国际金融复习资料

国际金融复习资料中英互译cost-effective 成本最低Multinational Business Finance 国际金融corporate stakeholders 公司合伙人tax differentials 差别税率oligopolistic 寡头市场supply chain outsourcing 供应链外包options 期权creation of custom software 定制软件创建futures 期货swaps 互换derivatives 衍生品labor-intensive production 劳动密集型产品agency problem 代理人问题maximize value 利润最大化shareholder wealth maximization, SWM 股东财富最大化模型stakeholder capitalism model, SCM 利益相关者模型consolidated profits 合并利润transparency 透明度returns to equity 股权回报率capital appreciation 资本增值dividend yield 股利投资accounting fraud 会计欺诈the board of director 董事会auditing 审计Balance of payments 国际收支平衡表Credit item 贷方项目Debit item 借方项目official reserves account 官方储备账户net errors and omissions account 净差错与遗漏账户current income 本期收入fixed exchange rate 固定汇率floating exchange rate 浮动汇率financing entries 融资账户current transfers 经常性转移支付International investment position 国际投资头寸Double-entry bookkeeping 复式记账法subprime debt 次级贷款securitization 资产证券化mortgage-backed securities, MBSS 抵押支持证券asset-backed securities, ABSs 资产支持证券structured investment vehicle, SIV 结构化投资工具collateralized debt obligation, CDO 债务抵押债券credit default swap, CDS 信用违约互换bucket shop 投机商号credit enhancement 信用增强mark-to-market, MTM 逐日盯市LIBOR 伦敦银行同业拆借率Fannie Mae(the Federal National Mortgage Association) 房利美Freddie Mac（the Federal Home Loan Mortgage Corporation）房地美foreign exchange transaction 外汇交易market maker 做市商CFTC=commodity Futures Trading Commission 美国商品期货交易委员会spot 即期forward 远期swap 互换nondeliverable forward, NDF 无本金交割远期外汇交易BIS=Bank for International Settlements 国际清算银行forward premium 远期升水European terms 欧式标价法American terms 美式标价法bid 买入价ask 卖出价triangular arbitrage 三角套汇Reuters 路透社Derivatives Association=DA 衍生工具协会foreign currency futures contract 外汇期货合约national principal 名义本金market to market 逐日结算short/long position 空头/多头头寸foreign currency option 货币期权合约at-the-money 到价期权in-the-money 实值期权out-of-the-money 虚值期权counterparty risk 交易对手风险European-style call option 欧式买权American-style call option 美式买权volatility 波动率writer of a call 买权出售方writer of a put 卖权出售者financial derivatives 金融衍生品purchasing power parity(PPP) 购买力评价balance of payment 国际收支asset market approach 资产市场法currency board 货币发行局stabilizing expectations 稳定预期overshooting 超调currency collapse 货币崩溃tequila effect 龙舌兰酒效应Malaysian ringgit 马来西亚货币林吉特Indonesian rupiah 印尼卢比/盾the Real Plan 雷亚尔计划cross-rate consistency in forecasting 交叉汇率预测一致性cross-border acquisition 跨境并购joint marketing 联合营销OLI Paradigm OLI范式licensing 许可生产经营management contracts 管理合同制joint venture 合资企业greenfield investment 绿地投资strategic alliance 战略联盟intellectual property 知识产权wholly owned subsidiary 全资持有子公司acquisition 收购foreign affiliate 国际联属企业简答题、论述题1.Goal-building firm value-requires combining ( 跨国企业创造价值需要具备的条件)：①an open marketplace ②high quality strategic management ③access to capital2.The theory of comparative advantage(比较优势理论含义及演变过程)1.The theory of comparative advantage provides a basis for explaining andjustifying international trade in a model world assumed to enjoy:free trade; perfect competition; no uncertainty; costless information, and nogovernment interference2.the theory's origins lie in the work of Adam Smith, his seminal book The Wealthof Nations published in 1776.based on the concept of absolute advantage.David Ricardo, his work On the Principles of Political Economy and Taxation in1817,termed this comparative advantage.supply chain outsourcing: comparative advantage today.3.Why do firms become multinational （企业为什么变为跨国）Strategic motives drive the decision to invest abroad and become an MNE1.market seekers produce in foreign markets either to satisfy local demand or toexport to markets other than their home market.2.Raw material seeks extract raw materials whenever they can be found, eitherfor export or for further processing and sale in the country in which they found the host country.3.Production efficiency seekers produce in countries where one or more of thefactors of production are underpriced relative to their productivity.4.Knowledge seekers operate in foreign countries to gain access to technologyor managerial expertise.5.Political safety seekers acquire or establish new operations in countries thatare considered unlikely to expropriate or interfere with private enterprise4.Separation of ownership from management（所有权和管理权的分离的原因及背景分析）1.The change in ownership from 100% privately held toward an increased shareof publicly traded shares brings along with it the probability that a firm may be managed by hired professionals and not the owners.2，This raises the possibility that ownership and management may not be perfectly aligned in their business业务and financial objectives, the socalled agency problem.5.Shareholder Wealth Maximization（股东财富最大化）the firm should minimize the level of risk to shareholders for a given rate ofreturn.6.The Structure of Corporate Governance（公司治理结构）P307.Potential Responses to Shareholder Dissatisfaction（如果股东不满意怎么办）P408.The account of the Balance of Payments(（国际收支平衡表账户）the Current AccountCapital and Financial Accountthe Official Reserves account9.Direct investment（直接投资）Portfolio investment（组合投资）的区分D：1. This is the net balance of capital dispersed from and into the US for the purpose of exerting control over assets.2. Foreign direct investment arises from 10% ownership of voting shares in adomestic firm by foreign investors.P：1. This is the net balance of capital that flows in and out of the U.S. but does not reach the 10% threshold 门槛of direct investment.2.The purchase of debt securities across borders is classified as portfolioinvestment3. Portfolio investment is motivated by a search for returns rather than tocontrol or manage the investment.10. What is a fixed exchange rate system？（固定汇率）A fixed exchange rate system is a system under which the monetary officialsbuy and sell a currency so as to keep its exchange rate within an officiallystipulated band （Cuba North Korea）11.What is a Floating Exchange Rate?（浮动汇率）is a type of exchange-rate regime in which a currency's value is allowed tofluctuate in response to foreign-exchange market mechanisms.（America）10和11的区别Under a fixed exchange rate system, the government bears the responsibility to ensure that the BOP is near zeroUnder a floating exchange rate system, the government has no responsibility to peg its foreign exchange rate12.The Balance of Payments（定义以及提供相关数据的国家或组织）The measurement of all international economic transactions between the residents of a country and foreign residents is called the balance of payments (BOP)IMF提供数据13.The Seeds of Crisis: Sub-Prime Debt（次级贷款含义）一些贷款机构向信用程度较差和收入不高的借款人提供的贷款。