国际财务管理(考试要点整理)

manager’s short-term best interest instead of the shareholder’s long-term best interest.
13. The Sarbanes-Oxley Act 萨班斯-奥斯利法案（美国）
Major components: Accounting regulation Audit committee Internal control assessment Executive responsibility Many companies find compliance onerous, costing millions of dollars. 达到该法案要求须付出较 巨额成本 Some foreign firms have chosen to list their shares on the London Stock Exchange instead of U.S. exchanges to avoid costly compliance.
Chapt4 Corporate Governance Around the World 世界各国公司治理
12. Agency problems (in corporate governance) Having the short-term control of the firm’s assets, managers might be tempted to act in the
Chapt3 Balance of Payments 国际收支平衡表
9. The Balance of Payments
The Balance of Payments is the statistical record of a country ’s international transactions over a certain period of time presented in the form of double-entry bookkeeping. 特定时间区段内以复 式记账法对一国的国际交易的统计记录。 The Balance of Payments Identity 国际收支平衡恒等式 BCA + BKA + BRA = 0 Where: BCA = balance on current account BKA = balance on capital account BRA = balance on the reserves account Under a pure flexible exchange rate regime, BCA + BKA = 0
7. Incompatible trinity or macroeconomic trilemma
Impossible triangle refers to the economic, social and fiscal and monetary policy targeting faced many difficulties, difficult to get three goals simultaneously. In terms of monetary policies, free capital flow, exchange rate stability and monetary policy independence nor the three too. “不可 能三角” （Impossible triangle）是指经济社会和财政金融政策目标选择面临诸多困境，难以同 时获得三个方面的目标。在金融政策方面，资本自由流动、汇率稳定和货币政策独立性三者 也不可能兼得。
5. Bretton Woods System:
1945-1972 布雷顿森林体系
The purpose was to design a postwar international monetary system. 目的：建立战后的国际货 币体系 The goal was exchange rate stability without the gold standard. 目标：虽然不采用金本位，但要 实现汇率稳定 The result was the creation of the IMF and the World Bank. 成果之一：IMF 及世行的成立 The Bretton Woods system was a dollar-based gold exchange standard. 其实质是基于美元的金
10. The J-Curve Effect
J 曲线效应【本币贬值的贸易顺差效应】
Following a currency depreciation, the trade balance may at first deteriorate before it improves.
11. How to record some international transactions in the debit and credit of a country’s balance of payments? ——Exercises and examples. 如何记录一些国际交易的借方和贷方 国家的收支平衡?——练习和例子
2. Multinational Corporations
跨国公司 MNCs
A firm that has incorporated on one country and has production and sales operations in other countries.
3. The Theory of Comparative Advantage 比较优势理论——自由贸易的基础
Definition: a comparative advantage exists when one party can produce a good or service at a lower opportunity cost than another party.
Chapt2 The International Monetary System 国际货币体系
6. Fixed versus Flexible Exchange Rate Regimes 固定汇率制与浮动汇率制的比较
1) Arguments in favor of flexible exchange rates: 支持浮动汇率制的理由 Easier external adjustments 使外部调节更容易 National policy autonomy 国家政策的自主权 2) Arguments against flexible exchange rates:反对浮动汇率制的理由 Exchange rate uncertainty may hamper international trade and investment 汇率的不确定性可能 会妨碍国际贸易和投资 No safeguards to prevent crises 没有保护措施去阻止危机
4. Gresham’s Law 格雷欣法则——劣币驱逐良币定律
Gresham’s Law implied that it would be the least valuable metal that would tend to circulate. Explain Gresham’s Law. Answer: Gresham’s law refers to the phenomenon that bad (abundant) money drives good (scarce) money out of circulation. This kind of phenomenon was often observed under the bimetallic standard under which both gold and silver were used as means of payments, with the exchange rate between the two fixed.
汇兑本位制。 What were the main objectives of the Bretton Woods system? Answer: The main objectives of the Bretton Woods system are to achieve exchange rate stabial trade and development.
国际财务管理（期末考试重点整理）双语版
2013.12.24
Chapt1 Globalization and the Multinational Firm 全球化与跨国公司
1. What ’s Special about “International” Finance? 国际财务管理的有别之处
1) Foreign Exchange Risk 外汇风险 The risk that foreign currency profits may evaporate in dollar terms due to unanticipated unfavorable exchange rate movements. 2) Political Risk 政治风险 Sovereign governments have the right to regulate the movement of goods, capital, and people across their borders. These laws sometimes change in unexpected ways. 3) Market Imperfections 国际财务管理中的市场不完美 Legal restrictions on the movement of goods, people, and money 各国/地对商品、劳动力及货 币流动的法律约束 Transactions costs 交易成本 Shipping costs 运输成本 Tax arbitrage 各国税收差异 4) Expanded Opportunity Set 企业市场机会增加 （跨国企业） It doesn’t make sense to play in only one corner of the sandbox. True for corporations as well as individual investors.