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1、《國際財務管理》課程簡介 課程編號 12FIN385 課程名稱 國際財務管理 課程性質 選修 學 時 72 學 分 4.5 學時分配 授課：72實驗： 上機： 實踐： 實踐（周）： 考核方式 閉卷考試，平時成績占50% ,期末成績占50% o 開課學院 國際教育學院 更新時間 適用專業(yè) 財務管理（中澳合作） 先修課程 課程內容： （宋體五號字，1.5倍行距） 本課程的目的是讓學生全面掌握如何處理國際商務與貿易中的財務問題,特別是那些有 關貨幣體系，銀行，金融，投資和風險管理相關的問題。本課程也涵蓋國際貿易，貿易保護 和政府貿易政策等問

2、題。 順利本課程完成后，學生應該： ?能夠討論政府施加貿易保護和貿易促進政策的作用和效果。 ?能夠在當前國際背景下討論國際貿易相關的財務、金融和銀行領域的問題，， ?能夠解釋外匯市場，貨幣體系和在國際交易中的風險管理的作用和功能。 ?能夠解釋全球貨幣體系及其對企業(yè)管理的影響。 執(zhí)筆: 審核: 批準: Brief Introduction Code 12FIN385 Title Trade and Business Finance Course nature Optional Semester Hours 72 Credits 4.5 Semester Hour

3、 Structure Lecture： 72 Experiment： Computer Lab： Practice： Practice (Week)： Assessment Closed book examination, usually results accounted for 50%, the final grade accounted for 50%. Offered by International Education College Date for Financial Management (Sino-Australian cooperation) Prere

4、quisite Course Description: This subject is intended to provide the student with a sound but generalized oversight of international trade issues, particularly those related to monetary systems, banking, finance, investment and risk management. The subject embraces these issues in the context

5、 of trade, restrictions of trade and the impact of government trade policies. Upon successful completion of this subject, students should: ? Be able to discuss the role and effect of government imposed trade restriction and trade promotion policies. ? Be able to discuss international trade fina

6、nce and banking issues in a current context ? Be able to explain the role and function of foreign exchange markets, currency systems and risk management in international transactions ? Be able to explain the global monetary system and its implications for business management. 《國際財務管理》課程教學大綱 課程

7、編號 12FIN385 課程名稱 國際財務管理 課程性質 選修 學 時 72 學 分 4.5 學時分配 授課：72實驗： 上機： 實踐： 實踐（周）： 考核方式 閉卷考試，平時成績占50% ,期末成績占50% O 開課學院 國際教育學院 更新時間 適用專業(yè) 財務管理（中澳合作） 先修課程 一、教學內容 CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL ENTERPRISE When you have finished studying this topic, you should be able

8、 to explain and describe: 1. Theories that explain why nations engage in international trade. 2. Theories that explain patterns in international trade. 3. Arguments for free trade. 4. Government trade policies: instruments used and arguments for trade policy. Key points： Theories that explain p

9、atterns in international trade Difficulties： Arguments for free trade CHAPTER 2 FINANCIAL GOALS AND CORPORATE GOVERNANCE When you have finished studying this topic, you should be able to explain and describe: 1. Models of corporate governance 2. Implications of the different models of governanc

10、e 3. Agency theory 4. Different philosophies for the goals of the firm such as the shareholder wealth maximisation and stakeholder capitalism models Key points： Agency theory Difficulties： Implications of the different models of governance CHAPTER 3 INTERNATIONAL MONETARY SYSTEM When you have

11、 finished studying this topic, you should be able to explain and describe: 1. The international monetary system 2. The role of the IMF 3. Exchange rate regimes 4. Major arguments for and against fixed or floating exchange rate regimes 5. The concept of a country's balance of payments and its st

12、ructure Key points： Exchange rate regimes; the international monetary system Difficulties： A country's balance of payments and its structure CHAPTER 4 THE BALANCE OF PAYMENTS When you have finished studying this topic, you should be able to explain and describe: 1. Balance of Payments 2. The c

13、oncept of a country's balance of payments and its structure 3. Fundamentals of BOP Accounting 4. The Current Account 5. The Capital/Financial Account Key points： Current Account; Capital/Financial Account Difficulties： A country's balance of payments and its structure CHAPTER 5 CURRENT MULTINA

14、TIONAL FINANCIAL CHALLENGES: THE CREDIT CRISIS OF 2007-2009 When you have finished studying this topic, you should be able to explain and describe: 1. The Seeds of Crisis: Sub-Prime Debt 2. The Transmission Mechanism: Securitization 3. The Remedy: Prescriptions for an Infected Global Financial

15、Organism Key points： Sub-Prime Debt; Securitization Difficulties： A country's balance of payments and its structure CHAPTER 6 FOREIGN EXCHANGE MARKETS When you have finished studying this topic, you should be able to explain and describe the: 1. Foreign exchange market including its geographica

16、l spread, its functions and its participants; 2. Types of foreign exchange transactions, including spot, forward, and swaps; 3. Methods used for exchange rate quotations Key points： Foreign exchange market, including spot, forward, and swaps Difficulties： Methods used for exchange rate quotati

17、ons CHAPTER 7 FOREIGN EXCHANGE THEORIES When you have finished studying this topic, you should be able to explain and describe the: 4. International Parity Conditions; 5. Prices and Exchange Rates; 6. The purchasing power parity theory of exchange rate determination Key points： Prices and Exch

18、ange Rates Difficulties： The purchasing power parity theory CHAPTER 8 FOREIGN CURRENCY DERIVATIVES When you have finished studying this topic, you should be able to explain and describe: 1. Foreign currency derivatives, including, foreign currency futures and options 2. The means by which these

19、 derivatives are priced and traded; 3. The uses of these derivations for purposes of hedging risk and speculation; 4. Currency futures and forwards; 5. Call and put currency options and the roles of purchasers and writers; 6. The pricing of currency options and the measures of price volatility

20、Key points： The foreign currency futures and options Difficulties： Call and put currency options and the roles of purchasers and writers CHAPTER 9 INTEREST RATE AND CURRENCY SWAPS When you have finished studying this topic, you should be able to explain and describe: 1. Interest rate and currenc

21、y swaps 2. The nature of interest and currency rate risk 3. The use of swaps to manage interest and currency risk 4. The distinction between forward rate agreements, interest rate futures, interest rate swaps, currency swaps and foreign exchange swaps 5. Methods of pricing interest rate and cur

22、rency swaps Key points： Interest rate and currency swaps Difficulties： Methods of pricing interest rate and currency swaps CHAPTER 10 FOREIGN EXCHANGE RATE DETERMINATION AND FORECASTING When you have finished studying this topic, you should be able to explain and describe: 1. Exchange rate det

23、ermination approaches, purchasing power parity, balance of payments, monetary and asset market approaches. 2. Disequilibrium: exchange rates in emerging markets. 3. Forecasting in practice Key points： Exchange rate determination approaches Difficulties： Forecasting in practice CHAPTER 11 TRAN

24、SACTION EXPOSURES When you have finished studying this topic, you should be able to explain and describe: 1. Types of Foreign Exchange Exposure 2. Transactional risk exposure 3. The possible techniques that management might adopt to manage translation exposure 4. The issues management has to we

25、igh in deciding which of the various approaches it should adopt in managing translation exposure. Key points： Measurement of translation exposure Difficulties： The possible techniques to manage translation exposure CHAPTER 12 OPERATING EXPOSURES When you have finished studying this topic, you s

26、hould be able to explain and describe: 1. Operations risk exposure 2. The possible techniques that management might adopt to manage operating exposure 3. The issues management has to weigh in deciding which of the various approaches it should adopt in managing operating exposure. Key points： Me

27、asurement of operating exposure Difficulties： The possible techniques to manage operating exposure CHAPTER 13 TRANSLATION EXPOSURES When you have finished studying this topic, you should be able to explain and describe: 1. Translation risk exposure 2. The possible techniques that management mig

28、ht adopt to manage translation exposure 3. The issues management has to weigh in deciding which of the various approaches it should adopt in managing translation exposure. Key points： Measurement of translation exposure Difficulties： The possible techniques to manage translation exposure 二、教學基本

29、要求 CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL ENTERPRISE This topic provides a background to the growth in international trade and finance. It links with, and extends, material covered in the subject, BUS 383. Very few businesses are now able to escape some involvement in international trade

30、, be that as an importer, exporter or as the passive consumer of goods and services produced in another country. Even if a business is not directly involved in international trade, the consequences for trade in goods, commodities and services will have an inevitable affect on all aspects of moder

31、n society. This is true regardless of the country that a business is functioning in. CHAPTER 2 FINANCIAL GOALS AND CORPORATE GOVERNANCE Critical concepts include the ownership structure of the firm. Typically we assume a MNE is a publicly listed company where the concept of ownership-management

32、separation is integral and has implications as captured by Agency Theory. This theory points to a potential for conflict based on differing goals and philosophies as to what those goals should be. Anglo-American firms typically operate under a shareholder wealth maximisation (SWM) philosophy. But

33、 non-Anglo-American firms are more likely to operate under a stakeholder capitalism model (SCM). The former argues the goal of the firm is to maximise the financial return to its shareholders. The latter has a wider and often longer term focus for return and benefit. Stakeholders extend beyond s

34、hareholders to include other groups such as workers, community and government. CHAPTER 3 INTERNATIONAL MONETARY SYSTEM The international monetary system refers to the institutional arrangements that countries adopt to govern exchange rates, regulate financial institutions and the settlement of t

35、rade financing imbalances between each other's citizens and institutions. An excellent way to understand the international monetary system and its operation is via historical review. Chapter 3 provided such a review. CHAPTER 4 THE BALANCE OF PAYMENTS International business transactions occur in

36、 many different forms over the course of a year. The measurement of all international economic transactions between the residents of a country and foreign residents is called the balance of payments (BOP) CHAPTER 5 CURRENT MULTINATIONAL FINANCIAL CHALLENGES: THE CREDIT CRISIS OF 2007-2009 The o

37、rigins of the current crisis lie within the ashes of the equity bubble and subsequent collapse of the equity markets at the end of the 1990s. With the collapse of the bubble, capital began to flow increasingly toward the real estate sectors in the United States. The U.S. banking sector found mor

38、tgage lending highly profitable and saw it as a rapidly expanding market CHAPTER 6 FOREIGN EXCHANGE MARKETS Foreign exchange means the money of a foreign country; that is, foreign currency bank balances banknotes, checks and drafts. A foreign exchange transaction is an agreement between abuyer a

39、nd a seller that a fixed amount of one currency will be delivered for some other cun'ency at a specified date. CHAPTER 7 FOREIGN EXCHANGE THEORIES Some fundamental questions managers of MNEs, international portfolio investors, importers, exporters and government officials must deal with every da

40、y are: What are the determinants of exchange rates? Are changes in exchange rates predictable? The economic theories that link exchange rates, price levels, and interest rates together are called international parity conditions. These international parity conditions form the core of the financial

41、 theory that is unique to international finance. CHAPTER 8 FOREIGN CURRENCY DERIVATIVES This topic requires you to work closely though the text. We study foreign currency derivatives. The two key currency derivative products to be studied are foreign currency futures and foreign currency option

42、s. The basic concepts are the same as those that apply to conventional futures and option products. The difference here is that the commodity being traded is a foreign currency. CHAPTER 9 INTEREST RATE AND CURRENCY SWAPS We study interest rate derivatives of which swaps are the dominant derivati

43、ve traded in today's markets. In addition to your prescribed reading from the Text, Reading 5.1 is provided as an update on cuiTent developments in the OTC financial markets. It particular this article deals with the regulatory reform initiatives being pursued in the US and Europe in the aftermat

44、h of the GFC. The growth in OTC markets is considered a contributor to the GFC and a serious regulatory risk for another crisis in the future. It is recommended you read this article at the end of your study of this section. CHAPTER 10 FOREIGN EXCHANGE RATE DETERMINATION AND FORECASTING In thi

45、s topic we examine the broad subject of exchange rates and their forecasting. There are several models for the assessing of future exchange rates. Superficially, these appear as if they are conflicting but in practice they should be view as complementary. The alternative approaches to explaining

46、exchange rate determination are discussed in turn. CHAPTER 11 TRANSACTION EXPOSURES Foreign exchange exposure is a measure of the potential fbr a firm's profitability, net cash flow, and market value to change because of a change in exchange rates. An important task of the financial manager is t

47、o measure foreign exchange exposure and to manage it so as to maximize the profitability, net cash flow, and market value of the firm. The effect on a firm when foreign exchange rates change can be measured in several ways. CHAPTER 12 OPERATING EXPOSURES Measuring the operating exposure of a fir

48、m requires forecasting and analyzing all the firm's future individual transaction exposures together with the future exposures of all the firm's competitors and potential competitors worldwide. The analysis of longer term 一 where exchangerate changes are unpredictable and therefore unexpected 一 i

49、s the goal of operating exposure analysis. CHAPTER 13 TRANSLATION EXPOSURES Translation exposure, also called accounting exposure, arises because financial statements of foreign subsidiaries 一 which are stated in foreign currency 一 must be restated in the parenfs reporting currency for the firm

50、 to prepare consolidated financial statements. The accounting process of translation, involves converting these foreign subsidiaries financial statements into US dollar-denominated statements. 三、章節(jié)學時分配 章次 總課時 課堂講授 實驗 上機 實踐 備注 1 6 6 2 6 6 3 4 4 4 4 4

51、 5 4 4 6 6 6 7 6 6 8 6 6 9 6 6 10 6 6 11 6 6 12 6 6 13 6 6 總計 72 72 四、教材與主要參考資料 教材 [1] Eiteman, D. K., Stonehill, A. I, and Moffett, M. H. (2010). Multinational Busines Finance (12t

52、h Global Edition). Pearson. 參考資料 [1] Sawyer, W. C., & Sawyer, R. L. (2009). International economics (3rd ed., Chapter 2). Prentice-HalL [2] Bernanke, B. (2007). Embracing the challenge of free trade: Competing and prospering in a global economy. Speech to the Montana Development Summit 2007 (pp. 1-10).