春 东财《证券投资的分析》在线作业三(随机)

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1、SUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTERQUESTIONSANDPROBLEMSIM-186IM-186CHAPTER1GLOBALIZATIONANDTHEMULTINATIONALFIRMSUGGESTEDANSWERSTOEND-OF-CHAPTERQUESTIONSQUESTIONS1.Whyisitimportanttostudyinternationalfinancialmanagement?Answer:Wearenowlivinginaworldwhereallthemajore

2、conomicfunctions,i.e.,consumption,production,andinvestment,arehighlyglobalized.Itisthusessentialforfinancialmanagerstofullyunderstandvitalinternationaldimensionsoffinancialmanagement.Thisglobalshiftisinmarkedcontrasttoasituationthatexistedwhentheauthorsofthisbookwerelearnin

3、gfinancesometwentyyearsago.Atthattime,mostprofessorscustomarily(andsafely,tosomeextent)ignoredinternationalaspectsoffinance.Thismodeofoperationhasbecomeuntenablesincethen.2.Howisinternationalfinancialmanagementdifferentfromdomesticfinancialmanagement?Answer:Therearethreemaj

4、ordimensionsthatsetapartinternationalfinancefromdomesticfinance.Theyare:1.foreignexchangeandpoliticalrisks,2.marketimperfections,and3.expandedopportunityset.3.Discussthethreemajortrendsthathaveprevailedininternationalbusinessduringthelasttwodecades.Answer:The1980sbroughtara

5、pidintegrationofinternationalcapitalandfinancialmarkets.Impetusforglobalizedfinancialmarketsinitiallycamefromthegovernmentsofmajorcountriesthathadbeguntoderegulatetheirforeignexchangeandcapitalmarkets.Theeconomicintegrationandglobalizationthatbeganintheeightiesispickingupsp

6、eedinthe1990sviaprivatization.Privatizationistheprocessbywhichacountrydivestsitselfoftheownershipandoperationofabusinessventurebyturningitovertothefreemarketsystem.Lastly,tradeliberalizationandeconomicintegrationcontinuedtoproceedatboththeregionalandgloballevels.IM-1864.How

7、isacountry’seconomicwell-beingenhancedthroughfreeinternationaltradeingoodsandservices?Answer:AccordingtoDavidRicardo,withfreeinternationaltrade,itismutuallybeneficialfortwocountriestoeachspecializeintheproductionofthegoodsthatitcanproducerelativelymostefficientlyandthentrad

8、ethosegoods.Bydoingso,thetwocountriescanincreasetheircombinedproduction,whichallow