国际金融CH13
《国际金融CH》课件 (2)
1
自然灾害和市场震荡
了解外汇风险和利率风险，并学习如何管理这些风险。
2
衍生品市场和金融危机
探索衍生品市场，并研究金融危机对全球金融体系的影响。
3
风险管理策略和工具
了解各种风险管理策略和工具，以帮助组织应对不确定性。
国际金融实务
国际贸易和支付方式
探索与国际贸易有关的支 付方式和交易，以及全球 化经济背景下的挑战。
外国投资和跨国公司
了解外国投资的影响，以 及跨国公司在全球经济中 的角色和挑战。
国际合作与发展
探讨国际金融合作的重要 性，以促进经济增长和可 持续发展。
课程结论及提问
1 应用和实践
总结课程内容，并提供实际应用和进一步研究的建议。
2 参与性讨论
鼓励学生提问和参与讨论，以加深对国际金融的理解和思考。
《国际金融CH》PPT课件 (2)
课程介绍
国际金融 CH的重 要性，以及跟随全球经济变化 的能力。
国际金融组织
探索国际组织如何在全球经济 中发挥作用，以确保金融稳定 和合作。
跨国公司和国际投资
了解在全球化经济中经营跨国 公司和国际投资的挑战和机会。
金融风险管理
跨国金融原理(第三版)题库 ch13
Fundamentals of Multinational Finance, 3e (Moffett)Chapter 13 Sourcing Equity Capital Globally13.1 Multiple Choice and True/False Questions1) T he choice of when and how to source equity globally is usually aided early on by the adviceofA) a n investment banker.B) y our stock broker.C) a commercial banker.D) a n underwriter.Answer: ATopic: E quity SourcingSkill: R ecognition2) I nvestment banking services include WHICH of the following?A) a dvising when a security should be cross-listedB) p reparation of stock prospectusesC) h elp to determine the price of the issueD) a ll of the aboveAnswer: DTopic: I nvestment BankingSkill: C onceptual3) M ost firms raise their initial capital in foreign markets.Answer: FALSETopic: R aising CapitalSkill: C onceptual4) W hich of the following is the typical order of sourcing capital abroad?A) A n international bond issue, then cross listing the outstanding issues on otherexchanges, then an international bond issue in the target market.B) A n international bond issue in the target market then cross listing the outstandingissues on other exchanges, then an international bond issue.C) A n international bond issue, then an international bond issue in the target market, thencross listing the outstanding issues on other exchanges.D) C ross listing the outstanding issues on other exchanges, then an international bondissue, then an international bond issue in the target market.Answer: CTopic: G lobal Equity SourcingSkill: C onceptual5) ________ are negotiable certificates issued by a bank to represent the underlying shares ofstock, which are held in trust at a foreign custodian bank.A) N egotiable CDsB) I nternational mutual fundsC) D epositary receiptsD) E urodepositsAnswer: CTopic: D epositary ReceiptsSkill: R ecognition6) D epositary receipts traded outside the United States are called ________ depositary receipts.A) E uroB) G lobalC) A mericanD) N one of the aboveAnswer: BTopic: G lobal Depositary ReceiptsSkill: R ecognition7) E ach ADR represents ________ of the shares of the underlying foreign stock.A) a multipleB) 100C) 1D) A DRs have nothing to do with foreign stocks.Answer: ATopic: A merican Depositary ReceiptsSkill: R ecognition8) A DRs cannot be exchanged for the underlying shares of the foreign stock, therefore,arbitrage cannot keep the prices in line with the foreign price of the stock.Answer: FALSETopic: A merican Depositary ReceiptsSkill: C onceptual9) W hich of the following is NOT an advantage of ADRs to U.S. shareholders?A) T ransfer of ownership is done in the U.S. in accordance with U.S. laws.B) I n the event of the death of the shareholder, the estate does not go through a foreigncourt.C) S ettlement for trading is generally faster in the United States.D) A ll of the above are advantages of ADRs.Answer: DTopic: A merican Depositary ReceiptsSkill: R ecognition10) A DRs that are created at the request of a foreign firm wanting its shares traded in the UnitedStates are ________.A) f acilitatedB) u nfacilitatedC) s ponsoredD) u nsponsoredAnswer: CTopic: A merican Depositary ReceiptsSkill: R ecognition11) W ho pays the costs of creating a sponsored ADR?A) t he foreign firm whose stocks underlie the ADRB) t he U.S. bank creating the ADRC) b oth the U.S. bank and the foreign firmD) t he SEC since they require the regulationAnswer: ATopic: A merican Depositary ReceiptsSkill: R ecognition12) A n unsponsored ADR may be initiated without the approval of the foreign firm with theunderlying stock.Answer: FALSETopic: A merican Depositary ReceiptsSkill: R ecognition13) L evel I ADRs trade primarilyA) o n the New York Stock Exchange.B) o n the American Stock Exchange.C) o ver the counter or pink sheets.D) L evel I ADRs typically do not trade at all, but instead are privately issued and helduntil maturity.Answer: CTopic: A merican Depositary ReceiptsSkill: R ecognition14) L evel II ADRs must meetA) U.S. GAAP standards.B) h ome country accounting standards.C) b oth U.S. GAAP and home country standards.D) n one of the above.Answer: ATopic: A merican Depositary ReceiptsSkill: C onceptual15) L evel ________ is the easiest standard to satisfy for issuing ADRs.A) 144aB) I IIC) I ID) IAnswer: DTopic: A merican Depositary ReceiptsSkill: R ecognition16) L evel III ADR commitment applies toA) f irms that want to list existing shares on the NYSE.B) b anks issuing foreign mutual funds.C) A DR issues of under $25,000.D) t he sale of a new equity issued in the United States.Answer: DTopic: A merican Depositary ReceiptsSkill: R ecognition17) B y cross listing and selling its shares on a foreign stock exchange a firm typically tries toaccomplish which of the following?A) i mprove the liquidity of its existing sharesB) i ncrease its share priceC) i ncrease the firmʹs visibilityD) a ll of the aboveAnswer: DTopic: C ross Listing Equity SharesSkill: C onceptual18) A DRs are considered an effective way for firms to improve the liquidity of their stock,especially if the home market is small and illiquid.Answer: TRUETopic: A merican Depositary ReceiptsSkill: C onceptual19) I n order, the largest stock exchanges in the world based on market capitalization of thesecurities traded there are ________.A) L ondon, NYSE, and NasdaqB) N YSE, Nasdaq, and LondonC) N asdaq, NYSE, and LondonD) T okyo, NYSE, and LondonAnswer: BTopic: W orld Equity MarketsSkill: R ecognition20) T he stock exchange with the greatest value of shares traded is ________.A) N YSEB) T okyoC) N asdaqD) L ondonAnswer: ATopic: W orld Equity MarketsSkill: R ecognition21) T he Tokyo exchange is the number one choice of firms looking to gain liquidity by cross-listing their equity securities.Answer: FALSETopic: W orld Equity MarketsSkill: R ecognition22) T ransaction costs for trading equity securities as measured by the bid-ask spreads are loweston which exchange?A) N YSEB) N asdaqC) L ondonD) T okyoAnswer: ATopic: W orld Equity MarketsSkill: R ecognition23) T he number of foreign firms traded on the London exchange is ________ than the numbertraded on the NYSE, and the costs of listing and disclosure in London are ________ those for the NYSE.A) l ess than; less thanB) l ess than; greater thanC) g reater than; less thanD) g reater than; greater thanAnswer: DTopic: W orld Equity MarketsSkill: R ecognition24) T he least liquid stock markets as identified by the authors offer little liquidity for their owndomestic firms, and are of little value to foreign firms.Answer: TRUETopic: M arket LiquiditySkill: C onceptual25) W hich one of the following characteristics does NOT contribute to overall market liquidity?A) S ignificant market making activities.B) R educed transaction costs.C) E ffective crisis management.D) A ll of the above contribute to efficient markets.Answer: ATopic: M arket LiquiditySkill: C onceptual26) Y our authors note several empirical studies that have foundA) n o share price effect for foreign firms that cross-list on major U.S. exchanges.B) a positive share price effect for foreign firms that cross-list on major U.S. exchanges.C) a negative share price effect for foreign firms that cross-list on major U.S. exchanges.D) n one of the above.Answer: BTopic: E mpirical Evidence of Cross-ListingSkill: R ecognition27) T he authors note empirical evidence that shows cross-listing foreign shares of stock on U.S.exchanges has a positive stock price effect. ________ for the listing of ADRs.A) T here is no stock price reactionB) T here is a negative stock price reactionC) T here is a positive stock price reactionD) N one of the above is true.Answer: DTopic: E mpirical Evidence of Cross-ListingSkill: C onceptual28) E mpirical evidence shows that new issues of equity by domestic firms in the U.S. markettypically has a ________ stock price reaction and new equity issues in the U.S. markets by foreign firms with segmented domestic markets have a ________ stock price reaction.A) n egative; negativeB) p ositive; negativeC) n egative; positiveD) p ositive; positiveAnswer: CTopic: E mpirical Evidence of Cross-ListingSkill: C onceptual29) I n addition to gaining liquidity, which of the following could also be considered a legitimatereason for cross-listing equity?A) e nhance a firmʹs local imageB) b ecome more familiar with the local financial communityC) g et better local press coverageD) a ll of the aboveAnswer: DTopic: R easons for Cross-ListingSkill: C onceptual30) F or the most part, U.S. SEC disclosure requirements are ________ stringent than other, non-U.S. equity market rules.A) m oreB) l essC) a s equallyD) n one of the aboveAnswer: ATopic: S EC Disclosure RequirementsSkill: R ecognition31) A ccording to the U.S. school of thought, the worldwide trend toward fuller and morestandardized disclosure rules should ________ the cost of equity capital.A) i ncreaseB) d ecreaseC) h ave no impact onD) n one of the aboveAnswer: BTopic: D isclosure RequirementsSkill: R ecognition32) A nother school of thought about the worldwide trend toward fuller and more standardizeddisclosure rules is that the cost of U.S. level equity capital disclosureA) c hases away potential listers of equity.B) i s an onerous costly burden.C) l eads to fewer foreign firms cross listing in U.S. equity markets.D) a ll of the above.Answer: DTopic: D isclosure RequirementsSkill: R ecognition33) W hich of the following were NOT identified by the authors as an alternative instrument tosource equity in global markets?A) s ale of a directed public share issue to investors in a target marketB) p rivate placements under SEC rule 144aC) s ale of shares to private equity fundsD) a ll of the aboveAnswer: DTopic: A lternative Equity SourcesSkill: R ecognition34) A ________ is defined as one that is targeted at investors in a single country andunderwritten in whole or part by investment institutions from that country.A) S EC rule 144a placementB) d irected public share issueC) E uroequity public issueD) s trategic allianceAnswer: BTopic: D irected Public IssueSkill: R ecognition35) T he term ʺeuroʺ as used in the euro equity market impliesA) t he issuers are located in Europe.B) t he investors are located in Europe.C) b oth A and B.D) n one of the above.Answer: DTopic: E uro Equity MarketSkill: R ecognition36) E mpirical evidence has found that on average public firms that have been privatized byissuing public equity haveA) i mproved profitability.B) h igher debt levels.C) l ower real sales.D) a ll of the above.Answer: ATopic: P rivatizing Public FirmsSkill: C onceptual37) E mpirical evidence has found that on average public firms that have been privatized byissuing public equity haveA) l owered capital investment levels.B) d ecreased efficiency.C) e xpanded their employment.D) a ll of the above.Answer: CTopic: P rivatizing Public FirmsSkill: C onceptual38) S EC rule 144A permits institutional buyers to trade privately placed securities without theprevious holding periods restrictions and without requiring SEC registration.Answer: TRUETopic: S EC Rule 144ASkill: R ecognition39) P rivate equity funds (PEF) differ from traditional venture capital (VC) funds in thatA) V C operate mainly in lesser-developed countries while PEF do not.B) V C typically invest in family business whereas PEF do not.C) V C is almost unavailable to emerging markets while PEF capital is available.D) a ll of the above are true.Answer: CTopic: P rivate Equity FundsSkill: C onceptual40) S trategic alliances are normally formed by firms that expect to gain synergies from which ofthe following?A) e conomies of scaleB) e conomies of scopeC) c omplementary marketingD) a ll of the aboveAnswer: DTopic: S trategic AlliancesSkill: C onceptual41) T he largest equity market in the world as measured by market value or annual stockturnover is in ________.A) G ermanyB) t he United StatesC) J apanD) B ritainAnswer: BTopic: L argest Equity MarketSkill: R ecognition42) T he reason more foreign firms do not sell equity securities in the U.S. and list on the NYSE isbecause ofA) t he threat of confiscation.B) d etailed U.S. disclosure rules.C) t he relative inefficiency of U.S. equity markets.D) t he foreign exchange risk of listing in U.S. dollars.Answer: BTopic: D isclosure RequirementsSkill: C onceptual43) A n MNE may cross list its shares on a foreign stock exchange so that it canA) c reate a secondary market so that shares may be used to compensate top localmanagers.B) c reate a secondary market so that shares can be used to acquire local firms.C) i ncrease the firmʹs visibility to its customers and employees.D) a ccomplish all of the above.Answer: DTopic: C ross Listed SharesSkill: C onceptual44) T he expected return on equities is greater than the expected return on debt in part becauseA) d ebt securities are serviced prior to equity securities.B) i nterest payments to bondholders are generally made only if the firm makes a profit.C) o nly a small portion of return to equity comes from increased capital appreciation.D) n one of the above.Answer: ATopic: E quity ReturnsSkill: C onceptual45) W hich of the following is NOT a motivation for the use of ADRs?A) t o reduce liquidity and increase the profitability of the firmB) t o reduce a firmʹs visibility and avoid political scrutinyC) t o increase share price by overcoming mis-pricing in a segmented and illiquid homemarketD) A ll of the above are motivations to use ADRs.Answer: CTopic: A DRsSkill: R ecognition46) W hich of the following is NOT a barrier to cross listing shares?A) F ixed income securities such as bonds are not traded in the subject market.B) i nvestor relationsC) d isclosure requirementsD) A ll are barriers to cross listing shares.Answer: ATopic: C ross Listing SharesSkill: R ecognition47) T he sale of a security to a small set of qualified institutional buyers is called aA) d epositary receipt.B) p rivate placement.C) f ixed income security.D) n one of the above.Answer: BTopic: P rivate PlacementSkill: R ecognition48) N egotiable certificates issued by a U.S. bank in the United States to represent the underlyingshares of stock, which are held in a trust at a custodian bank in a foreign country, are called ________.A) S DRsB) F DRsC) A DRsD) I OUsAnswer: CTopic: A DRsSkill: R ecognition49) W hich of the following is not a contributing factor to an individual equityʹs liquidity?A) d epth of capital availabilityB) c risis management capabilities of the market itselfC) t he degree to which the company is actually known and followed in the marketD) a ll of the aboveAnswer: DTopic: E quity LiquiditySkill: R ecognition50) A n advantage to American Depositary Receipts (ADRs) over Global Registered Shares(GRSs) isA) A DRs are able to be traded on equity exchanges around the world in a variety ofcurrencies.B) A DRs can theoretically be ʺtraded with the sunʺ following markets as they open andclose around the world.C) A DRs can be traded electronically and lack any type of specialized forms like thoseused with GRSs.D) N one of the above, these are all advantages to trading GRSs.Answer: DTopic: A merican Depositary ReceiptsSkill: R ecognition51) C ross border trading of some Canadian company securities in the U.S. preceded thedevelopment of Global Registered Shares (GRSs) by several decades.Answer: FALSETopic: G lobal Registered SharesSkill: R ecognition52) E conomic studies have found that international cross-listing of securities across financialmarkets resulted in ________ abnormal returns that were ________ for firms resident in emerging markets with a low level of legal barriers to capital flows than for firms resident in developed countries.A) p ositive; greaterB) p ositive; smallerC) n egative; greaterD) n egative; smallerAnswer: ATopic: S ecurity Cross-listingSkill: C onceptual53) G iven the following information, what is the cost of equity for the Teevox Corporation?Expected return in the domestic market is 12%, the risk-free rate of return is 4%, the firmʹs beta is 1.1, and the required return on debt for the firm is 7%.A) 12.00%B) 10.00%C) 8.80%D) 7.70%Answer: CTopic: C ost of EquitySkill: A nalytical54) W allet Drug Company has just recently raised money abroad for the first time in the historyof the firm. Prior to the recent equity issue abroad, the firm had a D/V ratio of 40%, aneffective tax rate of 30%, a before-tax cost of debt of 9%, and a domestic beta of 1.3. The expected return on the market portfolio was 13% and the risk-free rate was 5%. After the equity issue, Wallet Drug has a D/V ratio of 50%, their after-tax cost of debt has notchanged, nor has the effective tax rate, the firmʹs international beta is 1.0, the expected return on the market portfolio is only 12%, and the risk-free rate is still 5%. What was the firmʹs WACC prior to the issue of new common stock abroad?A) 9.15%B) 11.76%C) 13%D) 15.4%Answer: BTopic: W ACCSkill: A nalytical55) W allet Drug Company has just recently raised money abroad for the first time in the historyof the firm. Prior to the recent equity issue abroad, the firm had a D/V ratio of 40%, aneffective tax rate of 30%, a before-tax cost of debt of 9%, and a domestic beta of 1.3. The expected return on the market portfolio was 13% and the risk-free rate was 5%. After the equity issue, Wallet Drug has a D/V ratio of 50%, their after-tax cost of debt has notchanged, nor has the effective tax rate, the firmʹs international beta is 1.0, the expected return on the market portfolio is only 12%, and the risk-free rate is still 5%. What is the firmʹs new cost of equity after the international issue?A) 9.15%B) 11.76%C) 12.00 %D) 15.40%Answer: CTopic: C ost of EquitySkill: A nalytical56) W allet Drug Company has just recently raised money abroad for the first time in the historyof the firm. Prior to the recent equity issue abroad, the firm had a D/V ratio of 40%, aneffective tax rate of 30%, a before-tax cost of debt of 9%, and a domestic beta of 1.3. The expected return on the market portfolio was 13% and the risk-free rate was 5%. After the equity issue, Wallet Drug has a D/V ratio of 50%, their after-tax cost of debt has notchanged, nor has the effective tax rate, the firmʹs international beta is 1.0, the expected return on the market portfolio is only 12%, and the risk-free rate is still 5%. What is the change in the firmʹs WACC after the international equity issue?A) 2.61%B) 1.74%C) 0.63%D) T here is no change in the firmʹs WACC.Answer: ATopic: S tock pricesSkill: A nalytical57) J apan has low median stock prices but more than 50% of the worldʹs highest priced sharesof stock.Answer: TRUETopic: S tock pricesSkill: R ecognition58) W hich of the following are not contributing factors to the dominance of the London andNew York Stock exchanges?A) r eady access to capitalB) m any highly qualified workersC) g ood infrastructureD) a ll are contributing factorsAnswer: DTopic: S tock ExchangesSkill: R ecognition59) W hich of the following are not contributing factors to the dominance of the London andNew York Stock exchanges?A) a ttractive tax environmentsB) l ow levels of corruptionC) a ttractive regulatory environmentsD) a ll are contributing factorsAnswer: DTopic: S tock ExchangesSkill: R ecognition60) W hich of the following are not contributing factors to the dominance of the London andNew York Stock exchanges?A) l ocationB) E nglish as the primary languageC) l ow levels of corruptionD) a ll are contributing factorsAnswer: DTopic: S tock ExchangesSkill: R ecognition61) A s measured by valued traded, the largest equity market is still located in the United States,but the largest derivatives markets are now located in Europe.Answer: FALSETopic: M arket ValuationSkill: R ecognition62) O n the global financial scene, the term ________ is used to signify the end of of marketownership by a small, privileged group of ʺseat owners.ʺA) g lobalizationB) d emutualizationC) i nstitutionalizationD) d iversificationAnswer: BTopic: D emutualizationSkill: R ecognition63) T he Sarbanes-Oxley Act in the U.S. has encouraged more and more international firms to listtheir securities in the US and pulled firms away from London.Answer: FALSETopic: S arbanes-OxleySkill: R ecognition64) C ontrary to many of the firms that trade financial securities and derivatives in their markets,the worldʹs financial exchanges are splitting into smaller more specialized units rather thanmerging into larger exchanges.Answer: FALSETopic: S tock ExchangesSkill: R ecognition13.2 Essay Questions1) A DRs are a popular investment tool for many U.S. investors. In recent years severalalternatives for investing in foreign equity securities have become available for U.S.investors, yet ADRs remain popular. Define what an ADR is and provide at least threeexamples of the advantages they may hold over alternative foreign investment vehicles forU.S. investors.Answer: Depositary receipts are negotiable certificates issued by a bank to represent theunderlying shares of stock held in trust at a foreign custodian bank. Those receiptstraded in the U.S. and denominated in dollars are called American depositary receipts(ADR). Because ADRs can be exchanged for the underlying foreign security, arbitragekeeps the prices in line. Even though U.S. investors can invest directly into someforeign equity markets, ADRs do offer some technical advantages. Among thoseadvantages are that dividends are received in dollars rather than a foreign currency,ADRs are in registered form rather than bearer form, transfer of ownership is done inaccordance with U.S. laws, and in the event of death, probate is in the U.S. and notabroad. Taxes are easier, trading costs are typically lower, and settlement is also faster.2) W hat are the two schools of thought regarding the worldwide trend toward increased financial disclosure by publicly traded firms. Explain which school of thought you hold toand why.Answer: The student must give his/her own opinion and supporting background. In either case the following should be noted: Increased disclosure should decrease uncertainty thusincreasing stock price. However, increased disclosure requirements result in increasedcosts in the form of initial preparation of financial statements, on-going costsassociated with regular development of financial statements, and the costs ofgathering and distributing information about the form on an on-going basis. As theauthors state, disclosure is a two-edged sword.。
ch13简单国民收入决定
同理，有Δy =Δc+ Δs；
两边同除Δy，则 Δy/Δy = Δc/Δy
+Δs/Δy
即： MPC + MPS = 1 推断:若MPC递减，那么MPS
必递增。
c,s Poor A
c=c(y)
Rich
a
450
s=s(y)
-a
y0
y
消费曲线与储蓄曲线
储蓄与消费的互补——函数曲线
c,s
y=c+s
2.生命周期假说 美国 莫迪利安尼（Modigliani）
假说： （1）人在一生中，收入有规律地波动。 （2）家庭会通过金融资产市场，以理性方式统筹安排一生
的资源，实现一生中最平稳的消费路径。
结论： 人们偏好平稳消费，工作年份储蓄，退休年份动用储蓄。 如果中年人比例增大，消费倾向会下降。 反之会增加。
消费中受收入水平影响
a
的部分。
45º
c= a + by y
3.消费倾向 propensity
消费倾向：消费与收入的比率。
平均消费倾向 APC average propensity to consume 平均每单位收入中消费所占比例。 计算：总消费在总收入中所占比例＝消费/收入＝c/y
APC如果<1，消费总量<收入总量（产生储蓄）； APC如果＝1，把全部收入都用于消费（储蓄为零）； APC如果>1，消费总量大于收入总量（负债消费，即产生负储蓄）。
收入 消费 储蓄 MPS APS
1 9000 9110 －110
-0.01
2 10000 10000 0 0.11 0
3 11000 10850 150 0.15 0.01
CH13 Direct Foreign Investment(国际金融管理,英文版)
Motives for DFI
Cost-Related Motives
Use foreign technology.
React to exchange rate movements, such as when the foreign currency appears to be undervalued. DFI can also help reduce the MNC’s exposure to exchange rate fluctuations.
Asian crisis, an MNC that had diversified among the Asian countries might have fared better than if it had focused on one country. Even better would be diversification among the continents.
Diversify sales/production internationally.
C13 - 7
Motives for DFI
• The optimal method for a firm to penetrate
a foreign market is partially dependent on the characteristics of the market.
C13 - 9
Change in Distribution of DFI
By U.S. Firms Over Time
DFI Distribution in 1982
Asia & Pacific 15% Middle East 2% Africa 3%
13第三篇ch13信贷资产证券化
SPV自身风险的隔离
SPV的本质特性----破产隔离给予交易的安全 性以极大的保障
破产隔离,简言之,就是指实体一般不会遭受自 愿的或非自愿的破产
评级机构认为SPV是风险隔离的六点要求:
1.对SPV目标和能力的限制 2.对债务的限制 3.独立董事 4.不会合并或重组 5.独立契约 6.资产的担保权益
四.需要注意的问题
1.评级机构不对市场风险进行评判,因为市场 风险不是信用风险
2.评级机构也不会对投资者某项投资是否合适 发表任何见解
3.信用评级不表示某种证券的市场价格是否合 适
4.信用评级表明了对按照合同的期限偿还的 可能性的看法;信用评级既是非常精确的,也是 非常有限的
5.投资者的认可是评级机构成功的关键
信用评级概述
一.信用评级 信用评级是根据发行人.会计人员和其他
专业人士所提供的各种现在的信息和历史 纪录,依据对发行人的审查,以及在资产支撑 的证券中对发起人和基础应收款的服务商 的审查与对基础资产的分析的基础之上进 行的;当存在一种或多种形式的信用增级时, 评级也必须对信用增级的提供者进行分析
二.信用评级机构的作用
担保资产是一种权益资产，或者说是一种债权， 这种担保资产缺乏流动性，但是拥有稳定的， 可预期的未来现金流量
资产证券化具有信用提高功能，以达到证券市 场对这类证券的信用等级要求
资产证券化交易步骤
建立特设信托机构SPV 筛选可证券化的资产并组成资产池 原始权益人将资产“真实出售”给
3.资产证券化技术
证券化金融资产的特征
具有可预测的，稳定的未来现金流 在历史纪录中很少发生违约或损失事件 未来现金流比较均匀的分摊与资产的续存期内 所对应的债务人有广泛的地域分布和人口统计分布 原所有者持有该项资产已经有一段时间，在此期间
《国际金融》教学大纲
《国际金融》教学大纲一、课程的性质和任务《国际金融》是广播电视大学财经科金融（含开放教育专科金融专业各方向）、国际贸易、财税等专业的基础理论课，是金融、国际贸易专业的必修课以及相关专业的选修课。
《国际金融》阐述的是国际金融学科的最一般规律、国际金融学的基本理论，介绍国际金融的基本业务和基础知识。
通过本课程的学习，可以使学生明确国际金融学科的研究对象、牢固掌握国际金融的最基本概念、初步了解国际金融的基本业务，为学好其他国际经济方面的业务课程打下坚实的基础。
学习《国际金融》课程也可以更好地完善金融专业学生的知识结构、开阔视野、提高学生从事宏观经济工作的综合素质。
二、与相关课程的衔接《国际金融》属于基础理论课，不管是金融、国际贸易专业的必修还是其他专业的选修，《国际金融》都是在修完《政治经济学》、《货币银行学》等公共基础课之后开设的，因此，本课程在大纲的编写和今后的教学实施过程中，都应该格外重视它的基础性与理论性。
《国际金融》的后续课程主要有：现代金融业务、企业金融行为、金融专题讲座、金融市场、商业银行经营管理、国际贸易理论与实务、国际结算、外贸英语函电等。
三、课程教学的基本要求1、正确认识课程的性质、任务及其研究对象，全面了解课程的体系、结构，对国际金融学科有一个总体的把握；2、牢固掌握国际金融学的基本概念，深刻理解国际金融的基本理论，掌握国际金融的基本原理和学科方法，了解国际金融学科的发展前沿；3、学会理论联系实际，掌握运用所学理论知识和国际金融学的原理和方法分析现实国际金融问题和具体案例的能力；学习掌握从国际金融业务实践中探索一般规律和理论概括的思维方法。
四、教学方法与教学形式1、文字教材：2000年秋季至2002年春季期间，中央电大《国际金融》课程的基本文字教材包括：(1)主教材：《国际金融》（穆怀朋编著，中国金融出版社出版）(2)辅助教材：《国际金融导读》（朱志忠编著，中国金融出版社出版）。
国际金融ch13
THE FOREIGN EXCHANGE MARKET (CONT.)
Characteristics of the market:
Trading
occurs mostly in major financial cities: London, New York, Tokyo, Frankfurt, Singapore. The volume of foreign exchange has grown:
if dollars are cheaper in New York than in London, people will buy them in New York and stop buying them in London. The price of dollars in New York rises and the price of dollars in London falls, until the prices in the two markets are equal.
Forward
forward dates are typically 30, 90, 180 or 360 days in the future. rates are negotiated between individual institutions in the present, but the exchange occurs in the future.
How much can be exchanged for one dollar? ¥102/$1 How much can be exchanged for one yen? $0.0098/¥1
国际金融CH13
• 利率平价条件
– 用相同货币衡量的任意两种货币存款的预期收益率 相等的条件，被称为利率平价条件
• 外汇市场交易的存款的收益取决于利率和预期的汇
率变化。
• 为了决定买入美元还是欧元存款，我们需要计算欧
元存款的的美元收益。
22
▪ 一个简单的法则
• 欧元存款的美元收益率约等于欧元的利率加上美元
相对欧元的贬值率。
– 美元相对欧元的贬值率定义为一年内美元/欧元汇率 的增长率。
23
外汇资产需求
• 因此，美元存款和欧元存款的预期收益率之差等于：
– 例如:2001年银行间的外汇交易有90％是美元的。
13
汇率与外汇交易
▪ 即期汇率与远期汇率
• 即期汇率
– 适用于即期汇率交易
• 远期汇率
– 适用于预先确定汇率的远期外汇市场交易
• 远期汇率与即期汇率并不必然相等，但是，它们却
在同方向变动，
14
汇率与外汇交易
图13-1: 1981－2001年，美元/英镑即期汇率与远期汇率
答案：此毛衣的美元价格即为:(1.50 $/£) x (£50) = $75.
6
汇率与国际交易
• 汇率的两种变动:
– 本国货币的贬值
– 外币的本币价格上升。 – 使得本国商品对外国人来说更便宜，外国商品对本国居民
更昂贵。
– 本国货币的升值
– 外币的本币价格下降。 – 使得本国商品对外国人来说更昂贵，外国商品对本国居民
• R$ - [R€ + (Ee$/ € - E$/€ )/E$/€ ]= R$ - R€ - (Ee$/€ -E$/€ )/E$/€ (13-1)
where:
国际经济学2 ： 国际金融.13(ppt 24)
• 两者从不同的角度，反映同一国家的国际经济交易活动。 国际借贷作为存量，理论上可看成是一国历年国际收支的 汇总，但事实上并非如此。因为当外汇汇率变动时，国际 借贷平衡表中的各项资产和负债会发生相应的变动，而国 际收支平衡表中并不反映汇率的变动。
国际收支平衡表
（Balance of Payments）
• 根据国际货币基金组织（IMF）的解释，国际收支或国际收支平衡表 （英文同为Balance of Payments），是对一国在一定时期内（通常为1 年、1季或1月）本国居民与外国居民之间发生的全部经济交易的系统 的货币记录（通常以本币作为记帐货币）。
International economics 2: international finance
Ch.13 Balance of payments
Ch.13 国际收支
• 国际金融研究的主要内容是开放经济的宏观经济学。而了 解开放经济条件下一国产出水平和国际经济交易的各种变 量，则是研究开放经济宏观经济学的第一步。经济学家们 用来描述一国开放经济条件下的产出水平和国际经济交易 的变量，主要包括两个相互联系的工具，一是国民收入核 算恒等式，描述开放经济中各经济变量之间的关系；二是 国际收支核算，用以系统地记载一国在一定时期与国外进 行的各项经济交易，也就是通常所说的国际收支平衡表 （Balance of Payments）。
• 一般来说，一国的国际收支通常是不平衡的，平衡只是偶然发生的情 况。
• 当一国国际收支发生差额时，最终是通过一国官方储备的变动来平衡 的。国际收支逆差将减少一国的官方储备，而国际收支顺差则增加一 国的官方储备。
Ch13英文课件 货币金融学 米什金 第七版
a financial institution has bought an asset, it is said to have taken a long position Short position(空头头寸) = if it has sold an asset that it has agreed to deliver to another party at a future date, it is said to have taken a short position
chapter 13
Financial Derivatives 衍生金融工具
Beginning in the 1970s and continuing into the 1980s and 1990s, interest rates and foreign exchange rates became more volatile, increasing the risk to financial institutions. To combat this, managers of financial institutions have demanded financial instruments to better manage risk.
远期（forwards）
Pros and Cons of forward contract
Pros : Flexible Cons: (1) Lack of liquidity: hard to find counterparty( 交易对手） (2) Subject to default risk: requires information to screen good from bad risk
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13
汇率与外汇交易
▪ 即期汇率与远期汇率
• 即期汇率
– 适用于即期汇率交易
• 远期汇率
– 适用于预先确定汇率的远期外汇市场交易
• 远期汇率与即期汇率并不必然相等，但是，它们却
在同方向变动，
14
汇率与外汇交易
图13-1: 1981－2001年，美元/英镑即期汇率与远期汇率
17
外汇资产的需求
▪ 影响银行外汇存款需求的因素与影响其他资产的
因素是一样的。
▪ 资产与资产收益
• 资产收益定义
– 即经过一定时期资产价值增值的百分比。
• 实际收益率
– 预期实际收益率，即用一些具有广泛代表性的、储 蓄者经常购买的商品作为标准来计量资产价值进而 计算出的收益率。
18
外汇资产的需求
• 国际货币交易发生的地方称为外汇市场
▪ 参与者
• 主要的外汇市场参与者:
– 商业银行 – 企业 – 非银行金融机构 – 中央银行
10
汇率与外汇交易
• 银行间交易
– 银行之间的外币交易 – 在外汇市场中占据绝大多比重
11
汇率与外汇交易
▪ 外汇市场特征
• 世界范围的外汇交易量极为巨大，而且近年来还在
第十三章 汇率与外汇市场：资产方法
1
章节安排
▪ 导言 ▪ 汇率与国际交易 ▪ 外汇市场 ▪ 外国资产需求 ▪ 外汇市场均衡 ▪ 利率，预期与均衡 ▪ 小结
2
导言
▪ 汇率使得我们可以进行不同将国家的价格比较 ▪ 汇率的决定方式跟其他资产的价格是一样的。 ▪ 这一章的主要目标:
• 汇率是怎样决定的。 •汇率在国际贸易中的作用。
• 外汇市场交易的存款的收益取决于利率和预期的汇
率变化。
• 为了决定买入美元还是欧元存款，我们需要计算欧
元存款的的美元收益。
22
▪ 一个简单的法则
• 欧元存款的美元收益率约等于欧元的利率加上美元
相对欧元的贬值率。
– 美元相对欧元的贬值率定义为一年内美元/欧元汇率 的增长率。
23
外汇资产需求
• 因此，美元存款和欧元存款的预期收益率之差等于：
▪ 风险与流动性
• 除了收益之外。储蓄者主要关心资产在两方面的特
征:
• 一是风险，即对储蓄者财富贡献的易变程度; • 二是流动性，即可以被卖掉或用来与商品进行交换
的方便程度。
19
外汇资产的需求
▪ 利率
• 为了比较不同存款收益，市场参与者需要两方面的信
息。 －首先，他们需要知道，存款的货币价值将如何改变。 －其次，他们需要知道汇率将如何变化以便将用不同 货币计量的收益率进行转换和比较。
• 利率，即借出1单位的某种货币一年可以获得的该种货
币数量。
• 美元利率0.10〔通常记为年利率10％)意味着借出者每
借出1美元，可以在年末获得1.10美元，其中1美元为本 金，10美分为利息。
20
外汇资产的需求
Figure 13-2：1975-1998年美元存款与德国马克存款的利息率
21
▪ 汇率与资产收益
3
汇率与国际交易
▪ 汇率有两种方式报价：
• 直接标价法
－用本币标示的外币价格。
• 间接标价法
– 用外币标示的本币价格。
4
汇率与国际交易
Table 13-1: 汇率报价
5
汇率与国际交易
▪ 国内与国外价格
• 如果我们知道两国货币之间的汇率，我们就可以计
算出一国出口商品以另一国货币计算的价格。 －例如，购买一件价值50英镑的爱丁堡毛衣，会花 去多少美元?
答案：此毛衣的美元价格即为:(1.50 $/£) x (£50) = $75.
6
汇率与国际交易
• 汇率的两种变动:
– 本国货币的贬值
– 外币的本币价格上升。 – 使得本国商品对外国人来说更便宜，外国商品对本国居民
更昂贵。
– 本国货币的升值
– 外币的本币价格下降。 – 使得本国商品对外国人来说更昂贵，外国商品对本国居民
• R$ - [R€ + (Ee$/ € - E$/€ )/E$/€ ]= R$ - R€ - (Ee$/€ -E$/€ )/E$/€ (13-1)
where:
R$ =一年期美元存款利率
R€ =目前的一年期欧元存款利率 E$/€ =目前的美元/欧元汇率〔每欧元的美元 数额)
美元数Ee额$/€ )=预期一年后的美元/欧元汇率{每欧元的
24
外汇资产需求
• 当等式13-1的差为正时，美元存款具有更高的收益
率;当其为负时，欧元存款具有更高的收益率。
25
外汇资产需求
Table 13-3: 美元存款和欧元存款美元收益率的比较情况
26
外汇资产需求
▪ 外汇市场的收益，风险与流动性
• 对外汇资产的需求，不仅取决于收益，也取决于风
险和流动性。
15
汇率与外汇交易
▪ 外汇掉期
• 外汇掉期交易，指即期卖出一种货币同时远期再买
回该种货币。
• 是整个外汇交易中的一个重要组成部分。
16
汇率与外汇交易
▪ 期货与期权
• 期货合约
– 买入期货合同，就是买入一份在未来特定日期交割 一定数量外国货币的保证。.
• 外汇期权
– 外汇期权使所有者有权在到期日以前任何时间内买 卖特定数量的外国货币。
– 对于外汇市场风险的重要性，经济学家们没有达成 共识。
– 大多数会受到流动性影响的市场参与者是进行国际 贸易的公司和个人
– 与国际贸易相联系的支付活动仅占外汇交易总量的很小一 部分.
• 因此，我们可以忽略持有外汇的流动性动机。
27
外汇市场均衡
▪ 利率平价:基本均衡条件
• 当所有的货币存款都提供相同的预期收益率时，外
汇市场处于均衡状态
• 利率平价条件
– 用相同货币衡量的任意两种货币存款的预期收益率 相等的条件，被称为利率平价条件
更便宜。
7
汇率与国际交易
▪ 汇率与相对价格
• 进出口需求受到相对的影响 • 一国货币升值
– 提高其出口相对价格 – 降低其进口相对价格
• 一国货币贬值
– 降低其出口相对价格 – 提高其进口相对价格
8
汇率与国际交易
图13-2:$/£汇率与美国牛仔裤与英国毛衣的相对价格
9
外汇市场
▪ 汇率是在外汇市场上决定的.
不断膨胀。
• 新技术，比如互联网络，在主要的外汇交易中心之
间使用(London, New York, Tokyo, Frankfurt, and Singapore).
• 金融中心的一体化意味不存在明显的套利。
– 套利：贱买贵卖的过程.
12
汇率与外汇交易
• 载体货币
– 载体货币是一种在发行该种货币以外国家的国际交 易中被广泛用作度量标准的货币。