财务管理_02 英文版

IM-1 CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL FIRMSUGGESTED ANSWERS TO END-OF-CHAPTER QUESTIONSQUESTIONS 1. Why is it important to study international financial management? Answer: We We are are are now now now living living living in in in a a a world world world where where where all all all the the the major major major economic economic economic functions, functions, functions, i.e., i.e., i.e., consumption, consumption, production, production, and and and investment, investment, investment, are are are highly highly highly globalized. globalized. It It is is is thus thus thus essential essential essential for for for financial financial financial managers managers managers to to to fully fully understand understand vital vital vital international international international dimensions dimensions dimensions of of of financial financial financial management. management. This This global global global shift shift shift is is is in in in marked 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. foreign exchange and political risks, 2. market imperfections, and 3. expanded opportunity set. 3. Discuss the three major trends that have prevailed in international business during the last two decades. Answer: The 1980s brought a rapid integration of international capital and financial markets. Impetus for globalized financial markets initially came from the governments of major countries that had begun to deregulate their foreign exchange and capital markets. The economic integration and globalization that began in the eighties is picking up speed in the 1990s via privatization. Privatization is the process by which a country divests itself of the ownership and operation of a business venture by turning it over to the free market system. Lastly, trade liberalization and economic integration continued to proceed at both the regional and global levels. IM-2 4. How How is is is a a a country‟s country‟s economic economic well well well-being -being -being enhanced enhanced enhanced through through through free free free international international international trade trade trade in in in goods goods goods and and services? Answer: According According to to to David David David Ricardo, Ricardo, Ricardo, with with with free free free international international international trade, trade, trade, it it it is is is mutually mutually mutually beneficial beneficial beneficial for for for two two countries to each specialize in the production of the goods that it can produce relatively most efficiently and and then then then trade trade trade those those those goods. goods. By By doing doing doing so, so, so, the the the two two two countries countries countries can can can increase increase increase their their their combined combined combined production, production, which which allows allows allows both countries both countries to to consume consume consume more more more of of of both both both goods. goods. This This argument argument argument remains remains remains valid even valid even if if a a country country can can can produce produce produce both both both goods goods goods more more more efficiently efficiently efficiently than than than the the the other other other country. country. International International trade trade trade is is is not not not a a …zero …zero--sum‟ game in which one country benefits at the expense of another country. Rather, international trade could be an …increasing -sum‟ game at which all players become winners.5. What considerations might limit the extent to which the theory of comparative advantage is realistic? Answer: The The theory theory theory of of of comparative comparative comparative advantage advantage advantage was was was originally originally originally advanced advanced advanced by by by the the the nineteenth nineteenth nineteenth century century economist David Ricardo as an explanation for why nations trade with one another. The theory claims that economic well-being is enhanced if each country‟s citizens produce what they have a comparative advantage in producing relative to the citizens of other countries, and then trade products. Underlying the the theory theory theory are are are the the the assumptions assumptions assumptions of of of free free free trade trade trade between between between nations nations nations and and and that that that the the the factors factors factors of of of production production production (land, (land, buildings, labor, technology, and capital) are relatively immobile. To the extent that these assumptions do not hold, the theory of comparative advantage will not realistically describe international trade. 6. What are multinational corporations (MNCs) and what economic roles do they play? Answer: A A multinational multinational multinational corporation corporation corporation (MNC) (MNC) (MNC) can can can be be be defined defined defined as as as a a a business business business firm firm firm incorporated incorporated incorporated in in in one one country country that that that has has has production production production and and and sales sales sales operations operations operations in in in several several several other other other countries. countries. countries. Indeed, Indeed, Indeed, some some some MNCs MNCs MNCs have have operations in dozens of different countries. MNCs obtain financing from major money centers around the the world world world in in in many many many different different currencies currencies to to to finance finance finance their their their operations. operations. Global Global operations operations operations force force force the the treasurer‟s office office to to to establish establish establish international international international banking banking banking relationships, relationships, relationships, to to to place place place short short short-term -term -term funds funds funds in in in several several currency denominations, and to effectively manage foreign exchange risk. IM-3 7. Mr. Ross Perot, a former Presidential candidate of the Reform Party, which is a third political party in the the United United United States, States, States, had had had strongly strongly strongly objected objected objected to to to the the the creation creation creation of of of the the the North North North American American American Trade Trade Trade Agreement Agreement (NAFTA), which nonetheless was inaugurated in 1994, for the fear of losing American jobs to Mexico where it is much cheaper to hire workers. What are the merits and demerits of Mr. Perot‟s position on NAFTA? Considering the recent economic developments in North America, how would you assess Mr. Perot‟s position on NAFTA?Answer: Answer: Since Since Since the the the inception inception inception of of of NAFTA, NAFTA, NAFTA, many many many American American American companies companies companies indeed indeed indeed have have have invested invested invested heavily heavily heavily in in Mexico, Mexico, sometimes relocating production from the United sometimes relocating production from the United States States to Mexico. Although this to Mexico. Although this might have temporarily temporarily caused caused caused unemployment unemployment unemployment of of of some some some American American American workers, workers, workers, they they they were were were eventually eventually eventually rehired rehired rehired by by by other other industries often for higher wages. Currently, the unemployment rate in the U.S. is quite low by historical standard. At the same time, Mexico has been experiencing a major economic boom. It seems clear that both both Mexico Mexico Mexico and and and the the the U.S. U.S. U.S. have have have benefited benefited benefited from from from NAFTA. NAFTA. NAFTA. Mr. Mr. Mr. Perot‟s Perot‟s concern concern appears appears appears to to to have have have been been been ill ill founded. 8. In 1995, a working group of French chief executive officers was set up by the Confederation of French Industry (CNPF) and the French Association of Private Companies (AFEP) to study the French corporate governance governance structure. structure. structure. The The The group group group reported reported reported the the the following, following, following, among among among other other other things things things “The “The “The board board board of of of directors directors should not simply aim at maximizing share values as in the U.K. and the U.S. Rather, its goal should be to serve serve the the the company, company, company, whose whose whose interests interests interests should should should be be be clearly clearly clearly distinguished distinguished distinguished from from from those those those of of of its its its shareholders, shareholders, employees, creditors, suppliers and clients but still equated with their general common interest, which is to safeguard the prosperity and continuity of the company”. Evaluate the above recommendation of the working group. Answer: Answer: The The The recommendations recommendations recommendations of of of the the the French French French working working working group group group clearly clearly clearly show show show that that that shareholder shareholder shareholder wealth wealth maximization is not a universally accepted goal of corporate management, especially outside the United States and possibly a few other Anglo-Saxon countries including the United Kingdom and Canada. To some extent, this may reflect the fact that share ownership is not wide spread in most other countries. In France, about 15% of households own shares. IM-4 9. Emphasizing the importance of voluntary compliance, as opposed to enforcement, in the aftermath of corporate scandals, e.g., Enron and WorldCom, U.S. President George W. Bush stated that while tougher laws might help, “ultimately, the ethics of American business depends on the conscience of America‟s business leaders.” Describe your view on this statement. Answer: There can be different answers to this question. If business leaders always behave with a high ethical standard, many of the corporate scandals we have seen lately might not have happened. Since we cannot cannot fully fully fully depend depend depend on on on the the the ethical ethical ethical behavior behavior behavior on on on the part the part of of business business business leaders, leaders, leaders, the the the society society society should should should protect protect itself itself by by by adopting adopting adopting the the the rules/regulations rules/regulations rules/regulations and and and governance governance governance structure that structure that would would induce induce induce business business business leaders leaders leaders to to behave in the interest of the society at large. 10. Suppose you are interested in investing in shares of Nokia Corporation of Finland, which is a world leader leader in in in wireless wireless wireless communication. communication. communication. But But But before before before you you you make make make investment investment investment decision, decision, decision, you you you would would would like like like to to to learn learn about the company. Visit the website of CNN Financial network () and collect information information about about about Nokia, Nokia, Nokia, including including including the the the recent recent recent stock price stock price history history and and and analysts‟ analysts‟ views views of the of the compa company. ny. Discuss what you learn about the company. Also discuss how the instantaneous access to information via internet would affect the nature and workings of financial markets. Answer: As students might have learned from visiting the website, information is readily available even for for foreign foreign foreign companies companies companies like like like Nokia. Nokia. Nokia. Ready Ready Ready access access access to to to international international international information information information helps helps helps integrate integrate integrate financial financial markets, dismantling barriers to international investment and financing. Integration, however, may help a financial shock in one market to be transmitted to other markets. IM-5 MINI CASE: NIKE‟S DE CISION Nike, a U.S.-based company with a globally recognized brand name, manufactures athletic shoes in such such Asian Asian Asian developing developing developing countries countries countries as as as China, China, China, Indonesia, Indonesia, Indonesia, and and and Vietnam Vietnam Vietnam using using using subcontractors, subcontractors, subcontractors, and and and sells sells sells the the products in the U.S. and foreign markets. The company has no production facilities in the United States. In In each each each of of of those those those Asian Asian Asian countries countries countries where where where Nike Nike Nike has has has production production production facilities, facilities, facilities, the the the rates rates rates of of of unemployment unemployment unemployment and and underemployment underemployment are are are quite quite quite high. high. high. The The The wage wage wage rate rate rate is is is very very very low low low in in in those those those countries countries countries by by by the the the U.S. U.S. U.S. standard; standard; hourly wage rate in the manufacturing sector is less than one dollar in each of those countries, which is compared with about $18 in the U.S. In addition, workers in those countries often are operating in poor and unhealthy environments and their rights are not well protected. Understandably, Asian host countries are are eager eager eager to to to attract attract attract foreign foreign foreign investments investments investments like like like Nike‟s Nike‟s Nike‟s to to to develop develop develop their their their economies economies economies and and and raise raise raise the the the living living standards of their citizens. Recently, however, Nike came under a world-wide criticism for its practice of hiring workers for such a low pay, “next to nothing” in the words of critics, and condoning poor working conditions in host countries. Evaluate Evaluate and and and discuss discuss discuss various various various …ethical‟ …ethical‟ as as well well well as as as economic economic economic ramifications ramifications ramifications of of of Nike‟s Nike‟s decision decision to to invest in those Asian countries. Suggested Solution to Nike‟s DecisionObviously, Obviously, Nike‟s Nike‟s investments investments in in in such such such Asian Asian Asian countries countries countries as as as China, China, China, Indonesia, Indonesia, Indonesia, and and and Vietnam Vietnam Vietnam were were motivated to take advantage of low labor costs in those countries. While Nike was criticized for the poor working working conditions conditions conditions for for for its its its workers, workers, workers, the the the company company company has has has recognized recognized recognized the the the problem problem problem and and and has has has substantially substantially improved the working environments recently. Although Nike‟s workers get paid very low wages by t he Western standard, they probably are making substantially more than their local compatriots who are either under- or unemployed. While Nike‟s detractors may have valid points, one should not ignore the fact that the company is making contributions to the economic welfare of those Asian countries by creating job opportunities. IM-6 CHAPTER 1A THEORY OF COMPARATIVE ADVANTAGESUGGESTED SOLUTIONS TO APPENDIX PROBLEMSPROBLEMS 1. Country C can produce seven pounds of food or four yards of textiles per unit of input. Compute the the opportunity cost of producing food instead of textiles. opportunity cost of producing food instead of textiles. Similarly, compute the opportunity cost of producing textiles instead of food. Solution: The opportunity cost of producing food instead of textiles is one yard of textiles per 7/4 = 1.75 pounds of food. A pound of food has an opportunity cost of 4/7 = .57 yards of textiles. 2. Consider the no-trade input/output situation presented in the following table for Countries X and Y. Assuming that free trade is allowed, develop a scenario that will benefit the citizens of both countries. IM-7 INPUT/OUTPUT WITHOUT TRADE _______________________________________________________________________ Country X Y Total ________________________________________________________________________ I. Units of Input (000,000) _______________________ ______________________________ Food 70 60 Textiles 40 30 ________________________________________________________________________ II. Output per Unit of Input (lbs or yards) ______________________ ______________________ ______________________________ ______________________________ Food 17 5 Textiles 5 2 ________________________________________________________________________ III. Total Output (lbs or yards) (000,000) ______________________ ______________________ ______________________________ ______________________________ Food 1,190 300 1,490 Textiles 200 60 260 ________________________________________________________________________ IV . Consumption (lbs or yards) (000,000) _____________________ ______________________________ Food 1,190 300 1,490 Textiles 200 60 260 ________________________________________________________________________ IM-8 Solution: Examination of the no-trade input/output input/output table table indicates that Country X X has has has an an absolute advantage advantage in in in the the the production production production of of of f f ood ood and and and textiles. textiles. Country Country X X X can can can “trade “trade “trade off” off” off” one one one unit unit unit of of of production production needed needed to to to produce produce produce 17 17 17 pounds pounds pounds of of of food food food for for for five five five yards yards yards of of of textiles. textiles. Thus, Thus, a a a yard yard yard of of of textiles textiles textiles has has has an an opportunity cost of 17/5 = 3.40 pounds of food, or a pound of food has an opportunity cost of 5/17 = .29 yards of textiles. Analogously, Country Y has an opportunity cost of 5/2 = 2.50 pounds of food per yard of textiles, or 2/5 = .40 yards of textiles per pound of food. In terms of opportunity cost, it is clear that Country X is relatively relatively more more more efficient in producing food and efficient in producing food and Country Y is relatively more efficient in producing producing textiles. textiles. textiles. Thus, Thus, Thus, Country Country Country X X X (Y) (Y) (Y) has has has a a a comparative comparative comparative advantage advantage advantage in in in producing producing producing food food food (textile) (textile) (textile) is is comparison to Country Y (X). When there are no restrictions or impediments to free trade the economic-well being of the citizens of both countries is enhanced through trade. Suppose that Country X shifts 20,000,000 units from the production of textiles to the production of food where it has a comparative advantage and that Country Y shifts shifts 60,000,000 60,000,000 60,000,000 units units units from from from the the the production production production of of of food food food to to to the the the production production production of of of textiles textiles textiles where where where it it it has has has a a comparative comparative advantage. advantage. Total output will now be (90,000,000 x 17 =) 1,530,000,000 pounds of food and [(20,000,000 x 5 =100,000,000) + (90,000,000 x 2 =180,000,000) =] 280,000,000 yards of textiles. Further suppose that Country X and Country Y agree on a price of 3.00 pounds of food for one yard of textiles, and that Country X sells Country Y 330,000,000 pounds of food for 110,000,000 yards of textiles. Under Under free free free trade, trade, trade, the the the following following following table table table shows shows shows that that that the the the citizens citizens citizens of of of Country Country Country X X X (Y) (Y) (Y) have have have increased increased increased their their consumption of food by 10,000,000 (30,000,000) pounds and textiles by 10,000,000 (10,000,000) yards. IM-9 INPUT/OUTPUT WITH FREE TRADE __________________________________________________________________________ Country X Y Total __________________________________________________________________________ I. Units of Input (000,000) _______________________ ________________________________ Food 90 0 Textiles 20 90 __________________________________________________________________________ II. Output per Unit of Input (lbs or yards) ______________________ ______________________ ________________________________ ________________________________ Food 17 5 Textiles 5 2 __________________________________________________________________________ III. Total Output (lbs or yards) (000,000) _____________________ ________________________________ Food 1,530 0 1,530 Textiles 100 180 280 __________________________________________________________________________ IV . Consumption (lbs or yards) (000,000) _____________________ ________________________________ Food 1,200 330 1,530 Textiles 210 70 280 __________________________________________________________________________ 。

财务管理专业作文英文"English:"Being a professional in financial management requires a comprehensive understanding of various financial principles and practices. As someone who has studied and worked inthis field for several years, I can attest to the importance of being well-versed in both theoretical knowledge and practical applications.For instance, let's consider the concept of risk management. In financial management, understanding and effectively managing risks are crucial for ensuring the stability and profitability of investments. One common strategy is diversification, which involves spreading investments across different assets to minimize the impact of any single asset's performance. This is often summarized by the phrase "Don't put all your eggs in one basket," emphasizing the importance of spreading risk.Moreover, financial management involves making informed decisions based on data analysis and forecasting. This requires proficiency in tools like financial modeling and statistical analysis. For example, when evaluating investment opportunities, financial analysts use techniques such as discounted cash flow (DCF) analysis to estimate the present value of future cash flows. This helps in determining whether an investment is worthwhile.Additionally, communication skills play a crucial role in financial management. As professionals, we often need to explain complex financial concepts to clients or colleagues who may not have a background in finance. Being able to convey information clearly and persuasively is essential. As the saying goes, "It's not just what you say, but how you say it." This highlights the importance of effective communication in influencing decisions and building trust.Now, let's shift to the Chinese language to further explore the significance of financial management."中文，"作为财务管理专业的人员，需要全面了解各种财务原理和实践。

《公共组织财务管理》课程教学大纲一、课程基本信息1、课程名称（中/英文）：公共组织财务管理/ Financial Management of Public Section2、课程性质：专业必修3、周学时/ 学分：3/34、授课对象：公共管理类专业5、使用教材：侯江红.公共组织财务管理[M].北京：高等教育出版社，2012年5月（国家规划教材）二、课程简介公共组织财务管理属于现代管理学的范畴，是财务管理学的一个重要组成部分和分支学科、应用性学科。

从学科的角度看，公共组织财务管理又是公共管理学与财务管理学的一个交叉学科。

《公共组织财务管理》作为公共管理类专业的核心课程，其内容和任务主要是介绍了公共组织财务管理的基本理论与实务，涵盖了公共组织财务管理工作的全部内容。

三、教学目的与基本要求通过对该门课程的学习，要求学生理解公共组织财务管理的基本概念、基本特点和基本原则，深刻领会国家的相关财务方针政策及财务制度的规定，能较熟练地掌握公共组织财务管理的一般方法和技术，正确掌握编制单位预算和财务报表、财务状况分析等实作性技术和技能。

使学生初步具备行政事业单位、民间非营利组织的财务运作综合能力。

四、教学进度表五、考核方式和成绩评定办法1、考核方式：闭卷考2、成绩评定办法：平时、期中、期末成绩分别占为25%、25%、50%（平时成绩由作业成绩、课堂讨论成绩、实验成绩构成）六、内容提要第一章公共组织（教学时数3学时）教学目的：公共组织是提供公共产品的单位。

界定我国的公共组织，明确公共组织的涵义及特点，是进行公共组织财务管理的前提。

通过本章的学习，要求学生了解公共组织的宗旨、特征以及注册登记制度及免税政策，明确我国公共组织类型的划分，掌握各类公共组织的财务特征。

教学重点：公共组织概念、我国公共组织界定及分类、各类公共组织财务特征教学难点：政府组织财务特征、事业单位财务特征、民间非营利组织财务特征主要教学方法：1、课堂讲授3学时、课堂讨论1学时，讨论内容：我国现阶段民间非营利组织的设立要具备什么条件？双重管理体制改革的趋势。