《国际投资学》第02章在线测试
国际投资学第二章国际投资理论课本精炼知识点（含课后习题答案）（共5篇）
国际投资学第二章国际投资理论课本精炼知识点（含课后习题答案）（共5篇）第一篇：国际投资学第二章国际投资理论课本精炼知识点(含课后习题答案)第二章国际投资理论第一节国际直接投资理论一、西方主流投资理论（一）垄断优势论：市场不完全性是企业获得垄断优势的根源，垄断优势是企业开展对外直接投资的动因。
市场不完全：由于各种因素的影响而引起的偏离完全竞争的一种市场结构。
市场的不完全包括：1.产品市场不完全2..要素市场不完全3.规模经济和外部经济的市场不完全4.政策引致的市场不完全。
跨国公司具有的垄断优势：1.信誉与商标优势2.资金优势3.技术优势4.规模经济优势（内部和外部）5.信息与管理优势。
跨国公司的垄断优势主要来源于其对知识资产的控制。
垄断优势认为不完全市场竞争是导致国际直接投资的根本原因。
（二）产品生命周期论：产品在市场销售中的兴与衰。
（三）内部化理论：把外部市场建立在公司内部的过程。
（纵向一体化，目的在于以内部市场取代原来的外部市场，从而降低外部市场交易成本并取得市场内部化的额外收益。
）（1）内部化理论的基本假设：1.经营的目的是追求利润最大化2.企业可能以内部市场取代外部市场3.内部化跨越了国界就产生了国际直接投资。
（2）市场内部化的影响因素：1.产业因素（最重要）2.国家因素3.地区因素4.企业因素（最重要）（3）市场内部化的收益：来源于消除外部市场不完全所带来的经济效益，包括1.统一协调相互依赖的企业各项业务，消除“时滞”所带来的经济效益。
2.制定有效的差别价格和转移价格所带来的经济效益。
3.消除国际市场不完全所带来的经济效益。
4.防止技术优势扩散和丧失所带来的经济效益。
市场内部化的成本：1.资源成本（企业可能在低于最优化经济规模的水平上从事生产，造成资源浪费）2.通信联络成本3.国家风险成本4.管理成本当市场内部化的收益大于大于外部市场交易成本和为实现内部化而付出的成本时，跨国企业才会进行市场内部化，当企业的内部化行为超越国界时，就产生对外直接投资。
国际投资第2阶段练习题
第二阶段练习题考试科目:《国际投资》第四章至第七章（总分100分）学习中心（教学点）批次：层次：专业：学号：身份证号：姓名：得分：一、填空：（本题共5小题，每小题2分，共10分）1、国际投资环境通常按构成因素的归类划分为五大部分：、、、和。
2、在众多的投资环境因素中，被认为对投资有关键影响的项目有、、、、、、和。
3、跨国收购可以采取和两种方法来完成收购企业的接管或兼并。
4、政治风险可以有多种分类法。
按风险影响的广度不同，政治风险可以分为和。
按风险影响的程度不同，政治风险可分为、和。
5、合资经营企业一般采取公司形式，其组织形式主要有、、和。
二、判断题：（本题共10小题，每小题1分，共10分）1、“闵氏多因素评分法”是对某国投资环境作一般性的评估所采用的方法，它较少从具体投资项目的投资动机出发，考察投资环境。
2、关键因素评估法与闵氏多因素评分法一样都是对某国投资环境作一般性的评估所采用的方法。
3、政治风险担保一般可以得到，但这并不减轻投资商自己评估项目的政治风险的义务。
4、根据赫奇法，如果出口成本小于对外直接投资成本，则跨国公司选择出口进入模式。
5、国际避税是在各国税法上不完善的基础上产生的，它具有与逃税相同的性质。
6、避税地公司的基本作用在于它能为资本再投入和资本转移提供便利，从而使整个公司得到财务或税收上的利益。
这种利益的取得往往通过各种公司内的转移价格来实现。
7、无限公司的股东用自己的全部财产对公司债务承担无限责任，而股份有限责任公司的股东的责任仅限于出资额。
8、国际直接投资项目可行性研究的主要内容为市场研究、生产研究和财务和经济研究。
9、有限责任公司就是股份有限公司。
10、国际独资企业的形式主要包括国外分公司、国外子公司和国外避税地公司。
三、单项选择题：（本题共5小题，每小题2分，共10分）1、按风险影响的程度不同，政治风险可分为A、政治干预、制裁和财富的剥夺。
B、宏观政治风险和微观政治风险。
国际投资学在线试题库英文版M02_SOLN9695_06_TB_C02
Chapter 2Foreign Exchange Parity RelationsNote:In the sixth edition of Global Investments, the exchange rate quotation symbols differ from previous editions. We adopted the convention that the first currency is the quoted currency in terms of units of the second currency.For example, €:$ = 1.4 indicates that one euro is priced at 1.4 dollars. In previous editions we used the reversed convention $/€= 1.4, meaning 1.4 dollars per euro.All problems in this test bank still use the old convention and have not been adapted to reflect the new quotation symbols used in the 6th edition.Questions and Problems1. The current Swiss franc/U.S. dollar spot exchange rate is 2 Swiss francs per dollar, or CHF/$ =2.The expected inflation over the coming year is 2% in Switzerland and 5% in the United States.What is the expected value for the spot exchange rate a year from now, according to purchasingpower parity?SolutionAccording to the purchasing power parity relation, which states that spot exchange rate adjustsperfectly to inflation differential between two countries, the expected value for the exchange rate,a year from now, is given by:11.022 1.9429 1.05S== CHF/$.2. The spot exchange rate is CHF/$ = 2.00. The one-year interest rate is equal to 4% in Switzerland and8% in the United States. What should the current value of the forward exchange rate be?SolutionAccording to the interest rate parity relation, the forward discount (or premium) is equal to the interest rate differential. With F being the current value of the one-year forward exchange rate, we have:1.042. 1.92591.08F== CHF/$.3. The ¥/€ spot exchange rate is 130 yen per euro. Inflation rates in Japan and Germany are similar.Over the past year the ¥/€ rate moved from 110 to 130. Is this good news or bad news for Japanese firms competing with German firms in the automobile market?10 Solnik/McLeavey •Global Investments, Sixth EditionSolutionThe weakening of the yen against the euro is good news for Japanese competitors in the automobile market. For the same amount of euros earned from their sales in Germany (for instance €1 billion), the Japanese companies will have the possibility to convert their earnings into a greater amount of yen (130 billion yen) than they used to (110 billion yen). Also, their relative cost structure improves compared to their German competitors.4. Should nominal interest rates be equal across countries? Why or why not?SolutionThe nominal interest rate can be defined as the sum (or more precisely the compounding) of the real interest rate and the expected inflation rate over the term of the interest rate. Although the international Fisher relation claims that real interest rates are equal across the world, we know that expectedinflation can be very different from one country to another. Therefore, there is no reason whynominal interest rates should be equal across countries.5. Should real interest rates be equal across countries? Can a financial arbitrage take place in case ofsignificant and persistent real interest rate differences? To answer this question:a. First assume that exchange rates are fully predictable and follow purchasing power parity (PPP).b. Then assume that they are uncertain but that PPP holds.c. Finally, assume that exchange rates are uncertain and that PPP does not hold.SolutionNot necessarily. This can be shown by observing that no risk-free arbitrage can exploit differences in real interest rates. Let’s start with a simple world and progressively add more c omplex realities.Assume that the real rates on euros and U.S. dollars are respectively 2% and 4%. Let’s use the linear approximation:a. Exchange rate is fully predictable and PPP holds.Differences in real interest rates can be arbitraged away. One can simply borrow in €, transfer the € in $ at the spot exchange rate and lend the $. It can easily be seen that this strategy yieldsexactly the real interest rate differential (2%) without any capital investment.Since the exchange rate is fully predictable and follows PPP, we know for sure that its futuredepreciation is exactly equal to the (certain) expected inflation differential. The net result on theinvestment strategy is the real interest rate differential.b.Exchange rate is uncertain but PPP holds.We know that the future exchange rate will exactly reflect the observed future inflation differential (PPP) but we are not sure about future inflation rates. The interest rate differential is equal to the real interest rate differential plus the expected inflation differential, while the exchange ratedepreciation will be equal to the ex-post realized inflation differential. The deviation betweenexpected and realized inflation makes the above arbitrage uncertain. However, the deviation islikely to be small for short horizons, so arbitrage will insure that the short-term real interest ratedifferential is small.c. PPP does not hold.Real exchange rates can be very volatile in the short run. No riskless arbitrage can take place totake advantage of real interest rate differentials.Chapter 2 Foreign Exchange Parity Relations 11 6. Here are some statistics:GBP(£) CHFInflation (annual rate) 10% 4%One-year interest rate 12% ?%Spot exchange rate (CHF/£) 3%Expected exchange rate (in one year) ?%One-year forward exchange rate (CHF/£) ?%Based on the linear approximation of international parity relations, replace the question marks with the appropriate answers.SolutionAssuming that international parity relations hold, here are the appropriate answers (linear approximation):GBP(£) CHFInflation (annual rate) 10% 4%One-year interest rate 12% 6%Spot exchange rate (CHF/£) 3%Expected exchange rate (in one year) 2.84%One-year forward exchange rate(CHF/£)2.84%Calculations can also be performed without the linear approximation.7. Paf is a small country. Its currency is the pif and the exchange rate with the U.S. dollar was 2 pifsper dollar in 1980. The inflation indexes in 1980 were equal to 100 in the United States and in Paf.Twenty years later, the inflation indexes were equal to 400 in the United States and 200 in Paf. The current exchange rate is 0.9 pifs per dollar.a. What should the current exchange rate be if PPP prevailed?b. Is the Pif over/undervalued according to PPP?Solutiona. According to the purchasing power parity relation, which states that the spot exchange rateadjusts perfectly to inflation differential between two countries, the expected value for theexchange rate, twenty years from now, is given by:12 214S=⨯= Pif/$.b. According to PPP, the Pif is overvalued.8. Fundamental Value Based on Absolute PPP. Ideally, one would like to compare directly the priceof goods in two countries to see if an exchange rate conforms to absolute PPP, or whether it is overvalued or undervalued in real terms. As mentioned in Chapter 2, this can only be done for some individual goods that are clearly comparable (“law of one price”), and the estimation for different goods can lead to opposing conclusions. In Chapter 2, we provide an analysis based on the well-known Big Mac report of The Economist. Of course, the Big Mac is a very particular product and a fundamental PPP value can be computed on a wide range of products. The results are often conflicting.For example, one can look at production prices rather than consumption prices. Some studies are12 Solnik/McLeavey •Global Investments, Sixth Editionconducted by looking at labor costs. Rather than looking at unit labor costs for unskilled workers, as is often done, the exhibit below reports the average annual remuneration of the chief executive officer (CEO) of industrial companies with annual revenues of $250 million to $500 million in ten selected areas of the world. The figures are also from April 1998. They include all forms of compensation, such as bonuses, perks, and stock options, but are not adjusted for different taxes or costs of living.The first column gives the total CEO compensation measured in U.S. dollars using the actualexchange rate, which is indicated in the second column. The third column gives the fundamental PPP value of each currency, implied by the national CEO compensations. It is the exchange rate with the dollar that would make CEO compensation identical in all countries. The fourth column gives the actual overvaluation (if positive) or undervaluation (if negative) of the local currency relative to its fundamental value in terms of CEO compensation.EXHIBIT: Determining a Fundamental PPP Value Based on CEOs’ RemunerationTotal Compensation in US $ActualExchange Rate(1 US $ = )FundamentalPPP Value(1 US $ = )Undervaluationin %South Korea 150,711 1474 207 -86 Germany 398,430 1.84 0.68 -63Japan 420,855 135 53 -61Mexico 456,902 8.54 3.64 -57 Canada 498,118 1.42 0.66 -54France 520,389 6.17 2.99 -51U.K. 645,540 0.6024 0.3626 -40Hong Kong 680,616 7.75 4.92 -37Brazil 701,219 1.14 0.75 -35U.S.A. 1,072,400 1 1Source:Total compensation data comes from Towers Perrin, 1998.What conclusions can you draw from this exhibit?SolutionThere is a wide dispersion in the dollar remuneration of CEOs across the world. American CEOs are the best paid, followed by their Brazilian and Hong Kong counterparts. Korean and German CEOs have very low compensations relative to Americans. The implied PPP exchange rates suggest that all currencies are strongly undervalued relative to the U.S. dollar. They reflect a basic international difference in management culture across the world, rather than an enormous dollar overvaluation. Actually, recent international mergers (e.g., the acquisition of Amoco by British Petroleum, or the acquisition of Chrysler by Daimler Benz) highlight the problem, as German and British managers are envious of their U.S. counterparts, who themselves fear losing part of their remuneration. It is likely that the apparent overvaluation of the dollar as reflected in the exhibit will partly be corrected by a trend toward greater international harmonization of CEOs’ remuneration. In the exhibit, the Brazilian real is overvalued relative to a majority of currencies, especially those of other emerging countries. It was not surprising to see the real devalue by some 40% in January 1999.In practice, no one would estimate the fundamental value of a currency by applying absolute PPP to a single good, especially a nontraded one, and the above discussion is only anecdotal.Chapter 2 Foreign Exchange Parity Relations 13 9. The exhibit below presents the 1997 balance of payments statistics for France, Germany, Japan, theUnited Kingdom, and the United States. The various balance of payments items have been aggregated using the presentation outlined in Chapter 2.EXHIBIT: 1997 Balance of Payments of Five Major CountriesBillions of U.S. DollarsFrance Germany Japan U.K. U.S.A.Current Account 39 -1 94 7 -167Exports 284 510 409 279 680Imports -256 -436 -308 -300 -877Trade Balance28 74 101 -21 -197Balance of Services 17 -41 -54 15 87Net Income 3 -2 56 19 -18Current Transfers -9 -32 -9 -7 -39Capital and Financial Account -33 -1 -88 -11 168Direct Investments -12 -33 -23 -21 -11Portfolio Investments -24 -5 29 -22 308Other Financial and Capital-2 36 -128 25 -32 FlowsNet Errors and Omissions 5 1 34 7 -97Official Reserve Account -6 2 -6 4 -1Source: Adapted from International Monetary Fund, International Financial Statistics, 1998 Yearbook.a. Provide an analysis of the U.S. balance of payments.b. Provide an analysis of the British balance of payments.c. Provide an analysis of the French balance of payments.d. Provide a brief analysis of the Japanese balance of payments.e. Provide a brief analysis of the German balance of payments.Solutiona. The United States has been running a very large current account deficit for many years, andthe 1997 deficit reached $167 billion. A positive balance for services and net income receivedfrom abroad are far from compensating a huge deficit in the U.S. merchandise trade balance($197 billion). The U.S. capital and financial account is in surplus ($168 billion), despite the fact that Americans have been net direct investors abroad (–$11 billion). The 1997 surplus in the U.S.capital and financial account is explained by the fact that foreigners are happy to make portfolio investments and lend money to the United States (portfolio investments of $308 billion). Thesurplus in the capital and financial account is sufficient to cover the huge current account deficit.Two points are worth noting. First, the item “Net errors and omissions” (statistical discrepancy) is enormous, making the interpretation quite imprecise. Second, the International Monetary Fund (IMF) changed its definition of reserves in 1997: An item labeled “Liabilities constituting foreign authorities reserves” was deleted from official reserves and moved to the capital flows account.This figure traced the amount of dollar reserves invested by foreign central banks in the UnitedStates. For example, foreign monetary authorities invest some of their official reserves in U.S.Treasury securities, because of the special role of the dollar as a reserve currency.14 Solnik/McLeavey •Global Investments, Sixth Editionb. Since imports are greater than exports, the United Kingdom suffers from a negative trade balanceat -$21 billion. This figure is somewhat offset by a $15 billion excess of exported services overimported services. Nonetheless, the balance of goods and services is negative at -$6 billion.Net income received is positive and it overshadows a negative amount of unrequited transfers(current transfers). The balance of all current transactions with foreigners is therefore positiveat $7 billion.Both direct investments and portfolio investments are negative. Investments represent a financial outflow for the United Kingdom since its residents invest more actively abroad than foreignersinvest in the country. The balance for portfolio investments is negative at -$22 billion, reflecting the United Kingdom’s traditional involvement in international banking. Other capital flows,which include short-term capital deposited in domestic banks, do not compensate for thisfinancial outflow at $25 billion. Adjusted for net errors and omissions, the capital and financialaccount remains negative at -$11 billion.The balance of the current account and the capital and financial account causes a decrease inofficial reserves by -$4 billion, which shows as a positive official reserve account.c. At $284 billion, French exports of goods exceed imports by $28 billion. Exports of services alsoexceed imports, by $17 billion. Altogether, exports of goods and services exceed imports by$45 billion. This positive figure is strengthened by positive net income received, but partly offset by negative unrequited transfers, leading to a $39 billion positive current account. $39 billionis the amount of money that France has received from all current transactions with foreignersin 1997.Direct investment is -$12 billion, showing that the amount of direct purchases of companies orreal estate made by foreigners in France is inferior to the amount of direct purchases made byresidents abroad. The same conclusion can be drawn for portfolio investments at -$24 billion.Other capital flows, which include short-term deposits made by foreigners in France and byresidents abroad, is negative at -$2 billion. This corresponds to a financial outflow. Adjustedfor net errors and omissions, the capital and financial account remains negative at -$33 billion,reflecting the fact that French residents have invested more capital abroad than have beeninvested by foreigners in France.The balance of the current account and the capital and financial account causes an increase inofficial reserves by $6 billion, which shows as a negative official reserve account.d. Japan has a very different balance of payments structure. Japan runs a huge trade surplus, with acurrent account surplus of $94 billion. This allows Japan to invest heavily abroad while retaininga balanced reserve account. Actually, its reserves increased by $6 billion.e. Germany has a surplus in its trade balance but a deficit in its balance of services, plus largeunrequited transfers (current transfers). With a slight capital and financial account deficit(-$1 billion), the German central bank has to use its reserve assets to cover the deficit of theoverall balance ($2 billion).10. Because of the relative rise in local production costs brought about by the appreciation of the yen,many Japanese corporations have decided to transfer production abroad. What should be theimmediate and future impact on the Japanese balance of payments?SolutionTransferring production abroad means that Japanese capital is invested abroad. It will immediately result in a deterioration of the capital and financial account in the balance of payments. ThisChapter 2 Foreign Exchange Parity Relations 15 deterioration will have to be balanced by the official reserve account, that is, a decrease in official reserves. This is not a problem in Japan because of its current account surplus.In the longer run, exports will drop because the production of goods that used to be exported istransferred abroad. Imports should also drop, as goods needed in the production process need not be imported anymore. Overall, one can expect a drop in the trade balance, which will eventually show asa drop in the current account of the balance of payments. On the other hand, income received fromthese additional foreign investments will contribute positively to the Japanese current account.11. The Japanese balance of payments from 1987 to 1993 is as follows. All numbers are reported inbillions of U.S. dollars. The last line gives the real effective exchange rate index of the yen relative to other currencies. An increase in the index means a real appreciation of the yen.1987 1988 1989 1990 1991 1992 1993 Merchandise: Exports 224 260 270 280 307 331 351 Merchandise: Imports -128 -165 -193 -217 -203 -198 -210 Services: Credit 29 35 40 41 45 48 52 Services: Debit -48 -64 -75 -82 -85 -90 -93 Income: Credit 51 77 104 125 144 146 152 Income: Debit -37 -60 -85 -106 -121 -114 -115 Current Transfers -4 -4 -4 -6 -12 -5 -6 Direct Investments -18 -35 -45 -45 -29 -15 -14 Portfolio Investments -91 -53 -33 -14 35 -28 -6664 21 30 39 -78 -64 -24Other Financial and CapitalFlowsNet Errors and Omissions -4 3 -22 -21 -8 -10 0 Reserve AccountReal Effective Yen Rate 128 135 128 114 122 127 160a. Calculate the trade balance, current account, capital and financial account, and official reserveaccount for each year.b. Use these numbers to describe what has happened in terms of Japanese financial transactionswith the rest of the world.Solutiona. The various accounts are given below:1987 1988 1989 1990 1991 1992 1993 Trade Balance 96 95 77 63 104 133 141Current Account 87 79 57 35 75 118 131Capital and Financial-49 -64 -70 -41 -80 -117 -104 AccountOfficial Reserves -38 -15 13 6 5 -1 -27b. The Japanese trade balance, which has been constantly positive over the time period, worsenedfrom 1987 to 1990 and improved from then on. The current account tracked the trade balance.This surplus was mostly used to invest abroad (negative capital and financial account).The decrease in the current account from 1988 to 1990 led to a drop in official reserves (positive reserve account) and a weakening of the yen. Its real effective exchange rate depreciated from16 Solnik/McLeavey •Global Investments, Sixth Edition135 to 114. This improvement in the terms of trade led to an increase of the Japanese tradebalance in the early 1990s. In 1991 and 1992, the increased current account surplus was used toChapter 2 Foreign Exchange Parity Relations 17 increase foreign investments by the Japanese (the capital and financial account deficit increasedfrom 41 billion in 1990 to 117 billion in 1992). In 1993, the current account increased to131 billion but net foreign investments accounted to only 104 billion. Hence, Japanese reservesincreased by 27 billion (a negative official reserve account). This led to a strong appreciationof the yen.12. The Japanese balance of payments from 1994 to 1997 is as follows. All numbers are reported inbillions of U.S. dollars. The last line gives the real effective exchange rate index of the yen relative to other currencies. An increase in the index means a real appreciation of the yen.1994 1995 1996 1997Merchandise: Exports 386 429 400 409Merchandise: Imports 2241 2297 2317 2308Services: Credit 58 65 68 69Services: Debit 2106 2123 2130 2123Income: Credit 155 192 225 222Income: Debit 2115 2148 2172 2166Current Transfers 26 28 29 29Direct Investments 217 222 223 223Portfolio Investments 228 236 242 29Other Capital Flows 241 25 36 2128Net Errors and Omissions 218 14 1 34Reserve AccountReal Effective Yen Rate 169 175 146 137a. Calculate the trade balance, current account, capital and financial account, and official reserveaccount for each year.b. Use these numbers to describe what has happened in terms of Japanese financial transactionswith the rest of the world.Solutiona. The various accounts are given below:1994 1995 1996 1997Trade Balance 145 132 83 101Current Account 131 110 65 94Capital and Financial Account -104 -49 -28 -88Official Reserves -27 -61 -37 -6b. The Japanese trade balance, which has been constantly positive over the time period, decreaseddramatically from 1994 to 1996. The current account tracked the trade balance. This surplus was mostly used to invest abroad (negative capital and financial account). In each year, the currentaccount surplus exceeded the capital and financial account deficit and official reserves increased.In 1994 and 1995, the yen kept appreciating in real terms (its real effective exchange rate was127 in 1992 and moved up to 175 in 1995). The strong yen hurt the international competitiveness of Japan and its trade balance strongly deteriorated until 1996.18 Solnik/McLeavey •Global Investments, Sixth Edition13. Under a system of fixed exchange rates, a nation experiencing an excess of imports over exports cantry to remedy this situation by:a. Adopting tariffs and quotas.b. Reducing its income from investments abroad.c. Applying an expansionary macroeconomic policy to drive prices up and interest rates down.d. Building up its reserves of foreign currencies and reserve balances with the InternationalMonetary Fund.Solutiona. Adopting tariffs and quotas.14. Under a system of fixed exchange rates, a nation can try to remedy its balance of payments deficit by:a. Applying expansionary macroeconomic policy to drive prices up and interest rates down.b. Applying restrictive macroeconomic policy to keep prices down and interest rates up.c. Reducing its income from investments abroad.d. Building up its reserves of foreign currencies and reserve balances with the InternationalMonetary Fund.Solutionb. Applying restrictive macroeconomic policy to keep prices down and interest rates up.15. In 1994, the United States was experiencing a fairly strong economic recovery, ahead of other nations.Fears of an overheating economy led to sudden inflationary fears for the next few years.a. Would you expect U.S. interest rates to rise or drop?b. Would you expect the dollar to depreciate or appreciate?c. Would you expect a foreign bond portfolio to be a good investment compared to a U.S. dollarportfolio under this scenario?Solutiona. Inflationary fears will cause interest rates to rise. Economic growth could also lead to higher realinterest rates.b. The dollar is likely to depreciate because of higher expected inflation. This could be offset byhigher real interest rates, which could attract foreign capital flows.c. The rise of U.S. interest rates will cause the market price of U.S. bonds to fall. It is thereforeappropriate to invest in foreign bonds rather than U.S. bonds. The likely depreciation of thedollar makes such an investment even more interesting (the foreign currency in which the bondsare denominated will appreciate against the dollar during the investment period and the investorwill make a foreign exchange profit when reselling his bonds).16. Exchange Rate Dynamics. Britain and Europe have no inflation, a constant money supply and(annualized) interest rates equal to 2% for all maturities. The exchange rate is equal to one pound per euro; this is its PPP value and the price indexes can be assumed to be equal to one in both countries.Suddenly and unexpectedly, Britain increases its money supply by 5%. This is a one-time butpermanent shock. Immediately upon the announcement, the British interest rate drops from 2% to 1% for all maturities (excess liquidity induces a drop in the real interest rate). It is expected that it will take three years for the shock in money supply to translate fully into a price increase. There is no effect on the real sector, nor any effect on Europe. Assume that the Eurozone is the domestic country.What will be the exchange rate dynamics?Chapter 2 Foreign Exchange Parity Relations 19SolutionFirst determine the long-run exchange rate. After three years, the British price level will rise by 5% to 1.05. The exchange rate expected to prevail at that time, E(S), is the new fundamental PPP value of the exchange rate, which is:*1.051 1.051.00S=⨯= pound per euro.After three years, the British interest rate will be back to 2%. In the short run (immediately after the announcement), the exchange rate will move to:S0 =E(S) ⨯ (1 + r DC)/(1 +r FC) = 1.05 ⨯33(12%)(11%)+=+1.0815 pounds per euro.Following the money supply shock, the short-run effect on the pound is a depreciation of 8.15%. This is caused by two phenomena:—The fundamental PPP value depreciates by 5% because of the 5% long-run increase in the British price level.—The drop in British interest rates leads to an additional 3.15% dollar depreciation (a total of 8.15%). This second phenomenon is caused by the drop in British interest rates. If the exchange rate S0 had settled at its long-run value of S*= 1.05 £/€, an arbitrage could be constructed. Rather than investing pounds at a 1% interest rate, it is much more attractive to exchange pounds for euros spot at 1/1.05 euros per pound, to invest those euros at 2%, and to repatriate the euros into pounds three years from now at the exchange rate of S*= 1.05 £/€. This would enable a speculator to “pocket” the interest rate differential and put pressure on the spot exchange rate until it reaches S0 = 1.0815 £/€. Of course, such reasoning relies on the assumption that the future exchange rate S* is known with certainty.。
国际投资第2阶段练习题
江南大学现代远程教育第二阶段练习题考试科目:《国际投资》第四章至第七章（总分100分）学习中心（教学点）批次：层次：专业：学号：身份证号：姓名：得分：一、填空：（本题共5小题，每小题2分，共10分）1、国际投资环境通常按构成因素的归类划分为五大部分：、、、和。
2、在众多的投资环境因素中，被认为对投资有关键影响的项目有、、、、、、和。
3、跨国收购可以采取和两种方法来完成收购企业的接管或兼并。
4、政治风险可以有多种分类法。
按风险影响的广度不同，政治风险可以分为和。
按风险影响的程度不同，政治风险可分为、和。
5、合资经营企业一般采取公司形式，其组织形式主要有、、和。
二、判断题：（本题共10小题，每小题1分，共10分）1、“闵氏多因素评分法”是对某国投资环境作一般性的评估所采用的方法，它较少从具体投资项目的投资动机出发，考察投资环境。
2、关键因素评估法与闵氏多因素评分法一样都是对某国投资环境作一般性的评估所采用的方法。
3、政治风险担保一般可以得到，但这并不减轻投资商自己评估项目的政治风险的义务。
4、根据赫奇法，如果出口成本小于对外直接投资成本，则跨国公司选择出口进入模式。
5、国际避税是在各国税法上不完善的基础上产生的，它具有与逃税相同的性质。
6、避税地公司的基本作用在于它能为资本再投入和资本转移提供便利，从而使整个公司得到财务或税收上的利益。
这种利益的取得往往通过各种公司内的转移价格来实现。
7、无限公司的股东用自己的全部财产对公司债务承担无限责任，而股份有限责任公司的股东的责任仅限于出资额。
8、国际直接投资项目可行性研究的主要内容为市场研究、生产研究和财务和经济研究。
9、有限责任公司就是股份有限公司。
10、国际独资企业的形式主要包括国外分公司、国外子公司和国外避税地公司。
三、单项选择题：（本题共5小题，每小题2分，共10分）1、按风险影响的程度不同，政治风险可分为A、政治干预、制裁和财富的剥夺。
B、宏观政治风险和微观政治风险。
国际投资试题及标准答案
国际投资试题及答案————————————————————————————————作者：————————————————————————————————日期：第一章练习题一、名词解释题（一）国际投资（二）公共投资（三）私人投资二、填空题（一）比较成功的投资，应该是产出量大于投入量及其应得到的（）之和。
（二）广义的国际投资包括（）等内容。
（三）国际投资以资本的特性区分界限，可分为（）和（）。
（四）国际投资学研究对象是（）。
三、选择题（单项或多项）(一）投资的本质在于（C ）。
A.承担风险 B、社会效用 C.资本增值 D.确定（二）国际投资中的长期投资是指（D ）年以上的投资。
A.三年B.八年C.一年 D、.五年（三）国际资本流动和国际投资是（B ）。
A.两个相同的概念 B、既有联系又有区别的两个不同概念C.相互包含交叉的两个概念 D、无法严格区分的两个概念（四）经济学家门在国际收支平衡表的资本项目中，把资本要素的国际流动区分为（A）。
A.短期资本和长期资本 B、经常项目和非经常项目c.顺差项目和逆差项目 D、贸易项目和劳务项目（五）经济性质的投资（ABCD ）。
A.其本质在于获利性 B、其主体可以是自然人，可以是法人C.其风险与利润成正 D、其客体可以是有形资产，可以是无形资产（六）广义的国际投资包括（ABCD ）。
A.国际直接投资 B、国际证券投资C.中长期国际贷款 D、国际灵活投资（七）国际投资与国内投资相比具有以下特点（ACD ）。
A.国际投资的跨国性 B、国际投资的政府性C.国际投资的风险性更大 D、国际投资所体现的民族性（八）国际直接投资和国际间接投资的区别在于（ACD ）。
A.国际直接投资能够有效控制投资对象的外国企业，而国际间接投资则不能B.国际直接投资的投资者拥有所投资企业的10%的投票权，而国际间接投资的投资者只掌握低于10%的表决权C.国际直接投资的性质和过程比国际间接投资来得复杂D.国际直接投资的风险要大于国际间接投资（九）（AC ）都属于公共投资。
国际投资学教程课后题答案(完整版) (2)(word文档良心出品)
第一章1.名词解释：国际投资：是指以资本增值和生产力提高为目标的国际资本流动，是投资者将其资本投入国外进行的一阴历为目的的经济活动。
国际公共（官方）投资: 是指一国政府或国际经济组织为了社会公共利益而进行的投资，一般带有国际援助的性质。
国际私人投资：是指私人或私人企业以营利为目的而进行的投资。
短期投资：按国际收支统计分类，一年以内的债权被称为短期投资。
长期投资：一年以上的债权、股票以及实物资产被称为长期投资。
产业安全：可以分为宏观和中观两个层次。
宏观层次的产业安全，是指一国制度安排能够导致较合理的市场结构及市场行为，经济保持活力，在开放竞争中本国重要产业具有竞争力，多数产业能够沈村冰持续发展。
中观层次上的产业安全，是指本国国民所控制的企业达到生存规模，具有持续发展的能力及较大的产业影响力，在开放竞争中具有一定优势。
资本形成规模：是指一个经济落后的国家或地区如何筹集足够的、实现经济起飞和现代化的初始资本。
2、简述20世纪70年代以来国际投资的发展出现了哪些新特点？（一）投资规模，国际投资这这一阶段蓬勃发展，成为世纪经济舞台最为活跃的角色。
国际直接投资成为了国际经济联系中更主要的载体。
（二）投资格局，1.“大三角”国家对外投资集聚化 2.发达国家之间的相互投资不断增加 3.发展中国家在吸引外资的同时，也走上了对外投资的舞台(三)投资方式，国际投资的发展出现了直接投资与间接投资齐头并进的发展局面。
（四）投资行业，第二次世界大战后，国际直接投资的行业重点进一步转向第二产业。
3.如何看待麦克杜格尔模型的基本理念？麦克杜格尔模型是麦克杜格尔在1960年提出来，后经肯普发展，用于分析国际资本流动的一般理论模型，其分析的是国际资本流动对资本输出国、资本输入国及整个世界生产和国民收入分配的影响。
麦克杜格尔和肯普认为，国际间不存在限制资本流动的因素，资本可以自由地从资本要素丰富的国家流向资本要素短缺的国家。
资本流动的原因在于前者的资本价格低于后者。
《国际投资学》答案
《国际投资学》作业答案第一章国际投资概述一、名词解释1. 国际投资是各国官方机构、跨国公司、金融机构及居民个人等投资主体将其所拥有的货币资本或产业资本，经跨国流动形成实物资产、无形资产或金融资产，并通过跨国经营得以实现价值增值的经济行为。
2.跨国公司是指依赖雄厚的资本和先进的技术，通过对外直接投资在其他国家和地区设立子公司，从事国际化生产、销售活动的大型企业。
3.经济全球化世界各国在全球范围内的经济融合二、简答题1.国际投资的主要特点第一，投资主体单一化；第二，投资环境多样化；第三投资目标多元化；第四，投资运行复杂化。
2.跨国公司与国内企业比较有哪些特点？第一，生产经营活动的跨国化，这是跨国公司的最基本特征；第二，实行全球性战略；第三，公司内部一体化原则。
三、论述题跨国公司进入中国的步伐明显加快，这一趋势还将继续保持下去。
跨国公司研发投入明显增加，跨国公司投资更倾向于独资方式，中国政府的优惠政策，低廉的劳动力、广阔的市场等第二章国际直接投资理论一、名词解释1.市场内部化是指企业为减少交易成本，减少生产和投资风险，而将该跨国界的各交易过程变成企业内部的行业。
2.产品生命周期是产品的市场寿命，即一种新产品从开始进入市场到被市场淘汰的整个过程3.区位优势是指跨国公司在投资区位上具有的选择优势二、简答题1.简述垄断优势理论的主要内容这一理论主要是回答一家外国企业的分支机构为什么能够与当地企业进行有效的竞争，并能长期生存和发展下去。
海默认为，一个企业之所以要对外直接投资，是因为它有比东道国同类企业有利的垄断优势，从而在国外进行生产可以赚取更多的利润。
这种垄断优势可以划分为两类：一类是包括生产技术、管理与组织技能及销售技能等一切无形资产在内的知识资产优势；一类是由于企业规模大而产生的规模经济优势。
2.国际生产折中论的主要内容对外投资主要是由所有权优势、内部化优势和区位优势这三个基本因素决定的。
邓宁认为决定对外直接投资的三项因素之间是相互关联、紧密联系的。
国际投资学-随堂练习2020春华工答案
国际投资学，随堂练习第1章国际投资概述1.1 国际投资的内涵1.(单选题) 国内投资目的（），国际投资目的（）A单一化；多样化B单一化；单一化C多样化；多样化D多样化；单一化答题： A. B. C. D. （已提交）参考答案：A问题解析：1.2 国际投资的产生与发展1.(单选题) 1914年以前，在全球国际投资中最大输出国是。
A 法国B 美国C 德国D 英国答题： A. B. C. D. （已提交）参考答案：D问题解析：2.(单选题) 二次世界大战前，国际投资是以（）为主。
A证券投资B实业投资C直接投资D私人投资答题： A. B. C. D. （已提交）参考答案：A问题解析：1.3 国际投资的经济影响答题： A. B. C. D. （已提交）参考答案：C问题解析：2.(单选题) 国际投资学是一门( )A.研究商品和非要素劳务在国际间的运动及其客观规律的科学。
B.研究货币在国际间地运动及其客观规律的科学。
C.研究国际投资主体、国际投资客体的运营过程，以及由此产生的对世界经济、各国经济的影响，探索其内在规律的学科。
D.研究世界各国经济运动的客观规律的科学。
答题： A. B. C. D. （已提交）参考答案：C问题解析：第2章国际投资理论2.1 国际直接投资理论A. B. C.A. B. C.答题： A. B. C. D. （已提交）参考答案：C问题解析：4.(单选题) 根据折衷理论，三种优势都具备时，厂商应选择的经济活动形式是（D）A出口B许可证交易C战略联盟D直接投资答题： A. B. C. D. （已提交）参考答案：D问题解析：5.(单选题) 内部化理论的思想渊源来自(B）A科斯定理B产品寿命周期理论C相对优势论D垄断优势论答题： A. B. C. D. （已提交）参考答案：B问题解析：6.(单选题) 美国著名经济学家( )于20世纪70年代提出了产品周期论，从动态分析的角度说明了国际直接投资的原因。
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《国际投资学》第02章在线测试
A B
C D
、被称为现代金融投资理论的核心的是
A B
C D
、出版了《证券组合选择》一书，为现代西方证券投资理论奠定了基础的经济学家是
A B
C D
、“新产品成为标准化产品，更多的厂商进入该市场，成本在竞争中占主要地位，厂商间展开激烈竞争，最初的创新企业优势完全丧失”指
A B
C D
、下列投资策略描述的是买进表现差的股票而卖出表现好的股票来进行套利的投资方法的是
A B
C D
D、国家支持理论
2、夏普将证券的风险按其性质分为
A、价格风险
B、流动性风险
C、系统风险
D、非系统风险
3、在证券组合选择中，有效集定理可以表述为
A、在各种风险水平条件下，提供最大预期收益率
B、在各种风险水平条件下，提供最小预期收益率
C、在各种预期收益水平下，承担最小风险
D、在各种预期收益水平下，承担最大风险
4、证券组合的预期收益和风险主要取决于哪些因素
A、证券间的相关程度
B、各个证券的日交易量
C、各种证券的相对比例
D、单个证券收益的方差
5、以下对相关系数描述错误的是
A、r＝ 1 表明这两种证券完全正相关
B、r＝ --1 表明这两种证券完全负相关
C、r＝0 表明这两种证券毫不相关
D、r＝2的相关性大于r＝1的相关性
第三题、判断题（每题1分，5道题共5分）
1、资本化率理论认为，资本化率越高，同量收益流量所形成的资产的价值越低
正确错误
2、动量交易策略即预先对股票收益和交易量设定过滤准则，当股票收益和交易量同时满足过滤准则就买入股票或卖出股票的投资策略
正确错误
、位于证券市场线之上的每一种资产，在同等市场风险下，具有较低的预期收益
正确错误
、系统风险可以通过证券组合有效避免，非系统风险不行
正确错误
、国际直接投资是以国际债券、股票等国际证券为投资标的而进行的一种国际投资行为正确错误。