江西财大国际财务管理6月期末考试重点及答案

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1、1、Outsourcing(外包)：指将公司的非战略性职能转移给专业机构（有时也给其他国家）以减少成本。2Bid-ask rate(买卖价差)：指要约价和投标价之间的差额。此种价差也是做市商利润的来源。3 External currency market(外部货币市场)：办理本银行经营所在国之外的外币存款和贷款的同业银行市场。4 Depository Receipts(存托凭证，简称DR)：又称存券收据或存股证是指在一国证券市场流通的代表外国公司有价证券的可转让凭证，属公司融资业务范畴的金融衍生工具。5 Foreign currency futures(外汇期货)：又称为货币期货，是一种在最终

2、交易日按照当时的汇率将一种货币兑换成另外一种货币的期货合约。6 全球化（globalization） 国与国之间，公司与公司之间以及个人与个人之间，在这些国家和组织中的经济政治社会活动方面不断增长的全球化的联系和集合的进程。7 Bid price （rate）买入价（汇率)：经销商愿意买入一种货币以换取另一种货币的价格8 Forward premium(远期升水)：远期汇率和即期汇率的差额相对于即期汇率的百分比为正向价值。9 internal purchasing power内部购买力：在国内可以购买的商品和服务数量的本国货币。10 Foreign currency call option(外

3、汇看涨期权)：一种合同，他给予了购买者期权权利（而没有义务），购买者可以用本国货币按合同上标明的汇率购买一定金额的外国货币。11MNC(国际跨国公司)：在多个国家生产和销售商品或服务的公司。12 Ask price（ rate）卖出价（汇率)：经销商愿意售出一种货币以换取另一种货币的价格。也称为卖方报价。13 Forward discount (远期贴水)：远期汇率和即期汇率的差额相对于即期汇率的百分比为负向价值。14 Foreign currency put option(外汇看跌期权)：一种合同，他给予了购买者期权权利（而没有义务），购买者可以用本国货币按合同上标明的汇率销售一定金额的外国

4、货币。15 Extermal purchasing power 外部购买力：可用本国货币在外国在外国购买的商品和服务的数量 第一套简答题1 chinese pies inc .needs to buy 100000u.s dollar(usd) to pay its u.s .chocolate supplier its banker quotes bid-ask rates of CNY6.15286.1543/USD. What will be the RMB cost of the USD1000000(中国商人需要从银行买10万美元用来支付美国巧克力的供应商，银行人员报价的买卖汇率是一

5、美元买入价6.1528人民币，卖出价是6.1543人民币，那么这10万美元需要花费多少人民币呢？ 解答：the banks bid rate is CNY 6.1528/USD CHF6.1543/USD Chinese pies will receive the banks bid rate the RMB cost of USD 100000 is consequently RMB 100000*CNY6.1543/USD=615430RMB2解答：Interest rate parity requires the equality of returns from investing di

6、rectly in the domestic money market versus converting domestic currency into foreign currency, investing the foreign currency, and selling the foreign currency forward. Symbolically, we haveIf we divide by (1 + i(t,FC) on both sides and subtract one from both sides, we get()(The left-hand side is th

7、e interest differential between the domestic and foreign rates adjusted for the denominator term and the right-hand side is the forward premium or discount on the foreign currency in terms of the domestic currency.5年远期利率将日元兑美元的即期汇率倍未来价值的比例在5年的日元未来5年的一美元的价值。是以下的逻辑。如果你能直接投资日元5年来,您可以转换一个日元的未来价值5年日圆。或者,

8、您可以将一个现货外汇市场日元为美元,美元投资,主要对未来5年的美元的价值,和合同今天出售这些美元日元期货市场回到未来5年。如果日元未来两个数量的不同,会有一个套利中可用,你会借日元,他们很便宜,投资未来的日元,他们是昂贵的。因此,5年远期利率应该满足3. What is the difference between a foreign bond and a Eurobond?(外国和欧洲债券的区别。)解答：外国债券和欧洲债券主要区别是发行债券的计价货币不同。外国债券以发行市场所在国的货币为面值货币发行的债券。比如，美国在中国发行债券，以人民币为计价货币，就被称为外国债券。欧洲债券是以发行人和发

9、行地国家之外的第三国货币为为面值货币发行的债券。比如美国在中国发行债券，以英镑为计价货币，所发行的债券就被称为欧洲债券。1、发行市场不同：外国债券是指外国借款人在某国发行的，以该国货币标示面值的债券。 欧洲债券指借款人在本国以外市场发行的，以第三国的货币为面值的国际债券。2、外国债券一般由市场所在地国家的金融机构为主承销商组成，而欧洲债券则由来自多个国家的金融机构组成。 3、外国债券受市场所在地国家证券主管机构的监管，公募发行管理比较严格，发行后可申请在证券交易所上市；私募发行无须注册登记，但不能上市挂牌交易。欧洲债券发行时不必向债券面值货币国或发行市场所在地的证券主管机构登记，不受任何一国的

10、管制，通常采用公募发行方式，发行后可申请在某一证券交易所上市。 4、外国债券的发行和交易必须受当地市场有关金融法律法规的管制和约束；而欧洲债券不受面值货币国或发行市场所在地的法律的限制。因此，债券发行协议中必须注明一旦发生纠纷应依据的法律标准。论述题Suppose that the price level in Canada is CAD16,600, the price level in France is EUR20,750, and the spot exchange rate is EUR1.57/CAD.a. What is the internal purchasing power

11、 of the Canadian dollar?Answer: It is probably best to calculate the purchasing power of CAD10,000. If we divide this amount by the price level in Canada of CAD16,600, we findb. What is the internal purchasing power of the euro in France?Answer: Performing a similar calculation to the one in part a.

12、, we findc. What is the implied exchange rate of EUR/CAD that satisfies absolute purchasing power parity?Answer: The implied PPP exchange rate equates the internal purchasing power of the CAD to its external purchasing power. This implies that the PPP exchange rate is the ratio of the French price l

13、evel in euros to the Canadian price level in Canadian dollars:d. Is the Canadian dollar overvalued or undervalued relative to the euro?Answer: Because the actual exchange rate of EUR1.57/CAD is greater than the PPP exchange rate, the Canadian dollar is overvalued on the foreign exchange market becau

14、se it would have to weaken considerably to move from EUR1.57/CAD to EUR1.25/CAD.e. What amount of appreciation or depreciation of the Canadian dollar would be required to return the actual exchange rate to its PPP value?Answer: The exchange rate moves from the actual value of EUR1.57/CAD to the PPP

15、value of EUR1.25/CAD for a percentage change of 1.25/1.57 1 = - 0.2038. This is a 20.38% depreciation of the Canadian dollar.计算题（略）第二套：简答题1 Describe how you would calculate a 5-year forward exchange rate of yen per dollar if you knew the current spot exchange rate and the prices of 5-year pure disco

16、unt bonds denominated in yen and dollars. Explain why this has to be the market price.（描述如何计算5年远期汇率日元兑美元如果你知道当前即期汇率和价格的5年纯贴现债券以日元和美元计价。解释为什么这是市场价格。）5年远期利率将日元兑美元的即期汇率倍未来价值的比例在5年的日元未来5年的一美元的价值。是以下的逻辑。如果你能直接投资日元5年来,您可以转换一个日元的未来价值5年日圆。或者,您可以将一个现货外汇市场日元为美元,美元投资,主要对未来5年的美元的价值,和合同今天出售这些美元日元期货市场回到未来5年。如果日元未

17、来两个数量的不同,会有一个套利中可用,你会借日元,他们很便宜,投资未来的日元,他们是昂贵的。因此,5年远期利率应该满足2 swizz pies inc .needs to buy 1000000u.s dollar(usd) to pay its u.s .chocolate supplier its banker quotes bid-ask rates of CHF1.39901.4000/USD. What will be the CHF cost of the USD1000000(需要从银行买10万美元用来支付美国巧克力的供应商，银行人员报价的买卖汇率是一美元买入价1.3990，卖出

18、价是1.4000，那么这1000000美元瑞士法郎成本将会是多少？the banks bid rate is CHF1.3990/USD the banks ask rate is CHF1.4000/USD if you need to pay 100000 USD you need to cost USD 1000000*CHF1.4000/USD=14000CHF3 What is the difference between a centralized and decentralized debt denomination for an MNC(对于跨国企业来讲，集中和分散债券面额的区

19、别是什么)Answer: Under a decentralized debt-denomination model, MNCs issue debt in different currencies to hedge the cash flows they earn in these currencies from their foreign subsidiaries. Under a centralized model, debt is issued in the currency of the country in which the MNC has its headquarters. 在

20、分散的debt-denomination模式下,跨国公司在不同的货币发行债券来对冲这些货币的现金流收入的外国子公司。在一个集中的模式下,债务发行的货币国家的跨国公司总部。What motivates companies to cross-list their shares?（公司交叉上市股票的动机是什么?）答：股票可以通过多种渠道降低公司的资本成本交叉上市，包括提高流动性和更好的公司治理。它可以提高企业的品牌意识，提供直接访问的外国资本，使资本获得未来更容易。1为什么公司不采用交叉上市？综合题Suppose that the price level in Canada is CAD16,600

21、, the price level in France is EUR20,750, and the spot exchange rate is EUR1.57/CAD.a.What is the internal purchasing power of the Canadian dollar?Answer: It is probably best to calculate the purchasing power of CAD10,000. If we divide this amount by the price level in Canada of CAD16,600, we findb.

22、What is the internal purchasing power of the euro in France? Answer: Performing a similar calculation to the one in part a., we findc.What is the implied exchange rate of EUR/CAD that satisfies absolute purchasing power parity?Answer: The implied PPP exchange rate equates the internal purchasing pow

23、er of the CAD to its external purchasing power. This implies that the PPP exchange rate is the ratio of the French price level in euros to the Canadian price level in Canadian dollars:d Is the Canadian dollar overvalued or undervalued relative to the euro? Answer: Because the actual exchange rate of

24、 EUR1.57/CAD is greater than the PPP exchange rate, the Canadian dollar is overvalued on the foreign exchange market because it would have to weaken considerably to move from EUR1.57/CAD to EUR1.25/CAD.e.What amount of appreciation or depreciation of the Canadian dollar would be required to return t

25、he actual exchange rate to its PPP value?Answer: The exchange rate moves from the actual value of EUR1.57/CAD to the PPP value of EUR1.25/CAD for a percentage change of 1.25/1.57 1 = - 0.2038. This is a 20.38% depreciation of the Canadian dollar.计算题3.Assume that you are an importer of grain into Jap

26、an from the United States. You have agreed to make a payment in dollars, and you are scheduled to pay $377,287 in 90 days after you receive your grain. You face the following exchange rates and interest rates:Spot exchange rate:106.35/$90-day forward exchange rate: 106.02/$90-day dollar interest rat

27、e:3.25% p.a.90-day yen interest rate:1.9375% p.a.a.Describe the nature and extent of your transaction foreign exchange risk.Answer: As a Japanese grain importer, you are contractually obligated to pay $377,287 in 90 days. Any weakening of the yen versus the dollar will increase the yen cost of your

28、grain. The possible loss is unbounded.B. Explain two ways to hedge the risk.Answer: You could hedge your risk by buying dollars forward at 106.02/$. Alternatively, you could determine the present value of the dollars that you owe and buy that amount of dollars today in the spot market. You could bor

29、row that amount of yen to avoid having to pay today.c.Which of the alternatives in part b is superior?Answer: If you do the forward hedge, you will have to pay106.02/$ * $377,287 = 39,999,967.74 in 90 days. If you do the money market hedge, you first need to find the present value of $377,287 at 3.2

30、5%. The de-annualized interest rate is (3.25/100) (90/360) = 0.008125. Thus, the present value is $377,287 / 1.008125 = $374,246.25Purchasing this amount of dollars in the spot market costs106.35/$ * $374,246.25 = 39,801,088.69To compare this value to the forward hedge, we must take its future value

31、 at 1.9375% p.a. The de-annualized interest rate is (1.9375/100) *(90/360) = 0.00484375, and the future value is39,801,088.69 * (1.00484375) = 39,993,875.21The cost of the money market hedge is essentially the same as the cost of the forward hedge because interest rate parity is satisfied.第三套简单题：1 c

32、hinese pies inc .needs to buy 100000u.s dollar(usd) to pay its u.s .chocolate supplier its banker quotes bid-ask rates of CNY6.15286.1543/USD. What will be the RMB cost of the USD1000000(中国商人需要从银行买10万美元用来支付美国巧克力的供应商，银行人员报价的买卖汇率是一美元买入价6.1528人民币，卖出价是6.1543人民币，那么这10万美元需要花费多少人民币呢？参考试卷一2. If interest rat

33、e parity is satisfied, there are no opportunities for covered interest arbitrage. What does this imply about the relationship between spot and forward exchange rates when the foreign currency money market investment offers a higher return than the domestic money market investment? （如果利率平价是满意,没有补利息套利

34、的机会。这之间的关系意味着汇率远期外汇货币市场投资提供了一个更高的回报比国内货币市场投资?）如果外汇货币市场投资提供了一个更高的回报(外币)比国内货币市场投资,外汇必须打折的本国货币在远期市场。远期折扣锁在一个资本损失抵消交易外汇风险时,这减少了更高的回报的外汇回国内货币市场提供更低的回报。3 what are the main segment of the international bond market ,and what types of regulations apply to them (国际债券市场的2大主要部分是什么？什么类型的规则使用于他们？)Answer: One segm

35、ent of the international bond market is the foreign bond market, where a foreign issuer issues bonds in a particular domestic bond market, subject to local regulations. The other segment is the Eurobond market, where bonds are issued simultaneously in various markets, outside the specific jurisdicti

36、on of any country. Hence, these bonds are not subject to the regulations of any particular country.4.How cross listing benefits listed companies.（交叉持股的优缺点=交叉上市的优缺点？）交叉上市（跨境上市）的好处与坏处The advantages and disadvantages of cross-listing：跨境上市是指发行股票的公司除了在其自己国家的股票交易所挂牌交易股票外，还在一个或更多的外国股票交易所挂牌交易股票。好处：1跨境上市是一个公

37、司扩大其股票投资者群的一个手段，跨境上市可以潜在地提高对其股票的需求。需求的增加可以提高该公司股票的市场价格。另外，更大的市场需求和更宽的投资者基础提高了证券的流动性。2公司将其股票跨境上市可以提高它在新的资本市场上的知名度，从而为公司在需要从投资者那里筹集新的股权或者债务资本时铺平了道路。3跨境上市使得公司为更多投资者和客户知晓。4跨境上市可以通过为公司股票创造出更宽的投资者基础来降低公司遭受恶意收购的可能。坏处：1发行成本较高。我国企业赴境外上市通常要付出比境内更为高昂的成本，主要体现在股票发行价格和发行费用两个方面。2上市后维护成本高。首先，从直接的维护费用来说，企业海外上市后要支付较高

38、的会计师、律师、交易所年费等后续费用。其次，对于我国大部分企业而言，海外市场在提供较为完备的约束机制的同时，也具有巨大的语言、文化和法律壁垒。再者，我国企业不熟悉境外法律体系，这不仅使企业要付出更高的律师费用，并且会面临种种诉讼风险。3.与本土市场的脱节，将对一些海外上市企业的长期发展产生影响。除去一些主要业务依托于国际市场的企业以外，从长远看，企业赴海外上市，在获取企业发展所需资金和成熟市场的培育机制的同时，也会出现与本土资本市场脱节的现象，无法有效地与本土经济体形成相互促进、共同发展的合力，将对企业在本土经济体中做大做强产生一些影响。综合题 Suppose that the price l

39、evel in us is USD 15000 the price level in UK is GBP 10000, and the spot exchange rate isUSD1.4/GBP(假设价格水平在美国是15000，在英国的价格水平是10000.A. what is the internal purchasing power of the US dollar ? (2 points)its probably best to calculate the purchasing power of USD1000000 we find $1000000/($15000/consumpt

40、ion bundle)=66.67consumption bundlesB. what is the internal purchasing power of the Pound in UK ? (2 points)performing a similar calculation to the one in part a ,we find UK1000000=100consumption bundles UK10000/consumption bundleC. What is the implied exchange rate of USD/GBP that satisfies absolut

41、e purchasing power parity ? (3 points)The implied exchange rate of USD/GBP = $15000/10000=$1.50/D. Is the UK pound overvalued or undervalued relatives to the US dollar ? (2 points)The pound is undervalued on foreign exchange markets because the implied 3p exchange rate of $1.50/ is more than the act

42、ual exchange of $1.40/E. What amount of appreciation or depreciation of the UK pound would be required to return the actual exchange rate to its ppp value ? (3 points)The pound would have to strengthen relative to the dollar by 7.14% to correct its undervaluation because( $1.50/)/( $1.40/)-1=0.714Pa

43、rt5:Calculation QuestionsAssume that you are an importer of wine into US from France .You have agreed to pay 4000000 whey you have received the wine and determined that it is in good conditions Payment of the money and delivery of the wine are scheduled for 90 days Spot exchange rate $1.10/90-day fo

44、rward exchange rate$1.08/90-day dollar interset rate 6.00% p.a.90-day euro interset rate13.519% p.a.a. Describe the nature extent of your transaction foreign exchange risk (4 points)b. Explain two ways to hedge the risk .(4 points)c. Which of the alternatives in part.b is superior?(12 points)参照书201页