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1、Good is good, but better carries it.精益求精，善益求善。国际财务管理课后习题解答-CHAPTER1GLOBALIZATIONANDTHEMULTINATIONALFIRMSUGGESTEDANSWERSTOEND-OF-CHAPTERQUESTIONSQUESTIONS1.Whyisitimportanttostudyinternationalfinancialmanagement?Answer:Wearenowlivinginaworldwhereallthemajoreconomicfunctions,i.e.,consumption,productio
2、n,andinvestment,arehighlyglobalized.Itisthusessentialforfinancialmanagerstofullyunderstandvitalinternationaldimensionsoffinancialmanagement.Thisglobalshiftisinmarkedcontrasttoasituationthatexistedwhentheauthorsofthisbookwerelearningfinancesometwentyyearsago.Atthattime,mostprofessorscustomarily(andsa
3、fely,tosomeextent)ignoredinternationalaspectsoffinance.Thismodeofoperationhasbecomeuntenablesincethen.Howisinternationalfinancialmanagementdifferentfromdomesticfinancialmanagement?Answer:Therearethreemajordimensionsthatsetapartinternationalfinancefromdomesticfinance.Theyare:1.foreignexchangeandpolit
4、icalrisks,2.marketimperfections,and3.expandedopportunityset.3.Discussthethreemajortrendsthathaveprevailedininternationalbusinessduringthelasttwodecades.Answer:The1980sbroughtarapidintegrationofinternationalcapitalandfinancialmarkets.Impetusforglobalizedfinancialmarketsinitiallycamefromthegovernments
5、ofmajorcountriesthathadbeguntoderegulatetheirforeignexchangeandcapitalmarkets.Theeconomicintegrationandglobalizationthatbeganintheeightiesispickingupspeedinthe1990sviaprivatization.Privatizationistheprocessbywhichacountrydivestsitselfoftheownershipandoperationofabusinessventurebyturningitovertothefr
6、eemarketsystem.Lastly,tradeliberalizationandeconomicintegrationcontinuedtoproceedatboththeregionalandgloballevels.4.Howisacountryseconomicwell-beingenhancedthroughfreeinternationaltradeingoodsandservices?Answer:AccordingtoDavidRicardo,withfreeinternationaltrade,itismutuallybeneficialfortwocountriest
7、oeachspecializeintheproductionofthegoodsthatitcanproducerelativelymostefficientlyandthentradethosegoods.Bydoingso,thetwocountriescanincreasetheircombinedproduction,whichallowsbothcountriestoconsumemoreofbothgoods.Thisargumentremainsvalidevenifacountrycanproducebothgoodsmoreefficientlythantheothercou
8、ntry.Internationaltradeisnotazero-sumgameinwhichonecountrybenefitsattheexpenseofanothercountry.Rather,internationaltradecouldbeanincreasing-sumgameatwhichallplayersbecomewinners.5.Whatconsiderationsmightlimittheextenttowhichthetheoryofcomparativeadvantageisrealistic?Answer:Thetheoryofcomparativeadva
9、ntagewasoriginallyadvancedbythenineteenthcenturyeconomistDavidRicardoasanexplanationforwhynationstradewithoneanother.Thetheoryclaimsthateconomicwell-beingisenhancedifeachcountryscitizensproducewhattheyhaveacomparativeadvantageinproducingrelativetothecitizensofothercountries,andthentradeproducts.Unde
10、rlyingthetheoryaretheassumptionsoffreetradebetweennationsandthatthefactorsofproduction(land,buildings,labor,technology,andcapital)arerelativelyimmobile.Totheextentthattheseassumptionsdonothold,thetheoryofcomparativeadvantagewillnotrealisticallydescribeinternationaltrade.6.Whataremultinationalcorpora
11、tions(MNCs)andwhateconomicrolesdotheyplay?Answer:Amultinationalcorporation(MNC)canbedefinedasabusinessfirmincorporatedinonecountrythathasproductionandsalesoperationsinseveralothercountries.Indeed,someMNCshaveoperationsindozensofdifferentcountries.MNCsobtainfinancingfrommajormoneycentersaroundtheworl
12、dinmanydifferentcurrenciestofinancetheiroperations.Globaloperationsforcethetreasurersofficetoestablishinternationalbankingrelationships,toplaceshort-termfundsinseveralcurrencydenominations,andtoeffectivelymanageforeignexchangerisk.7.Mr.RossPerot,aformerPresidentialcandidateoftheReformParty,whichisat
13、hirdpoliticalpartyintheUnitedStates,hadstronglyobjectedtothecreationoftheNorthAmericanTradeAgreement(NAFTA),whichnonethelesswasinauguratedin1994,forthefearoflosingAmericanjobstoMexicowhereitismuchcheapertohireworkers.WhatarethemeritsanddemeritsofMr.PerotspositiononNAFTA?Consideringtherecenteconomicd
14、evelopmentsinNorthAmerica,howwouldyouassessMr.PerotspositiononNAFTA?Answer:SincetheinceptionofNAFTA,manyAmericancompaniesindeedhaveinvestedheavilyinMexico,sometimesrelocatingproductionfromtheUnitedStatestoMexico.AlthoughthismighthavetemporarilycausedunemploymentofsomeAmericanworkers,theywereeventual
15、lyrehiredbyotherindustriesoftenforhigherwages.Currently,theunemploymentrateintheU.S.isquitelowbyhistoricalstandard.Atthesametime,Mexicohasbeenexperiencingamajoreconomicboom.ItseemsclearthatbothMexicoandtheU.S.havebenefitedfromNAFTA.Mr.Perotsconcernappearstohavebeenillfounded.8.In1995,aworkinggroupof
16、FrenchchiefexecutiveofficerswassetupbytheConfederationofFrenchIndustry(CNPF)andtheFrenchAssociationofPrivateCompanies(AFEP)tostudytheFrenchcorporategovernancestructure.Thegroupreportedthefollowing,amongotherthings“TheboardofdirectorsshouldnotsimplyaimatmaximizingsharevaluesasintheU.K.andtheU.S.Rathe
17、r,itsgoalshouldbetoservethecompany,whoseinterestsshouldbeclearlydistinguishedfromthoseofitsshareholders,employees,creditors,suppliersandclientsbutstillequatedwiththeirgeneralcommoninterest,whichistosafeguardtheprosperityandcontinuityofthecompany”.Evaluatetheaboverecommendationoftheworkinggroup.Answe
18、r:TherecommendationsoftheFrenchworkinggroupclearlyshowthatshareholderwealthmaximizationisnotauniversallyacceptedgoalofcorporatemanagement,especiallyoutsidetheUnitedStatesandpossiblyafewotherAnglo-SaxoncountriesincludingtheUnitedKingdomandCanada.Tosomeextent,thismayreflectthefactthatshareownershipisn
19、otwidespreadinmostothercountries.InFrance,about15%ofhouseholdsownshares.9.Emphasizingtheimportanceofvoluntarycompliance,asopposedtoenforcement,intheaftermathofcorporatescandals,e.g.,EnronandWorldCom,U.S.PresidentGeorgeW.Bushstatedthatwhiletougherlawsmighthelp,“ultimately,theethicsofAmericanbusinessd
20、ependsontheconscienceofAmericasbusinessleaders.”Describeyourviewonthisstatement.Answer:Therecanbedifferentanswerstothisquestion.Ifbusinessleadersalwaysbehavewithahighethicalstandard,manyofthecorporatescandalswehaveseenlatelymightnothavehappened.Sincewecannotfullydependontheethicalbehavioronthepartof
21、businessleaders,thesocietyshouldprotectitselfbyadoptingtherules/regulationsandgovernancestructurethatwouldinducebusinessleaderstobehaveintheinterestofthesocietyatlarge.10.SupposeyouareinterestedininvestinginsharesofNokiaCorporationofFinland,whichisaworldleaderinwirelesscommunication.Butbeforeyoumake
22、investmentdecision,youwouldliketolearnaboutthecompany.VisitthewebsiteofCNNFinancialnetwork()andcollectinformationaboutNokia,includingtherecentstockpricehistoryandanalystsviewsofthecompany.Discusswhatyoulearnaboutthecompany.Alsodiscusshowtheinstantaneousaccesstoinformationviainternetwouldaffectthenat
23、ureandworkingsoffinancialmarkets.Answer:Asstudentsmighthavelearnedfromvisitingthewebsite,informationisreadilyavailableevenforforeigncompanieslikeNokia.Readyaccesstointernationalinformationhelpsintegratefinancialmarkets,dismantlingbarrierstointernationalinvestmentandfinancing.Integration,however,mayh
24、elpafinancialshockinonemarkettobetransmittedtoothermarkets.MINICASE:NIKESDECISIONNike,aU.S.-basedcompanywithagloballyrecognizedbrandname,manufacturesathleticshoesinsuchAsiandevelopingcountriesasChina,Indonesia,andVietnamusingsubcontractors,andsellstheproductsintheU.S.andforeignmarkets.Thecompanyhasn
25、oproductionfacilitiesintheUnitedStates.IneachofthoseAsiancountrieswhereNikehasproductionfacilities,theratesofunemploymentandunderemploymentarequitehigh.ThewagerateisverylowinthosecountriesbytheU.S.standard;hourlywagerateinthemanufacturingsectorislessthanonedollarineachofthosecountries,whichiscompare
26、dwithabout$18intheU.S.Inaddition,workersinthosecountriesoftenareoperatinginpoorandunhealthyenvironmentsandtheirrightsarenotwellprotected.Understandably,AsianhostcountriesareeagertoattractforeigninvestmentslikeNikestodeveloptheireconomiesandraisethelivingstandardsoftheircitizens.Recently,however,Nike
27、cameunderaworld-widecriticismforitspracticeofhiringworkersforsuchalowpay,“nexttonothing”inthewordsofcritics,andcondoningpoorworkingconditionsinhostcountries.EvaluateanddiscussvariousethicalaswellaseconomicramificationsofNikesdecisiontoinvestinthoseAsiancountries.SuggestedSolutiontoNikesDecisionObvio
28、usly,NikesinvestmentsinsuchAsiancountriesasChina,Indonesia,andVietnamweremotivatedtotakeadvantageoflowlaborcostsinthosecountries.WhileNikewascriticizedforthepoorworkingconditionsforitsworkers,thecompanyhasrecognizedtheproblemandhassubstantiallyimprovedtheworkingenvironmentsrecently.AlthoughNikeswork
29、ersgetpaidverylowwagesbytheWesternstandard,theyprobablyaremakingsubstantiallymorethantheirlocalcompatriotswhoareeitherunder-orunemployed.WhileNikesdetractorsmayhavevalidpoints,oneshouldnotignorethefactthatthecompanyismakingcontributionstotheeconomicwelfareofthoseAsiancountriesbycreatingjobopportunit
30、ies.CHAPTER1ATHEORYOFCOMPARATIVEADVANTAGESUGGESTEDSOLUTIONSTOAPPENDIXPROBLEMSPROBLEMS1.CountryCcanproducesevenpoundsoffoodorfouryardsoftextilesperunitofinput.Computetheopportunitycostofproducingfoodinsteadoftextiles.Similarly,computetheopportunitycostofproducingtextilesinsteadoffood.Solution:Theoppo
31、rtunitycostofproducingfoodinsteadoftextilesisoneyardoftextilesper7/4=1.75poundsoffood.Apoundoffoodhasanopportunitycostof4/7=.57yardsoftextiles.2.Considertheno-tradeinput/outputsituationpresentedinthefollowingtableforCountriesXandY.Assumingthatfreetradeisallowed,developascenariothatwillbenefittheciti
32、zensofbothcountries.INPUT/OUTPUTWITHOUTTRADE_CountryXYTotal_I.UnitsofInput(000,000)_Food7060Textiles4030_II.OutputperUnitofInput(lbsoryards)_Food175Textiles52_III.TotalOutput(lbsoryards)(000,000)_Food1,1903001,490Textiles20060260_IV.Consumption(lbsoryards)(000,000)_Food1,1903001,490Textiles20060260_
33、Solution:Examinationoftheno-tradeinput/outputtableindicatesthatCountryXhasanabsoluteadvantageintheproductionoffoodandtextiles.CountryXcan“tradeoff”oneunitofproductionneededtoproduce17poundsoffoodforfiveyardsoftextiles.Thus,ayardoftextileshasanopportunitycostof17/5=3.40poundsoffood,orapoundoffoodhasa
34、nopportunitycostof5/17=.29yardsoftextiles.Analogously,CountryYhasanopportunitycostof5/2=2.50poundsoffoodperyardoftextiles,or2/5=.40yardsoftextilesperpoundoffood.Intermsofopportunitycost,itisclearthatCountryXisrelativelymoreefficientinproducingfoodandCountryYisrelativelymoreefficientinproducingtextil
35、es.Thus,CountryX(Y)hasacomparativeadvantageinproducingfood(textile)iscomparisontoCountryY(X).Whentherearenorestrictionsorimpedimentstofreetradetheeconomic-wellbeingofthecitizensofbothcountriesisenhancedthroughtrade.SupposethatCountryXshifts20,000,000unitsfromtheproductionoftextilestotheproductionoff
36、oodwhereithasacomparativeadvantageandthatCountryYshifts60,000,000unitsfromtheproductionoffoodtotheproductionoftextileswhereithasacomparativeadvantage.Totaloutputwillnowbe(90,000,000x17=)1,530,000,000poundsoffoodand(20,000,000x5=100,000,000)+(90,000,000x2=180,000,000)=280,000,000yardsoftextiles.Furth
37、ersupposethatCountryXandCountryYagreeonapriceof3.00poundsoffoodforoneyardoftextiles,andthatCountryXsellsCountryY330,000,000poundsoffoodfor110,000,000yardsoftextiles.Underfreetrade,thefollowingtableshowsthatthecitizensofCountryX(Y)haveincreasedtheirconsumptionoffoodby10,000,000(30,000,000)poundsandte
38、xtilesby10,000,000(10,000,000)yards.INPUT/OUTPUTWITHFREETRADE_CountryXYTotal_I.UnitsofInput(000,000)_Food900Textiles2090_II.OutputperUnitofInput(lbsoryards)_Food175Textiles52_III.TotalOutput(lbsoryards)(000,000)_Food1,53001,530Textiles100180280_IV.Consumption(lbsoryards)(000,000)_Food1,2003301,530Te
39、xtiles21070280_CHAPTER2INTERNATIONALMONETARYSYSTEMSUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTERQUESTIONSANDPROBLEMSQUESTIONS1.ExplainGreshamsLaw.Answer:Greshamslawreferstothephenomenonthatbad(abundant)moneydrivesgood(scarce)moneyoutofcirculation.Thiskindofphenomenonwasoftenobservedunderthebimetallics
40、tandardunderwhichbothgoldandsilverwereusedasmeansofpayments,withtheexchangeratebetweenthetwometalsfixed.2.Explainthemechanismwhichrestoresthebalanceofpaymentsequilibriumwhenitisdisturbedunderthegoldstandard.Answer:Theadjustmentmechanismunderthegoldstandardisreferredtoastheprice-specie-flowmechanisme
41、xpoundedbyDavidHume.Underthegoldstandard,abalanceofpaymentdisequilibriumwillbecorrectedbyacounter-flowofgold.SupposethattheU.S.importsmorefromtheU.K.thanitexportstothelatter.Undertheclassicalgoldstandard,gold,whichistheonlymeansofinternationalpayments,willflowfromtheU.S.totheU.K.Asaresult,theU.S.(U.
42、K.)willexperienceadecrease(increase)inmoneysupply.ThismeansthatthepricelevelwilltendtofallintheU.S.andriseintheU.K.Consequently,theU.S.productsbecomemorecompetitiveintheexportmarket,whileU.K.productsbecomelesscompetitive.ThischangewillimproveU.S.balanceofpaymentsandatthesametimehurttheU.K.balanceofp
43、ayments,eventuallyeliminatingtheinitialBOPdisequilibrium.3.Supposethatthepoundispeggedtogoldat6poundsperounce,whereasthefrancispeggedtogoldat12francsperounce.This,ofcourse,impliesthattheequilibriumexchangerateshouldbetwofrancsperpound.Ifthecurrentmarketexchangerateis2.2francsperpound,howwouldyoutake
44、advantageofthissituation?Whatwouldbetheeffectofshippingcosts?Answer:Supposethatyouneedtobuy6poundsusingFrenchfrancs.Ifyoubuy6poundsdirectlyintheforeignexchangemarket,itwillcostyou13.2francs.Alternatively,youcanfirstbuyanounceofgoldfor12francsinFranceandthenshipittoEnglandandsellitfor6pounds.Inthiscase,itonlycostsyou12francstobuy6pounds.Itisthusbeneficialtoshipgoldduetotheoverpricingo