2020年高级国际财务管理师考试复习题及答案
江苏开放大学高级财务管理2020考试复习题答案
高级财务管理2020春学期期末考试复习题模块一一、单选题1、以下哪项不是现有财务管理理论的研究起点( )A、目标起点论B、财务本质起点论C、假设起点论D、利润起点论答案: D2.“目标起点论”中，财务管理目标是在考虑风险和( )两个重要因素的基础上实现企业价值的最大化A.风险B.环境C.报酬D.规范答案: C3、以下哪项不属于有效市场假设的分类。
(）A.弱式有效市场B. 次弱势有效市场C. 次强式有效市场D. 强式有效市场答案: B4、从中国理财环境和中国企业的特点来看，有效市场应不具备以下哪个特点: ( )A.当企业需要资金时，能以合理的价格在资金市场上筹集到资金。
B.当企业有闲置的资金时，能在市场上找到有效的投资方式。
C.企业理财上的任何成功和失误，都能在资金市场上得到反映。
D.理财主体在资金市场的筹资和投资等活动完全处于市场经济条件下的公平交易状态。
答案: D5、以利润最大化作为财务管理的目标存在以下缺点: ( )A.过于重视资金的时间价值。
B.可能会使财务管理人员不顾风险的大小去追求最多的利润。
C.只适合上市公司，对非上市公司很难适用。
D.只强调股东的利益，而对企业其他关系人的利益重视不够。
答案: B二、多选题1、以下属于财务管理假设的是()A、财务管理基本假设B、财务管理派生假设C、财务管理具体假设D、持续经营假设答案: ABC2、企业财务管理的目标包括( )A、利润最大化B、社会影响力最大化C、股东财富最大化D、企业价值最大化答案: ACD3、以下哪些利益集团对企业财务管理目标有影响()A、企业所有者B、政府C、企业职工D、债权人答案: ABCD4、以下哪些资本是郭复初教授提出的“本金起点论”中经济组织的本金的构成部分(A.实收资本B.固定资产C. 内部累积D.负债答案: ACD .5、以下哪些不是有效市场假设的派生假设()。
A.财务管理假设B.持续经营假设C. 市场公平假设D.有效市场假设答案: ABD。
真题考试：2020 财务管理学真题及答案(2)
真题考试：2020 财务管理学真题及答案(2)1、下列各项中，反映公司偿债能力的财务比率有【】（多选题）A. 产权比率B. 存货周转率C. 资产负债率D. 流动资产周转率E. 应收账款周转率试题答案：A,C2、下列选项中，确定项目营业现金流量需要考虑的因素有（多选题）A. 所得税B. 营业收入C. 付现成本D. 建设期末垫支的营运资本E. 固定资产变现收入试题答案：A,B,C3、关于个别证券的β系数,下列说法不正确的是（单选题）A. 可以用于度量个别证券的系统风险B. 不能反映个别证券收益率与市场平均收益率之间的变动关系C. 当β<1时,说明该证券所含的系统风险小于市场组合的风险D. 当β=1时,说明该证券所含的系统风险与市场组合的风险一致试题答案：B4、按照现金持有量决策的存货模型，持有现金的总成本包括（单选题）A. 持有成本和转换成本B. 持有成本和管理成本C. 持有成本和短缺成本D. 持有成本和储存成本试题答案：A5、某企业目前信用条件为“n/30”，年赊销额为3 600万元，全年按：360天计算。
若该企业变动成本率为60%，则该企业维持赊销业务所需资金量是【】（单选题）A. 180万元B. 360万元C. 600万元D. 3 600万元试题答案：A6、流动资产占总资产的比重所形成的财务比率属于（单选题）A. 动态比率B. 定基比率C. 结构比率D. 环比比率试题答案：C7、依《国际贸易术语解释通则2010》，由卖方办理保险手续的贸易术语有 ()（多选题）A. FASB. FOBC. CIFD. CIPE. FCA试题答案：C,D8、下列措施中属于资本输出国关于对外投资的管理措施是（单选题）A. 要求海外投资企业披露信息B. 保证外资利润汇出C. 保证外资原本汇出D. 财政性金融支持试题答案：A9、下列属于投资引起的财务活动有【】（多选题）A. 购置设备B. 购买国债C. 支付员工工资D. 偿还银行借款E. 购买其他公司的股票试题答案：A,B,E10、居住在A市的甲出差到B市，回来途中经过c市时突遇洪水侵袭，将所携带的单位的材料丢失。
江苏开放大学国际财务管理2020考试复习题答案
国际财务管理单选题：1.( )是国际企业和跨国公司财务管理面临的最直接的风险，它使得企业的资金存置和流量价值直接发生改变。
A.法律环境和政治制度B.企业公司治理结构C.外汇和汇率D.产品竞争力和技术水平答案：C2.（）是最简单、风险最小的国际经营方式。
A．跨国并购 B. 国外建厂C. 许可经营D. 产品出口答案：D3.企业多以非财务指标为目标，如职工福利、市场份额、企业声誉等，体现了国际企业财务目标( )。
A.股东价值B.雇员利益C.社会责任D.企业利益答案：B4.计算总差额金额的方法是( )。
A.将经常账户净额+金融账户净额+资本账户净额B.再加上净差错与遗漏C.再减去净差错与遗漏D.得出总差额的具体金额答案：A5.按IMF统计口径,一国国际收支平衡表中进出口贸易金额是按计算的( )。
A.FOBB.CIFC.C&FD.进口按CIF,出口按FOB答案：D6.国际企业利润管理的核心是( )。
A.利润分配和业绩的考评B.汇兑收益管理C.国际利益转移D.国际企业投资答案：A7.一国国际收支平衡表中的金融账户包括该国的( )。
A.投资捐赠B.专利购买C.专利出卖D.货币资本借贷答案：D8.国际企业财务管理采用集权模式存在的最大问题是( )A.管理交易成本高B.应变能力不足C.信息沟通不畅D.管理人员积极性不高答案：B9.中国的利息和股利收支属我国国际收支平衡表中的( )。
A.经常账户B.收益收支C.经常转移收支D.资本账户收支答案：B10.国际营运资金管理除了现金、应收款项和存货的最佳存量管理之外，还增加了( ) 的内容。
A.营运资金流量管理B.营运资金收益管理C.融资管理D.税收管理答案：A11．下列关于国际收支平衡表记账法则正确的说法为( )。
A.凡引起外汇流人的项目，记入借方B.凡引起外汇流出的项目，记入贷方C.凡引起本国负债增加的项目，记入借方D.凡引起本国负债增加的项目，记入贷方答案：D12．按照IMF的规定，登录国际收支平衡表时所依据的日期为( )。
2020年（财务知识）浙大远程教育国际财务管理练习题答案完美版
2020年（财务知识）浙⼤远程教育国际财务管理练习题答案完美版（财务知识）浙⼤远程教育国际财务管理练习题答案完美版《国际财务管理》练习题参考答案第1章国际财务管理导论壹、名词解释1.国际企业:超越国界从事商业活动的企业，包括各种类型、各种规模的参和国际商务的企业。
国内⽣产、国际销售是国际企业最简单的国际业务。
跨国X公司是国际企业发展的较⾼阶段和典型代表。
2.许可运营:许可⽅企业向受许可⽅企业提供技术，包括版权、专利技术、技术诀窍或商标以换取使⽤费的壹种运营⽅式。
当许可⽅企业和受许可⽅企业分别位于不同国家时，就形成了国家间的许可运营。
这种⽅式也能够被见作技术出⼝。
3.特许运营：是壹种特殊的许可运营⽅式，许可⽅通过向被许可⽅提供全套专业化企业运营⼿段，包括商标、企业组织、销售或服务策略和培训、技术⽀持等定期取得特许权使⽤费，被许可⽅则必须同意遵守严格的规则和程序以实现运营的标准化。
特许权使⽤费通常以被许可⽅的销售收⼊为基础收取。
4.分部式组织:称事业部制组织结构。
其特点是于⾼层管理者之下，按地区或产品设置若⼲分部，实⾏“集中政策，分散运营”的集中领导下的分权管理。
5.混合式组织：事实上很少有哪家企业是单纯采⽤壹种结构类型的，采⽤俩种之上组合⽅式的称为混合式结构。
6.分权模式:⼦X公司拥有充分的财务管理决策权，母X公司对于其财务管理控制以间接管理为主。
⼆、简答题1.国际财务管理和国内企业的财务管理内容有哪些的重要区别。
【答案】国际财务管理是指对国际企业的涉外经济活动进⾏的财务管理。
财务管理主要涉及的是如何作出各种最佳的X公司财务决定，⽐如通过适宜的投资、资产结构、股息政策以及⼈⼒资源管理，从⽽达到既定的X公司⽬标（股东财富最⼤化）。
国际财务管理和国内财务管理之间的区别主要体当下以下⼏个⽅⾯：（1）跨国运营和财务活动受外汇风险的影响；（2）全球范围内融资，寻求最佳全球融资战略；（3）跨国运营中商品和资⾦⽆法⾃由流动；（4）对外投资为股东于全球范围内分散风险。
东财《国际财务管理》课程考试复习题 参考答案
东财《国际财务管理》课程考试复习题参考答案一、单项选择题（下列每小题的备选答案中，只有一个符合题意的正确答案，多选、错选、不选均不得分。
本题共30个小题，每小题2分）1. 国际证券组合投资可以降低（）。
A .系统风险B .非系统风险C .市场风险D .不可分散风险【答案】B2. 如果票面利率小于市场利率，此时债券应该（）发行。
A .溢价B .折价C .平价D .以上答案都可以【答案】B3. 以下风险中最重要的是（）。
A .商品交易风险B .外汇借款风险C .会计折算风险D .经济风险【答案】D4. 如果某项借款名义贷款期为10年，而实际贷款期只有5年，则这项借款最有可能采用的偿还方式是（）。
A .到期一次偿还B .分期等额偿还C .逐年分次等额还本D .以上三种都可以【答案】C5. 在国际信贷计算利息时以365/365来表示计息天数与基础天数的关系称为（）。
A .大陆法B .欧洲货币法C .英国法D .时态法【答案】C6. 欧洲货币市场的主要短期信贷利率是（）。
A .LIBORB .SIBORC .HOBORD .NIBOR【答案】A7. 一国政府、金融机构、公司等在某一外国债券市场上发行的，不是以该外国的货币为面值的债券是（）。
A .普通债券B .国内债券C .欧洲债券D .外国债券8. 在对国外投资的子公司进行财务评价时，应扣除的子公司不可控因素不包括（）。
A .转移价格B .利率波动C .通货膨胀D .汇率波动【答案】B9. 在国际技术转让中，利润分享率一般认为应是（）。
A .1/2B .1/3C .1/4D .1/5【答案】C10. 美国A公司预测美元对英镑美元升值，美元对马克美元贬值，则A公司（）。
A .从英国的进口，应加快支付B .对英国的出口，应推迟收汇C .从德国的进口，应推迟支付D .对德国的出口，应推迟收汇【答案】D11. "使用外资收益率"这一指标等于1减去（）。
2020年3月ACCA考试P4高级财务管理真题
2020年3月ACCA考试P4高级财务管理真题(总分：100.00，做题时间：195分钟)一、案例分析题(总题数：0，分数：0.00)二、Section A(总题数：1，分数：50.00)IntroductionWestparley Co is a listed retailer, mainly selling food and small household goods. It has outperformed its competitors over the last few years as a result of providing high quality products at reasonable prices, and also having a stronger presence online. It has kept a control on costs, partly by avoiding operating large stores on expensive city centre sites. Instead, it has had smaller stores on the edge of cities and towns, and a limited number of larger stores on convenient out-of-town sites, aiming at customers who want their journeys to shops to be quick. One of its advertising slogans has been: ‘We are where you want us to be.’Westparley Co’s share price has recently performed better than most companies in the retail sector generally. Share prices in the retail sector have been relatively low as a result of poor results due to high competition, large fixed cost base and high interest rates. The exception has been shares in retailers specialising in computer and high-technology goods. These shares appear to have benefited from a boom generally in share prices of high-technology companies. Some analysts believe share prices of many companies in the high-technology sector are significantly higher than a rational analysis of their future prospects would indicate.Matravers CoWestparley Co has identified the listed retailer Matravers Co as an acquisition target, because it believes that MatraversCo’s shares are currently undervalued and part of Matravers Co’s operations would be a good strategic fit for Westparley Co.Matravers Co operates two types of store:Matravers Home mainly sells larger household items and home furnishings. These types of retailer have performed particularly badly recently and one major competitor of Matravers Home has just gone out of business. Matravers Home operates a number of city centre sites but has a much higher proportion of out-of-town sites than its competitors. Matravers Tech sells computers and mobile phones in much smaller outlets than those of Matravers Home.Extracts from Matravers Co’s latest annual report are given below:The share of pre-tax profit between Matravers Home and Matravers Tech was 80:20.The current market value of Matravers Co’s shares is $12,500m and its debt is currently trading at its book value. Westparley Co believes that it will have to pay a premium of 15% to Matravers Co’s shareholders to buy the company.Westparley Co intends to take advantage of the current values attributed to businesses such as Matravers Tech by selling this part of Matravers Co at the relevant sector price earnings ratio of 18, rather than a forecast estimate of Matravers Tech’s present value of future free cash flows of $4,500m.The company tax rate for both companies is 28% per year. Post-acquisition cost of capitalThe post-acquisition cost of capital of the combined company will be based on its cost of equity and cost of debt. The assetbeta post-acquisition can be assumed to be both companies’ asset betas weighted in proportion to their current market value of equity.Westparley Co has 4,000 million $1 shares in issue, currently trading at $8·50. It has $26,000m debt in issue, currently trading at $105 per $100 nominal value. Its equity beta is 1·02. Matravers Co’s asset beta is 0·75. The current market value of Matravers Co’s shares is $12,500m and its long-term loan is currently trading at its book value of $6,500m.The risk-free rate of return is estimated to be 3·5% and the market risk premium is estimated to be 8%.The pre-tax cost of debt of the combined company is expected to be 9·8%. It can be assumed that the debt:equity ratio of the combined company will be the same as Westparley Co’s current debt:equity ratio in market values.The company tax rate for both companies is 28% per year. Plans for Matravers CoThe offer for Matravers Co will be a cash offer. Any funding required for this offer will be a mixture of debt and equity. Although for the purposes of the calculation it has been assumed that the overall mix of debt and equity will remain the same, the directors are considering various plans for funding the purchase which could result in a change in Westparley Co’s gearing.As soon as it acquires all of Matravers Co’s share capital, Westparley Co would sell Matravers Tech as it does not fit in with Westparley Co’s strategic plans and Westparley Co wishes to take advantage of the large values currently attributed to high-technology businesses. Westparley Co would then close Matravers Home’s worst-performing city centre stores. It anticipates the loss of returns from these stores would be partly compensated by higher online sales by Matravers Co,generated by increased investment in its online operations. The remaining city centre stores and all out-of-town stores would start selling the food and household items currently sold in Westparley Co’s stores, and Westparley Co believes that this would increase profits from those stores.Westparley Co also feels that reorganising Matravers Co’s administrative functions and using increased power as a larger retailer can lead to synergies after the acquisition.Post-acquisition detailsOnce Matravers Tech has been sold, Westparley Co estimates that sales revenue from the Matravers Home stores which remain open, together with the online sales from its home business, will be $43,260m in the first year post-acquisition, and this figure is expected to grow by 3% per year in years 2 to 4.The profit margin before interest and tax is expected to be 6% of sales revenue in years 1 to 4.Tax allowable depreciation is assumed to be equivalent to the amount of investment needed to maintain existing operations. However, an investment in assets (including working capital) will be required of $630m in year 1. In years 2 to 4, investment in assets each ye ar will be $0·50 of every $1 increase in sales revenue.After four years, the annual growth rate of free cash flows is expected to be 2% for the foreseeable future.As well as the free cash flows from Matravers Co, Westparley Co expects that post-tax synergies will arise from its planned reorganisation of Matravers Co as follows in the next three years:The current market value of Matravers Co’s shares is $12,500mand its debt is currently trading at its book value of $6,500m. Required:（分数：50）(1).(a) Discuss the behavioural factors which may have led to businesses such as Matravers Tech being valued highly.（分数：6）___________________________________________________________ _______________________________正确答案：(Individual businessA number of behavioural factors, to do with the individual company as well as the sector as a whole, may lead to Matravers Tech being valued higher than appears to be warranted by rational analysis of its future prospects. One possible factor is the asking price, even if it is not a fair one, may provide a reference point which significantly influences the purchaser’s valuation of the business.The fact that Matravers Tech is available for purchase may help raise its price. Purchasers may see this as a rare opportunity to buy an attractive business in this retail sector. This will be made more likely if investors have loss aversion bias, a desire to buy Matravers Tech now because otherwise the opportunity will be lost.Matravers Tech being offered for sale will mean that information about the company, showing it in a positive light, will be available for purchasers. This could result in availability bias, investors taking particular note of this information because they can readily obtain it, rather than other information which may be more difficult or costly to find. SectorThere are a number of possible behavioural reasons why share prices in this sector appear generally higher than rational analysis indicates. One is the herd instinct, investing in thesector because other investors have also been buying shares, not wishing to make judgements independently of other investors. The herd instinct may be generated by previous share price movements. Investors may believe once prices start rising in the sector, they will continue to do so indefinitely. Following fashion may also be a factor. Fund managers who wish to give the impression that they are actively managing their portfolio by making regular changes to it, may have a preference for companies which appear up-to-date and are currently popular. This may be linked to an expectation that sales of technologically-advanced goods are likely to generate high returns.There is also confirmation bias, the idea that investors will pay attention to evidence which confirms their views that the sector is a good one in which to invest, and ignore evidence which contradicts their beliefs. In the past, technology companies have been valued using methods which support the beliefs of investors that they are of high value, rather than traditional methods, such as cash flow analysis, which suggest a lower business value is more realistic.)解析：(2).(b) Prepare a report for the board of directors of Westparley Co which:(i) compares the additional value which Westparley Co believes can be generated from the sale of Matravers Tech based on the P/E ratio, with that of the projected present value of its future free cash flows;(ii) calculates the weighted average cost of capital for the combined company;(iii) estimates the total value which Westparley Co’s shareholders will gain from the acquisition of Matravers Co;and(iv) assesses the strategic and financial value to Westparley Co of the acquisition, including a discussion of the estimations and assumptions made.Professional marks will be awarded in part (b) for the format, structure and presentation of the report.（分数：36）___________________________________________________________ _______________________________正确答案：((iv) Report to the board of directors, Westparley CoThis report evaluates whether the acquisition of Matravers Co would be beneficial to Westparley Co’s sh areholders by estimating the future value generated by Matravers Co (i.e. Matravers Home currently), the proceeds from selling Matravers Tech and the additional value created from synergies immediately after the companies are combined.Strategic fitThe strategic case for taking over the business appears to be strongest for the out-of-town stores and the online business. The acquisition would provide an additional out-of-town presence for Westparley Co. Better usage in the out-of-town stores could generate higher returns. Having the food and home businesses on the same site could generate some cross-sales between the two. Possibly combining the two companies’ online presence and investing further could mean Matravers Home benefiting from the factors which have driven strong performance by Westparley Co.Taking over the city centre stores, even the successful ones, seems to have less strategic logic, however. Westparley Co would be taking on a high cost burden. The success of the food business in city centres is doubtful, as food shops sited there will be less convenient for customers who do not live in thecity centres, and Westparley Co has marketed itself as being easily accessible for customers. There is, perhaps, wider incompatibility between the two businesses. The food business is characterised by quick shopping for often a limited number of items, whereas purchases in the home business, particularly of larger items, are likely to take longer and site convenience be less of an issue.Financial aspectsBased on the predictions for future cash flows and required premiums from Matravers Co’s shareholders, the acquisition would add value to Westparley Co’s shareholders, if, and only if, the excess value on selling Matravers Tech and the synergies are both largely achieved. Together they add up to $2,400m ($558m + $1,842m) compared with total added value of $1,897m. There are questions about the estimates for these figures and also the estimates for the future free cash flows of the current Matravers Home business.SynergiesMost of the additional value is due to synergies and it is difficult to see how the synergies are calculated. There is likely to be scope for some administrative savings. However, operational cost synergies appear less obvious as the two companies are operating in different retail sectors. Any synergy figures will also have to take account of costs in achieving synergies, such as store closure costs, and also commitments such as leases which may be a burden for some time. Synergies may also not be achieved because of lack ofco-operation by staff or problems integrating the two businesses.Current Matravers Home businessThe suggested increase in cash flows appears doubtful for a number of reasons. If stores being closed are making positivecash flow contributions, these will have to be replaced. Whether they can be is doubtful given the problems in this part of the retail sector. It may be a more profitable use of store space to have an area for food sales, but the food sales generated in Matra vers Co’s shops may take business from Westparley Co’s existing shops. Similarly, increased online sales may be at the expense of sales in stores.Sale of Matravers TechThere is no indication of how interested buyers will be in the business. The industry price-earnings (P/E) ratio used may be an average which does not reflect Matravers Tech’s circumstances. It would be better to find a P/E ratio for a proxy company with similar financial and business risk. As Matravers Tech would not be listed, this would suggest a discount to the P/E ratio should be applied. Since also Westparley Co has an estimate of future free cash flow, potential buyers may be able to come up with their own estimates and base the price they are prepared to pay on their estimates.Other assumptionsOne important assumption is the 15% premium expected to be required by Matravers Co’s shareholders. Other assumptions made in the calculations include operating profit margin and tax rates remaining constant and cash flows being assumed to increase to perpetuity. Incremental capital investment is assumed to be accurate. It is assumed that the cost of debt will remain unchanged and that the asset beta, cost of equity and cost of debt can be determined accurately. Given all the assumptions, Westparley Co should carry out sensitivity analysis using different assumptions and obtaining a range of values.ConclusionOn the assumptions made, the acquisition appears to addfinancial value for the shareholders of Westparley Co. However, the figures are subject to a significant number of uncertainties and the strategic logic for buying the whole Matravers business appears unclear. On balance, Westparley Co may want to consider a more limited acquisition of just the out-of-town stores if these are available, as their acquisition appears to make better strategic sense.Report compiled by:DateAppendix 1 Estimate of additional value created from sell-off of Matravers Tech (b) (i)Share of pre-tax profit = 20% x $1,950m = $390mAfter-tax profit = $390m x (1 –0·28) = $281mProceeds from sell-off based on P/E ratio = $281m x 18 = $5,058m Excess value from sell-off = $5,058m – $4,500m = $558m Appendix 2 Estimate of combined company cost of capital (b) (ii)Matravers Co asset beta = 0·75Westparley Co asset betaM arket value of debt = 1·05 x $26,000m = $27,300mMarket value of equity = 4,000 million x $8·50 = $34,000m Asset beta = 1·02 x (34,000)/(34,000 + (27,300 x 0·72)) = 0·65Combined company, asset betaMarket value of Matravers Co equity = $12,500mAsset beta = ((0·75 x 12,500) + (0·65 x 34,000))/(12,500 + 34,000) = 0·68Equity beta = 0·68 ((34,000 + (27,300 x 0·72))/34,000) = 1·07 Combined company cost of equity = 3·5% + (1·07 x 8%) = 12·1% Combined company cost of capital = ((34,000 x 12·1%) + (27,300 x 9·8%x 0·72))/(34,000 + 27,300) = 9·9%, say 10% Appendix 3 Estimate of the value created for Westparley Co’sshareholders (b) (iii)Cash flows, years 1 to 4Present value years 1 to 4 = $4,091mPresent value year 5 onwards (($1,353m x 1·02)/(0·1 –0·02)) x 1·10–4 = $11,781mTotal present value = $4,091m + $11,781m = $15,872m SynergiesPresent value of synergies = $1,842mAmount payable for Matravers Co’s shares = $12,500m x 1·15 = $14,375mValue attributable to Matravers Co’s investors = $14,375m + $6,500m = $20,875mValue attributable to Westparley Co shareholders = present value of cash flows + proceeds from sell-off + value of synergies – value to Matravers Co’s investors= $15,872m + $5,058m + $1,842m – $20,875m = $1,897m)解析：(3).(c) Discuss the factors which may determine how the offer for Matravers Co will be financed and hence the level of gearing which Westparley Co will have.（分数：8）___________________________________________________________ _______________________________正确答案：(Calculation of gearingIf gearing is calculated on the basis of market values, a fall in the share price will result in the level of gearing rising. Westparley Co’s board may be worried about a fall in the share price given the problems affecting many companies’ share prices in the retail sector and the possibility that the stock market may react adversely to the acquisition.Directors’ preferencesDirectors may have their own preferences about financing. They may be able to choose a mix of sources and a level of gearing which reflects these preferences. Directors may be concerned about too high a burden of payment to finance providers, in terms of cost or ultimately repayment of debt. They may not wish to commit the company to conditions imposed by finance providers. By contrast, they may be concerned about how a change in the shareholder base as a result of a share issue may impact upon their own position. Directors may also be concerned about the impression given by their choice of finance. Pecking order theory states that equity issue is seen as the last resort for financing, so if the purchase is financed by an equity issue, it may be seen as a sign of a lack of confidence by directors that Westparley Co can sustain its current share price. Costs and cash flowsGearing decisions may not just be determined by their own preferences but by external conditions or constraints. Choosing more debt could lower the overall cost of capital, dueto lower cost and tax relief, making investments such as Matravers Co appear more profitable. Higher levels of debt may result in the cost of equity rising, reducing the overall impact on the cost of capital. Against that, higher levels of debt mean increased finance cost commitments, even though Westparley Co may need further cash for investment in stores. This may be an important concern if interest rates are high. By contrast, dividends to shareholders do not have to be paid when returns are low or money is required for investment, although failure to meet dividend expectations may result in the board being pressurised by shareholders.AvailabilityThe availability of finance may also be a significant issue, particularly if an acquisition has to be completed quickly. An equity issue may take time to arrange and require shareholder approval. Sufficient debt finance may be difficult to obtain if lenders feel that Westparley Co already has significant commitments to debt finance providers. The timescale over which finance is available may be significant. Westparley Co may seek longer-term finance if existing debt finance is due to be repaid soon or if significant cash is needed for short-term investment, not just in Matravers Co’s stores, but also in Westparley Co’s existing stores.MixOther external factors may influence the mix of finance chosen. Westparley Co’s directors may be concerned about keeping the level of gearing at or below the industry average, because of finance providers becoming worried if gearing exceeds industry levels. Keeping debt as a significant element in overall finance may act as a deterrent to acquirers becoming interested in making a bid for Westparley Co. Directors may also not havea target figure in mind but be content if gearing is within a range of values.)解析：三、Section B(总题数：2，分数：50.00)Boullain Co is based in the Eurozone and manufactures components for agricultural machinery. The company is financed by a combination of debt and equity, having obtained a listing five years ago. In addition to the founder’s equity stake, the shareholders consist of pension funds and other institutional investors. Until recently, sales have been generated exclusively within the Eurozone area but the directors are keen to expand and have identified North America as a key export market. The company recently completed its first sale to a customer based in the United States, although payment will not be received for another six months.Hedging policy and key stakeholdersAt a rec ent board meeting, Boullain Co’s finance director argued that the expansion into foreign markets creates the need for a formal hedging policy and that shareholder value would be enhanced if this policy was communicated to the company’s other stakeholders. However, Boullain Co’s chief executive officer disagreed with the finance director on the following grounds. First, existing shareholders are already well diversified and would therefore not benefit from additional risk reduction hedging strategies. Second, there is no obvious benefit to shareholder value by communicating the hedging policy to other stakeholders such as debt providers, employees, customers and suppliers. You have been asked to provide a rationale for the finance director’s comments in advan ce of the next board meeting.Hedging productsAssume today’s date is 1 March 20X0. Boullain Co is due to receive $18,600,000 from the American customer on 31 August 20X0. The finance director is keen to minimise the company’s exposure to foreign exchange risk and has identified forward contracts, exchange traded futures and options as a way of achieving this objective.The following quotations have been obtained.Exchange rates (quoted as €/US$1)Currency futures (contract size €200,000; exercise price quoted as US$ per €1)Currency options (contract size €200,000; exercise price quoted as US$ per €1, premium: US cents per €1)Assume futures and options contracts mature at the month end and that there is no basis risk. The number of contracts to be used should be rounded down to the nearest whole number in calculations. If the full amount cannot be hedged using an exact number of futures or options contracts, the balance is hedged using the forward market.Margin informationOnce the position is open, the euro futures contract outlined above will be marked-to-market on a daily basis. The terms of the contract require Boullain Co to deposit an initial margin of $3,500 per contract with the clearing house. Assume themaintenance margin is equivalent to the initial margin. The tick size on the contract is $0·0001.Your manager is concerned about the impact of an open futures position on Boullain Co’s cash flow and has asked you to calculate and explain the impact of the following hypothetical changes in the closing settlement price in the first three days of the contract.Closing settlement prices (US$ per €1)Required:（分数：25）(1).(a) Explain the rationale for the policy of hedging Boullain Co’s foreign exchange risk and the potential benefits to shareholder value if that policy is effectively communicated to the company’s key stakeholders.（分数：7）___________________________________________________________ _______________________________正确答案：(Rationale for hedging policyWithin the framework of Modigliani and Miller, Boullain Co’s CEO is corr ect in stating that a company’s hedging policy is irrelevant. In a world without transaction or agency costs, and where markets are efficient and information symmetrical, hedging creates no value if shareholders are well diversified. Shareholder value may even be destroyed if the costs associated with hedging exceed the benefits.However, in the real world where market imperfections exist, including the transaction costs of bankruptcy and other types of financial distress, hedging protects shareholder value by avoiding the distress costs associated with potentiallydevastating foreign exchange fluctuations.Active hedging may also benefit debt-holders by reducing the agency costs of debt. A clearly defined hedging policy acts as a signalling tool between shareholders and debt-holders. In this sense, hedging allows for higher leverage and a lower cost of debt and reduces the need for restrictive covenants. Communication of policy with stakeholdersEven when foreign exchange risks are hedged, the funding of variation margin payments on exchange traded futures can create financial distress. A well communicated hedging strategy allows debt providers to make informed decisions about Boullain Co’s ability to service its debt.Agency costs and the risk of financial distress also impact the expected wealth of employees who, unlike shareholders, may not enjoy the risk reduction benefits of a diversified portfolio.A consistent hedging policy reduces the risks faced by employees which may serve to benefit Boullain Co in the form of motivational and productivity improvements.Customers and suppliers have claims on a company which create shareholder value but are conditional upon Boullain Co’s survival. Suppliers may invest in production systems which create value in the form of lower costs. For customers, these claims reflect promises of quality and after-sales service levels which enable Boullain Co to charge higher prices. In both cases, shareholder value is created as long as the customers and suppliers believe these claims will be honoured. One way of achieving this is by implementing a hedging strategy and communicating it to stakeholders.In conclusion, management should attempt to communicate the principles underlying its hedging strategy and the benefits to shareholder value in the form of reduced agency and distresscosts. In this way, stakeholders can make informed decisions about the potential risks and impact on their expected wealth. )解析：(2).(b) Recommend a hedging strategy for Boullain Co’s foreign currency receipt in six months’ time based on the hedging choices the finance director is considering. Support your recommendation with appropriate discussion and relevant calculations.（分数：11）___________________________________________________________ _______________________________正确答案：(Forward contract$18,600,000 x 0·8729 = €16,235,940FuturesBuy September € futuresCalculation of futures priceSpot rate (US$/€1) = 1/0·8707 = 1·1485Predicted futures using spot rate = 1·1422 + ((1·1485 –1·1422) x 1/7) = 1·1431Or using futures: 1·1422 + ((1·1449 –1·1422) x 1/3)) = 1·1431Number of contractsExpected receipt = $18,600,000/1·1431 = €16,271,542 Number of contracts = €16,271,542/€200,000 = 81·4, say 81 contractsAmount underhedged = $18,600,000 –(81 x €200,000 x 1·1431$/€) = $81,780Receipt at forward rate = $81,780 x 0·8729€/$ = €71,386 OutcomeOptionsSeptember € call optionsNumber of contractsPayment = $18,600,000/1·1420$/€ = €16,287,215Number of contracts = €16,287,215/€200,000 = 81·4, say 81 contractsPremiumPremium = 81 x €200,000 x 0·0077$/€ = $124,740Translate at spot = $124,740 x 0·8711€/$ = €108,661 Amount underhedged = $18,600,000 –(81 x €200,000 x 1·1420$/€) = $99,600Receipt at forward rate = $99,600 x 0·8729€/$ = €86,941 OutcomeRecommendationThe forward and futures contracts fix the exchange rate with the futures contract generating a slightly higher euro receipt compared to the forward. However, the futures contract is exposed to basis risk and is marked-to-market daily. The initial margin and variation margins need to be funded and would impact cash flow in the short term.The option outcome of €16,178,280 provides a worst-case scenario based on the option being exercised. The option premium is expensive which results in a lower receipt if the option is exercised. Unlike the forward and futures contracts, however, the option allows Boullain Co to retain the upside。
国际财务管理课后习题答案chapter 8(2020年7月整理).pdf
CHAPTER 8 MANAGEMENT OF TRANSACTION EXPOSURE SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS ANDPROBLEMSQUESTIONS1. How would you define transaction exposure? How is it different from economic exposure? Answer: Transaction exposure is the sensitivity of realized domestic currency values of the firm’s contractual cash flows denominated in foreign currencies to unexpected changes in exchange rates. Unlike economic exposure, transaction exposure is well-defined and short-term.2. Discuss and compare hedging transaction exposure using the forward contract vs. money market instruments. When do the alternative hedging approaches produce the same result?Answer: Hedging transaction exposure by a forward contract is achieved by selling or buying foreign currency receivables or payables forward. On the other hand, money market hedge is achieved by borrowing or lending the present value of foreign currency receivables or payables, thereby creating offsetting foreign currency positions. If the interest rate parity is holding, the two hedging methods are equivalent.3. Discuss and compare the costs of hedging via the forward contract and the options contract. Answer: There is no up-front cost of hedging by forward contracts. In the case of options hedging, however, hedgers should pay the premiums for the contracts up-front. The cost of forward hedging, however, may be realized ex post when the hedger regrets his/her hedging decision.4. What are the advantages of a currency options contract as a hedging tool compared with the forward contract?Answer: The main advantage of using options contracts for hedging is that the hedger can decide whether to exercise options upon observing the realized future exchange rate. Options thus provide a hedge against ex post regret that forward hedger might have to suffer. Hedgers can only eliminate the downside risk while retaining the upside potential.5. Suppose your company has purchased a put option on the German mark to manage exchange exposure associated with an account receivable denominated in that currency. In this case, your company can be said to have an ‘insurance’ policy on its receivable. Explain in what sense this is so.Answer: Your company in this case knows in advance that it will receive a certain minimum dollar amount no matter what might happen to the $/€exchange rate. Furthermore, if the German mark appreciates, your company will benefit from the rising euro.6. Recent surveys of corporate exchange risk management practices indicate that many U.S. firms simply do not hedge. How would you explain this result?Answer: There can be many possible reasons for this. First, many firms may feel that they are not reallyexposed to exchange risk due to product diversification, diversified markets for their products, etc. Second, firms may be using self-insurance against exchange risk. Third, firms may feel that shareholders can diversify exchange risk themselves, rendering corporate risk management unnecessary.7. Should a firm hedge? Why or why not?Answer: In a perfect capital market, firms may not need to hedge exchange risk. But firms can add to their value by hedging if markets are imperfect. First, if management knows about the firm’s exposure better than shareholders, the firm, not its shareholders, should hedge. Second, firms may be able to hedge at a lower cost. Third, if default costs are significant, corporate hedging can be justifiable because it reduces the probability of default. Fourth, if the firm faces progressive taxes, it can reduce tax obligations by hedging which stabilizes corporate earnings.8. Using an example, discuss the possible effect of hedging on a firm’s tax obligations.Answer: One can use an example similar to the one presented in the chapter.9. Explain contingent exposure and discuss the advantages of using currency options to manage this type of currency exposure.Answer: Companies may encounter a situation where they may or may not face currency exposure. In this situation, companies need options, not obligations, to buy or sell a given amount of foreign exchange they may or may not receive or have to pay. If companies either hedge using forward contracts or do not hedge at all, they may face definite currency exposure.10. Explain cross-hedging and discuss the factors determining its effectiveness.Answer: Cross-hedging involves hedging a position in one asset by taking a position in another asset. The effectiveness of cross-hedging would depend on the strength and stability of the relationship between the two assets.PROBLEMS1. Cray Research sold a super computer to the Max Planck Institute in Germany on credit and invoiced €10 million payable in six months. Currently, the six-month forward exchange rate is $1.10/€ and the foreign exchange advisor for Cray Research predicts that the spot rate is likely to be $1.05/€ in six months.(a) What is the expected gain/loss from the forward hedging?(b) If you were the financial manager of Cray Research, would you recommend hedging this euro receivable? Why or why not?(c) Suppose the foreign exchange advisor predicts that the future spot rate will be the same as the forward exchange rate quoted today. Would you recommend hedging in this case? Why or why not?Solution: (a) Expected gain($) = 10,000,000(1.10 – 1.05)= 10,000,000(.05)= $500,000.(b) I would recommend hedging because Cray Research can increase the expected dollar receipt by $500,000 and also eliminate the exchange risk.(c) Since I eliminate risk without sacrificing dollar receipt, I still would recommend hedging.2. IBM purchased computer chips from NEC, a Japanese electronics concern, and was billed ¥250 million payable in three months. Currently, the spot exchange rate is ¥105/$ and the three-month forward rate is ¥100/$. The three-month money market interest rate is 8 percent per annum in the U.S. and 7 percent per annum in Japan. The management of IBM decided to use the money market hedge to deal with this yen account payable.(a) Explain the process of a money market hedge and compute the dollar cost of meeting the yen obligation.(b) Conduct the cash flow analysis of the money market hedge.Solution: (a). Let’s first compute the PV of ¥250 million, i.e.,250m/1.0175 = ¥245,700,245.7So if the above yen amount is invested today at the Japanese interest rate for three months, the maturity value will be exactly equal to ¥25 million which is the amount of payable.To buy the above yen amount today, it will cost:$2,340,002.34 = ¥250,000,000/105.The dollar cost of meeting this yen obligation is $2,340,002.34 as of today.(b)___________________________________________________________________Transaction CF0 CF1____________________________________________________________________1. Buy yens spot -$2,340,002.34with dollars ¥245,700,245.702. Invest in Japan - ¥245,700,245.70 ¥250,000,0003. Pay yens - ¥250,000,000Net cash flow - $2,340,002.34____________________________________________________________________3. You plan to visit Geneva, Switzerland in three months to attend an international business conference. You expect to incur the total cost of SF 5,000 for lodging, meals and transportation during your stay. As of today, the spot exchange rate is $0.60/SF and the three-month forward rate is $0.63/SF. You can buy the three-month call option on SF with the exercise rate of $0.64/SF for the premium of $0.05 per SF. Assume that your expected future spot exchange rate is the same as the forward rate. The three-month interest rate is 6 percent per annum in the United States and 4 percent per annum in Switzerland.(a) Calculate your expected dollar cost of buying SF5,000 if you choose to hedge via call option on SF.(b) Calculate the future dollar cost of meeting this SF obligation if you decide to hedge using a forward contract.(c) At what future spot exchange rate will you be indifferent between the forward and option market hedges?(d) Illustrate the future dollar costs of meeting the SF payable against the future spot exchange rate under both the options and forward market hedges.Solution: (a) Total option premium = (.05)(5000) = $250. In three months, $250 is worth $253.75 = $250(1.015). At the expected future spot rate of $0.63/SF, which is less than the exercise price, you don’t expect to exercise options. Rather, you expect to buy Swiss franc at $0.63/SF. Since you are going to buy SF5,000, you expect to spend $3,150 (=.63x5,000). Thus, the total expected cost of buying SF5,000 will be the sum of $3,150 and $253.75, i.e., $3,403.75.(b) $3,150 = (.63)(5,000).(c) $3,150 = 5,000x + 253.75, where x represents the break-even future spot rate. Solving for x, we obtain x = $0.57925/SF. Note that at the break-even future spot rate, options will not be exercised.(d) If the Swiss franc appreciates beyond $0.64/SF, which is the exercise price of call option, you will exercise the option and buy SF5,000 for $3,200. The total cost of buying SF5,000 will be $3,453.75 = $3,200 + $253.75.This is the maximum you will pay.4. Boeing just signed a contract to sell a Boeing 737 aircraft to Air France. Air France will be billed €20 million which is payable in one year. The current spot exchange rate is $1.05/€ and the one -year forward rate is $1.10/€. The annual interest rate is 6.0% in the U.S. and5.0% in France. Boeing is concerned with the volatile exchange rate between the dollar and the euro and would like to hedge exchange exposure. (a) It is considering two hedging alternatives: sell the euro proceeds from the sale forward or borrow euros from the Credit Lyonnaise against the euro receivable. Which alternative would you recommend? Why?(b) Other things being equal, at what forward exchange rate would Boeing be indifferent between the two hedging methods?Solution: (a) In the case of forward hedge, the future dollar proceeds will be (20,000,000)(1.10) = $22,000,000. In the case of money market hedge (MMH), the firm has to first borrow the PV of its euro receivable, i.e., 20,000,000/1.05 =€19,047,619. Then the firm should exchange this euro amount into dollars at the current spot rate to receive: (€19,047,619)($1.05/€) = $20,000,000, which can be invested at the dollar interest rate for one year to yield: $20,000,000(1.06) = $21,200,000.Clearly, the firm can receive $800,000 more by using forward hedging.(b) According to IRP, F = S(1+i $)/(1+i F ). Th us the “indifferent” forward rate will be: F = 1.05(1.06)/1.05 = $1.06/€.5. Suppose that Baltimore Machinery sold a drilling machine to a Swiss firm and gave the Swiss client a choice of paying either $10,000 or SF 15,000 in three months.(a) In the above example, Baltimore Machinery effectively gave the Swiss client a free option to buy up to $10,000 dollars using Swiss franc. What is the ‘implied’ exercise exchange rate?(b) If the spot exchange rate turns out to be $0.62/SF, which currency do you think the Swiss client will choose to use for payment? What is the value of this free option for the Swiss client? (c) What is the best way for Baltimore Machinery to deal with the exchange exposure? Solution: (a) The implied exercise (price) rate is: 10,000/15,000 = $0.6667/SF .(b) If the Swiss client chooses to pay $10,000, it will cost SF16,129 (=10,000/.62). Since the Swiss client has an option to pay SF15,000, it will choose to do so. The value of this option is obviously SF1,129$ Cost Options hedgeForward hedge$3,453.75 $3,1500.5790.64(strike price)$/SF$253.75(=SF16,129-SF15,000).(c) Baltimore Machinery faces a contingent exposure in the sense that it may or may not receive SF15,000 in the future. The firm thus can hedge this exposure by buying a put option on SF15,000.6. Princess Cruise Company (PCC) purchased a ship from Mitsubishi Heavy Industry. PCC owes Mitsubishi Heavy Industry 500 million yen in one year. The current spot rate is 124 yen per dollar and the one-year forward rate is 110 yen per dollar. The annual interest rate is 5% in Japan and 8% in the U.S. PCC can also buy a one-year call option on yen at the strike price of $.0081 per yen for a premium of .014 cents per yen.(a) Compute the future dollar costs of meeting this obligation using the money market hedge and the forward hedges.(b) Assuming that the forward exchange rate is the best predictor of the future spot rate, compute the expected future dollar cost of meeting this obligation when the option hedge is used.(c) At what future spot rate do you think PCC may be indifferent between the option and forward hedge? Solution: (a) In the case of forward hedge, the dollar cost will be 500,000,000/110 = $4,545,455. In the case of money market hedge, the future dollar cost will be: 500,000,000(1.08)/(1.05)(124)= $4,147,465.(b) The option premium is: (.014/100)(500,000,000) = $70,000. Its future value will be $70,000(1.08) = $75,600.At the expected future spot rate of $.0091(=1/110), which is higher than the exercise of $.0081, PCC will exercise its call option and buy ¥500,000,000 for $4,050,000 (=500,000,000x.0081).The total expected cost will thus be $4,125,600, which is the sum of $75,600 and $4,050,000.(c) When the option hedge is used, PCC will spend “at most” $4,125,000. On the other hand, when the forward hedging is used, PCC will have to spend $4,545,455 regardless of the future spot rate. This means that the options hedge dominates the forward hedge. At no future spot rate, PCC will be indifferent between forward and options hedges.7. Airbus sold an aircraft, A400, to Delta Airlines, a U.S. company, and billed $30 million payable in six months. Airbus is concerned with the euro proceeds from international sales and would like to control exchange risk. The current spot exchang e rate is $1.05/€ and six-month forward exchange rate is $1.10/€ at the moment. Airbus can buy a six-month put option on U.S. dollars with a strike price of €0.95/$ for a premium of €0.02 per U.S. dollar. Currently, six-month interest rate is 2.5% in the euro zone and 3.0% in the U.S.pute the guaranteed euro proceeds from the American sale if Airbus decides to hedge using aforward contract.b.If Airbus decides to hedge using money market instruments, what action does Airbus need to take?What would be the guaranteed euro proceeds from the American sale in this case?c.If Airbus decides to hedge using put options on U.S. dollars, what would be the ‘expected’ europroceeds from the American sale? Assume that Airbus regards the current forward exchange rate as an unbiased predictor of the future spot exchange rate.d.At what future spot exchange rate do you think Airbus will be indifferent between the option andmoney market hedge?Solution:a. Airbus will sell $30 million forward for €27,272,727 = ($30,000,000) / ($1.10/€).b. Airbus will borrow the present value of the dollar receivable, i.e., $29,126,214 = $30,000,000/1.03, and then sell the dollar proceeds spot for euros: €27,739,251. This is the euro amount that Airbus is going to keep.c. Since the expected future spot rate is less than the strike price of the put option, i.e., €0.9091< €0.95, Airbus expects to exercise the option and receive €28,500,000 = ($30,000,000)(€0.95/$). This is gross proceeds. Airbus spent €600,000 (=0.02x30,000,000) upfr ont for the option and its future cost is equal to €615,000 = €600,000 x 1.025. Thus the net euro proceeds from the American sale is €27,885,000, which is the difference between the gross proceeds and the option costs.d. At the indifferent future spot rate, the following will hold:€28,432,732 = S T (30,000,000) - €615,000.Solving for S T, we obtain the “indifference” future spot exchange rate, i.e., €0.9683/$, or $1.0327/€.Note that €28,432,732 is the future value of the proceeds under money market hed ging:€28,432,732 = (€27,739,251) (1.025).Suggested solution for Mini Case: Chase Options, Inc.[See Chapter 13 for the case text]Chase Options, Inc.Hedging Foreign Currency Exposure Through Currency OptionsHarvey A. PoniachekI. Case SummaryThis case reviews the foreign exchange options market and hedging. It presents various international transactions that require currency options hedging strategies by the corporations involved. Seven transactions under a variety of circumstances are introduced that require hedging by currency options. The transactions involve hedging of dividend remittances, portfolio investment exposure, and strategic economic competitiveness. Market quotations are provided for options (and options hedging ratios), forwards, and interest rates for various maturities.II. Case Objective.The case introduces the student to the principles of currency options market and hedging strategies. The transactions are of various types that often confront companies that are involved in extensive international business or multinational corporations. The case induces students to acquire hands-on experience in addressing specific exposure and hedging concerns, including how to apply various market quotations, which hedging strategy is most suitable, and how to address exposure in foreign currency through cross hedging policies.III. Proposed Assignment Solution1. The company expects DM100 million in repatriated profits, and does not want the DM/$ exchange rate at which they convert those profits to rise above 1.70. They can hedge this exposure using DM put options with a strike price of 1.70. If the spot rate rises above 1.70, they can exercise the option, while if that rate falls they can enjoy additional profits from favorable exchange rate movements.To purchase the options would require an up-front premium of:DM 100,000,000 x 0.0164 = DM 1,640,000.With a strike price of 1.70 DM/$, this would assure the U.S. company of receiving at least:DM 100,000,000 – DM 1,640,000 x (1 + 0.085106 x 272/360)= DM 98,254,544/1.70 DM/$ = $57,796,791by exercising the option if the DM depreciated. Note that the proceeds from the repatriated profits are reduced by the premium paid, which is further adjusted by the interest foregone on this amount. However, if the DM were to appreciate relative to the dollar, the company would allow the option to expire, and enjoy greater dollar proceeds from this increase.Should forward contracts be used to hedge this exposure, the proceeds received would be:DM100,000,000/1.6725 DM/$ = $59,790,732,regardless of the movement of the DM/$ exchange rate. While this amount is almost $2 million more than that realized using option hedges above, there is no flexibility regarding the exercise date; if this date differs from that at which the repatriate profits are available, the company may be exposed to additional further current exposure. Further, there is no opportunity to enjoy any appreciation in the DM.If the company were to buy DM puts as above, and sell an equivalent amount in calls with strike price 1.647, the premium paid would be exactly offset by the premium received. This would assure that the exchange rate realized would fall between 1.647 and 1.700. If the rate rises above 1.700, the company will exercise its put option, and if it fell below 1.647, the other party would use its call; for any rate in between, both options would expire worthless. The proceeds realized would then fall between:DM 100,00,000/1.647 DM/$ = $60,716,454andDM 100,000,000/1.700 DM/$ = $58,823,529.This would allow the company some upside potential, while guaranteeing proceeds at least $1 million greater than the minimum for simply buying a put as above.Buy/Sell OptionsDM/$Spot Put Payoff “Put”Profits Call Payoff“Call”Profits Net Profit1.60 (1,742,846) 0 1,742,846 60,716,454 60,716,454 1.61 (1,742,846) 0 1,742,846 60,716,454 60,716,454 1.62 (1,742,846) 0 1,742,846 60,716,454 60,716,454 1.63 (1,742,846) 0 1,742,846 60,716,454 60,716,454 1.64 (1,742,846) 0 1,742,846 60,716,454 60,716,454 1.65 (1,742,846) 60,606,061 1,742,846 0 60,606,061 1.66 (1,742,846) 60,240,964 1,742,846 0 60,240,964 1.67 (1,742,846) 59,880,240 1,742,846 0 59,880,240 1.68 (1,742,846) 59,523,810 1,742,846 0 59,523,810 1.69 (1,742,846) 59,171,598 1,742,846 0 59,171,598 1.70 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.71 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.72 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.73 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.74 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.75 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.76 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.77 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.78 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.79 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.80 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.81 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.82 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.83 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.84 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.85 (1,742,846) 58,823,529 1,742,846 0 58,823,529Since the firm believes that there is a good chance that the pound sterling will weaken, locking them into a forward contract would not be appropriate, because they would lose the opportunity to profit from this weakening. Their hedge strategy should follow for an upside potential to match their viewpoint. Therefore, they should purchase sterling call options, paying a premium of:5,000,000 STG x 0.0176 = 88,000 STG.If the dollar strengthens against the pound, the firm allows the option to expire, and buys sterling in the spot market at a cheaper price than they would have paid for a forward contract; otherwise, the sterling calls protect against unfavorable depreciation of the dollar.Because the fund manager is uncertain when he will sell the bonds, he requires a hedge which will allow flexibility as to the exercise date. Thus, options are the best instrument for him to use. He can buy A$ puts to lock in a floor of 0.72 A$/$. Since he is willing to forego any further currency appreciation, he can sell A$ calls with a strike price of 0.8025 A$/$ to defray the cost of his hedge (in fact he earns a net premium of A$ 100,000,000 x (0.007234 –0.007211) = A$ 2,300), while knowing that he can’t receive less than 0.72 A$/$ when redeeming his investment, and can benefit from a small appreciation of the A$. Example #3:Problem: Hedge principal denominated in A$ into US$. Forgo upside potential to buy floor protection.I. Hedge by writing calls and buying puts1) Write calls for $/A$ @ 0.8025Buy puts for $/A$ @ 0.72# contracts needed = Principal in A$/Contract size100,000,000A$/100,000 A$ = 1002) Revenue from sale of calls = (# contracts)(size of contract)(premium)$75,573 = (100)(100,000 A$)(.007234 $/A$)(1 + .0825 195/360)3) Total cost of puts = (# contracts)(size of contract)(premium)$75,332 = (100)(100,000 A$)(.007211 $/A$)(1 + .0825 195/360)4) Put payoffIf spot falls below 0.72, fund manager will exercise putIf spot rises above 0.72, fund manager will let put expire5) Call payoffIf spot rises above .8025, call will be exercised If spot falls below .8025, call will expire6) Net payoffSee following Table for net payoff Australian Dollar Bond HedgeStrikePrice Put Payoff “Put”Principal Call Payoff“Call”Principal Net Profit0.60 (75,332) 72,000,000 75,573 0 72,000,2410.61 (75,332) 72,000,000 75,573 0 72,000,2410.62 (75,332) 72,000,000 75,573 0 72,000,2410.63 (75,332) 72,000,000 75,573 0 72,000,2410.64 (75,332) 72,000,000 75,573 0 72,000,2410.65 (75,332) 72,000,000 75,573 0 72,000,2410.66 (75,332) 72,000,000 75,573 0 72,000,2410.67 (75,332) 72,000,000 75,573 0 72,000,2410.68 (75,332) 72,000,000 75,573 0 72,000,2410.69 (75,332) 72,000,000 75,573 0 72,000,2410.70 (75,332) 72,000,000 75,573 0 72,000,2410.71 (75,332) 72,000,000 75,573 0 72,000,2410.72 (75,332) 72,000,000 75,573 0 72,000,2410.73 (75,332) 73,000,000 75,573 0 73,000,2410.74 (75,332) 74,000,000 75,573 0 74,000,2410.75 (75,332) 75,000,000 75,573 0 75,000,2410.76 (75,332) 76,000,000 75,573 0 76,000,2410.77 (75,332) 77,000,000 75,573 0 77,000,2410.78 (75,332) 78,000,000 75,573 0 78,000,2410.79 (75,332) 79,000,000 75,573 0 79,000,2410.80 (75,332) 80,000,000 75,573 0 80,000,2410.81 (75,332) 0 75,573 80,250,000 80,250,2410.82 (75,332) 0 75,573 80,250,000 80,250,2410.83 (75,332) 0 75,573 80,250,000 80,250,2410.84 (75,332) 0 75,573 80,250,000 80,250,2410.85 (75,332) 0 75,573 80,250,000 80,250,2414. The German company is bidding on a contract which they cannot be certain of winning. Thus, the need to execute a currency transaction is similarly uncertain, and using a forward or futures as a hedge is inappropriate, because it would force them to perform even if they do not win the contract.Using a sterling put option as a hedge for this transaction makes the most sense. For a premium of:12 million STG x 0.0161 = 193,200 STG,they can assure themselves that adverse movements in the pound sterling exchange rate will not diminish the profitability of the project (and hence the feasibility of their bid), while at the same time allowing the potential for gains from sterling appreciation.5. Since AMC in concerned about the adverse effects that a strengthening of the dollar would have on its business, we need to create a situation in which it will profit from such an appreciation. Purchasing a yen put or a dollar call will achieve this objective. The data in Exhibit 1, row 7 represent a 10 percent appreciation of the dollar (128.15 strike vs. 116.5 forward rate) and can be used to hedge against a similar appreciation of the dollar.For every million yen of hedging, the cost would be:Yen 100,000,000 x 0.000127 = 127 Yen.To determine the breakeven point, we need to compute the value of this option if the dollar appreciated 10 percent (spot rose to 128.15), and subtract from it the premium we paid. This profit would be compared with the profit earned on five to 10 percent of AMC’s s ales (which would be lost as a result of the dollar appreciation). The number of options to be purchased which would equalize these two quantities would represent the breakeven point.Example #5:Hedge the economic cost of the depreciating Yen to AMC.If we assume that AMC sales fall in direct proportion to depreciation in the yen (i.e., a 10 percent decline in yen and 10 percent decline in sales), then we can hedge the full value of AMC’s sales. I have assumed $100 million in sales.1) Buy yen puts# contracts needed = Expected Sales *Current ¥/$ Rate / Contract size9600 = ($100,000,000)(120¥/$) / ¥1,250,0002) Total Cost = (# contracts)(contract size)(premium)$1,524,000 = (9600)( ¥1,250,000)($0.0001275/¥)3) Floor rate = Exercise – Premium128.1499¥/$ = 128.15¥/$ - $1,524,000/12,000,000,000¥4) The payoff changes depending on the level of the ¥/$ rate. The following table summarizes thepayoffs. An equilibrium is reached when the spot rate equals the floor rate.AMC ProfitabilityYen/$ Spot Put Payoff Sales Net Profit 120 (1,524,990) 100,000,000 98,475,010 121 (1,524,990) 99,173,664 97,648,564 122 (1,524,990) 98,360,656 96,835,666 123 (1,524,990) 97,560,976 86,035,986 124 (1,524,990) 96,774,194 95,249,204 125 (1,524,990) 96,000,000 94,475,010 126 (1,524,990) 95,238,095 93,713,105 127 (847,829) 94,488,189 93,640,360 128 (109,640) 93,750,000 93,640,360 129 617,104 93,023,256 93,640,360 130 1,332,668 92,307,692 93,640,360 131 2,037,307 91,603,053 93,640,360 132 2,731,269 90,909,091 93,640,360 133 3,414,796 90,225,664 93,640,360 134 4,088,122 89,552,239 93,640,360 135 4,751,431 88,888,889 93,640,360 136 5,405,066 88,235,294 93,640,360 137 6,049,118 87,591,241 93,640,360 138 6,683,839 86,966,522 93,640,360 139 7,308,425 86,330,936 93,640,360 140 7,926,075 85,714,286 93,640,360 141 8,533,977 85,106,383 93,640,360 142 9,133,318 84,507,042 93,640,360 143 9,724,276 83,916,084 93,640,360 144 10,307,027 83,333,333 93,640,360 145 10,881,740 82,758,621 93,640,360 146 11,448,579 82,191,781 93,640,360 147 12,007,707 81,632,653 93,640,360 148 12,569,279 81,081,081 93,640,360 149 13,103,448 80,536,913 93,640,360 150 13,640,360 80,000,000 93,640,360。
《国际财务管理》随堂习题及答案(超全)
《国际财务管理》随堂随练第一章绪论1、企业财务管理的目标就是要使资金成本（），资金利润率（），从而实现所有者权益最大化。
A、最低、最低B、最低、最高C、最高、最高D、最高、最低2、财务管理中最重要的关键环节是（）。
A、财务预测B、财务决策C、财务预算D、财务分析3、国际财务管理是指对企业与其他国家的（）之间发生的财务所进行的管理活动。
A、政府B、企业C、单位D、个人4、国际财务管理是指对国际财务所进行的（）等一系列活动。
A、组织B、协调C、指挥D、计划E、控制5、国际财务管理是以（）为主体进行的一系列管理活动。
A、国家B、政府C、企业D、个人6、国际金融是以（）为主体进行的一系列研究活动。
A、国家B、政府C、企业D、个人7、国际财务管理学与（）学科都有一定的联系。
A、国际贸易B、国际信贷C、国际投资D国际税收E、国际结算8、国际财务管理人员最应该通晓（）知识。
A、国际贸易B、国际投资C、国际金融D、国际税收9、在实际应用时，国际财务与国际金融在（）方面是没有区别的。
A、英文名称B、角C、范围D、内容10、关于国际财务管理学与财务管理学的关系表述正确的是（）。
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11、西方财务管理是按照（）进行分类得出的结论。
A、社会性质B、地理位置C、财务活动是否跨越本国国界D、政治制度12、国际财务管理与跨国企业财务管理两个概念（）。
A、完全相同B、截然不同C、仅是名称不同D、内容有所不同13、国际财务管理与国际企业财务管理（）。
A、完全相同B、截然不同C、仅是名称不同D、对象不同14、站在一个跨国公司的角度来考虑，国际财务管理与跨国公司财务管理的范围（）。
A、前者大于后者B、前者等于后者C、前者小于后者D、二者没有任何关系15、国际财务管理与世界财务管理的关系是（）。
高级财务管理期末复习题(发学生)
一、单项选择题1、在中小企业的策略联盟类型中，双方都愿意投入较多的资源,但不涉及或很少涉及股权参与的是（ B )。
P326A、业务联合型B、伙伴关系型C、股权合作型D、全面合资型2、理性理财假设的派生假设是（ C ）.P16A、理财主体B、持续经营C、资金再投资D、风险与报酬同增3、下列属于吸收合并特点的是（ C ）。
P30A、两家企业合并设立新的企业B、两家企业法人地位同时存在C、被并购企业法人地位消失D、两家企业法人地位同时消失4、企业通过发行股票筹资属于财务经营中的( B ）。
P184A、资产经营B、生产经营C、资本经营D、负债经营5、风险资本对风险企业投资的主要动机是( B )。
A、取得一般收益B、取得风险收益C、取得投机收益D、取得正常收益6、财务管理课程体系按层次可以分为初级财务管理、中级财务管理和高级财务管理.高级财务管理主要研究突破了（ A )的一些专门性问题.A、财务管理假设B、财务管理基本假设C、财务管理派生假设D、财务管理具体假设7、中国人民大学出版社出版，王化成主编教材《高级财务管理学》将（ D ）作为财务管理研究的起点.A、财务的本质B、财务管理假设C、财务管理目标D、财务管理环境8、财务管理的五次发展浪潮可以分为5个发展阶段。
其中，第三次浪潮-—（ B )，主要贡献是资产预算和风险管理。
A、筹资管理理财阶段B、投资管理理财阶段C、资产管理理财阶段D、国际经营理财阶段9、企业并购的主要特征是( A ）。
A、扩大企业规模B、提高市场占有率C、降低交易费用D、获得目标公司控制权10、确定并购目标公司价值的方法有成本法、期权法、换股比例法和贴现现金流量法等多种,其中，( D ）是最重要的一种价值评估方法。
A、成本法B、期权法C、换股比例法D、贴现现金流量法11、资本资产定价模型（CAPM）最成熟的风险度量模型。
该模型用（ A )来度量不可分散风险。
A、方差B、β系数C、风险收益率D、无风险收益率12、子公司的类型包括全资子公司、控股子公司、参股子公司、关联子公司，母公司对子公司的控制包括对子公司资本层次控制和（ A ）等.A、资本结构控制B、资本决策控制C、资本管理控制D、资本运营控制13、企业集团财务机构包括一般财务机构、财务中心和财务公司；（ C )是企业集团财务机构的特殊形式，是为企业集团服务的非银行金融机构。
财务管理复习题及答案
财务管理复习题及答案第一章绪论第一节财务透视：从历史到现实一、判断题1.以筹资为重心的管理阶段，人们以资本成本最小化为目标。
（√）2.以资本运作为重心的管理阶段，人们追求的是资本收益的最大化。
（√）3.以投资为重心的管理阶段，财务管理被视为企业管理的中心。
（×）4.以内部控制为重心的管理阶段，人们将资本运作视为财务管理的中心。
（×）5、在以筹资为重心的管理阶段，财务管理对内部控制和资本运用问题涉及较少。
（√）二、单项选择题1．在以下哪个财务管理的发展阶段，人们强调财务管理决策程序的科学化。
（C ）A、以筹资为重心的管理阶段B、以资本运作为重心的管理阶段C、以投资为重心的管理阶段D、以内部控制为重心的管理阶段2．以下哪个财务管理发展阶段，人们建立了系统的风险投资理论和方法。
（C ）A、以筹资为重心的管理阶段B、以资本运作为重心的管理阶段C、以投资为重心的管理阶段D、以内部控制为重心的管理阶段3．在以下哪个财务管理的发展阶段，计算模型的运用变得越来越普遍。
（B ）A、以筹资为重心的管理阶段B、以资本运作为重心的管理阶段C、以投资为重心的管理阶段D、以内部控制为重心的管理阶段4．关于通货膨胀的财务问题是在哪个财务管理的发展阶段出现的。
（D ）A、以筹资为重心的管理阶段B、以资本运作为重心的管理阶段C、以投资为重心的管理阶段D、以内部控制为重心的管理阶段三、多项选择题1. 财务管理的发展主要经历了（ABCD ）A、以筹资为重心的管理阶段B、以内部控制为重心的管理阶段C、以投资为重心的管理阶段D、以资本运作为重心的综合管理阶段四、关键名词五、简答题1.试简述财务管理朝着综合性管理方向发展的主要表现。
答：主要表现在以下几个方面：（1）财务管理别看为是企业管理的中心，资本运作被看为财务管理的中心。
财务管理是通过价值管理这个纽带，将企业管理的各项工作有机的结合起来，综合反映企业生产经营各环节的情况。