《international financial management》database (Jeff Madura,7th edition)

CHAPTER 9 MANAGEMENT OF ECONOMIC EXPOSURESUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. How would you define economic exposure to exchange risk?Answer: Economic exposure can be defined as the possibility that the firm’s cash flows and thus its market value may be affected by the unexpected exchange rate changes.2. Explain the following statement: “Exposure is the regression coefficient.”Answer: Exposure to currency risk can be appropriately measured by the sensitivity of the firm’s future cash flows and the market value to random changes in exchange rates. Statistically, this sensitivity can be estimated by the regression coefficient. Thus, exposure can be said to be the regression coefficient.3. Suppose that your company has an equity position in a French firm. Discuss the condition under which the dollar/franc exchange rate uncertainty does not constitute exchange exposure for your company.Answer: Mere changes in exchange rates do not necessarily constitute currency exposure. If the French franc value of the equity moves in the opposite direction as much as the dollar value of the franc changes, then the dollar value of the equity position will be insensitive to exchange rate movements. As a result, your company will not be exposed to currency risk.4. Explain the competitive and conversion effects of exchange rate changes on the firm’s operating cash flow.Answer: The competitive effect: exchange rate changes may affect operating cash flows by altering the firm’s competitive position.The conversion effect: A given operating cash flows in terms of a foreign currency will be converted into higher or lower dollar (home currency)amounts as the exchange rate changes.5. Discuss the determinants of operating exposure.Answer: The main determinants of a firm’s operating exposure are (1) the structure of the markets in which the firm sources its inputs, such as labor and materials, and sells its products, and (2) the firm’s ability to mitigate the effect of exchange rate changes by adjusting its markets, product mix, and sourcing.6. Discuss the implications of purchasing power parity for operating exposure.Answer: If the exchange rate changes are matched by the inflation rate differential between countries, firms’ competitive positions will not be altered by exchange rate changes. Firms are not subject to operating exposure.7. General Motors exports cars to Spain but the strong dollar against the peseta hurts sales of GM cars in Spain. In the Spanish market, GM faces competition from the Italian and French car makers, such as Fiat and Renault, whose currencies remain stable relative to the peseta. What kind of measures would you recommend so that GM can maintain its market share in Spain.Answer: Possible measures that GM can take include: (1) diversify the market; try to market the cars not just in Spain and other European countries but also in, say, Asia; (2) locate production facilities in Spain and source inputs locally; (3) locate production facilities, say, in Mexico where production costs are low and export to Spain from Mexico.8. What are the advantages and disadvantages of financial hedging of the firm’s operating exposure vis-à-vis operational hedges (such as relocating manufacturing site)?Answer: Financial hedging can be implemented quickly with relatively low costs, but it is difficult to hedge against long-term, real exposure with financial contracts. On the other hand, operational hedges are costly, time-consuming, and not easily reversible.9. Discuss the advantages and disadvantages of maintaining multiple manufacturing sites as a hedge against exchange rate exposure.Answer: To establish multiple manufacturing sites can be effective in managing exchange risk exposure, but it can be costly because the firm may not be able to take advantage of the economy of scale.10. Evaluate the following statement: “A firm can reduce its currency exposure by diversifying across different business lines.”Answer: Conglomerate expansion may be too costly as a means of hedging exchange risk exposure. Investment in a different line of business must be made based on its own merit.11. The exchange rate uncertainty may not necessarily mean that firms face exchange risk exposure. Explain why this may be the case.Answer: A firm can have a natural hedging position due to, for example, diversified markets, flexible sourcing capabilities, etc. In addition, to the extent that the PPP holds, nominal exchange rate changes do not influence firms’ competitive positions. Under these circumstances, firms do not need to worry about exchange risk exposure.PROBLEMS1. Suppose that you hold a piece of land in the City of London that you may want to sell in one year. As a U.S. resident, you are concerned with the dollar value of the land. Assume that, if the British economy booms in the future, the land will be worth £2,000 and one British pound will be worth $1.40. If the British economy slows down, on the other hand, the land will be worth less, i.e., £1,500, but the pound will be stronger, i.e., $1.50/£. You feel that the British economy will experience a boom with a 60% probability and a slow-down with a 40% probability.(a) Estimate your exposure b to the exchange risk.(b) Compute the variance of the dollar value of your property that is attributable to the exchange rate uncertainty.(c) Discuss how you can hedge your exchange risk exposure and also examine the consequences of hedging.Solution: (a) Let us compute the necessary parameter values:E(P) = (.6)($2800)+(.4)($2250) = $1680+$900 = $2,580E(S) = (.6)(1.40)+(.4)(1.5) = 0.84+0.60 = $1.44Var(S) = (.6)(1.40-1.44)2 + (.4)(1.50-1.44)2= .00096+.00144 = .0024.Cov(P,S) = (.6)(2800-2580)(1.4-1.44)+(.4)(2250-2580)(1.5-1.44)= -5.28-7.92 = -13.20b = Cov(P,S)/Var(S) = -13.20/.0024 = -£5,500.You have a negative exposure! As the pound gets stronger (weaker) against the dollar, the dollar value of your British holding goes down (up).(b) b2Var(S) = (-5500)2(.0024) =72,600($)2(c) Buy £5,500 forward. By doing so, you can eliminate the volatility of the dollar value of your British asset that is due to the exchange rate volatility.2. A U.S. firm holds an asset in France and faces the following scenario:State 1 State 2 State 3 State 4 Probability 25% 25% 25% 25% Spot rate $1.20/€ $1.10/€ $1.00/€ $0.90/€ P* €1500 €1400 €1300 €1200P $1,800 $1,540 $1,300 $1,080In the above table, P* is the euro price of the asset held by the U.S. firm and P is the dollar price of the asset.(a) Compute the exchange exposure faced by the U.S. firm.(b) What is the variance of the dollar price of this asset if the U.S. firm remains unhedged against thisexposure?(c) If the U.S. firm hedges against this exposure using the forward contract, what is the varianceof the dollar value of the hedged position?Solution: (a)E(S) = .25(1.20 +1.10+1.00+0.90) = $1.05/€E(P) = .25(1,800+1,540+1,300 +1,080) = $1,430Var(S) = .25[(1.20-1.05)2 +(1.10-1.05)2+(1.00-1.05)2+(0.90-1.05)2]= .0125Cov(P,S) = .25[(1,800-1,430)(1.20-1.05) + (1,540-1,430)(1.10-1.05)(1,300-1,430)(1.00-1.05) + (1,080-1,430)(0.90-1.05)]= 30b = Cov(P,S)/Var(S) = 30/0.0125 = €2,400.(b) Var(P) = .25[(1,800-1,430)2+(1,540-1,430)2+(1,300-1,430)2+(1,080-1,430)2]= 72,100($)2.(c) Var(P) - b2Var(S) = 72,100 - (2,400)2(0.0125) = 100($)2.This means that most of the volatility of the dollar value of the French asset can be removed by hedging exchange risk. The hedging can be achieved by selling €2,400 forward.3. Suppose you are a British venture capitalist holding a major stake in an e-commerce start-up in Silicon Valley. As a British resident, you are concerned with the pound value of your U.S. equity position. Assume that if the American economy booms in the future, your equity stake will be worth $1,000,000, and the exchange rate will be $1.40/£. If the American economy experiences a recession, on the other hand, your American equity stake will be worth $500,000, and the exchange rate will be $1.60/£. You assess that the American economy will experience a boom with a 70 percent probability and a recession with a 30 percent probability.(a) Estimate your exposure to the exchange risk.(b) Compute the variance of the pound value of your American equity position that is attributableto the exchange rate uncertainty.(c) How would you hedge this exposure? If you hedge, what is the variance of the pound value ofthe hedged position?Solution:Prob = 0.70 P* = $1,000,000 S = $1.40 P = £714,300Prob = 0.30 P* = $500,000 S = $1.60 P = £312,500E(S) = (0.70)/(1.40) + (0.30)/(1.60) = £0.688/$E(P) = (0.70)*(714,300) + (0.30)*(312,500) = £593,760/$Var(S) = 0.00167Cov(P,S) = 7,535(a) b = Cov(P,S)/Var(S) = 7,535/0.00167 = 4,511,976 ($)(b) b2Var(S) = (4,511,976)2*(0.00167) = 33,997,738,800(c) Var(e) = Var(P) - b2Var(S) = 33,903,080,400 - 33,997,738,800 ≈ 0You can hedge this exposure by selling $4,511,976 forward.。

《国际金融（双语）》课程教学大纲课程编号：01Z23制定单位：金融学院制定人（执笔人）：汪洋审核人：制定（或修订）时间： 2016.2.27江西财经大学教务处《国际金融（双语）》课程教学大纲一、课程总述本课程大纲是以2014年全校本科专业人才培养方案为依据编制的。

二、教学时数分配三、单元教学目的、教学重难点和内容设置1. 国民产出和收入核算教学要点：本部分主要介绍国民经济运行的重要总量、相互关系及其核算方法。

本章的难点是GDP 、GNP、最终产品、和中间产品等基本概念及其相互关系，在此基础上熟练掌握国民收入核算的收入法和支出法。

教学内容：1.1国内生产总值1.2 GDP与GNP的关系1.3国民收入的基本公式1.4 名义GDP和实际GDP2.通货膨胀、实际经济与经济周期教学要点：本部分重点在于分析通货膨胀的定义、原因和经济效应，并通过菲利普斯曲线说明通货膨胀和失业率的关系，最后分析控制通货膨胀的政策主张。

教学内容：2.1通货膨胀的类型2.2通货膨胀的原因2.3通货膨胀与实际经济的关系2.4菲利普斯曲线3.货币供给教学要点：本部分主要介绍货币供给的控制机制与控制工具、货币供给的性质、货币供求与社会总供给和总需求，并讨论货币供给与货币需求如何形成均衡的资金价格。

重点难点货币的各层次划分的意义。

主要内容：3.1货币的层次划分3.2货币创造3.3货币乘数3.4货币供给的控制工具3.5货币供给的性质4.利率及其变化教学要点：本部分讲授利息、利率及种类、单利与复利、利率的决定和利率的作用。

通过本章的学习，要求学生掌握利息、利率、利率的决定理论、利率的作用。

重点难点在于利率的定义、实质；利率及其种类、现值与终值的理解、利率的决定和作用。

主要内容：4.1利息与利率4.2单利与复利4.3利率的决定5.国际收支教学要点：本部分主要介绍国际收支、国际收支平衡表的基本概念、国际收支平衡表的构成，国际收支不平衡的原因、国际收支不平衡的测度以及调节国际收支不平衡的措施。

企业管理专业博士5 《克鲁格曼国际贸易新理论》保罗•克鲁格曼/中国社会科学出版社必读6 《管理百年》STV ART CRAINER/海南出版社必读7 《International Financial Management》Jeff Madura/South-Western CollegePublishing必读8 Managing Across Borders: Thetransnational SolutionBartlett &Ghoshal/HBSP 选读9 World View: Global Strategies for theNew EconomyGarlen/HBSP 选读10 《行为经济学：理论与应用》薛求知等/复旦大学出版社选读11 Judgment in Managerial DecisionMakingMax Bazerman/John Wiley & Sons 选读12 Administrative Science Quarterly Academic journal/Cornell University 必读13 Academy of Management JournalAcademy of Management ReviewAcademic journal/美国管理学学会必读14 Management: A Pacific Rim Focus Bartol,K.,Martin,D.,Tien,M.,&Matthews,G/McGraw Hill选读15 Management Gomex-MejiaL.R.,Balkin,D.&C/McGraw Hill 选读16 Management Robbins,S.P.&Coulter,M./Prentice Hall 选读17 Realist perspectives on managementand OrganizationsAckroyd,S and Fleetwood,S./Routledge 选读18 Management Bartol,K.and Martin, D./McGraw Hill 选读19 Management: Competing in the NewEraBateman,T.S.and Snell,S.A/McGraw Hill 选读20 Understanding Management Daft,R. and Marcic, D./Harcourt College Pub. 选读21 Management Griffin,R.W./Houghton 选读22 Management:A Competency-basedApproach Hellriegel,D.,Jackson,S. and Slocum,J.W./South-Western选读23 Management: Meeting and ExceedingCustomer Expectations Plunkett,W.R.,Attner,R. and Allen,G./South Western选读24 Microeconomics Robert S.Pindyck&DanielL.Rubinfeld,/Prentice Hall选读25 Managerial Economics Ivan Png/Blackwell 选读26 Data Analysis & Decision Making withMicrosoft ExcelAlbright,Winston,Zappe/Duxbury Press 选读27 Financial Accounting Harrison W.T.jr,HorngrenC.T/Prentice-HallInternational选读28 Managing Information TechnologyEnabled Organizational ChangesHsiao,R./McGraw-Hill 选读29 Management Information Systems forthe Information Age Haag,S,M.Cummings,andJ.Dawkins/McGraw-Hill选读30 Financial Management:Theory andPractice Brigham and Ehrhardt/South-Western Thomson Learning选读31 Internet Business Models and Strategies Afuah,A. and Tucci,C.L./McGraw-Hill 选读32 Issues and Challenges in E-Commerce: Teo,T,Wong,P.K. and Lim,V./McGraw-Hill 选读技术经济及管理专业硕士读书目录管理科学专业读书目录。

ACCT《Financial Accounting 》Authors: Libby Publisher: McGraw Hill《Financial Accounting: A Global Perspective》Authors: Libby Publisher: McGraw Hill《Introduction to Managerial Accounting》Authors: Brewer Garrison Publisher: McGraw Hill《Managerial Accounting》Authors: Garrison Publisher: McGraw Hill《Cost Accounting: A Managerial Emphasis》Authors: Charles T. Horngren Publisher: Pearson《Intermediate Accounting: IFRS Edition 》Authors: Kieso Publisher: Wiley《Intermediate accounting》Authors: Earl K. Stice, James D. Stice, K Publisher: South-Western/Cengage Learning《Auditing and Assurance Services》Authors: Messier Publisher: McGraw Hill《IFRS Practical Implementation Guide and Workbook》Authors: Mirza Orrell Holt Publisher: Wiley《Modern Introduction to International Law》Authors: Peter Malanczuk Publisher: Routledge《Principles of Accounting 》Authors: WILD,Larson,Chiappetta Publisher: McGraw Hill《Financial Accounting in an Economic Context》Authors: Jamie Pratt Publisher: Wiley《Accounting : What the Numbers Mean》Authors: David Marshall Publisher: McGraw HillECON《Microeconomics》Authors: Parkin Publisher: Pearson《Microeconomics》Authors: Michael Parkin Publisher: Pearson《Macroeconomics》Authors: Olivier Blanchard Publisher: Pearson《Introductory Econometrics A Modern Approach》Authors: Jeffrey M. Woolridge Publisher: Cengage《Managerial Economics and Business Strategy》Authors: Michael R. Baye Publisher: McGraw Hill《Microeconomic Theory: Basic Principles and Extensions 》Authors: Snyder/Nicholson Publisher: Thomson《The Economics of Money, Banking and Financial Markets》Authors: Frederic S. Mishkin Publisher: Pearson《Introduction to Econometrics: Brief Ed.》Authors: James Stock Publisher: Pearson《International Economics: Theory & Policy》Authors: Paul Krugman and Maurice Obstfel Publisher: Pearson《Fundamental Methods of Mathematical Economics 》Authors: Alpha C. Chiang, Kevin Wainwrigh Publisher: McGraw Hill《Issues in Economics Today》Authors: Guell Publisher: McGraw Hill《Managerial Economics Asia Pacific Edition》Authors: Ivan Png and Chi-Wo J. Cheng Publisher: PearsonFINA《Fundamentals of Corporate Finance》Authors: Jonathan Berk Publisher: Pearson《Financial Markets and Institutions》Authors: Frederic S. Mishkin Publisher: Pearson《Investment》Authors: Bodie Publisher: McGraw Hill《Options Futures & Other Derivatives》Authors: John Hull Publisher: Pearson《Financial Markets & Corporate Strategy》Authors: Mark Grinblatt Publisher: McGraw Hill《Corporate Finance》Authors: Jonathan Berk Publisher: Pearson《Corporate Finance》Authors: Ross, Westerfield, Jaffe Publisher: McGraw Hill 《Essentials of Corporate Finance》Authors: Ross Publisher: McGraw Hill 《Fundamentals of Corporate Finance》Authors: Jonathan Berk Publisher: Pearson 《International Financial Management》Authors: Cheol S. Eun, Bruce G. Resnick Publisher: McGraw Hill《Financial Institutions Management (A Risk Management Approach)》Authors: Anthony Saunders Publisher: McGraw Hill《Valuation: Analyzing Global Investment Opportunities》Authors: Sheridan Titman Publisher: Pearson《Bond Markets, Analysis, and Strategies 》Authors: Frank J. Fabozzi Publisher: Pearson《Corporate Finance Essentials》Authors: Ross,Westerfield,Jordan Publisher: McGraw Hill《Essentials of Corporate Finance》Authors: Ross Westerfield Jordan Publisher: McGraw Hill《Fundamentals of Investing》Authors: Gitman & Joehnk Publisher: Pearson 《Modern Financial Management》Authors: Ross, Westerfield, Jaffe Publisher: McGraw Hill《Money, Banking and Financial Markets》Authors: Ceccheti Publisher: McGraw Hill MGMT《Essentials of Contemporary Management》Authors: Gareth R. Jones Publisher: McGraw Hill《Organizational Behavior (Essentials)》Authors: Steven McShane Publisher: McGraw Hill《Leadership: Enhancing the Lessons of Experience》Authors: Richard L. Hughes Publisher: McGraw Hill《The Mind and Heart of the Negotiator》Authors: Leigh L. Thompson Publisher: Pearson《Strategic Management: Creating Competitive Advantages》Authors: Dess Lumpkin Eisner Publisher: McGraw Hill《The Management of Strategy Concepts and Cases》Authors: R. Duane Ireland Publisher: Cengage《International Management: Culture, Strategy and Behavior》Authors: Fred Luthans Publisher: McGraw Hill《International Business: Competing in the Global Marketplace》Authors: Charles W. L. Hill Publisher: McGraw Hill《Strategic Management and Competitive Advantage》Authors: Jay B. Barney and William S. Hes Publisher: Pearson《Entrepreneurship:Successfully Launching New Ventures》Authors: Bruce R. Barringer Publisher: Pearson《Entrepreneurial Small Business》Authors: Katz,Green Publisher: McGraw Hill 《International Management: Text and Cases 》Authors: Beamish Publisher: McGraw Hill《Management》Authors: Stephen P. Robbins, Mary Coulter Publisher: PearsonFundamentals of Corporate FinanceLIYashuai1266845252Business Statistics confirmation ID 490Intermediate accounting confirmation ID 491.IFRS Practical Implementation Guide and Workbook confirmation ID 492. Essentials of Corporate Finance confirmation ID 494Modern Financial Management confirmation ID 495.。

审计专业必读书目审计专业作为一个重要的财务管理领域，需要学生在学业过程中不断提升自己的知识储备和专业技能。

除了课堂教学，阅读相关的专业书籍也是必不可少的一部分。

下面是一些审计专业的必读书目，帮助学生深入了解审计理论和实践。

1.《现代审计原理与程序》（Modern Auditing: Assurance Services and the Integrity of Financial Reporting）- William C. Boynton、Raymond N. Johnson、Walter G. Kell这本书是审计领域的经典教材，涵盖了现代审计的原理、程序和概念。

它介绍了审计的基本概念、方法和技术，并讨论了审计的目标、责任和职业道德等方面。

这本书还包含了大量的案例分析和实践经验，帮助读者理解审计的实际应用。

2.《审计学》（Auditing）- Alvin A. Arens、Randal J. Elder、Mark S. Beasley这本书是一个全面介绍审计学的教材，包括了审计的基本概念、程序和技术。

它还讨论了审计的法律和伦理问题，以及内部控制和风险评估等内容。

这本书还提供了大量的案例研究和实践经验，帮助读者将理论知识应用到实际问题中。

3.《内部控制和风险管理》（Internal Control and Risk Management）- Paul M. Clikeman这本书介绍了内部控制和风险管理的理论和实践，包括内部控制的基本原理、设计和评估，以及风险管理的方法和工具。

它还讨论了内部控制和风险管理在审计过程中的应用，以及相关的法律和伦理问题。

这本书适合想要深入了解内部控制和风险管理的学生和从业人员。

4.《企业风险管理》（Enterprise Risk Management）- James Lam这本书介绍了企业风险管理的理论和实践，包括风险识别、评估、应对和监控等方面。

它还讨论了企业风险管理在审计过程中的应用，以及相关的法律和伦理问题。

第一章 金融风险的基础理论第一节 金融风险的概念与种类第二节 金融风险的产生与效应第三节 金融风险的一般理论第四节 金融全球华与金融风险一、导言金融风险是与金融活动相伴随的。

由于受放松管理与金融自由化，信息技术与金融创新等因素的影响，金融市场的波动性增强，金融体系的稳定性下降，金融机构，工商企业，居民甚至国家面临的金融风险日趋严重。

金融风险引起了全世界金融界，企业界，政府当局，国际金融组织的密切关注和高度重视。

本门课全面系统的介绍金融风险的概念，种类，产生与效应，是本门课的主要目的。

二、授课方式课堂讲解三、教学目的与要求从金融风险概念入手，了解金融风险的产生和效应。

掌握金融风险的一般理论，包括金融体系不稳定性理论，金融资产价格波动性理论和金融风险传染性理论。

掌握金融全球化下的金融风险及国际传递机制，并掌握防范金融风险在国际间传递的对策。

三、重点难点及解决方法重点：金融风险的一般理论，包括金融体系不稳定性理论，金融资产价格波动性理论和金融风险传染性理论。

难点：金融风险的产生和效应，和种类。

解决方法：运用实际例子反复讲解、练习，进行强化训练。

四、时间安排及授课内容板书设计时间安排：第一节 金融风险的概念与种类 15分钟第二节 金融风险的产生与效应 35分钟第三节 金融风险的一般理论 40分钟第四节 金融全球化与金融风险 30分钟 合计 180分钟（4节课）授课内容：第一章 金融风险的基础理论第一节 金融风险的概念与种类一． 金融风险的概念二． 金融风险的种类（一） 按金融风险的形态划分（二） 按金融风险的主体划分（三） 按金融风险的性质划分（四） 按金融风险的层次划分（五） 按金融风险的地域划分第二节 金融风险的产生与效应一． 金融风险的产生(一) 经济体制与金融风险(二) 金融监管与金融风险(三) 金融内控与金融风险(四) 金融创新与金融风险(五) 金融投机与金融风险(六) 金融环境与金融风险二． 金融风险的效应(一) 金融风险的经济效应(二) 金融风险政治效应(三) 金融风险的社会效应第三节 金融风险的一般理论一． 金融体系不稳定性理论(一) 金融不稳定性假说(二) 不对称信息理论二． 金融资产价格波动性理论(一) 经济泡沫理论(二) 股价波动性理论(三) 汇率波动性理论三． 金融风险的传染性理论(一) 金融风险的传染机制理论(二) 囚犯困境与银行挤提模型第四节 金融全球化与金融风险一． 金融全球化北京下的金融风险(一) 金融全球化加大了金融体系的风险(二) 金融全球化加快了金融风险在国际间的传递 二． 金融风险的国际传递机制(一) 国际贸易渠道(二) 国际金融渠道(三) 相似传递渠道小结：在本章当中，金融风险是经济主体在金融活动中遭受损失的不确定性或可能性。

国际金融课程教学大纲（Syllabus for International Finance）Syllabus for International FinanceCourse nameinternational financeInternational FinanceCourse numberTwenty-three million ten thousand one hundred and elevenCredit / hour3/54Department of teaching and researchinternational businessCurriculum before and afterPre courses, money, banking, international settlements, parallel international trade practices;Course typeSpecialized basic courseExamination method20% usually + 80% final examPrelect objectMajor in international business (undergraduate)instructional objectiveList the basic requirements of the course (including knowledge, ability and quality development), such as understanding, understanding, mastering and application.1) the correct understanding of the scientific concept of foreign exchange, exchange rate basis, the impact of exchange rate changes and the relationship between various factors; grasp the impact of exchange rate changes on a country's economy and international economy: to understand the effect and influence of different exchange rate system; familiar with the RMB exchange rate system.2) the correct understanding of international payments and the balance of payments concept, understand the accounting methods, main content and calculation method to the balance of payments analysis method; understand the concept, form and function of international reserves, familiar with international reserves in china.3) understand the concept of international capital flows, types, the impact on the economy, and understand the meaning of the external debt and debt crisis: grasp the principles and methodsof China's foreign investment utilization, as well as China's foreign debt management system.4) the use of principles between content and practice, grasp the main foreign exchange business in different period of different foreign currency delivery principle and technology and cross buying rate and selling rate; understand the concept and the structure of the foreign exchange risk, grasp the method of all the foreign exchange risk.5) understand the institutions, objects, scope and means of foreign exchange control in developed and developing countries, grasp the principles and policies of China's foreign exchange control, and the relevant regulations and principles for foreign exchange enterprises' export earnings and import foreign exchange earnings.6) understand the new concept and trend of international financial market structure, mode of operation, function and development; grasp the western countries provide export credit principles, forms, conditions and general procedures, master the terms and practices of export seller's credit and export buyer's credit in our country.7) understand the nature of international financial organizations, loan terms and practices, understand the concept of the international monetary system, understand its formation, changes, characteristics, and trends in the future:Teaching focuses and difficulties: foreign exchange and exchange rate, foreign exchange business, foreign exchangerisk and PreventionTeaching materials and main reference materials:Textbook: International Finance (Third Edition), University of International Business and Economics press, edited by Liu Shunian, 2005Reference book: [1], international finance practice, higher education press, edited by Huang Zhiqiang, 2004[2] "international finance", Chinese Financial Publishing House, where Zhang, published in 1997.[3] international financial theory, practice, Peking University press, Huang Lucheng, editor,.1998[4] "international finance" new, Jiang, Fudan University press, 1999Content of coursesHoursBasic RequirementsBy day, a specific list of teaching contentLists the basic requirements of teaching, such as understanding, understanding, mastering and application.Chapter I international balance of payments and international reservesSection 1 foreign exchange and international balance of paymentsThe second section of the balance of paymentsThe third section is the adjustment of the disequilibrium of international paymentsThe fourth section is a review of the Western balance of payments theoryFifth international reservesEightThe understanding of foreign exchange and international payments and the balance of international payments, understand the concept of international balance sheet accounting method, content and method of calculation, to BOP analysis, grasp the imbalance of international payments in meaning, causes, economic effects, and the adjustment of international payment policies and measures. Understanding the Western balance of payments theory.Understand the concepts, forms and functions of international reserves, and master the basic knowledge of international reserve management.The second chapter is foreign exchange rate and exchange rate systemSection 1 exchange rate and its pricing methodsSecond, the basis of exchange rate decisions and the factors that affect exchange rate changesThe third section is a review of Western exchange rate theoriesFourth exchange rate systemFifth exchange rate policyEightTo grasp the scientific concept of the exchange rate of the exchange rate, price, exchange rate types, understand the basis of determining the exchange rate, various factors influencing the exchange rate and the relationship between exchange rate changes; understand the impact on a country's economy and international economy; analyzing the role and effect of different exchange rate system. Understanding the Western exchange rate decision theory; understanding the implications of exchange rate policy.The third chapter is foreign exchange business and exchange rate translationSection 1 foreign exchange marketSecond foreign exchange businessThird, exchange rate conversion and import and export quotationsEightThe main content and the practice to master the foreign exchange business, between different currencies, grasp the different delivery deadline fold (sets) calculation principle and technology, master the use of the principle of buying rate and selling rate, accurate accounting of costs in the import and export trade, investment and financing in order to improve the price level.The fourth chapter is foreign exchange risk managementSection 1 concepts, types and elements of foreign exchange riskSecond, general methods of foreign exchange risk management, third basic methods of foreign exchange risk managementFourIn order to make the definition of exchange rate risk and exchange rate risk, foreign exchange risk prevention grasp all the measures to effectively combine their application in investment, financing and foreign trade business, avoid or reduce the losses caused by exchange rate fluctuations, improve the economic efficiency of enterprises.The fifth chapter is the foreign exchange management system of our countrySection 1. China's foreign exchange management system before and after the reform and opening upSecond section, the main contents of China's foreign exchange management system reform in 1994The third quarter, the end of 1996, the RMB realized under current account convertibilityThe fourth section deals with foreign exchange management of China's foreign economic and trade enterprisesTwoBy learning to understand the developed and developing countries, foreign exchange control agencies, objects, scope and methods; Master of China's foreign exchange management policies and signed payment agreement of the main content and the practice of management, to take corresponding measures and flexible approach in foreign business in. To understand the main contents of China's foreign exchange management system reform.The sixth chapter is about the international financial market and derivative financial instruments MarketSection 1 international financial marketsSecond European money marketsThe third section, the European money market, commercial bank loansFourth derivative financial instruments MarketEightThe concept and composition of international financial markets should be mastered, and the operation modes, functions and new trends of development will be understood. Grasp the concept of European money market, constitute and understand the characteristics and functions of its operation mode;Understand the concept and the risk of financial derivatives; concept and understanding of currency swaps, interest rate swaps; grasp the similarities and differences between the concept of foreign exchange futures and forward foreign exchange transactions to grasp the concept and function of foreign exchange trading options.The seventh chapter: short-term credit for foreign tradeSection 1 the main forms of short-term credit in foreign tradeSecond section short term credit of China's foreign tradeThe fourth section of China's foreign exchange loansTwoTo grasp the sources, practices and conditions for short-term financing of foreign trade, so as to obtain financing with the needs of the import and export business;The eighth chapter: export creditSection 1 overview of export creditSection fifth buyer's creditThe sixth section is about the export credit system of our countryTwoTo grasp the concepts of export credit concept, the buyer's credit; grasp the western countries and our export credit principles, forms, conditions and procedures, in order to be used in the import and export of large complete sets of equipment and mechanical and electrical products in.The ninth chapter is project loan and BOTSection 1 emergence, concept and participants of project loansSecond project loan types and project planningThe sixth section, project loans and BOTFourGrasp the characteristics of the project loans, capital structure and guarantee structure, as well as the similarities and differences between project loans and BOT; understand the relationship between the types of project loans and project planning;The tenth chapter is international capital flow and debt crisisSection 1 concepts and types of international capital flowsThe second section is about the basic pattern and theory of international capital flowThe third section, the debt crisis of developing countries and foreign capital utilization in ChinaFourUnderstand the concept of international capital flow, the type, economy always and control of the external debt and debt crisis causes, understand the meaning and understanding of the Asian financial crisis in 1997; master the basic principles, the use of foreign capital in China, and China's foreign debt management system.The eleventh chapter is the introduction of international financial institutionsSection 1 International Monetary FundThe Second World Bank GroupTwoTo understand the nature of the major international financial institutions, to master their objectives, loan terms and practices, and to be familiar with the rights and obligations of member states in order to achieve their goals.ManeuverTwoThe final answer and review and explainInstructions: there are no requirements for the syllabus, and chapters on the textbook are taught by the students themselves.Draft (signature): Lin Xiaocheng 09 2008 05 AugustNuclear signature (signature): Huang Zhiqiang, 2008, 09, 08Approval (signature): Qu Yue, 09 2008 10One。

CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL FIRMSUGGESTED ANSWERS TO END-OF-CHAPTER QUESTIONSQUESTIONS1. Why is it important to study international financial management？Answer：We are now living in a world where all the major economic functions, i。

e., consumption, production，and investment, are highly globalized. It is thus essential for financial managers to fully understand vital international dimensions of financial management. This global shift is in marked contrast to a situation that existed when the authors of this book were learning finance some twenty years ago. At that time，most professors customarily (and safely, to some extent）ignored international aspects of finance。

This mode of operation has become untenable since then.2. How is international financial management different from domestic financial management？Answer: There are three major dimensions that set apart international finance from domestic finance. They are:1。