国际财务管理课后习题答案解析

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1、WORD格式可编辑CHAPTER1GLOBALIZATIONANDTHEMULTINATIONALFIRMANSWERS&SOLUTIONSTOEND-OF-CHAPTERQUESTIONSANDPROBLEMSQUESTIONS1.Whyisitimportanttostudyinternationalfinancialmanagement?Answer:Wearenowlivinginaworldwhereallthemajoreconomicfunctions,i.e.,consumption,production,andin

2、vestment,arehighlyglobalized.Itisthusessentialforfinancialmanagerstofullyunderstandvitalinternationaldimensionsoffinancialmanagement.Thisglobalshiftisinmarkedcontrasttoasituationthatexistedwhentheauthorsofthisbookwerelearningfinancesometwentyyearsago.Atthattime,mostpro

3、fessorscustomarily(andsafely,tosomeextent)ignoredinternationalaspectsoffinance.Thismodeofoperationhasbecomeuntenablesincethen.2.Howisinternationalfinancialmanagementdifferentfromdomesticfinancialmanagement?Answer:Therearethreemajordimensionsthatsetapartinternationalfin

4、ancefromdomesticfinance.Theyare:1.foreignexchangeandpoliticalrisks,2.marketimperfections,and3.expandedopportunityset.3.Discussthemajortrendsthathaveprevailedininternationalbusinessduringthelasttwodecades.Answer:The1990sbroughtarapidintegrationofinternationalcapitalandf

5、inancialmarkets.Impetusforglobalizedfinancialmarketsinitiallycamefromthegovernmentsofmajorcountriesthathadbeguntoderegulatetheirforeignexchangeandcapitalmarkets.Theeconomicintegrationandglobalizationthatbeganintheeightiesispickingupspeedinthe1990sviaprivatization.Priva

6、tizationistheprocessbywhichacountrydivestsitselfoftheownershipandoperationofabusinessventurebyturningitovertothefreemarketsystem.Tradeliberalizationandeconomicintegrationcontinuedtoproceedatboththeregionalandgloballevels.InEurope专业技术资料整理分享WORD格式可编辑,manyEUmembercountrie

7、shaveadoptedthecommoncurrency,euro,thathasbecomethesecondglobalcurrencyaftertheU.S.dollar.4.Howisacountry’seconomicwell-beingenhancedthroughfreeinternationaltradeingoodsandservices?Answer:AccordingtoDavidRicardo,withfreeinternationaltrade,itismutuallybeneficialfortwoco

8、untriestoeachspecializeintheproductionofthegoodsthatitcanproducerelativelymostefficientlyandthentradethosegoods.Bydoi