国际财务管理

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Chap 2 p62 /Q12

Q12: Once capital markets are intergrated,it is difficult for a country to maintain a fixed exchanged rate.Explain why this may be so.

Answer: Once capital markets are integrated internationally, vast amounts of money may flow in and out of a country in a short time period. This will make it very difficult for the country to maintain a fixed exchange rate.



Chap 3 p79/Q3

Q3:The United States has experienced continuous current account deficts since the early 1980s.What do you think are the main causes for the deficits?What would be the consequences of continuous U.S. Current account deficits?

Answer: The current account deficits of U.S. may be attributable to

(i) the strong dollar and undervalued currencies of trading partners such as China, (ii) high consumption and low savings in the U.S.,

(iii) weak competitiveness of U.S. industries. If U.S. deficits continue, the dollar may eventually depreciate substantially and the confidence in dollar may suffer.



Chap 4 p106/Q2

Q2:The public corporation is owned by a multitude of shareholders but run 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.


Chap 12 题库

Q:Describe the difference between foreign bonds and Eurobonds.

Answer: The two segements of the international bond marker are:foreign bonds and Eurbonds. A foreign bond issue is one offered by a foreign borrower to investors in a national capital market and denominated in that nation’s currency. A Eurobond issue is one denominated in a particular currency,but sold to investors in national capital markets other than the country which issues the denominating currency.



Chap 13 p347/Q4

Q4: Discuss any benefits you can think of for a company to (a) cross-list its equity shares on more than one national exchange, and (b) to source new equity capital from foreign investors as well as domestic investors.

Answer: A MNC that has a product market presence or manufacturing facilities in several countries may cross-list its shares on the exchanges of these same countries because there is typically investor demand for the shares of companies that are known within a country. Additionally, a company may cross-list its shares on foreign exchanges to broaden its investor base and therefore to increase the demand for its stock. An increase in demand will generally increase the stock price and improve its market liquidity. A broader investor base may also mitigate the possibility of a hostile takeover. Additional, cross-listing a company’s shares establishes name recognition and thus facilitates sourcing new equity capital in these foreign capital markets.


Chap 16 题库

Q1. How would you explain the fact that China emerged as the second most important recipient of FDI after the United States in recent years?

Answer: China attracted a great deal of FDI recently because foreign firms want to (I) take advantage of inexpensive labor and resources, and also

(ii) gain access to the Chinese market that is often not accessible otherwise.



Q2. Why do you think the host country tends to resist cross-border acquisitions, rather than green-field investments?

Answer: The host country tends to view green field investments as creating new production facilities and new job opportunities.In contrast,cross-border acquisitions can be viewed as foreign takeover of existing domestic firms,without creating new job opportunities.

Chap 17 p450/Q2

Q2：Explain why and how a firm’s cost of capital may decrease when the firm’s stock is cross-listed on foreign stock exchanges.

Answer: If a stock becomes internationally tradable upon overseas listing, the required return on the stock is likely to go down because the stock will be priced according to the international systematic risk rather than the local systematic risk. It is well known that for a typical stock, the international systematic risk is lower than the local systematic risk.

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