國(guó)際財(cái)務(wù)管理

前言

北京大學(xué)出版社策劃出版的《金融學(xué)精選教材》系列圖書與讀者見面了，這是一件令人興奮的好事。眾所周知，現(xiàn)代經(jīng)濟(jì)已經(jīng)進(jìn)入金融經(jīng)濟(jì)時(shí)代。經(jīng)濟(jì)關(guān)系的國(guó)際化擴(kuò)大了金融活動(dòng)的空間，使得經(jīng)濟(jì)全球化、金融全球化的格局逐步形成。如何使廣大金融學(xué)和相關(guān)專業(yè)的學(xué)生站在國(guó)際視野，全面而系統(tǒng)地了解現(xiàn)代金融活動(dòng)的本質(zhì)和金融市場(chǎng)運(yùn)作的內(nèi)在規(guī)律，已經(jīng)成為世界各國(guó)金融學(xué)教育中必須面對(duì)的重大現(xiàn)實(shí)問(wèn)題。中國(guó)是一個(gè)金融人才短缺的國(guó)度，急需培養(yǎng)一大批高質(zhì)量、具有國(guó)際先進(jìn)知識(shí)的優(yōu)秀金融人才，從而增強(qiáng)在經(jīng)濟(jì)全球化背景下的國(guó)際競(jìng)爭(zhēng)力。而我們深知，要培養(yǎng)出一流的金融人才，不僅需要一流的師資和學(xué)者、一流的教學(xué)管理水平，而且還需要一流的教科書。作為在國(guó)內(nèi)外從事了多年金融學(xué)研究和教學(xué)的學(xué)者，我們深感國(guó)內(nèi)教材建設(shè)嚴(yán)重滯后，教材老化、脫離現(xiàn)實(shí)、遠(yuǎn)離前沿的現(xiàn)象非常嚴(yán)重。雖然隨著近年來(lái)一批國(guó)外原版教科書的陸續(xù)引進(jìn)，上述情況已經(jīng)有所改善，但與國(guó)外相比還存在著很大的差距。將國(guó)外最優(yōu)秀的著作引入中國(guó)，讓國(guó)內(nèi)的學(xué)生能夠接觸到國(guó)際最經(jīng)典和前沿的理論知識(shí)，讓國(guó)內(nèi)的教師能夠借鑒國(guó)際上最成熟先進(jìn)的教材編寫方式和教學(xué)方式，進(jìn)而推動(dòng)中國(guó)的現(xiàn)代金融學(xué)教育，是中國(guó)的教育界和出版界共同肩負(fù)的神圣責(zé)任和使命。正是本著這樣一種強(qiáng)烈的使命感，北京大學(xué)出版社在組織國(guó)內(nèi)頂級(jí)專家編寫優(yōu)秀金融學(xué)教材和專著的同時(shí)，特地精選了一批在國(guó)際上享有盛譽(yù)的經(jīng)典力作。

內(nèi)容概要

《國(guó)際財(cái)務(wù)管理》（第9版）結(jié)合國(guó)際財(cái)務(wù)理論的基礎(chǔ)和當(dāng)前實(shí)際應(yīng)用，對(duì)邊緣國(guó)際財(cái)務(wù)問(wèn)題既做出了傳統(tǒng)解釋又提供了全新的闡述。本書以其閱讀簡(jiǎn)便、解釋清晰，廣泛使用插圖、現(xiàn)實(shí)應(yīng)用和以學(xué)生為導(dǎo)向而聞名，適合本科和碩士階段的國(guó)際財(cái)務(wù)管理及相關(guān)課程使用。    本書的設(shè)計(jì)充分考慮到了教師的獨(dú)特風(fēng)格以便于其在授課中強(qiáng)化關(guān)鍵概念。本書提供了許多強(qiáng)化關(guān)鍵概念的方法，其中特點(diǎn)最為鮮明的有：    ◎圖表 每篇開始都有一個(gè)圖表，說(shuō)明該篇所涉及的關(guān)鍵概念之間如何相關(guān)。這提供了一些關(guān)于該篇章節(jié)編排的信息。       ◎正方反方 提出一個(gè)有爭(zhēng)議的問(wèn)題以及關(guān)于此問(wèn)題的兩種相反的觀點(diǎn)，要求學(xué)生判定哪種說(shuō)法是正確的，并解釋為什么。        ◎連續(xù)案例 每章末的連續(xù)案例使得學(xué)生能夠使用關(guān)鍵概念來(lái)解決布雷澤（Blades）公司（輪滑鞋生產(chǎn)商）遇到的問(wèn)題。在一個(gè)學(xué)期里，通過(guò)研究同一個(gè)跨國(guó)公司的一系列連續(xù)案例，學(xué)生就會(huì)明白如何對(duì)一個(gè)跨國(guó)公司進(jìn)行綜合決策。        ◎小企業(yè)困境 每章末的“小企業(yè)困境”使學(xué)生設(shè)身處地，運(yùn)用該章所學(xué)概念就一個(gè)名叫體育用品出口公司的小型跨國(guó)公司做出決策。    ◎互聯(lián)網(wǎng)／Excel練習(xí) 每章末都有練習(xí)，或使學(xué)生獲得適用的網(wǎng)站信息，或使之能夠?qū)xcel運(yùn)用于相關(guān)主題，或者二者兼而有之。例如，學(xué)生可學(xué)習(xí)如何在線獲取匯率信息，并運(yùn)用Excel來(lái)度量處于風(fēng)險(xiǎn)中的價(jià)值。    ◎經(jīng)營(yíng)你自己的跨國(guó)公司 該項(xiàng)目要求每個(gè)學(xué)生創(chuàng)立一個(gè)小型的國(guó)際企業(yè)，并要求學(xué)生在整個(gè)學(xué)期里運(yùn)用各章的關(guān)鍵概念來(lái)經(jīng)營(yíng)該企業(yè)。

作者簡(jiǎn)介

杰夫·馬杜拉（Jeff Madura），美國(guó)佛羅里達(dá)大西洋大學(xué)（Florida Atlantic University）所屬的太陽(yáng)信托銀行（SunTrust Bank）的財(cái)務(wù)學(xué)教授。他編著過(guò)多本教材，其中包括《金融市場(chǎng)和金融機(jī)構(gòu)》。他在國(guó)際金融方面的研究成果已在多種一流學(xué)術(shù)期刊發(fā)表。他因在教學(xué)和科研上

書籍目錄

Part 1: The International Financial Environment  1.Multinational Financial Management: An Overview    2.Exchangc Rate Determination    3.Currency Derivatives  Part 2: Exchange Rate Behavior  4.International Arbitrage and Interest Rate Parity    5.Relationships among Inflation, Interest Rates, and Exchange Rates  Part 3: Exchange Rate Risk Management  6.Forecasting Exchange Ratcs    7.Measuring Exposure to Exchange Rate Fluctuations    8.Managing Transaction Exposure  205  9.Managing Economic Exposurc and Translation Exposure  Part 4: Long-Term Asset and Liability Management  10.Dircct Foreign Invcstnlent    11.Multinational Capital Budgeting    12.International Acquisitions    13.Country Risk Analysis    14.Multinational Cost of Capital and Capital Structure    15.Long-Term Financing  Part 5: Short-Term Asset and Liability Management  16.Financing International Trade    17.Short-Term Financing    18.International Cash Management  Appendix A: Answers to Self Test Questions  Appendix B: Supplemental Cases  Appendix C: International Investing Project  Glossary

章節(jié)摘錄

插圖：As mentioned previously, currency bull spreads can be constructed just as easily with put options as with call options. To construct a put bull spread, the spreader would again buy a put option with a lower exercise price and write a put option with a higher exercise price. The basic arithmetic involved in constructing a put bull spread is thus essentially the same as for a call bull spread, with one important difference, as discussed next.Recall that there is a positive relationship between the level of the existing spot price relative to the strike price and the call option premium. Consequently, the option with the higher exercise price that is written in a call bull spread will have the lower option premium, everything else being equal. Thus, buying the call option with the lower exercise price and writing the call option with the higher exercise price involves a cash outflow for the bull spreader. For this reason, call bull spreads fall into a broader category of spreads called debit spreads. Also recall that the lower the spot rate relative to the strike price, the higher the put option premium will be. Consequently, the option with the higher strike price that is written in a put bull spread will have the higher option premium, everything else being equal. Thus, buying the put option with the lower exercise price and writing the put option with the higher exercise price in a put bull spread results in a cash inflow for the bull spreader. For this reason, put bull spreads fall into a broader category of spreads called credit spreads. Speculating with Currency Bull SpreadsThe speculator who constructs a currency bull spread trades profit potential for a reduced cost of establishing the position. Ideally, the underlying currency will appreciate to the higher exercise price but not far above it. Although the speculator would still realize the maximum gain of the bull spread in this case, he or she would incur significant opportunity costs if the underlying currency appreciates much above the higher exercise price. Speculating with currency bull spreads is appropriate for currencies that are expected to appreciate slightly until the expiration date. Since the bull spread involves both buying and writing options for the underlying currency, bull spreads can be relatively cheap to construct and will not result in large losses if the currency depreciates. Conversely, bull spreads are useful tools to generate additional income for speculators.

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《國(guó)際財(cái)務(wù)管理》：金融學(xué)精選教材·英文改編版

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