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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 __________________________________________________________________________ 。

资料范本本资料为word版本，可以直接编辑和打印，感谢您的下载金融衍生工具_课程习题答案(2)地点：__________________时间：__________________说明：本资料适用于约定双方经过谈判，协商而共同承认，共同遵守的责任与义务，仅供参考，文档可直接下载或修改，不需要的部分可直接删除，使用时请详细阅读内容第一章1、衍生工具包含几个重要类型？他们之间有何共性和差异？2、请详细解释对冲、投机和套利交易之间的区别，并举例说明。

3、衍生工具市场的主要经济功能是什么？4、“期货和期权是零和游戏。

”你如何理解这句话？习题答案1、期货合约：：也是指交易双方按约定价格在未来某一期间完成特定资产交易行为的一种方式。

期货合同是标准化的在交易所交易，远期一般是OTC市场非标准化合同，且合同中也不注明保证金。

主要区别是场内和场外；保证金交易。

二者的定价原理和公式也有所不同。

交易所充当中间人角色，即买入和卖出的人都是和交易所做交易。

特点：T＋0交易；标准化合约；保证金制度（杠杆效应）；每日无负债结算制度；可卖空；强行平仓制度。

1）确定了标准化的数量和数量单位、2）制定标准化的商品质量等级、（3）规定标准化的交割地点、4）规定标准化的交割月份互换合约：是指交易双方约定在合约有效期内，以事先确定的名义本金额为依据，按约定的支付率（利率、股票指数收益率）相互交换支付的约定。

例如，债务人根据国际资本市场利率走势，将其自身的浮动利率债务转换成固定利率债务，或将固定利率债务转换成浮动利率债务的操作。

这又称为利率互换。

互换在场外交易、几乎没有政府监管、互换合约不容易达成、互换合约流动性差、互换合约存在较大的信用风险期权合约：指期权的买方有权在约定的时间或时期内，按照约定的价格买进或卖出一定数量的相关资产，也可以根据需要放弃行使这一权利。

为了取得这一权利，期权合约的买方必须向卖方支付一定数额的费用，即期权费。

期权主要有如下几个构成因素①执行价格（又称履约价格，敲定价格〕。

第三章 上下文无关语言与下推自动机a. {w | w 至少含有3个1} S →A1A1A1A A →0A|1A|εb. {w | w 以相同的符号开始和结束}S →0A0|1A1 A →0A|1A|εc. {w | w 的长度为奇数}0, ε→ε0,ε→ε 0,ε→ε1,ε→ε0,ε→εS →0A|1A A →0B|1B|ε B →0A|1Ad.{w | w 的长度为奇数且正中间的符号为0} S →0S0|1S1|0S1|1S0|0e.{w | wS →A1AA →0A1|1A0|1A|AA|εf.{w | w=w R }S →0S0|1S1|1|0g.空集 S →S3.6 给出产生下述语言的上下文无关文法： a ． 字母表{a,b}上a 的个数是b 的个数的两倍的所有字符串组成的集合。

S →bSaSaS|aSbSaS|aSaSbS|εb ．语言{a n b n |n ≥0}的补集。

见问题3.25中的CFG: S →aSb|bY|Ta T →aT|bT|εc ．{w#x | w, x ∈{0,1}*且w R 是x 的子串}。

S →UV0,ε→0,0→0,ε→1,0→0,1→0,ε→0,0→U→0U0|1U1|WW→W1|W0|#V→0V|1V|εd．{x1#x2#⋯#x k|k≥1, 每一个x i∈{a,b}* , 且存在i和j使得x i＝x j R}。

S→UVWU→A|εA→aA|bA|#A|#V→aVa|bVb|#B|#B→aB|bB|#B|#W→B|ε3.14解：添加新起始变元S0, 去掉B→εS0→A S0→AA→BAB|B|εA→BAB|AB|BA|B|εB→00|εB→00去掉A→ε, 去掉A→BS0→A S0→AA→BAB|AB|BA|B|BB A→BAB|AB|BA|00|BBB→00 B→00去掉S0→A, 添加新变元S0→BAB|AB|BA|00|BB S0→VB|AB|BA|UU|BBA→BAB|AB|BA|00|BB A→VB|AB|BA|UU|BBB→00 B→UUV→BAU→03.15 证明上下文无关语言类在并,连接和星号三种正则运算下封闭---答案。

第1章一、单项选择题1．对项目而言，“一次性”是指（ A ）。

A．每个项目都有明确的起止时间 B．项目周期短 C．项目将在未来不能确定的时候完成 D．项目随时可能取消 2．项目是一系列（ D ）的活动和任务。

A．具有特定目标 B．具有明确开始和终止日期 C．消耗资源 D．以上皆是 3．下列属于项目的是（C ）。

A、生产线上生产汽车B、管理一个公司C、修建一座水库D、信息系统的维护二、多项选择题1．项目管理的基本特性有（ ABCDE ）。

A、目的性B、独特性C、普遍性D、创新性E、集成性 2．以下关于项目和日常运营说法正确的是（ ABCD ）。

A、项目中存在较多创新性、一次性的工作和活动B、日常运营中存在较多确定性、程序性、常规性和不断重复的工作或活动C、项目的环境是相对不确定的D、项目的组织形式多数是团队性的E、运营工作的组织管理模式主要是基于过程和活动的管理系统为主三、简答题1. 什么是项目？项目有哪些特点？答：项目是一个组织为实现既定的目标，在既定的资源和要求的约束下，为实现某种目的而相互联系的一次性工作任务。

项目具有目的性、独特性、一次性、制约性、过程性、不确定性、组织的临时性与开放性、成果的不可挽回性等特点。

2. 什么是项目管理？项目管理有哪些特点？答：项目管理是运用各种知识、技能、方法与工具，为满足或超越项目有关各方对项目的要求与期望所开展的各种计划、组织、领导和控制等方面的活动。

项目管理具有普遍性、目的性、独特性、创新性和集成性等特点。

四、论述题1. 项目与日常运营有哪些不同点？答：（1）根本目的和作用不同：项目的根本目的是为创造具有某种独特性的新成果。

但是运营的根本目的是通过使用特定项目的成果开展周而复始的日常工作从而获得相应的回报。

（2）结果和回收模式不同：项目工作的结果是人们获得的创新性成果，运营工作的结果是通过开展周而复始的运营活动不断获得收益并最终收回项目和运营投入。

（3）工作性质与内容不同：一般在日常运营中存在着大量的确定性、程序性、常规性和不断重复的工作或活动，而在项目中则存在较多创新性、一次性和具有不确定性的工作或活动。