跨国公司理财(整理)英语

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1、Answerthefollowingquestions:1.Whatarethefunctionsoftheforeignexchangemarkets?lThemechanism机制bywhichparticipantstransferpurchasingpower购买力betweencountrieslObtainorprovidecredit信贷forinternationaltrade(andinvestments)transactions国际贸易和投资业务lMinimizeexposure暴露程度totherisks风险ofexchangerate

2、changes2.WhatistheInterestRateParity(IRP)?nThetheoryofinterestrateparity(IRP)providesthelinkbetweentheforeignexchangemarketsandtheinternationalmoneymarkets.nThedifferenceinthenationalinterestratesforsecurities证券ofsimilarriskandmaturityshouldbeequalto,butoppositeinsignto,theforwardr

3、atediscountorpremiumfortheforeigncurrency,exceptfortransactioncosts.3.Whatarethedifferencesbetweencurrencyfuturesandcurrencyforwardcontracts?CharacteristicForeignCurrencyFuturesForwardContractsSizeStandardizedAnysizedesiredMaturityFixed,longest:oneyearAnyupto1y.,sometimeslongerLoca

4、tionOnanorganizedexchangeBytelecomlinkagesPricingOpenoutcryprocessBybidandaskquotesMarginInitialmarginthatismarkedtomarketonadailybasisNoexplicitcollateral,butstandardbankrelationshipnecessarySettlementRarelydeliveredupon;normallythroughpurchaseofoffsettingpositionNormallydelivered

5、upon,offsettingpositionsispossible.CommissionsSinglecommissionNoexplicitcommission;banksearnthroughthebid-askspreads.TradinghoursDuringexchangehours;some24hours.Negotiatedbyphoneorinternet,24hours.CounterpartiesUnknowntoeachotherIndirectcontact.LiquidityLiquid,relativelysmall.Liqui

6、d,relativelylarge.4.WhatisthekeyfactorthatattractsbothdepositorsandborrowerstotheEurocurrencymarkets?vThenarrowinterestratespreadwithinthatmarket.Thedifferencebetweendepositandloanratesisoftenlessthan1%.vReasonsofsmallinterestspreads:1)LowlendingratesexistbecausetheEurocurrencymark

7、etisawholesalemarket批发市场,wheredepositsandloansaremadeinamountsof$500,000ormoreonanunsecured无担保的basis.2)Borrowersareusuallylargecorporationsorgovernmententities实体thatqualifyforlowratesbecauseoftheircreditstanding信用等级高andbecausethetransactionsizeislarge.Overhead管理费用assignedto归于theEur

8、ocurrencyoperationbypartic