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Chapter 1—Multinational Financial Management: An OverviewANS: B PTS: 12. With regard to corporate goals, an MNC is mostly concerned with maximizingANS: B PTS: 1ANS: B PTS: 1ANS: D PTS: 15. The valuation of an MNC should rise when an event causes the expected cashflows from foreign to ____ and when foreign currencies denominating these cashANS: B PTS: 16. Which of the following theories identifies specialization as a reason for interna-ANS: A PTS: 17. Which of the following theories identifies the non-transferability of resources as aANS: B PTS: 18. Which of the following theories suggests that firms seek to penetrate new marketsANS: C PTS: 19. Which of the following industries would most likely take advantage of lower costsANS: A PTS: 1ANS: D PTS: 1ANS: C PTS: 114. An MNC may be more exposed to agency problems if most of its shares are heldANS: A PTS: 1ANS: C PTS: 121. In comparing exporting to direct foreign investment (DFI), an exporting operationwill likely incur ____ fixed production costs and ____ transportation costs thanANS: C PTS: 1ANS: B PTS: 1ANS: A PTS: 129. Which of the following is not mentioned in the text as an additional risk resultingANS: C PTS: 130. Licensing obligates a firm to provide ____, while franchising obligates a firm toANS: B PTS: 131. Which of the following is not a way in which agency problems can be reducedANS: C PTS: 1ANS: D PTS: 144. Assume that an American firm wants to engage in international business withoutmajor investment in the foreign country. Which method is least appropriate in thisANS: D PTS: 145. The valuation of MNC accounts for all the cash flows received by the foreignsubsidiaries plus all the cash flows remitted by the subsidiaries.a. Trueb. FalseANS: F PTS: 1ANS: D PTS: 1ANS: D PTS: 150. International trade generally results in ____ exposure to international political riskand ____ exposure to international economic conditions, when compared to otherANS: D PTS: 151. Assume that Boca Co. wants to expand its business to Japan, and wants completecontrol over the operations in Japan. Which method of international business isANS: B PTS: 154. Assume that Live Co. has expected cash flows of $200,000 from domesticoperations, SF200,000 from Swiss operations, and 150,000 euros from Italian op-erations at the end of the year. The Swiss franc's value and euro's value are ex-pected to be $.83 and $1.29 respectively, at the end this year. What are the ex-ANS: B PTS: 155. Saller Co. has a subsidiary in Mexico. The expected cash flows in pesos to bereceived in the future from this subsidiary have not changed since last month, but the valuation of Saller Co. has declined since last month. What could've caused thisANS: C PTS: 156. Jensen Co. wants to establish a new subsidiary in Mexico that will sell computersto Mexican customers and remit earnings back to the U.S. parent. The value of this project will be favorably affected if the value of the peso ____ while it establishesANS: A PTS: 159. Livingston Co. has a subsidiary in Korea. The subsidiary reinvests half of its netcash flows into operations and remits half to the parent. Livingston's expected cash flows from domestic business are $100,000 and the Korean subsidiary is expected to generate 100 million Korean won at the end of the year. The expected value ofANS: C PTS: 1ANS: C PTS: 174. Agency costs faced by multinational corporations (MNCs) may be larger thanANS: D PTS: 175. Which of the following is not one of the more common methods used by MNCs toANS: E PTS: 176. Which of the following is not mentioned in the text as a theory of internationalANS: D PTS: 1ANS: E PTS: 1ANS: C PTS: 1ANS: B PTS: 1。
国际金融-课件 (一)国际金融是指全球范围内跨境金融活动，包括跨境投资、国际贸易融资、外汇交易等。
国际金融的重要性越来越突显，因为它对全球经济健康发展和国际社会的维持与发展起到了至关重要的作用。
在学习国际金融的过程中，带我们掌握金融市场的规则、行业的风险等知识。
本文将介绍一下关于国际金融的课件。
一、课件概述该课件旨在为学生提供国际金融知识的基础，其内容主要包括国际金融市场的结构、运作机制、交易模式以及风险管理等方面。
本课件适用于财经相关专业的学生和从事国际金融工作的金融从业者。
二、主要内容1.国际金融市场首先，该课件详细介绍了国际金融市场的概念、分类和动态特征。
通过分析不同类型金融市场的模式和特点，让学生掌握各种金融市场的发展历程以及它们在国际经济中的重要性。
2.国际金融运作机制该课件还详细介绍了国际金融的运作机制，包括国际金融交易的环节、各方利益和交易方式等。
学生需要掌握各种交易方式的弊端和优势。
同时，该课件也包括了国际金融的相关规则和发展趋势。
3.风险管理金融市场中伴随着无数的潜在风险。
学生需要了解各种风险的类型、形成原因和影响结果。
该课件还重要介绍了风险控制的方法、定量的分析和实践策略。
我们知道，风险管理对于国际金融和金融市场能否平稳运作和发展是至关重要的。
三、课件特点该课件的制作精良，内容详实，知识点客观而且具有很好的实际应用性。
课件采用了PPT演示形式，通过多媒体技术和相关案例的分析印证，使课程具有很强的互动性。
并且，在课件中还添加了一定数量的练习题进行毕业生的实践训练。
四、结论总的来说，该课件让我们了解到国际金融是如何运作的，其市场结构、货币体系、金融工具和交易方式等方面是如何相互联系和相互作用。
更为重要的是，课程强调了风险控制在金融行业中的重要性，这对于金融行业从业者和相关领域的学生有较高的参考价值。
在今后的实践中，我们将能够更好地运用学习到的知识在金融管理和风险掌控上。
国际金融第一章第一章国际收支思考题：1、国际收支平衡的含义是什么？如何通过国际收支平衡表衡量一国国际收支的状况？2、国际收支失衡产生的原因有哪些？3、国际收支失衡对经济有何影响？4、纸币制度下的国际收支自动调整机制。
5、一国国际收支调节的政策选择。
6、分析我国国际收支状况。
第一节国际收支和国际收支平衡表一、国际收支的概念（一）国际收支概念的演变：贸易收支→外汇收支→国际收支广义的国际收支概念根据IMF的解释，一国的国际收支（Balance of Payments）是指一国（或地区）的居民在一定时期内（一年、一季度、一月）与非居民之间的经济交易的系统记录。
（二）对国际收支概念的理解1、国际收支是一个流量概念国际收支和国际投资头寸：两个不同但易混淆的概念国际投资头寸（International Investment Position，简称IIP）是反映特定时点上（如年末）一个国家或地区对世界其他国家或地区的金融资产和负债存量（余额）的统计报表。
国际投资头寸的变动由特定时期内的国际收支交易、价格变化、汇率变化等引起。
对外金融资产和负债的差额就是净头寸，表明此国家或地区是对外净债权国还是净债务国。
它们的区别在于：①国际收支是流量(Flow)而国际投资头寸是存量(Stock)②两者所包括的范围不一样，国际经济交易中的赠予、侨民汇款与战争赔偿等无偿交易，都不包括在国际投资头寸中，但却包括在国际收支中。
2、国际收支反映的内容是经济交易经济交易的分类①金融资产与商品和劳务之间的交换，即以货币为媒介商品和劳务的买卖；②商品和劳务与商品和劳务之间的交换，即物物交换；③金融资产和金融资产之间交换；④无偿的、单向的商品和劳务转移；⑤无偿的、单向的金融资产转移3、经济交易必须是在居民和非居民之间发生一国居民是指在一国或地区居住期限达一年以上的自然人和法人.居民和公民是两个不同的概念。
公民是一个法律概念，居民是一个经济概念。
IM-1 CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL FIRM SUGGESTED ANSWERS TO END-OF-CHAPTER QUESTIONS
QUESTIONS 1. Why it is 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. 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 is a country‟s economic well-being enhanced through free international trade in goods and services?
Answer: According to David Ricardo, with free international trade, it is mutually beneficial for two countries to each specialize in the production of the goods that it can produce relatively most efficiently and then trade those goods. By doing so, the two countries can increase their combined production, which allows both countries to consume more of both goods. This argument remains valid even if a country can produce both goods more efficiently than the other country. International trade is not a „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 theory of comparative advantage was originally advanced by the nineteenth 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 theory are the assumptions of free trade between nations and that the factors of production (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 multinational corporation (MNC) can be defined as a business firm incorporated in one country that has production and sales operations in several other countries. Indeed, some MNCs have operations in dozens of different countries. MNCs obtain financing from major money centers around the world in many different currencies to finance their operations. Global operations force the treasurer‟s office to establish international banking relationships, to place short-term funds in 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 United States, had strongly objected to the creation of the North American Trade 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?
