Ⅰ 、QUESTIONS:
一、问题:
1、What are the advantages and disadvantages of the gold standard system?
1、 金本位制的优缺点有哪些?
2、What were the main goals of the Bretton Woods System?
2、布雷顿森林体系的主要目标是什么?
What are the criteria for a good international monetary system?
一个好的国际货币体系的标准是什么?
4、Describe the balance of payment identity and discuss its implications under the fixed and flexible exchange rate regimes.
4、描述国际收支身份并讨论其在固定和灵活汇率制度下的影响。
5、Evaluate the following statement: "A firm can reduce its currency exposure by diversifying across different business lines.
5、 评估以下陈述:“一家公司可以通过跨不同业务线进行多元化来减少其货币风险。
6、Discuss the implications of purchasing power parity for operating exposure?
6、讨论购买力平价对经营风险的影响?
7、Why are most futures positions closed out through a reversing trade rather than held to delivery?
7、 为什么大多数期货头寸是通过反向交易平仓的,而不是持有交割?
8、 Explain the following statement:" Exposure is the regression coefficient."
8、 解释以下陈述:“ Exposure is the regression coefficient.”
9、Exchange rate uncertainty may not necessarily mean that firms face exchange risk exposure. Explain why this may be the case.
9、汇率的不确定性未必意味着企业面临汇率风险。解释为什么会出现这种情况。
10、Explain the concept of interest rate parity. Provide the rationale for its possible existence.
10、讲解利率平价的概念。提供其可能存在的理由。
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11、What is the major difference in the obligation of one with a long position in a futures(or forward) contract in comparison to an options contract?
11、 期货(或远期)合约多头头寸与期权合约的义务主要区别是什么?
12、How would you explain the fact that China emerged as the second most important recipient of FDI after the United States in recent years?
12、您如何解释近年来中国成为仅次于美国的第二大外国直接投资接受国这一事实?
13、Discuss the various ways the exporter can receive payment in a foreign trade transaction after the importer’s bank accepts the exporter’s time draft and it becomes a banker’s acceptance.
13、讨论出口商银行接受出口商的定期汇票并成为银行承兑后,出口商在外贸交易中可以收款的各种方式。
14、Discuss the implications of purchasing power parity for operating exposure.
14、讨论购买力平价对经营风险的影响。
15、Explain the following three concepts of purchasing power parity (PPP):
15、解释购买力平价 (PPP) 的以下三个概念:
a. The law of one price:
一个。一价定律:
b. Absolute PPP:
b.绝对 PPP:
c. Relative PPP:
c. 相对购买力平价:
16、Explain the difference in the translation process between the monetary /nonmonetary method and the temporal method.
16、解释货币/非货币法和时间法在翻译过程中的区别。
Ⅱ、TRANSLATION INTO CHINESE
二、翻译成中文
1、To highlight the importance of market structure in determining operating exposure, consider a hypothetical company, Ford Mexicana, a subsidiary of Ford, which imports cars from the parent and distributes them in Mexico. If the dollar appreciates against the Mexican peso, Ford Mexicana's costs go up in peso terms. Whether this creates operating exposure for Ford critically depends on the structure of the car market in Mexico. For example, if Ford Mexicana faces competition from Mexican car makers whose peso costs did not rise, it will not be able to raise the peso price of imported Ford cars without risking a major reduction in sales. Facing a highly elastic demand for its products, Ford Mexicana cannot afford to let the exchange rate pass-through into the peso price. As a result, an appreciation of the dollar will squeeze the profit of Ford Mexicana, subjecting the parent firm to a high degree of operating exposure.
1、 为了强调市场结构在确定经营风险方面的重要性,考虑一家假设的公司,福特墨西哥公司,福特的子公司,从母公司进口汽车并在墨西哥分销。如果美元兑墨西哥比索升值,福特墨西哥的成本就会以比索计算。这是否会给福特带来重大的运营风险,取决于墨西哥汽车市场的结构。例如,如果福特墨西哥公司面临来自墨西哥汽车制造商的竞争,而这些汽车制造商的比索成本没有上涨,那么它将无法在不冒着销量大幅下降的风险的情况下提高福特进口汽车的比索价格。面对对其产品的高度弹性需求 ,福特墨西哥公司不能让汇率传导到比索价格中。因此,美元升值将挤压福特墨西哥公司的利润,使母公司面临高度的经营风险。
2、Having captured residual control rights,the manager can exercise substantial dis-cretion over the disposition and allocation of investors' capital. Under this situation,the investors are no longer assured of receiving fair returns on their funds.In the contractual view of the firm described above,the agency problem arises from the difficulty that outside investors face in assuring that they actually receive fair returns ontheir capital.
2、 管理人在获得剩余控制权后 , 可以对投资者资金的处置和配置进行实质性的处置和配置。在这种情况下 , 投资者不再保证他们的资金获得公平的回报 。在上述公司的合同观点中 , 代理问题源于外部投资者在确保他们实际上获得公平的资本回报方面面临的困难 。
With the control rights, the manager may allow himself or herself to consume exorbitant perquisites.For example,Steve Jobs,the former CEO of Apple Inc.,reportedly had a $90 million company jet at his disposal. Sometimes, the manager simply steals investors' funds. Alternatively, the manager may use a more sophisticated scheme,setting up an independent company that he owns and diverting to it the main company's cash and assets through transfer pricing. For example,the manager can sell the main company's output to the company he owns at below market prices, or buy the output of the company he owns at above market prices. Some Russian oil companies are known to sell oil to manager-owned trading companies at below market prices and not always bother to collect the bills.
拥有控制权,经理可以允许自己消费高昂的特权。例如,据报道,苹果公司前首席执行官史蒂夫乔布斯拥有一架价值 9000 万美元的公司喷气式飞机。有时,经理只是窃取投资者的资金。或者,经理可以使用更复杂的计划,成立一家他拥有的独立公司,并通过转让定价将总公司的现金和资产转移给它。例如,经理可以以低于市场价格的价格将主公司的产出出售给他拥有的公司,或者以高于市场价格购买他拥有的公司的产品。众所周知,一些俄罗斯石油公司以低于市场的价格向经理拥有的贸易公司出售石油,而且并不总是费心收取账单。
3、Self-interested managers may also waste funds by undertaking unprofitable proj-ects that benefit themselves but not investors. For example, managers may misallocate funds to take over other companies and overpay for the targets if it serves their private interests. Needless to say, this type of investment will destroy shareholder value. What is more, the same managers may adopt antitakeover measures for their own company in order to ensure their personal job security and perpetuate private benefits. In the same vein, managers may resist any attempts to be replaced even if shareholders'interests will be better served by their dismissal. These managerial entrenchment efforts are clear signs of the agency problem.
3、 自私自利的管理者也可能通过进行 对自己有利但对投资者没有好处的无利可图的项目来浪费资金。例如,如果这符合他们的私人利益,经理可能会错误分配资金来接管其他公司并为目标公司多付钱。不用说,这种类型的投资会破坏股东价值。更重要的是,相同的经理可能会对自己的公司采取反收购措施,以确保他们的个人工作保障并延续私人利益。同样,经理们可能会抵制任何被替换的尝试,即使 解雇他们更符合股东的利益。这些管理上的巩固努力是代理问题的明显迹象。
4、The Asian crisis began in mid-1997. The troubles, which began in Thailand, soon affected other countries in the region and also emerging markets in other regions. Not since the less developed countries debt crisis had international financial markets experienced such widespread turbulence. The crisis followed a period of economic expansion in the region financed by record private capital inflows. Banks from industrialized countries actively sought to finance the growth opportunities. The risk exposure of the lending banks in East Asia was primarily to local banks and commercial firms, and not to sovereignties, as in the less developed countries debt crisis. Nevertheless, the political and economic risks were not correctly assessed.
4、 亚洲危机始于 1997 年中期。始于泰国的麻烦很快影响了该地区的其他国家 以及其他 地区的新兴市场 。 自欠 发达国家债务危机以来,国际金融市场 从未经历过如此 广泛的动荡。 这场危机发生在该地区经济扩张 时期 之后,为创纪录的私人资本流入提供了资金。工业化国家的银行积极寻求为增长 机会提供资金。东亚贷款银行的风险敞口主要涉及当地银行和商业 公司, 而不是 像欠发达国家的债务危机那样 涉及主权。 然而,政治 和 经济 风险没有得到正确评估。
5、Foreign exchange rate uncertainty contributes to the risk of foreign investment through its own volatility as well as through its covariance with local market returns. Generally speaking, exchange rates are substantially more volatile than bond market returns but less so than stock market returns. This suggests that investors can enhance their gains from international diversification, especially in the case of bond investment, when they hedge exchange risk using, say, forward contracts.
5、外汇汇率的不确定性通过其自身的波动性以及与当地市场回报的协方差来增加外国投资的风险。一般来说,汇率的波动性远大于债券市场回报,但低于股票市场回报。这表明投资者可以从国际多元化中增加收益,尤其是在债券投资的情况下,当他们使用远期合约等方式对冲外汇风险时。
6、Countertrade transactions are gaining renewed prominence as a means of conducting international trade transactions. There are several types of countertrade transactions, only some of which involve the use of money. In each type, the seller provides the buyer with goods or services in return for a reciprocal promise from the seller to purchase goods or services from the buyer.
6、对销贸易交易作为进行国际贸易交易的一种手段,正重新受到重视。有几种类型的对销交易,其中只有一些涉及资金的使用。在每种类型中,卖方向买方提供商品或服务,以换取卖方向买方购买商品或服务的互惠承诺。
7、A foreign bond issue is one offered by a foreign borrower to investors in a national capital market and denominated in that nation’s currency. A Eurobond issue is one denominated in a particular currency but sold to investors in national capital markets other than the country that issues the denominating currency.
7、外国债券发行是指外国借款人在国内资本市场向投资者发行的以该国货币计价的债券。欧元债券发行是指以特定货币计价但出售给发行计价货币国以外的国家资本市场的投资者的债券。
Ⅲ、PROBLEM
三、问题
1、You plan to visit Geneva, Switzerland, in three months to attend an international business conference. You expect to incur a total cost of SF5,000 for lodging, meals, and transportation during your stay. As of today, the spot exchange rate is $0.60/SF and the three-month forward rate is $0.63/SF. You can buy the three-month call option on SF with an exercise price of $0.64/SF for the premium of $0.05 per SF. Assume that your expected future spot exchange rate is the same as the forward rate. The three-month interest rate is 6 percent per annum in the United States and 4 percent per annum in Switzerland.
1、 您计划在三个月内访问瑞士日内瓦,参加一个国际商务会议。 您预计在逗留期间的住宿、餐饮和交通总费用为 5,000 瑞士法郎 。截至今天,即期汇率为 0.60 美元/平方英尺,三个月远期汇率为 0.63 美元/平方英尺。您可以以每平方英尺 0.05 美元的溢价购买旧金山的三个月看涨期权,行使价为 0.64 美元/平方英尺。假设您的预期未来即期汇率与远期汇率相同。 美国的三个月利率为每年 6%,瑞士为每年 4%。
a. Calculate your expected dollar cost of buying SF5,000 if you choose to hedge by a call option on SF.
一个。如果您选择通过 SF 的看涨期权进行对冲,请计算您购买 SF5,000 的预期美元成本。
b Calculate the future dollar cost of meeting this SF obligation if you decide to hedge using a forward contract.
b 如果您决定使用远期合约进行对冲,请计算履行此 SF 义务的未来美元成本。
c. At what future spot exchange rate will you be indifferent between the forward and option market hedges?
c. 在远期和期权市场对冲之间,您会以什么未来即期汇率无差别?
d. Illustrate the future dollar cost of meeting the SF payable against the future spot exchange rate under both the options and forward market hedges.
d. 说明在期权和远期市场对冲下,根据未来即期汇率支付的应付 SF 的未来美元成本。
2、IBM purchased computer chips from NEC, a Japanese electronics concern, and was billed ¥250 million payable in three months. Currently, the spot exchange rate is ¥105/$ and the three-month forward rate is ¥100/$. The three-month money market interest rate is 8 percent per annum in the United States and 7 percent per annum in Japan. The management of IBM decided to use a money market hedge to deal with this yen account payable.
2、IBM 从日本电子公司 NEC 购买了计算机芯片,并在三个月内支付了 2.5 亿日元。目前,即期汇率为 105 日元/美元,三个月远期汇率为 100 日元/美元。美国的三个月货币市场利率为每年 8%, 日本为每年 7%。IBM 的管理层决定使用货币市场对冲来处理这笔应付日元账户。
a. Explain the process of a money market hedge and compute the dollar cost of meeting the yen obligation.
一个。解释货币市场对冲的过程并计算履行日元义务的美元成本。
b. Conduct a cash flow analysis of the money market hedge.
b. 对货币市场对冲进行现金流分析。
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3、Boeing just signed a contract to sell a Boeing 737 aircraft to Air France. Air France will be billed €20 million payable in one year. The current spot exchange rate is $1.05/€ and the one-year forward rate is $1.10/€. The annual interest rate is 6 percent in the United States and 5 percent in France. Boeing is concerned with the volatile exchange rate between the dollar and the euro and would like to hedge exchange exposure.
3、 波音公司刚刚签订了一份合同,将一架波音 737 飞机出售给法航。法航将在一年内支付 2000 万欧元。当前的即期汇率为 1.05 美元/ 欧元 ,一年期远期汇率为 1.10 美元/ 欧元 。美国的年利率为 6%,法国为 5%。波音公司担心美元和欧元之间的汇率波动,并希望对冲汇率风险。
a. It is considering two hedging alternatives: sell the euro proceeds from the sale forward or borrow euros from Credit Lyonnaise against the euro receivable. Which alternative would you recommend ? Why?
一个。它正在考虑两种对冲选择:出售远期出售的欧元收益,或从里昂信贷银行借入欧元以应收欧元为抵押。您会推荐哪种替代方案?为什么?
b. Other things being equal, at what forward exchange rate would Boeing be indifferent between the two hedging methods?
b.在其他条件相同的情况下,波音在两种对冲方法之间以什么远期汇率无动于衷?
4、Suppose a U.S. multinational corporation has a subsidiary overseas. If the local currency of the country where the subsidiary is located is LC, and the reporting currency of the parent company is the U.S. dollar. Assume that the exchange rate changes from LC5 = $1 to LC10 = $1. The balance sheet of the subsidiary at the end of the accounting period is shown in the following table:
4、 假设一家美国跨国公司在海外有一家子公司。如果子公司所在国家/地区的当地货币是 LC,并且母公司的报告货币是美元。假设汇率从 LC5 = 1 美元变为 LC10 = 1 美元。会计期间结束时子公司的资产负债表如下表所示:
Balance Sheet
资产负债表
Assets | Local Currency | Liabilities and Owners' Equity | Local Currency |
Cash | LC5200 | Accounts Payable | LC6800 |
Accounts Receivable | 400 | Long-term Borrowings | 7000 |
Inventory (at historical cost) | 7200 | Paid-in Capital | 3000 |
Fixed Assets (Net) | 9200 | Retained Earnings | 5200 |
Total Assets | LC22000 | Total Liabilities and Owners' Equity | LC22000 |
It is required to state what the net amount of assets affected by exchange rate changes is respectively under the current-noncurrent item method, the monetary-nonmonetary item method, the temporal method and the current rate method? (8 分) How is the degree of influence by exchange rate changes? (4 分) What hedging measures should be taken? (10 分)
在当前-非流动项目法、货币-非货币项目法、时间法和当期汇率法下,需要说明受汇率变化影响的资产净额分别是多少?(8 分 ) 汇率变化的影响程度如何?(4 分 ) 应该采取哪些对冲措施?(10 分 )
5、Affiliate A sells 5,000 units to Affiliate B per year. The marginal income tax rate for Affiliate A is 25 percent and the marginal income tax rate for Affiliate B is 40 percent. The transfer price per unit is currently $2,000, but it can be set at any level between $2,000 and $2,400. Derive a formula to determine how much annual after-tax profits can be increased by selecting the optimal transfer price?
5、联盟会员 A 每年向联盟会员 B 销售 5,000 个单位。关联公司 A 的边际所得税税率为 25%,关联公司 B 的边际所得税税率为 40%。每单位的转让价格目前为 2,000 美元,但可以设置为 2,000 美元到 2,400 美元之间的任何级别。推导出一个公式来确定通过选择最优转让价格可以增加多少年度税后利润?
6、Consider this project, the timing and size of the incremental after-tax cash flows for an all-equity firm are:
6、 考虑这个项目,一家全股权公司税后现金流增量的时间和规模为:
Question1:The unlevered cost of equity is r = 10%,:the project would be rejected or accepted by this all-equity firm?
问题 1:无杠杆股本成本为 r = 10%,:该项目会被这家全股公司拒绝或接受吗?
Question2: Now, imagine that the firm finances the project with $600 of debt at r = 8%.
问题 2:现在,假设公司以 r = 8% 的 600 美元债务为项目融资 。
the tax rate is 45%. Should the firm accept the project if it finances with debt?
税率为 45%。如果公司用债务融资,它是否应该接受该项目?