(完整word版)国际财务管理课后习题答案chapter4
国际财务管理课后习题答案
CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL FIRM ANSWERS ＆ SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMSQUESTIONS1. Why is it 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, and3. expanded opportunity set.3. Discuss the major trends that have prevailed in international business during the last two decades。
国际财务管理(填有答案)
《国际财务管理》章后练习题及参考答案第一章绪论一、单选题1. 关于国际财务管理学与财务管理学的关系表述正确的是(C)。
A. 国际财务管理是学习财务管理的基础B. 国际财务管理与财务管理是两门截然不同的学科C. 国际财务管理是财务管理的一个新的分支D. 国际财务管理研究的范围要比财务管理的窄2. 凡经济活动跨越两个或更多国家国界的企业，都可以称为( A )。
A. 国际企业B. 跨国企业C. 跨国公司D. 多国企业3.企业的（ C）管理与财务管理密切结合，是国际财务管理的基本特点A.资金B.人事C.外汇 D成本4.国际财务管理与跨国企业财务管理两个概念( D) 。
A. 完全相同B. 截然不同C. 仅是名称不同D. 内容有所不同4.国际财务管理的内容不应该包括( C )。
A. 国际技术转让费管理B. 外汇风险管理C. 合并财务报表管理D. 企业进出口外汇收支管理5.“企业生产经营国际化”和“金融市场国际化”的关系是( C )。
A. 二者毫不相关B. 二者完全相同C. 二者相辅相成D. 二者互相起负面影响二、多选题1.国际企业财务管理的组织形态应考虑的因素有（）。
A.公司规模的大小B.国际经营的投入程度C.管理经验的多少D.整个国际经营所采取的组织形式2.国际财务管理体系的内容包括（）A.外汇风险的管理B.国际税收管理C.国际投筹资管理D.国际营运资金管3.国际财务管理目标的特点（）。
A.稳定性B.多元性C.层次性D.复杂性4.广义的国际财务管理观包括（）。
A.世界统一财务管理观B.比较财务管理观C.跨国公司财务管理观D.国际企业财务管理观5. 我国企业的国际财务活动日益频繁，具体表现在( )。
A. 企业从内向型向外向型转化B. 外贸专业公司有了新的发展C. 在国内开办三资企业D. 向国外投资办企业E. 通过各种形式从国外筹集资金三、判断题1.国际财务管理是对企业跨国的财务活动进行的管理。
（）2.国际财务管理学是着重研究企业如何进行国际财务决策，使所有者权益最大化的一门科学。
国际财务管理(第五版)习题答案完整版
10000×13.923=139230
10000×13.60=136000
10000/(1+0.8%)×13.65×(1+0.2%)=135687.5
*1英镑=13.65/（1-3%）=13.2524元人民币
**1英镑=13.65×（1+2%）=13.923元人民币
卖出期权的决策：
期权执行价格折算为人民币
10万美元
110万美元
（挂牌利率10%）
预计汇率
6.25元人民币
6.2元人民币
需要的人民币
62.5万元
682万元
考虑货币的时间价值借款的实际利率为：
630=62.5/(1+r)+682/(1+r)2
r=9.12%
资本成本率K=r×(1-T)=r×(1-20%)=7.3%
(2)为了规避汇率风险，国际企业同样可以预先签订远期合约，锁定每年归还的本息和利息的本币金额。
与美元存款的收益率1.3%相比，获利更多。
（2）由于1年期的远期汇率等于即期汇率，且美元存款利率低于人民币存款利率，中国投资者没有抛补套利机会。
（3）投资者进行非抛补套利交易面临美元升值的风险，如果必要，可以采用抛补套利防范。
（4）如果存在利率平价，此时美元远期汇率升水，升水幅度：
K=（1+1.98%）/（1+1.3%）-1=0.67%
450
570
714
714
714
714
714
714
714
714
净利润（f=d-e，万泰铢）
1050
1330
1666
1666
1666
1666
1666
国际财务管理 填有答案
《国际财务管理》章后练习题及参考答案第一章绪论一、单选题1. 关于国际财务管理学与财务管理学的关系表述正确的是(C)。
A. 国际财务管理是学习财务管理的基础B. 国际财务管理与财务管理是两门截然不同的学科C. 国际财务管理是财务管理的一个新的分支D. 国际财务管理研究的范围要比财务管理的窄2. 凡经济活动跨越两个或更多国家国界的企业，都可以称为( A )。
A. 国际企业B. 跨国企业C. 跨国公司D. 多国企业3.企业的（C）管理与财务管理密切结合，是国际财务管理的基本特点A.资金B.人事C.外汇D成本4.国际财务管理与跨国企业财务管理两个概念( D) 。
A. 完全相同B. 截然不同C. 仅是名称不同D. 内容有所不同4.国际财务管理的内容不应该包括( C )。
A. 国际技术转让费管理B. 外汇风险管理C. 合并财务报表管理D. 企业进出口外汇收支管理5.“企业生产经营国际化”和“金融市场国际化”的关系是( C )。
A. 二者毫不相关B. 二者完全相同C. 二者相辅相成D. 二者互相起负面影响二、多选题1.国际企业财务管理的组织形态应考虑的因素有（）。
A.公司规模的大小B.国际经营的投入程度C.管理经验的多少D.整个国际经营所采取的组织形式2.国际财务管理体系的内容包括（）A.外汇风险的管理B.国际税收管理C.国际投筹资管理D.国际营运资金管3.国际财务管理目标的特点（）。
A.稳定性B.多元性C.层次性D.复杂性4.广义的国际财务管理观包括（）。
A.世界统一财务管理观B.比较财务管理观C.跨国公司财务管理观D.国际企业财务管理观5. 我国企业的国际财务活动日益频繁，具体表现在( )。
A. 企业从内向型向外向型转化B. 外贸专业公司有了新的发展C. 在国内开办三资企业D. 向国外投资办企业E. 通过各种形式从国外筹集资金三、判断题1.国际财务管理是对企业跨国的财务活动进行的管理。
（）2.国际财务管理学是着重研究企业如何进行国际财务决策，使所有者权益最大化的一门科学。
国际财务管理(填有答案)
《国际财务管理》章后练习题及参考答案第一章绪论一、单选题1. 关于国际财务管理学与财务管理学的关系表述正确的是(C)。
A. 国际财务管理是学习财务管理的基础B. 国际财务管理与财务管理是两门截然不同的学科C. 国际财务管理是财务管理的一个新的分支D. 国际财务管理研究的范围要比财务管理的窄2. 凡经济活动跨越两个或更多国家国界的企业，都可以称为( A )。
A. 国际企业B. 跨国企业C. 跨国公司D. 多国企业3.企业的（ C）管理与财务管理密切结合，是国际财务管理的基本特点A.资金B.人事C.外汇 D成本4.国际财务管理与跨国企业财务管理两个概念( D) 。
A. 完全相同B. 截然不同C. 仅是名称不同D. 内容有所不同4.国际财务管理的内容不应该包括( C )。
A. 国际技术转让费管理B. 外汇风险管理C. 合并财务报表管理D. 企业进出口外汇收支管理5.“企业生产经营国际化”和“金融市场国际化”的关系是( C )。
A. 二者毫不相关B. 二者完全相同C. 二者相辅相成D. 二者互相起负面影响二、多选题1.国际企业财务管理的组织形态应考虑的因素有（）。
A.公司规模的大小B.国际经营的投入程度C.管理经验的多少D.整个国际经营所采取的组织形式2.国际财务管理体系的内容包括（）A.外汇风险的管理B.国际税收管理C.国际投筹资管理D.国际营运资金管3.国际财务管理目标的特点（）。
A.稳定性B.多元性C.层次性D.复杂性4.广义的国际财务管理观包括（）。
A.世界统一财务管理观B.比较财务管理观C.跨国公司财务管理观D.国际企业财务管理观5. 我国企业的国际财务活动日益频繁，具体表现在( )。
A. 企业从内向型向外向型转化B. 外贸专业公司有了新的发展C. 在国内开办三资企业D. 向国外投资办企业E. 通过各种形式从国外筹集资金三、判断题1.国际财务管理是对企业跨国的财务活动进行的管理。
（）2.国际财务管理学是着重研究企业如何进行国际财务决策，使所有者权益最大化的一门科学。
219417国际财务管理(第四版)习题集答案解析
国际财务管理计算题答案第3章二、计算题1、（1）投资者可以这样做：在乙银行用100港币=105.86人民币的价格，即100/105.86（港币/人民币）的价格购入港币100万×（100/105.86）港币=94.46万港币在甲银行用105.96/100（人民币/港币）卖出港币94.46×（105.96/100）=100.09万人民币投资者的收益：100.09-100=0.09万人民币2、（1）如果美元未来没升值到利率平价，则海外投资者具有获利机会。
最大的获利水平：1美元兑换人民币8.28元，在中国境存款投资，1年后换回美元获利：（1+1.98%）-1=1.98%与在美国存款投资收益率1.3%相比，获利更多。
随着美元汇率接近利率平价，这个收益率会向1.3%靠近，最终与美元利率相同。
（2）由于美元存款利率低于人民币存款利率，中国投资者没有套利获利机会。
（3）投资者套利交易面临美元升值的风险，如果必要，可以采用抛补套利防。
（4）如果存在利率平价，此时美元远期汇率升水，升水幅度：K=（1+1.98%）/（1+1.3）-1=0.67%1美元=8.28×（1+0.67%）=8.3355（元人民币）（5）处于利率平价时，投资者无法获得抛补套利收益。
（6）如果目前不存在利率平价，是否抛补套利，取决于投资者对未来美元升值可能性和可能幅度的判断，以及投资者的风险承受能力。
4、公司到期收回人民币：5000×81.21/100=4060（万元）5、如果掉期交易，则卖掉美元得到的人民币: 50×6.79=339.5(万元)美元掉期交易下支付美元的人民币价格：50×6.78=339(万)买卖价差人民币收入净额=339.5-339=0.5(万元)如果不做掉期交易,则美元两周的存款利息收入为50×0.4%×14/365=0.00767(万美元)折合人民币利息收入:0.00767×6.782=0.052(万元)两者相比,掉期交易比较合适.6、2011年11月16日合约执行价格1澳元=1.02美元即期汇率1澳元=1.024美元合约价格低于即期汇率，企业应该履行该合约，企业履约支付的澳元加上期权费：1澳元=1．02+（2.6834/100）=1.0468（美元）与即期交易相比，企业亏损：50×100×（1.0468-1.024）=114（美元）8、远期汇率低于及其汇率，故远期贴水为：远期汇率-即期汇率=0.188-0.190=-0.0029、行权，因为行权价低于实施期权时的即期汇率。
国际财务管理(填有答案)
《国际财务管理》章后练习题及参考答案第一章绪论一、单选题1. 关于国际财务管理学与财务管理学的关系表述正确的是(C)。
A. 国际财务管理是学习财务管理的基础B. 国际财务管理与财务管理是两门截然不同的学科C. 国际财务管理是财务管理的一个新的分支D. 国际财务管理研究的范围要比财务管理的窄2. 凡经济活动跨越两个或更多国家国界的企业，都可以称为( A )。
A. 国际企业B. 跨国企业C. 跨国公司D. 多国企业3.企业的（ C）管理与财务管理密切结合，是国际财务管理的基本特点A.资金B.人事C.外汇 D成本4.国际财务管理与跨国企业财务管理两个概念( D) 。
A. 完全相同B. 截然不同C. 仅是名称不同D. 内容有所不同4.国际财务管理的内容不应该包括( C )。
A. 国际技术转让费管理B. 外汇风险管理C. 合并财务报表管理D. 企业进出口外汇收支管理5.“企业生产经营国际化”和“金融市场国际化”的关系是( C )。
A. 二者毫不相关B. 二者完全相同C. 二者相辅相成D. 二者互相起负面影响二、多选题1.国际企业财务管理的组织形态应考虑的因素有（）。
A.公司规模的大小B.国际经营的投入程度C.管理经验的多少D.整个国际经营所采取的组织形式2.国际财务管理体系的内容包括（）A.外汇风险的管理B.国际税收管理C.国际投筹资管理D.国际营运资金管3.国际财务管理目标的特点（）。
A.稳定性B.多元性C.层次性D.复杂性4.广义的国际财务管理观包括（）。
A.世界统一财务管理观B.比较财务管理观C.跨国公司财务管理观D.国际企业财务管理观5. 我国企业的国际财务活动日益频繁，具体表现在( )。
A. 企业从内向型向外向型转化B. 外贸专业公司有了新的发展C. 在国内开办三资企业D. 向国外投资办企业E. 通过各种形式从国外筹集资金三、判断题1.国际财务管理是对企业跨国的财务活动进行的管理。
（）2.国际财务管理学是着重研究企业如何进行国际财务决策，使所有者权益最大化的一门科学。
国际财务管理（英文版）课后习题答案（整合版）
CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL FIRM SUGGESTED ANSWERS TO END-OF-CHAPTER QUESTIONSQUESTIONS1. Why is it important to study international financial managementAnswer: We are now living in a world where all the major economic functions i.e. consumptionproduction and investment are highly globalized. It is thus essential for financial managers to fullyunderstand vital international dimensions of financial management. This global shift is in markedcontrast to a situation that existed when the authors of this book were learning finance some twenty yearsago.At that time most professors customarily and safely to some extent ignored international aspectsof finance. This mode of operation has become untenable since then.2. How is international financial management different from domestic financial managementAnswer: 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 forglobalized financial markets initially came from the governments of major countries that had begun toderegulate their foreign exchange and capital markets. The economic integration and globalization thatbegan in the eighties is picking up speed in the 1990s via privatization. Privatization is the process bywhich a country divests itself of the ownership and operation of a business venture by turning it over tothe free market system. Lastly trade liberalization and economic integration continued to proceed at boththe regional and global levels.4. How is a country‟s economic well-being enhanced through free international trade in goods andservicesAnswer: According to David Ricardo with free international trade it is mutually beneficial for twocountries to each specialize in the production of the goods that it can produce relatively most efficientlyand then trade those goods. By doing so the two countries can increase their combined productionwhich allows both countries to consume more of both goods. This argument remains valid even if acountry 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 tradecould 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 realisticAnswer: The theory of comparative advantage was originally advanced by the nineteenth centuryeconomist David Ricardo as an explanation for why nations trade with one another. The theory claimsthat economic well-being is enhanced if each country‟s citizens produce what they have a comparativeadvantage in producing relative to the citizens of other countries and then trade products. Underlying thetheory are the assumptions of free trade between nations and that the factors of production landbuildings labor technology and capital are relatively immobile. To the extent that these assumptions donot hold the theory of comparative advantage will not realistically describe international trade.6. What are multinational corporations MNCs and what economic roles do they playAnswer: A multinational corporation MNC can be defined as a business firm incorporated in onecountry that has production and sales operations in several other countries. Indeed some MNCs haveoperations in dozens of different countries. MNCs obtain financing from major money centers around theworld in many different currencies to finance their operations. Global operations force the treasurer‟soffice to establish international banking relationships to place short-term fundsin several currencydenominations and to effectively manage foreign exchange risk.7. Mr. Ross Perot a former Presidential candidate of the Reform Party which is a third political party inthe United States had strongly objected to the creation of the North American Trade AgreementNAFTA which nonetheless was inaugurated in 1994 for the fear of losing American jobs to Mexicowhere it is much cheaper to hire workers. What are the merits and demerits of Mr. Perot‟s position onNAFTA Considering the recent economic developments in North America how would you assess Mr.Perot‟s position on NAFTAAnswer: Since the inception of NAFTA many American companies indeed have invested heavily inMexico sometimes relocating production from the United States to Mexico. Although this might havetemporarily caused unemployment of some American workers they were eventually rehired by otherindustries often for higher wages. Currently the unemployment rate in the U.S. is quite low by historicalstandard. At the same time Mexico has been experiencing a major economic boom. It seems clear thatboth Mexico and the U.S. have benefited from NAFTA. Mr. Perot‟s concern appears to hav e been illfounded.8. In 1995 a working group of French chief executive officers was set up by the Confederation of FrenchIndustry CNPF and the French Association of Private Companies AFEP to study the French corporategovernance structure. The group reported the following among other things “The board of directorsshould not simply aim at maximizing share values as in the U.K. and the U.S. Rather its goal should be toserve the company whose interests should be clearly distinguished from those of its shareholdersemployees creditors suppliers and clients but still equated with their general common interest which isto safeguard the prosperity and continuity of the company”. Evaluate the above recommendation of theworking group.Answer: The recommendations of the French working group clearly show that shareholder wealthmaximization is not a universally accepted goal of corporate management especially outside the UnitedStates and possibly a few other Anglo-Saxon countries including the United Kingdom and Canada. Tosome extent this may reflect the fact that share ownership is not wide spread in most other countries. InFrance about 15 of households own shares.9. Emphasizing the importance of voluntary compliance as opposed to enforcement in the aftermath ofcorporate scandals e.g. Enron and WorldCom U.S. President George W. Bush stated that while tougherlaws might help “ultimately the ethics of American business depends on the conscience of America‟sbusiness leaders.” Describe your view on this statement.Answer: There can be different answers to this question. If business leaders always behave with a highethical standard many of the corporate scandals we have seen lately might not have happened. Since wecannot fully depend on the ethical behavior on the part of business leaders the society should protectitself by adopting therules/regulations and governance structure that would induce business leaders tobehave in the interest of the society at large.10. Suppose you are interested in investing in shares of Nokia Corporation of Finland which is a worldleader in wireless communication. But before you make investment decision you would like to learnabout the company. Visit the website of CNN Financial network and collectinformation about Nokia including the recent stock price history and analysts‟ views of the company.Discuss what you learn about the company. Also discuss how the instantaneous access to information viainternet would affect the nature and workings of financial markets.Answer: As students might have learned from visiting the website information is readily available evenfor foreign companies like Nokia. Ready access to international information helpsintegrate financialmarkets dismantling barriers to international investment and financing. Integration however may help afinancial shock in one market to be transmitted to other markets.MINI CASE: NIKE‟S DECISION Nike a U.S.-based company with a globally recognized brand name manufactures athletic shoes insuch Asian developing countries as China Indonesia and Vietnam using subcontractors and sells theproducts in the U.S. and foreign markets. The company has no production facilities in the United States.In each of those Asian countries where Nike has production facilities the rates of unemployment andunderemployment are quite high. The wage rate is very low in those countries by the U.S. standardhourly wage rate in the manufacturing sector is less than one dollar in each of those countries which iscompared with about 18 in the U.S. In addition workers in those countries often are operating in poorand unhealthy environments and their rights are not well protected. Understandably Asian host countriesare eager to attract foreign investments like Nike‟s to develop their economies and raise the livingstandards of th eir citizens. Recently however Nike came under a world-wide criticism for its practice ofhiring workers for such a low pay “next to nothing” in the words of critics and condoning poor workingconditions in host countries. Evaluate and discuss various …ethical‟ as well as economic ramifications of Nike‟s decision toinvest in those Asian countries.Suggested Solution to Nike‟s Decision Obviously Nike‟s investments in such Asian countries as China Indonesia and Vietnam weremotivated to take advantage of low labor costs in those countries. While Nike was criticized for the poorworking conditions for its workers the company has recognized the problem and has substantiallyimproved the working environments recently. Although Nike‟s workers get paid very low wages by theWestern standard they probably are making substantially more than their local compatriots who are eitherunder- or unemployed. While Nike‟s detractors may have valid points one should not ignore the fact thatthe company is making contributions to the economic welfare of those Asian countries by creating jobopportunities. CHAPTER 1A THEORY OF COMPARATIVE ADVANTAGE SUGGESTED SOLUTIONS TO APPENDIX PROBLEMSPROBLEMS1. Country C can produce seven pounds of food or four yards of textiles per unit of input. Compute theopportunity cost of producing food instead of textiles. Similarly compute the opportunity cost ofproducing textiles instead of food.Solution: The opportunity cost of producing food instead of textiles is one yard of textiles per 7/4 1.75pounds of food. A pound of food has an opportunity cost of4/7 .57 yards of textiles.2. Consider the no-trade input/output situation presented in the following table for Countries X and Y.Assuming that free trade is allowed develop a scenario that will benefit the citizens of both countries.INPUT/OUTPUT WITHOUT TRADE_________________________________________________________________ ______ Country X YTotal___________________________________________________________________ _____I. Units of Input000000_____________________________________________________Food 70 60Textiles 4030______________________________________________________________________ __II. Output per Unit of Inputlbs or yards____________________________________________________Food 17 5Textiles 52_______________________________________________________________________ _III. Total Outputlbs or yards000000____________________________________________________Food 1190 300 1490Textiles 200 60260_____________________________________________________________________ ___IV. Consumptionlbs or yards000000___________________________________________________Food 1190 300 1490Textiles 200 60260_____________________________________________________________________ ___Solution: Examination of the no-trade input/output table indicates that Country X has an absoluteadvantage in the production of food and textiles. Country X can “trade off” one unit of productionneeded to produce 17 pounds of food for five yards of textiles. Thus a yard of textiles has an opportunitycost of 17/5 3.40 pounds of food or a pound of food has an opportunity cost of 5/17 .29 yards oftextiles. Analogously Country Y has an opportunity cost of 5/2 2.50 pounds of food per yard oftextiles or 2/5 .40 yards of textiles per pound of food. In terms of opportunity cost it is clear thatCountry X is relatively more efficient in producing food and Country Y is relatively more efficient inproducing textiles. Thus Country X Y has a comparative advantage in producing food textile iscomparison to Country Y X. When there are no restrictions or impediments to free trade the economic-well being of thecitizens of both countries is enhanced through trade. Suppose that Country X shifts 20000000 unitsfrom the production of textiles to the production of food where it has a comparative advantage and thatCountry Y shifts 60000000 units from the production of food to the production of textiles where it has acomparative advantage. Total output will now be 90000000 x 17 1530000000 pounds of food and20000000 x 5 100000000 90000000 x 2 180000000 280000000 yards of textiles.Further suppose that Country X and Country Y agree on a price of 3.00 pounds of food for one yard oftextiles and that Country X sells Country Y 330000000 pounds of food for 110000000 yards of textiles.Under free trade the following table shows that the citizens of Country X Y have increased theirconsumption of food by 10000000 30000000 pounds and textiles by 10000000 10000000 yards.INPUT/OUTPUT WITH FREE TRADE_________________________________________________________________ _________ Country X YTotal___________________________________________________________________ _______I. Units of Input 000000_______________________________________________________Food 90 0Textiles 2090______________________________________________________________________ ____II. Output per Unit of Input lbs or yards______________________________________________________Food 17 5Textiles 52_______________________________________________________________________ ___III. Total Output lbs or yards 000000_____________________________________________________Food 1530 0 1530Textiles 100 180280_____________________________________________________________________ _____IV. Consumption lbs or yards 000000_____________________________________________________Food 1200 330 1530Textiles 210 70280_____________________________________________________________________ _____ CHAPTER 3 BALANCE OF PAYMENTS SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMSQUESTIONS1. Define the balance of payments.Answer: The balance of payments BOP can be defined as the statistical record of a country‟sinternational transactions over a certain period of time presented in the form of double-entry bookkeeping.2. Why would it be useful.。
尤恩版《国际财务管理》第七版教师习题册及答案TBChap004
尤恩版《国际财务管理》第七版教师习题册及答案TBChap004Chapter 04Corporate Governance Around the World True / False Questions1.Countries with strong shareholder protection tend to have more valuable stock markets and morecompanies listed on stock exchanges per capita than countries with weak protection.True FalseMultiple Choice Questions2.Corporate governance can be defined asA. t he economic, legal, and institutional framework in which corporate control and cash flow rightsare distributed among shareholders, managers and other stakeholders of the company.B. t he general framework in which company management is selected and monitored.C. t he rules and regulations adopted by boards of directors specifying how to managecompanies.D. t he government-imposed rules and regulations affecting corporate management.3.When managerial self-dealings are excessive and left unchecked,A. t hey can have serious negative effects on share values.B. t hey can impede the proper functions of capital markets.C. t hey can impede such measures as GDP growth.D. a ll of the above4.Corporate governance structureA. v aries a great deal across countries.B. h as become homogenized following the integration of capital markets.C. h as become homogenized due to cross-listing of shares of many public corporations.D. n one of the above5.The genius of public corporations stems from their capacity to allow efficient sharing or spreadingof risk among many investors, who can buy and sell their ownership shares on liquid stockexchanges and let professional managers run the company on behalf of shareholders. This risk sharing stems fromA. t he liquidity of the shares.B. t he limited liability of shareholders.C. t he limited liability of bondholders.D. t he limited ability of shareholders.6.In a public company with diffused ownership, the board of directors is entrusted withA. m onitoring the auditors and safeguarding the interests of shareholders.B. m onitoring the shareholders and safeguarding the interests of management.C. m onitoring the management and safeguarding the interests of shareholders.D. n one of the above7.The key weakness of the public corporation isA. t oo many shareholders, which makes it difficult to make corporate decision.B. r elatively high corporate income tax rates.C. c onflicts of interest between managers and shareholders.D. c onflicts of interests between shareholders and bondholders.8.When company ownership is diffuse,A. a "free rider" problem discourages shareholder activism.B. t he large number of shareholders ensures strong monitoring of managerial behavior because with a large enough group, there's almost always someone who will to incur the costs of monitoring management.C. f ew shareholders have a strong enough incentive to incur the costs of monitoring management.D. b oth a and c are correct9.In many countries with concentrated ownershipA. t he conflicts of interest between shareholders and managers are worse than in countries with diffuse ownership of firms.B. t he conflicts of interest are greater between large controlling shareholders and small outside shareholders than between managers and shareholders.C. t he conflicts of interest are greater between managers and shareholders than between large controlling shareholders and small outside shareholders.D. c orporate forms of business organization with concentrated ownership are rare.10.In what country do the three largest shareholders control, on average, about 60 percent of the shares of a public company?A. U nited StatesB. C anadaC. G reat BritainD. I taly11.The public corporationA. i s jointly owned by a (potentially) large number of shareholders.B. o ffers shareholders limited liability.C. s eparates the ownership and control of a firms assets.D. a ll of the above12.The key strengths of the public corporation is/areA. t heir capacity to allow efficient risk sharing among many investors.B. t heir capacity to raise large amounts of funds at relatively low cost.C. t heir capacity to consolidate decision-making.D. a ll of the above13.The central issue of corporate governance isA. h ow to protect creditors from managers and controlling shareholders.B. h ow to protect outside investors from the controlling insiders.C. h ow to alleviate the conflicts of interest between managers and shareholders.D. h ow to alleviate the conflicts of interest between shareholders and bondholders.14.In theory,A. m anagers are hired by the shareholders at the annual stockholders meeting. If the managersturn in a bad year, new ones get hired.B. s hareholders hire the managers to oversee the board of directors.C. m anagers are hired by the board of directors; the board is accountable to the shareholders.D. n one of the above15.In the reality of corporate governance at the turn of this century,A. b oards of directors are often dominated by management-friendly insiders.B. a typical board of directors often has relatively few outside directors who can independentlyand objectively monitor the management.C. m anagers of one firm often sit on the boards of other firms, whose managers are on the boardof the first firm. Due to the interlocking nature of these boards, there can exist a culture of "I'll overlook your problems if you overlook mine."D. a ll of the above have been true to a greater or lesser extent in the recent past.16.The strongest protection for investors is provided byA. E nglish common law countries, such as Canada, the United States, and the U.K.B. F rench civil law countries, such as Belgium, Italy, and Mexico.C. a weak board of directors.D. s ocialized firms.17.The public corporation has a key weakness:A. t he conflicts of interest between bondholders and shareholders.B. t he conflicts of interest between managers and bondholders.C. t he conflicts of interest between stakeholders and shareholders.D. t he conflicts of interest between managers and shareholders.18.The separation of the company's ownership and control,A. i s especially prevalent in such countries as the United States and the United Kingdom, wherecorporate ownership is highly diffused.B. i s especially prevalent in such countries as the Italy and Mexico, where corporate ownership is highly concentrated.C. i s a rational response to the agency problem.D. n one of the above19.In the United States, managers are legally bound by the "duty of loyalty" toA. t he board of directors.B. t he shareholders.C. t he bondholders.D. t he government.20.In the United States, managers are bound by the "duty of loyalty" to serve the shareholders.A. T his is an ethical, not legal, obligation.B. T his is a legal obligation.C. T his is only a moral obligation; there are no penalties.21.Outside the United States and the United Kingdom,A. c oncentrated ownership of the company is more the exception than the rule.B. d iffused ownership of the company is more the exception than the rule.C. p artnerships are more important than corporations.D. n one of the above22.A complete contract between shareholders and managersA. w ould specify exactly what the manager will do under each of all possible future contingencies.B. w ould be an expensive contract to write and a very expensive contract to monitor.C. w ould eliminate any conflicts of interest (and managerial discretion).D. a ll of the above23.Why is it rational to make shareholders "weak" by giving control to the managers of the firm?A. T his may be rational when shareholders may be neither qualified nor interested in making business decisions.B. T his may be rational since many shareholders find it easier to sell their shares in an underperforming firm than to monitor the management.C. T his may be rational to the extent that managers are answerable to the board of directors.D. A ll of the above are explanations for the separation of ownership and control.24.Free cash flow refers toA. a firm's cash reserve in excess of tax obligation.B. a firm's funds in excess of what's needed for undertaking all profitable projects.C. a firm's cash reserve in excess of interest and tax payments.D. a firm's income tax refund that is due to interest payments on borrowing.25.The investors supply funds to the company but are not involved in the company's daily decisionmaking. As a result, many public companies come to haveA. s trong shareholders and weak managers.B. s trong managers and weak shareholders.C. s trong managers and strong shareholders.D. w eak managers and weak shareholders.26.The agency problem refers to the possible conflicts of interest betweenA. s elf-interested managers as principals and shareholders of the firm who are the agents.B. a ltruistic managers as agents and shareholders of the firm who are the principals.C. s elf-interested managers as agents and shareholders of the firm who are the principals.D. d utiful managers as principals and shareholders of the firm who are the agents.27.Self-interested managers may be tempted toA. i ndulge in expensive perquisites at company expense.B. a dopt anti-takeover measures for their company to ensure their personal job security.C. w aste company funds by undertaking unprofitable projects that benefit themselves but notshareholders.D. a ll of the above are potential abuses that self-interested managers may be tempted to visitupon shareholders.28.Suppose in order to defraud the shareholders, a manager sets up an independent company thathe owns sells the main company's output to this company. He would be tempted to set the transfer priceA. b elow market prices.B. a bove market prices.C. a t the market price.D. i n accordance with GAAP.29.Suppose in order to defraud the shareholders, a manager sets up an independent company thathe owns buys one of the main company's inputs of production from this company. He would be tempted to set the transfer priceA. b elow market prices.B. a bove market prices.C. a t the market price.D. i n accordance with GAAP.30.Why do managers tend to retain free cash flow?A. M anagers are in the best position to decide the best use of those funds.B. T hese funds are needed for undertaking profitable projects and the issue costs are less thannew issues of stocks or bonds.C. M anagers may not be acting in the shareholders best interest, and for a variety of reasons, want to use the free cash flow.D. N one of the above31.Managerial entrenchment efforts are clear signs of the agency problem. They includeA. a nti-takeover defenses.B. p oison pills.C. c hanges in the voting procedures to make it more difficult for the firm to be taken over.D. a ll of the above32.In high-growth industries where companies' internally generated funds fall short of profitable investment opportunities,A. m anagers are less likely to waste funds in unprofitable projects.B. m anagers are more likely to waste funds in unprofitable projects.33.The agency problem tendsA. t o be more serious in firms with free cash flows.B. t o be more serious in firms with excessive amounts of excess cash.C. t o be less serious in firms with few numbers of shareholders.D. a ll of the above34.In the graph at right, X, Y, and Z representA. e ntrenchment, alignment, entrenchment.B. a lignment, entrenchment, alignment.C. m isalignment and alignment.D. a gency costs of debt and equity.35.In the graph at right, for Fortune 500 companies, X, Y areA. 5% and 25%.B. 15% and 50%.C. 50% and 75%.D. N one of the above36.Which of the following is true regarding leveraged buy-outs (LBOs)?A. L BOs involve managers or buyout partners acquiring controlling interests in public companies, usually financed by heavy borrowing.B. C oncentrated ownership and high level of debt associated with LBOs are the mechanism for solving the agency problem.C. L BOs improve a company's free cash flow and this is the mechanism by which they can solvethe agency problem.D. B oth a and b37.Tobin's Q isA. t he ratio of the market value of company assets to the replacement costs of the assets.B. a means to find overvalued stocks: if Q is high it means that the cost to replace a firm's assets is greater than the value of its stock.C. t he same as the price-to-book ratio.D. B oth a and b are correct38.It is important for society as a whole to solve the agency problem, since the agency problemA. l eads to waste of scarce resources.B. h ampers capital market functions.C. r etards economic growth.D. a ll of the above39.In the U.S., the chief role of the board of directors isA. t o hire the management team.B. t o decide on the annual capital budget.C. t o design an effective incentive compatible compensation scheme for themselves.D. n one of the above40.In the United Kingdom, the majority of public companiesA. v oluntarily abide by the Code of Best Practice on corporate governance.B. a re compelled by law to abide by the Code of Best Practice on corporate governance.C. d o not abide by the Code of Best Practice on corporate governance.41.In Germany the corporate board isA. l egally charged with representing the interests of shareholders exclusively.B. l egally charged with looking after the interests of stakeholders (e.g., workers, creditors, etc.) in general, not just shareholders.C. l egally charged as a supervisory board only.D. l egally charged as a management board only.42.In the United StatesA. b oards of directors are legally responsible for representing the interests of the shareholders.B. d ue to the diffused ownership structure of the public company, management often gets to choose board members who are likely to be friendly to management.C. t here is a correlation between underperforming firms and boards of directors who are not fully independent.D. a ll of the above are true, in the United States.43.In the United States, it is not uncommon for the same person to serve as both CEO and chairman of the board.A. T his situation must not have much conflict of interest since it is common.B. T his situation has a built-in conflict of interest.C. T his is only legal if that individual owns a controlling number of shares in the firm.D. N one of the above44.Suppose you are the CEO of company A, and you serve on the board of company B, while the CEO of B is on your board.A. T his is a potential conflict of interest for both parties.B. T his is normal and even a desirable situation since it allows for efficient information sharing between the firms.C. T here is a potential conflict for the shareholders of the two firms.D. A ll of the above are true.45.In the United States, it is well documented thatA. b oards dominated by their chief executives are prone to trouble.B. p ublic scrutiny can help improve corporate governance.C. a s public firms improve their corporate governance, the stock price goes up.D. a ll of the above46.The board of directors may grant stock options to managers. These areA. c all options.B. p ut options.C. n one of the above47.If an incentive contract specifies certain accounting performanceA. t hat accounting number will likely be the focus of managers.B. m anagers will set aside the accounting goal if it conflicts with the goal of maximizing shareholder wealth.C. m anagers will be unable to manipulate the GAAP, so shareholders can be confident of having their wealth maximized.48.The board of directors may grant stock options to managers in order toA. s ave executive compensation costs.B. u se as a substitute for bonus.C. a lign the interest of managers with that of shareholders.D. n one of the above49.When designing an incentive contract,A. i t is important for the board of directors to set up an independent compensation committee thatcan carefully design the contract and diligently monitor manager's actions.B. s enior executives can be trusted to not abuse incentive contracts by artificially manipulating accounting numbers since the auditors should look in to that.C. t he presence of any incentive is enough, whether it is accounting based or stock-price based.D. t he board of directors should always give the managers a "heads I win, tails you lose" type of option.50.Concentrated ownership of a public companyA. i s normal in the United States, following the well-publicized scandals of recent years.B. i s relatively rare in the United States and common in many other parts of the world.C. l eads to a free-rider problem with the minority shareholders relying on the majority shareholders to assume an undue burden in monitoring the management.D. i s the norm in Great Britain.51.Concentrated ownership of a public companyA. c an be an effective way to alleviate the agency problem between shareholders and managers.B. i s the norm in Great Britain.C. t ends to be an ineffective way to alleviate conflicts of interest between groups of shareholders.D. n one of the above52.The goal of a greater accounting transparencyA. i s to impose more rules and harsher penalties for their violation.B. i s to reduce the information asymmetry between corporate insiders and the public.C. i s to discourage managerial self-dealings.D. a nswers b and c53.Accounting TransparencyA. c an only be achieved when managers commit to serving on their own audit committee.B. o ccurs when the accounting department has translucent cubicles for their workers.C. p romises to reduce the information asymmetry between corporate insiders and the public.D. n one of the above54.While debt can reduce agency costs between shareholders and management,A. d ebt can create its own agency costs.B. t his only happens at extreme levels of debt.C. t his does not work for firms in mature industries with large cash reserves.D. n one of the above is true55.While debt can reduce agency costs between shareholders and management,A. e xcessive debt may also induce the risk-averse managers to forgo profitable but risky investment projects, causing an underinvestment problem.B. w ith debt financing companies can misuse debt to finance corporate empire building.C. b oth a and bD. n one of the above。
国际财务管理课后答案_10th edition_chapter04_杰夫·马杜拉著
1. Why did exchange rates change recently?
2. Show the class a current exchange rate table from a periodical—identify spot and forward quotations. Then show the class an exchange rate table from a date a month ago, or three months ago. The comparison of tables will illustrate how exchange rates change, and how forward rates of the earlier date will differ from the spot rate of the future date for a given currency.
duplicated, or posted to a publicly accessible website, in wholenge Rate Determination
Chapter Theme
This chapter provides an overview of the foreign exchange market. It is designed to illustrate (1) why a market exists, and (2) why exchange rates change over time.
Anticipation of Exchange Rate Movements Bank Speculation Based on Expected Appreciation Bank Speculation Based on Expected Depreciation Speculation by Individuals
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CHAPTER 4 CORPORATE GOVERNANCE AROUND THE WORLDSUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQuestions1.The majority of major corporations are franchised as public corporations. Discuss the key strengthand weakness of the ‘public corporation’. When do you think the public corporation as an organizational form is unsuitable?Answer: The key strength of the public corporation lies in that it allows for efficient risk sharing among investors. As a result, the public corporation may raise a large sum of capital at a relatively low cost. The main weakness of the public corporation stems from the conflicts of interest between managers and shareholders.2.The public corporation is owned by multitude of shareholders but managed by professional managers.Managers can take self-interested actions at the expense of shareholders. Discuss the conditions under which the so-called agency problem arises.Answer: The agency problem arises when managers have control rights but insignificant cash flow rights. This wedge between control and cash flow rights motivates managers to engage in self-dealings at the expense of shareholders.3.Following corporate scandals and failures in the U.S. and abroad, there is a growingdemand for corporate governance reform. What should be the key objectives ofcorporate governance reform? What kind of obstacles can there be thwarting reformefforts?Answer: The key objectives of corporate governance reform should be to strengthen shareholder rights and protect shareholders from expropriation by corporate insiders, whether managers or large shareholders. Controlling shareholders or managers do not wish to lose their control rights and thus resist reform efforts.4.Studies show that the legal protection of shareholder rights varies a great deal acrosscountries. Discuss the possible reasons why the English common law traditionprovides the strongest and the French civil law tradition the weakest protection ofinvestors.Answer: In civil law countries, the state historically has played an active role in regulating economic activities and has been less protective of property rights. In England, control of the court passed from the crown to the parliament and property owners in seventeenth century. English common law thus became more protective of property owners, and this protection was extended to investors over time.5.Explain ‘the wedge’ between the control and cash flow rights and discuss its implications forcorporate governance.Answer: When there is a separation of ownership and control, managers have control rights with insignificant cash flow rights, whereas shareholders have cash flow rights but no control rights. This wedge gives rise to the conflicts of interest between managers and shareholders. The wedge is the source of the agency problem.6.Discuss different ways that dominant investors use to establish and maintain the control of thecompany with relatively small investments.Answer: Dominant investors may use: (i) shares with superior voting rights, (ii) pyramidal ownership structure, and (iii) inter-firm cross-holdings.7.The Cadbury Code of the Best Practice adopted in the United Kingdom led to a successful reform ofcorporate governance in the country. Explain the key requirements of the Code and discuss how it may have contributed to the success of reform.Answer: The Code requires that chairman of the board and CEO be held by two different individuals, and that there should be at least three outside board members. The recommended board structure helped to strengthen the monitoring function of the board and reduce the agency problem.8.Many companies grant stocks or stock options to the managers. Discuss the benefitsand possible costs of using this kind of incentive compensation scheme.Answer: Stock options can be useful for aligning the interest of managers with that of shareholders and reduce the wedge between managerial control rights and cash flow rights. But at the same time, stock options may induce managers to distort investment decisions and manipulate financial statements so that they can maximize their benefits in the short run.9.It has been shown that foreign companies listed in the U.S. stock exchanges are valued more thanthose from the same countries that are not listed in the U.S. Explain the reasons why U.S.-listed foreign firms are valued more than those which are not. Also explain why not every foreign firm wants to list stocks in the United States.Answer: Foreign companies domiciled in countries with weak investor protection can bond themselves credibly to better investor protection by listing their stocks in U.S. exchanges that are known to provide a strong investor protection. Managers of some companies may not wish to list shares in U.S. exchanges, subjecting themselves to stringent disclosure and monitoring, for fear of losing their control rights and private benefits.。