财务管理学(第8版) (3)
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财务管理学课后题答案-最新版
二、 简答题
1、 简述企业的财务活动
答：企业的财务活动是以现金收支为主的企业资金收支活动的总称。
企业的财务活动包括以下四个方面：筹资引起的财务活动、投资引起的财务活动、经营引起的财务活动以及分配引起的财务活动。
企业财务活动的四个方面不是相互割裂、互不相关的，而是互相联系、互相依存的。他们是相互联系而又有一定区别的四个方面，构成了完整的企业财务活动，这四个方面也正是财务管理的基本内容：企业筹资管理、企业投资管理、营运资金管理、利润及其分配的管理。
第四企业同其债务人的是债权与债务的关系；
第五，企业内部各单位之间形成的是资金结算关系，体现了内部各单位之间的利益关系；
第六，企业与职工之间的财务关系，体现了职工和企业在劳动成果上的分配关系；
第七，企业与税务机关之间的财务关系反映的是依法纳税和依法征税的权利义务关系
3、 简述企业财务管理的特点
答：财务管理是独立的一方面，但也是一项综合性管理工作；财务管理与企业各方面具有广泛联系；财务管理能迅速反应企业生产经营状况。
（1）股东财富最大化目标考虑了现金流量的时间价值和风险，因为现金流量获得时间的早晚和风险的高低，会对股票价格产生重要影响；股东财富最大化在一定程度上能够克服企业在追求利润上的短期行为，因为股票的价格很大程度上取决于企业未来获取现金流量的能力；股东财富最大化反映了资本与收益的关系，因为股票价格是对每股股份的一个标价，反映的是单位投入资本的市场价格。
6、 激励：是把管理层的报酬同其业绩挂钩，以使管理层更加自觉地采取满足股东财富最大化的措施。
7、 利息率：简称利率，是衡量资金增值量的基本单位，即资金的增值同投入资金的价值之比。
8、 大股东：通常指控股股东，他们持有企业大多数股份，能够左右股东大会和董事会的决议，往往还委派企业的最高管理者，从而掌握企业的重大经营决策，拥有对企业的控制权。
1、 简述企业的财务活动
答：企业的财务活动是以现金收支为主的企业资金收支活动的总称。
企业的财务活动包括以下四个方面：筹资引起的财务活动、投资引起的财务活动、经营引起的财务活动以及分配引起的财务活动。
企业财务活动的四个方面不是相互割裂、互不相关的，而是互相联系、互相依存的。他们是相互联系而又有一定区别的四个方面，构成了完整的企业财务活动，这四个方面也正是财务管理的基本内容：企业筹资管理、企业投资管理、营运资金管理、利润及其分配的管理。
第四企业同其债务人的是债权与债务的关系；
第五，企业内部各单位之间形成的是资金结算关系，体现了内部各单位之间的利益关系；
第六，企业与职工之间的财务关系，体现了职工和企业在劳动成果上的分配关系；
第七，企业与税务机关之间的财务关系反映的是依法纳税和依法征税的权利义务关系
3、 简述企业财务管理的特点
答：财务管理是独立的一方面，但也是一项综合性管理工作；财务管理与企业各方面具有广泛联系；财务管理能迅速反应企业生产经营状况。
（1）股东财富最大化目标考虑了现金流量的时间价值和风险，因为现金流量获得时间的早晚和风险的高低，会对股票价格产生重要影响；股东财富最大化在一定程度上能够克服企业在追求利润上的短期行为，因为股票的价格很大程度上取决于企业未来获取现金流量的能力；股东财富最大化反映了资本与收益的关系，因为股票价格是对每股股份的一个标价，反映的是单位投入资本的市场价格。
6、 激励：是把管理层的报酬同其业绩挂钩，以使管理层更加自觉地采取满足股东财富最大化的措施。
7、 利息率：简称利率，是衡量资金增值量的基本单位，即资金的增值同投入资金的价值之比。
8、 大股东：通常指控股股东，他们持有企业大多数股份，能够左右股东大会和董事会的决议，往往还委派企业的最高管理者，从而掌握企业的重大经营决策，拥有对企业的控制权。
国际财务管理(原书第8版)课件PPTEun_CH05_Accessible
5-4
EXHIBIT 5.1 Shares of Reported Global Foreign Exchange Turnover by
Country, 2013
© McGraw-Hill Education.
5-5
EXHIBIT 5.2 Average Electronic FX Conversations per Hour (Monday–
– CHIPS: Clearing House Interbank Payments System.
– ECHO: Exchange Clearing House Limited, the first global clearinghouse for settling interbank FX transactions.
– Mon – in US$
.7289 .7280 .7264 .7242 .1534 .1288 .01497 .0000751 .009172 .009179 .009198 .009230 .2483 .6759
© McGraw-Hill Education.
– Mon – Per US$
1.3720 1.3737 1.3767 1.3809 6.5205 7.7637 66.805 13310 109.03 108.94 108.72 108.34 4.0273 1.4795
5-16
EXHIBIT 5.4 Exchange Rates (May 16, 2016) (3 of 5)
Country/currency
Pakistan rupee Philippines peso Singapore dollar South Korea won Taiwan dollar Thailand baht Vietnam dong Europe Czech Rep. koruna Denmark krone Euro area euro
国际财务管理(原书第8版)课件PPTEun_CH04_Accessible
– Consumption of lavish benefits is one example.
– Outright stealing is another example.
▪ Some Russian oil companies are known to sell oil to manager-owned trading companies at below-market prices.
© McGraw-Hill Education.
4-5
The Agency Problem (1 of 2)
• Shareholders allocate decision-making authority to the managers.
• That’s why the managers are hired in the first place.
© McGraw-Hill Education.
4-12
Corporate Boards: England
• The structure and legal charge of corporate boards vary greatly across counties.
– In England, the majority of public companies voluntarily abide by the Code of Best Practice on corporate governance. It recommends that there should be at least three outside directors and that the board chairman and the CEO should be different individuals.
跨国公司的财务管理 人大第八版幻灯片PPT
1）资金链的数量；
2）公司间交易的数量；
3）国外子公司的所有权类型；
4）产品和服务的标准化程度；
5）政府监管 .
11. Information Requirements:
1）子公司的融资要求； 2）外部信贷的来源和成本； 3）当地的投资收益率； 4）拥有的资金渠道； 5）子公司间交易的数量； 6）所有相关的税收因素； 7）政府对资金流动的限制和管制 .
跨c国a公p司i内ta的l资. 金交易是由商品、服务、技术和
资本的内部转移引起的。
1. Mode of Transfer
The MNC has considerable freedom in selecting
the financial channels through which funds,
a1.跨ll国o公c司at能e够d很自p由r的o选fi择ts资,金o渠r道转b移o资th金和a利r润e; moved. 2.跨国公司通过调整公司内商品和服务买卖的转移价格可
14.2 Intercompany Fund-Flow Mechanisms: Cost and Venefits
14.3 Designing a Global Remittance Policy
14.1 The Value of the Multinational Finanal System
Financial transactions within the MNC result from the internal transfer of goods, services , technology, and
v. Leading and Lagging
1. Shift Liquidity : 提前和滞后付款的价值取 决
2）公司间交易的数量；
3）国外子公司的所有权类型；
4）产品和服务的标准化程度；
5）政府监管 .
11. Information Requirements:
1）子公司的融资要求； 2）外部信贷的来源和成本； 3）当地的投资收益率； 4）拥有的资金渠道； 5）子公司间交易的数量； 6）所有相关的税收因素； 7）政府对资金流动的限制和管制 .
跨c国a公p司i内ta的l资. 金交易是由商品、服务、技术和
资本的内部转移引起的。
1. Mode of Transfer
The MNC has considerable freedom in selecting
the financial channels through which funds,
a1.跨ll国o公c司at能e够d很自p由r的o选fi择ts资,金o渠r道转b移o资th金和a利r润e; moved. 2.跨国公司通过调整公司内商品和服务买卖的转移价格可
14.2 Intercompany Fund-Flow Mechanisms: Cost and Venefits
14.3 Designing a Global Remittance Policy
14.1 The Value of the Multinational Finanal System
Financial transactions within the MNC result from the internal transfer of goods, services , technology, and
v. Leading and Lagging
1. Shift Liquidity : 提前和滞后付款的价值取 决
国际财务管理(原书第8版)教学课件Eun8e_Ch_015_PPT
0.44 Swiss stocks
0.27 0.12
1
U.S. stocks
International stocks
10 20 30 40 50
Number of Stocks
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved. 15-6
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved. 15-7
Optimal International Portfolio Selection
• The correlation of the U.S. stock market with the returns on the stock markets in other nations varies.
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved. 15-2
Focus on the Issues
• In this chapter, we focus on the following issues:
– (i) why investors diversify their portfolios internationally, – (ii) how much investors can gain from international
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved. 15-12
国际财务管理(原书第8版)教学课件Eun8e_Ch_016_PPT
Vertical Integration
• MNCs may undertake FDI in countries where inputs are available in order to secure the supply of inputs at a stable accounting price.
auto dealership.
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved. 16-14
Product Life Cycle
• U.S. firms develop new products in the developed world for the domestic market, and then markets expand overseas.
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved. 16-5
EXHIBIT 16.2 Average Foreign Direct Investment per Year
2010–2015 ($ billions)
Intangible Assets
• Coca-Cola has a very valuable asset in its closely guarded “secret formula.”
• To protect that proprietary information, Coca-Cola has chosen FDI over licensing.
• Both developing and developed nations are the recipient
国际财务管理(原书第8版)教学课件Eun8e_Ch_018_PPT
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved. 18-10
-$1,000
$125
$250
$375
$500
0
1
2
3
4
The APV of the project under leverage is:
ST
APV
T t 1
StOCFt (1 τ) (1 Kud )t
T t 1
St τDt (1 id )t
T t 1
St τIt (1 id )t
STTVT (1 Kud )T
S0C0 S0RF0
S0CL0
T t 1
St LPt (1 id )t
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved. 18-13
International Capital Budgeting
Chapter Eighteen
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved.
Chapter Outline
• Review of Domestic Capital Budgeting • The Adjusted Present Value Model • Capital Budgeting from the Parent Firm’s
It is incremental interest
expense is the marginal tax rate
-$1,000
$125
$250
$375
$500
0
1
2
3
4
The APV of the project under leverage is:
ST
APV
T t 1
StOCFt (1 τ) (1 Kud )t
T t 1
St τDt (1 id )t
T t 1
St τIt (1 id )t
STTVT (1 Kud )T
S0C0 S0RF0
S0CL0
T t 1
St LPt (1 id )t
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved. 18-13
International Capital Budgeting
Chapter Eighteen
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved.
Chapter Outline
• Review of Domestic Capital Budgeting • The Adjusted Present Value Model • Capital Budgeting from the Parent Firm’s
It is incremental interest
expense is the marginal tax rate
国际财务管理(原书第8版)教学课件Eun8e_Ch_014_PPT
Size来自of the Swap Market
• In 2015 the notational principal of:
– Interest rate swaps was $289 trillion USD. – Currency swaps was $22.7 trillion USD.
• The four most common currencies used to denominate interest rate and currency swaps are the euro, U.S. dollar, Japanese yen, and the British pound sterling, with the fifth most common currency being the Canadian dollar for interest rate swaps and the Swiss franc for currency swaps.
– Firm B wants to finance an interest-rate-insensitive asset and
thus wants to borrow at a fixed rate. B has less-than-perfect
credit and can borrow fixed at 5.5%.
Interest Rate & Currency Swaps
Chapter Fourteen
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved.
Chapter Outline
• Types of Swaps • Size of the Swap Market • The Swap Bank • Swap Market Quotations • Interest Rate Swaps • Currency Swaps • Variations of Basic Interest Rate and Currency
• In 2015 the notational principal of:
– Interest rate swaps was $289 trillion USD. – Currency swaps was $22.7 trillion USD.
• The four most common currencies used to denominate interest rate and currency swaps are the euro, U.S. dollar, Japanese yen, and the British pound sterling, with the fifth most common currency being the Canadian dollar for interest rate swaps and the Swiss franc for currency swaps.
– Firm B wants to finance an interest-rate-insensitive asset and
thus wants to borrow at a fixed rate. B has less-than-perfect
credit and can borrow fixed at 5.5%.
Interest Rate & Currency Swaps
Chapter Fourteen
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved.
Chapter Outline
• Types of Swaps • Size of the Swap Market • The Swap Bank • Swap Market Quotations • Interest Rate Swaps • Currency Swaps • Variations of Basic Interest Rate and Currency
国际财务管理(原书第8版)教学课件Eun8e_Ch_007_PPT
Settle
Gain/Loss
Account Balance
$1.3010
$1.2980 $1.2948
$62.50
$1,687.50 = $1,625 + $62.50
= ($1.3010/£ – $1.3000/£) × £62,500
–$187.50
$1,500
–$200.00
$1,300
On day three we receive a margin call, having lost $325.
– If the price goes down, the long pays the short. – If the price goes up, the short pays the long.
• After the daily resettlement, each party has a new contract at the new price with one-dayshorter maturity.
– Call options give the holder the right, but not the obligation, to buy a given quantity of some asset at some time in the future at prices agreed upon today.
balance on the account, adjusted for deposits or withdrawals. – $325 = $1,300 – $1,625
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved. 7-11
国际财务管理(原书第8版)教学课件Eun8e_Ch_008_PPT
Hedging via Lead and Lag
Exposure Netting
Should the Firm Hedge?
What Risk Management Products Do Firms Use?
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved.
$0.8500
$1.1270
6 Months Forward
$0.8000
$1.1280
12 Months Forward
$0.7500
$1.1290
Sizes of forwards on this exchange are £62,500 and €125,000.
8-6
Futures Market Cross-Currency Hedge: # contracts
futures on
£62,500 at
$1.2800/£1
Exporter
Bicycles
Customer
€2,500,000
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved.
8-8
8-8
Importer’s Money Market Hedge
$148,557.69 = $144,230.77 × (1.03)
£100,000
$148,557.69 = S0($/£)×
×(1+ i$)T
T
(1+ i£)
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved.
Exposure Netting
Should the Firm Hedge?
What Risk Management Products Do Firms Use?
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved.
$0.8500
$1.1270
6 Months Forward
$0.8000
$1.1280
12 Months Forward
$0.7500
$1.1290
Sizes of forwards on this exchange are £62,500 and €125,000.
8-6
Futures Market Cross-Currency Hedge: # contracts
futures on
£62,500 at
$1.2800/£1
Exporter
Bicycles
Customer
€2,500,000
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved.
8-8
8-8
Importer’s Money Market Hedge
$148,557.69 = $144,230.77 × (1.03)
£100,000
$148,557.69 = S0($/£)×
×(1+ i$)T
T
(1+ i£)
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved.