财务管理专业英语3E教学课件作者刘媛媛 Topic 12.ppt

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1、12.1Introduction12.2ForeignExchangeMarket12.3ExchangeRateParity12.4MultinationalCapitalBudgeting12.5InternationalFinancialDecision12.6WorkingCapitalManagement12.7HedgingCurrencyRiskIntroductionFreetradeTrendGeneralAgreementonTariffsandTrade(GATT)WorldTradeO

2、rganization(WTO)InternationalMonetaryFund(IMF)EuropeanUnion(EU),EuropeanFreeTradeAssociation(EFTA),EuropeanEconomicAreaNorthAmericanFreeTradeAgreementIntroductionMultinationalCorporationsTogainaccesstonewmarketsToachieveproductionefficiencyTogainaccesstores

3、ourcesToreducepoliticalandregulatoryhurdlesTodiversifyTogainaccesstotechnologyForeignExchangeMarketSocietyforWorldwideInter-bankFinancialTelecommunications(SWIFT)ForeignExchangeMarketExchangeRatesQuotationdirectquotationindirectquotationExchangeratesystemfl

4、oatingexchangeratesystemfixedexchangeratesystemmanagedfloatingexchangeratesystemForeignExchangeMarketCurrencyRiskCurrencyrisk,alsocalledexchange-raterisk,istheriskthattherelativevaluesofthedomesticandforeigncurrencieswilladverselychangeinthefuture,changingt

5、hevalueofthefuturecashflows.ForeignExchangeMarketTypesofTransactionsSpottradesForwardtradesSwapExchangeRateParityInterestRateParity——thegeneralrelationshipbetweenspotandforwardexchangeratesPurchasingPowerParity——lawofoneprice,impliesthatthelevelofexchangera

6、tesadjustssoastocauseidenticalgoodstocostthesameamountindifferentcountries.ExchangeRateParityUnbiasedForwardRates——Ifmarketparticipantsareriskneutralandtherearenotransactioncosts,themarketwillsettheforwardrateequaltothespotratewhichisexpectedtobeobservedont

7、hematuritydateoftheforwardcontract.Inflation,InterestRates,andExchangeRates——inflationhasadominantinfluenceonrelativeinterestratesandexchangerates.Bothofthesefactorsinfluencethemethodschosenbymultinationalcorporationsforfinancingtheirforeigninvestments,andb

8、othhaveanimportanteffectontheprofitabilityofforeigninvestments.MultinationalCapitalBudgetingComplexitiesofthecashflowanalysisCostofcapitalInternationalFinancialDecisionAninternationalfirmcanfinancefore