exchange 芝加哥商品交易所China banking 中国银行业China Capital Markets 中国资本市场，中国资金市场China International Capital Corporation, CICC 中国国际金融有限公司，中金公司China privatization 中国民营化，中国私有化，中国私营化China restructuring 中国重组，中国改组China Securities Regulatory Commission 中国证监会China Stock Markets 中国股票市场，中国股市Claim 索偿Closed-end fund 封闭式基金Co-lead manager 副主承销; 联席主承销Co-manager 副承销商Collar 上下限Commercial loan 商业贷款Commercial paper 商业票据Commodity Exchange, Inc. 商品交易所有限公司(纽约) Company finance 公司融资/公司财务Complex cash flow 复合现金流Compound annual growth rate 复合年增长率Conglomerate 集团/联合大企业/多业公司Construction in progress 在建工程Consumer Price Index 消费物价指数Contingent liability 或有负债Contractual joint venture 合约性合作/合资经营Controlling stake/interest 控股权/权益Conversion of state assets into state shares 国家资产作价入股Conversion premium 转换溢价Conversion price 转换价Converted net collections 转换后净收入Convertible bonds 可转换债券，可换股债券COO 营运总监；首席营运官Corporate finance 企业融资Corporate governance 企业管治，公司治理Coupon rate 孳息率; 票息CPI 消费物价指数Credit facilities 信贷措施Credit line 备用信贷Credit spread 债券息差Cross currency interest rate swap 交叉货币利率掉期CSRC 中国证券监督管理委员会Currency option 货币期权Currency swap 货币掉期Current account deficit 经常帐户赤字Current/liquid ratio 流动比率DDebt issuing vehicles 债务发行工具Debt service coverage ratio 债务偿还比率Default fine 违约罚金Defaulting 违约; 不履行义务Deferred asset 递延资产Deferred charges 递延费用; 待摊费用Deferred tax 递延税项Derivatives 派生产品，衍生产品，衍生金融投资工具Disclosure 信息披露Discount rate 折扣率; 贴现率Dishonoured cheque 空头支票DJIA 道琼斯工业平均指数Dow Jones Industries Average Index 道琼斯工业平均指数DQII 国内合资格机构投资者Dragon bonds 小龙债券Drawing expense in advance 预提费用Dual currency bonds 双货币债券EE-commerce 电子商务E-tailers 网上零售商Earning per share 每股盈利EEC 欧洲经济共同体(欧共体)Emerging market 新兴市场EMU 欧洲货币联盟Engagement letter 委托书EPS 每股盈利Equity, Equities 股本，股权，股票Equity cushion 股本作垫EU 欧洲联盟(欧盟)Eurodollar bonds 欧洲美元债券European Economic Community 欧洲经济共同体（欧共体）European Monetary Union 欧洲货币联盟European Options Exchange 欧洲期权交易所(阿姆斯特丹)European style option 欧式期权European Union 欧洲联盟（欧盟）Ex-coupon 不附息票Exotic option 第二代期权组合（设回报上或下限）Extendible bonds 可延期债券FFederal Open Market Committee 美国联邦公开市场委员会Financial Advisor 财务顾问，融资顾问Financial Management 财务管理Financial Markets, Financial Products 金融市场，金融产品Financial Services 金融服务Floor broker 出市经纪FOMC 联邦公开市场委员会Foreign-funded enterprise 外商投资企业Foreign Exchange 外汇Foreign Exchange Business Operation Permit 经营外汇业务许可证Foreign Exchange Certificate(FEC) 外汇券Foreign exchange mortgage loan 外汇抵押贷款Foreign exchange swap center 外汇调剂中心Forward Rate Agreement 远期利率协议FRA 远期利率协议Franchiser 项目招商人Franchisor 特许专营受权公司FTSE Index 伦敦金融时报指数(又称富时指数) Fund Management 基金管理Futures 期货FX 外汇GG7 七大工业国GAAP 一般公认会计原则Gateway 网关/国际关口局GATT 关税及贸易从协定GDP 国内生产总值GDR 全球预托证券；全球存股证Gearing ratio 运用倍数General Acceptable Accounting Principle 一般公认会计原则General Agreement on Tariffs & Trade 关税及贸易总协定Global bearer warrant 全球不记名认股权证Global Depository Receipt 全球预托证券；全球存股证GNP 国民生产总值Going public 上市，公开上市Greenshoe 绿鞋; 超额发行（选择）权Gross domestic product 国内生产总值Gross national product 国民生产总值Group of Seven 七大工业国HHang Seng China Enterprise Index 恒生中国企业指数(香港)Hang Seng Index 恒生指数(香港)Hedge Fund 对冲基金，套保基金Hedging 对冲; 套保HIBOR 香港银行同业拆借利率HKFE 香港期货交易所有限公司HKMA 香港金融管理局(金管局)HKSAR 香港特别行政区HKSCC 香港中央结算有限公司HKSE 香港证券交易所Holding Company 控股公司Homepage 首页（互联网）Hong Kong Futures Exchange Ltd. 香港期货交易所有限公司Hong Kong Interbank Offer Rate 香港银行同业拆放利率Hong Kong Monetary Authority 香港金融管理局(金管局)Hong Kong Securities Clearing Co. Ltd. 香港中央结算有限公司Hong Kong Special Administrative Region 香港特别行政区Hong Kong Stock Exchange 香港证券交易所HSCEI 恒生中国企业指数(香港)HSI 恒生指数(恒指) (香港)Hybrid cap 混合上限IIAS 国际会计准则Idle funds 闲置资金IMF 国际货币基金IMM 国际货币市场Implicit deflator 隐性通货紧缩指数In-the-money 价内（期权）Income tax 所得税; 入息税; 俸税Indicative price 指示性价格Industrail and Commercial Consolidated Tax 工商统一税Initial Conversion Premium 初次转换溢价Initial Public Offering 首次公开招股发行Institutional investor 机构投资者Intangible asset 无形资产Interest Rate Swap 利率掉期Intergovernmental loan 政府间贷款Intermediary 中介机构; 中介人International Accounting Standards 国际会计准则International Finance 国际融资International Monetary Fund 国际货币基金International Monetary Market 国际货币市场International Organization for Standardization 国际标准化组织International Trust & Investment Corp. 国际信托投资公司(国投公司)Intrinsic value 内在价值Investment, Investing 投资Investment advice, Investment advisor 投资咨询，投资顾问Investment bank, Investment banking 投资银行，投资银行服务IPO 初次公开发行，首次公开招股IRS 利率掉期ISO 国际标准化组织Issuer 发行人ITIC 国际信托投资公司(国投公司)JJoint global coordinator 联席全球协调人Junior mortgage 次级按揭KKorea Composite Index 韩国综合指数LL/C 信用状Lead manager 主承销; 牵头经办人Legal persons shares 法人股Lender 贷款人Letter of credit 信用状Leverage = level of debt/equity 债务水平/比重Leveraged Buy Out 杠杆买断交易，借贷融资收购LIBOR 伦敦银行同业拆借利率Lien 扣押; 扣押权; 留置权LIFFE 伦敦国际金融期货及期权交易所Limited recourse 有限追索权Liquidity ratio 速动比率Lock-Up Agreement 锁定协议London Commodity Exchange 伦敦商品交易所London Interbank Offer Rate 伦敦银行同业拆放利率London International Financial Futures and Options Exchange 伦敦国际金融期货及期权交易所London Metal Exchange 伦敦金属交易所London Stock Exchange 伦敦证券交易所London Traded Options Market 伦敦期权市场Long (position) 长仓Long call 认购长仓Long forward 买远期Long put 认购短仓Loose bond 短期买卖债券Low-Budget Operation 小本经营LSE 伦敦证券交易所LTOM 伦敦期权市场MM&A 合并与收购Management Buy-Out, MBO 管理层买断交易，管理层收购Marche a Terme International de France 法国国际期货及期权市场Marche des Options Negociables de la Bourse de Paris 巴黎证券交易所期货市场Mark-to-market 按市值计价Market Capitalization 市场资本值; 市值Market maker 报价商; 市场庄家Marketable securities 有价证券MA TIF 法国国际期货及期权市场Mature market 成熟市场Medium and long term loans 中长期贷款Medium Term Note 中期票据Memorandum Of Understanding 谅解备忘录Mergers & Acquisitions, M&A 合并和收购，并购MFN 最惠国待遇Monetize 货币化Monopoly Enterprise 垄断/独占企业Moratorium 冻结; 宣布停止还款; 延期付款命令Most Favored Nation 最惠国待遇MOU 谅解备忘录MSCI (Morgan Stanley Capital International) 摩根士丹利资本国际MTN 中期票据Mutual Funds 共同基金，互惠基金NNagoya Stock Exchange 名古屋证券交易所NAPS 国家自动支付系统(中国)NASDAQ 纳斯达克(全国证券交易商自动传报协会)National Association of Securities Dealers Automated Quotations 全国证券交易商自动报价协会(美国) National Automated Payment System 国家自动支付系统(中国)NA V 资产净值Net Asset Value 资产净值Net book value 帐面净值New York Cotton Exchange, Inc. 纽约棉花交易所有限公司New York Futures Exchange 纽约期货交易所New York Mercantile Exchange 纽约商品交易所New York Produce Exchange 纽约农产品交易所New York Stock Exchange 纽约证券交易所Non-callable 不可赎回Non-operating income 非经营收入Non-Performing Loans 不良贷款，逾放款，到期未能偿还贷款Notes receivable 应收票据NPLs 不良贷款，逾放款，到期未能偿还贷款OObligatory right 强制性权利; 债权OD 帐户透支OECD 经济合作及发展组织(经合组织) Off-balance sheet 资产负债表外Off-budgetary 财务预算外Open-end funds 无限额基金Operating concessions 特许经营权Option 期权; 选择权Organization for Economic Co-operation and Development 经济合作及发展组织(经合组织) Osaka Securities Exchange 大板证券交易所OTC 场外交易Out-of-the-money 价外; 失值（期权）Over-The-Counter 场外交易Over Draft 帐户透支PP/E multiple 市盈倍数P/E ratio 市盈率Paid-up capital 实收资本; 已缴足资本Par 票面值Par bonds 有面值债券Paris Bourse 巴黎证券交易所Payoff profile 盈利分析Penalty provision 惩罚/罚金条款Per capita income 人均收入Performance bond 履约保证Physical warrant 实股认股权证Portfolio Management 资产组合管理Post-dated cheque 期票Potential obligation 潜在义务/负债Preference shares 优先股Premium 期权金; 溢价Premium put 溢价赎回Present value 现值Price range 定价区间（发行）Primary debt 一级发行债券Prime rate 最优惠利率Private Banking 私人银行，个人银行Private Equity 私募股本，非上市股本，非上市股票，直接投资Privatization 民营化，私有化，私营化Project approval 立项Project finance 项目融资Promissory note 本票PSE 太平洋证券交易所Public Listing 公开上市，挂牌上市Public welfare fund 福利基金; 公益金Pure play 单一业务公司Put option 看跌期权Putable bond 可退回债券QQIB 合格机构买家Qualified Institutional Buyer 合资格机构买家/投资者Quoted company (= listed company) 上市公司RReal Estate Investment Trusts 不动产投资信托公司Recapitalization 资本重组；再资本化Recourse 追索权Redeem/redemption 赎回REITS 不动产投资信托公司Residual asset 剩余资产Residual value 残值; 剩余价值Restructuring 改组，重组Retail players (= retail investors) 散户/个人投资者Return on asset 资产回报（率）Return on capital employed 已投资资本回报（率）Return on equity 股本回报（率）Revenue-sharing 收入分成Revolving credit 循还贷款Right issue 供股（集资）Rights to the priority distributions 优先分派权Risk rated ratio 风险权重ROA 资产回报（率）Roadshow 路演; 巡回推介说明会ROCE 已投资资本回报（率）ROE 股本回报（率）SS&P 标准普尔S&P 500 Index 标准普尔500种股份指数Samurai bonds 武士债券SEAQ 证券交易所自动报价系统(英国)SEC 证券交易委员会( 美国)Secondary offering 二级发行Securities 证券Shanghai Stock Exchange 上海证券交易所Shareholder value 股东价值Shares 股票，股份Shell company 空壳公司Shenzhen Foreign Exchange Trading Centre 深圳外汇交易中心Shenzhen Stock Exchange 深圳证券交易所Short-term revolving letter 短期循环信用状Short (position) 沽空; 短仓Short and medium term loans 中短期贷款Short forward 卖远期Sidelined investors 抱观望态度投资者Sight draft 即期汇票Sinking fund 偿债基金SOEs 国有企业Sovereign rate 国家信用评级Special stock 特种股票Spread 差额; 差价Standard & Poor 标准普尔State-owned enterprise 国有企业State shares 国家股Stock Broker 股票经纪Stock Exchange Automated Quotations System 证券交易所自动报价系统(英国)Stock Trader, Stock Trading 股票交易商，股票买卖Stocks 股票，股份Strategic Investment, Strategic Investor 策略投资，战略投资，策略投资者，战略投资者Strategic sale 战略出售Strike price 执行价; 行使价Structured financing 结构融资Subordinated debt 次级债务Supply and marketing cooperatives 供销合作社Swap 掉期Syndicated loan 银团贷款TT/T 电汇Take position 坐盘Taxable munis 课税的州政府债券Telegraphic Transfer 电汇Tender bond 投标担保/保证金Tokyo International Financial Futures Exchange 东京国际金融期货交易所Tokyo Stock Exchange 东京证券交易所Toll revenue bond 通行税收入债券Tranche 发行份额/部分Treasury 国库债券，国库券Treasury strips 国库债券条子UUnconditional and irrevocable letter of credit 无条件及不可撤销信用状Undistributed profit 未分配利润Unilateral/bilateral agreement 单方面/双边协议US Treasury 美国国库债券VValue added tax 增值税Vanilla bonds ???Variable equity return 浮动股本回报(率)W Withholding tax 预扣税Working capital 周转资金; 营运资金World Trade Organization 世界贸易组织XX/B (Ex-bonus) 无红利X/D (Ex-dividend) 除息、无股利X/R (Ex-rights) 除权;不带新股认股权X/W (Ex-warrants) 除证;不附认股权YYankee bonds 扬基债券(美国)Yield 收益(率)Yield curve 收益曲线Yield To Maturity 到期收益(率)YTM 到期收益(率)ZZero-sum game 零和游戏Zero coupon bonds 零券息债券国际金融市场常用术语一、金融市场术语1、floor 场内交易2、after house trading 场外交易：场内交易结束后，通过电子终端系统进行的交易3、kerb 场外交易：在交易所交易时间外的交易4、bear market 熊市5、bull market 牛市6、congested market 横向市场盘整7、liquid market 买卖易于成交的市场8、forward marke 远期市场t9、spot market 现货市场10、seller’market 卖方市场：卖方处主动地位11、bid market 卖方市场：买盘多于卖盘的市场12、buyer’s market 买方市场13、strong market 坚挺市场14、thin market 成交清淡的市场15、volatile market 多变市场16、tight market 成交活跃的市场17、weak market 疲软的市场18、two way market 双向市场二、金融市场交易术语1、quotation 报价2、asked(offer) price 卖方报价3、bid 买方叫价4、at the-money 平价5、at par 证券的面值6、closing price 收盘价7、floor price 最低价8、basis point 基点：表示利率、汇率或债券收益率变化的最小单位，通常0。

第4章国金融市场国际金融市场国融市场概述•4.1国际金融市场概述•4.2国际货币市场•4.3国际资本市场•4.4欧洲货币市场4.5国际金融衍生产品市场•454.1国际金融市场概述41•国际金融市场的含义•国际金融市场的形成与发展•国际金融市场的作用•国际金融市场的分类国际金融市场的含义和特点•国际金融市场是国内金融市场的延伸和扩展，是居民和非居民之间，或者非居民与非居民之间进行资金借贷等活动的场所民之间进行资金借贷等活动的场所。

相对于国内金融市场而言国际金融市•相对于国内金融市场而言，国际金融市场具有以下四个方面的显著特点：•一是国际金融市场业务活动的参加者涉及两个或两个以上国家的居民；•二是国际金融市场业务活动不受任何一国国界的限制；国国界的限制是国金融市场中使用多种货币；•三是国际金融市场中可使用多种货币；四是国际金融市场本身受所在国的干预较少其业务活动也较少或几乎不受所较少，其业务活动也较少或几乎不受所在国政府政策、法令的管辖和约束国际金融市场的形成与发展•国际金融市场形成与发展的原因1、根本原因从根本上说，国际金融市场是随着国际贸易的发展世界市场的形成和国际借贷关贸易的发展、世界市场的形成和国际借贷关系的扩大而逐渐产生的。

国际金融市场发展的推动因素2、国际金融市场发展的推动因素。

国际金融活动直接源于国内贸易，是国内金融活动的延伸，但国际金融活动也有其相对独融活动的延伸但国际金融活动也有其相对独立性，国家纸币作用的国际化、通讯技术的现代化也是国际金融市场发展的重要推动力量3、国际金融市场发展的政策性因素。

一国政府的有关政策措施在国际金融市场的发展中也起了重要的作用•国际金融市场形成的基本条件1、政局稳定。

政局稳定2、发达的商品经济和完善的金融制度与发达的商品经济和完善的金融制度与金融机构。

实行自由外制度3、实行自由外汇制度。

、实行比较灵活的，有利于市场发育的财政•4实行比较灵活的有利于市场发育的财政税收措施。

金融市场与金融机构第九版中文1.金融市场是现代经济的重要组成部分。

The financial market is an important part of the modern economy.2.金融市场是资金融通的地方。

The financial market is where funds are transferred.3.金融市场包括债券市场、股票市场和外汇市场。

The financial market includes bond market, stock market, and foreign exchange market.4.金融市场提供了公司融资的途径。

The financial market offers a way for companies to raise funds.5.金融机构是金融市场的参与者。

Financial institutions are participants in the financial market.6.金融机构包括银行、证券公司和保险公司。

Financial institutions include banks, securities firms, and insurance companies.7.金融机构提供了资金媒介和风险管理服务。

Financial institutions provide fund intermediation and risk management services.8.金融机构的角色是促进资金在金融市场的流动。

The role of financial institutions is to facilitate the flow of funds in the financial market.9.金融机构也承担着资金监管和监督的责任。

Financial institutions also have the responsibility of fund regulation and supervision.10.金融机构通常受到政府监管。