国际财务管理(英文版)课后习题答案(整合版)

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

2、zed・Itisthusessentialforfinancialmanagerstofullyunderstandvitalinternationaldimensionsoffinancialmanagement.Thisglobalshiftisinmarkedcontrasttoasituationthatexistedwhentheauthorsofthisbookwerelearningfinancesometwentyyearsago.Atthattime,mostprofessorscustomarily(andsafely,

3、tosomeextent)ignoredinternationalaspectsoffinance.Thismodeofoperationhasbecomeuntenablesincethen.2.HowisinternationalfinancialmanagementdifferentfromdomesticHnancialmanagement?Answer:Therearethreemajordimensionsthatsetapartinternationalfinancefromdomesticfinance.Theyare:1.

4、foreignexchangeandpoliticalrisks,2.marketimperfections,and3.expandedopportunityset.3.Discussthethreemajortrendsthathaveprevailedininternationalbusinessduringthelasttwodecades.Answer:The1980sbroughtarapidintegrationofinternationalcapitalandfinancialmarkets.Impetusforglobali

5、zedfinancialmarketsinitiallycamefromthegovernmentsofmajorcountriesthathadbeguntoderegulatetheirforeignexchangeandcapitalmarkets.Theeconomicintegrationandglobalizationthatbeganintheeightiesispickingupspeedinthe1990sviaprivatization.Privatizationistheprocessbywhichacountrydi

6、vestsitselfoftheownershipandoperationofabusinessventurebyturningitovertothefreemarketsystem.Lastly,tradeliberalizationandeconomicintegrationcontinuedtoproceedatboththeregionalandgloballevels・2.Howisacountry'seconomicwell-beingenhancedthroughfreeinternationaltradeingoodsand

7、services?Answer:AccordingloDavidRicardo,withfreeinternationaltrade,itismutuallybeneficialfortwocountriestoeachspecializeintheproductionofthegoodsthatitcanproducerelativelymostefficientlyandthentradethosegoods・Bydoingso,thetwocountriescanincreasetheircombinedproduction,whic

8、hallowsbothcountriestoconsumemoreofbothgoods・Thisargumentremainsvalidevenifacountrycanpro