国际财务管理 课后习题解答

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1、CHAPTER1GLOBALIZATIONANDTHEMULTINATIONALFIRMSUGGESTEDANSWERSTOEND-OF-CHAPTERQUESTIONSQUESTIONS1.Whyisitimportanttostudyinternationalfinancialmanagement?Answer:Wearenowlivinginaworldwhereallthemajoreconomicfunctions,i.e.,consumption,production,andinvestment,arehighly

2、globalized.Itisthusessentialforfinancialmanagerstofullyunderstandvitalinternationaldimensionsoffinancialmanagement.Thisglobalshiftisinmarkedcontrasttoasituationthatexistedwhentheauthorsofthisbookwerelearningfinancesometwentyyearsago.Atthattime,mostprofessorscustomar

3、ily(andsafely,tosomeextent)ignoredinternationalaspectsoffinance.Thismodeofoperationhasbecomeuntenablesincethen.2.Howisinternationalfinancialmanagementdifferentfromdomesticfinancialmanagement?Answer:Therearethreemajordimensionsthatsetapartinternationalfinancefromdome

4、sticfinance.Theyare:1.foreignexchangeandpoliticalrisks,2.marketimperfections,and3.expandedopportunityset.3.Discussthethreemajortrendsthathaveprevailedininternationalbusinessduringthelasttwodecades.Answer:The1980sbroughtarapidintegrationofinternationalcapitalandfinan

5、cialmarkets.Impetusforglobalizedfinancialmarketsinitiallycamefromthegovernmentsofmajorcountriesthathadbeguntoderegulatetheirforeignexchangeandcapitalmarkets.TheIM-259economicintegrationandglobalizationthatbeganintheeightiesispickingupspeedinthe1990sviaprivatization.

6、Privatizationistheprocessbywhichacountrydivestsitselfoftheownershipandoperationofabusinessventurebyturningitovertothefreemarketsystem.Lastly,tradeliberalizationandeconomicintegrationcontinuedtoproceedatboththeregionalandgloballevels.IM-2594.Howisacountry’seconomicwe

7、ll-beingenhancedthroughfreeinternationaltradeingoodsandservices?Answer:AccordingtoDavidRicardo,withfreeinternationaltrade,itismutuallybeneficialfortwocountriestoeachspecializeintheproductionofthegoodsthatitcanproducerelativelymostefficientlyandthentradethosegoods.By

8、doingso,thetwocountriescanincreasetheircombinedproduction,whichallowsbothcountriestoconsumemoreofbothgoods.Thisargumentremainsvalidevenifa