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《国际财务管理》课程简介课程编号1240162004课程名称国际财务管理课程性质选修学时32学分2学时分配授课32实验上机实践实践(周)考核方式闭卷考试,平时成绩占30%,期末成绩占70%o开课学院商学院更新时间XX年9月适用专业财务管理先修课程中级财务会计、财务管理课程内容本课程的目的是让学生全面掌握如何处理国际商务与贸易中的财务问题,特别是那些有关货币体系,银行,金融,投资和风险管理相关的问题顺利本课程完成后,学生应该•能够在当前国际背景下讨论国际贸易相关的财务、金融和银行领域的问题,,•能够解释外汇市场,货币体系和在国际交易中的风险管理的作用和功能•能够解释全球货币体系及其对企业管理的影响Brief IntroductionCode1240162004Title InternationalFinancial ManagementCourse natureRequired Semester Hours32Credits2SemesterHourLecture32ExperimentComputer LabPracticeStructure PracticeWeekClosed bookexamination,usually resultsaccounted for30%,the finalgrade accountedAssessment for70%.Offered byBusiness SchoolDate XX-9for Financial Management Sino-Australian cooperationPrerequisite MediumFinancial Accounting,FinancialManagementCourse Description:This subjectis intendedto providethe studentwith asound butgeneralized oversightof international trade issues,particularly thoserelated tomonetary systems,banking,finance,investment and risk management.Upon successfulcompletion ofthis subject,students should:•Be ableto discussinternationaltradefinance andbanking issuesin acurrent context•Be ableto explain the roleand functionof foreign exchange markets,cuiTency systemsandriskmanagement ininternational transactions•Be ableto explain the globalmonetary systemand itsimplications forbusiness management.《国际财务管理》课程教学大纲课程编号1240162004课程名称国际财务管理课程性质选修学时32学分2学时分配授课32实验上机实践实践(周)考核方式闭卷考试,平时成吉贝占30%,期末成纸占70%o开课学院商学院更新时间XX年9月适用专业财务管理先修课程中级财务会计、财务管理
一、教学内容CHAPTER1FINANCIAL GOALSAND CORPORATEGOVERNANCE When you have finished studying this topic,you shouldbe ableto explainand describe:
1.Models ofcorporate governance
2.Implications of the differentmodels ofgovernance
3.Agency theory
4.Different philosophiesfor thegoals of the firmsuch asthe shareholder wealth maximisation and stakeholdercapitalism modelsKey pointsAgency theoryDifficultiesImplications ofthe differentmodels ofgovernance CHAPTER2THE BALANCEOF PAYMENTSWhen you have finished studying this topic,you shouldbe ableto explainand describe:
1.Balance ofPayments
2.The concept of acountrys balance of payments and its structure
3.Fundamentals ofBOP Accounting
4.The Current Account
5.The Capital/Financial AccountKey pointsCurrentAccount;Capital/Financial AccountDifficultiesA countrysbalance of paymentsand itsstructureCHAPTER3FOREIGN EXCHANGEMARKETS When you have finished studying this topic,you shouldbe ableto explainand describethe:
1.Foreign exchangemarket includingits geographicalspread,its functionsanditsparticipants;
2.Types of foreign exchange transactions,including spot,forward,and swaps;
3.Methods usedfor exchange rate quotationsKey pointsForeign exchangemarket,including spot,forward,and swaps DifficultiesMethods usedfor exchangerate quotationsCHAPTER4FOREIGN EXCHANGETHEORIES When you have finished studying this topic,you shouldbe ableto explainand describethe:
4.International ParityConditions;
5.Prices andExchange Rates;
6.The purchasing power paritytheory of exchangerate determination Key pointsPrices andExchange RatesDifficultiesThe purchasingpower paritytheory CHAPTER5FOREIGN CURRENCYDERIVATIVES When you have finished studying this topic,you shouldbe ableto explainand describe:
1.Foreign currencyderivatives,including,foreign currency futures and options
2.The meansby whichthese derivativesare pricedand traded;
3.The usesof thesederivations forpurposes ofhedging riskand speculation;
4.Currency futures and forwards;
5.Call andput currencyoptions andthe rolesof purchasersand writers;
6.The pricingof currencyoptions andthe measuresof pricevolatility Key pointsThe foreign currencyfutures andoptionsDifficultiesCall andput currencyoptions andthe rolesof purchasersand writersCHAPTER6INTEREST RATEAND CURRENCYSWAPS Whenyouhavefinishedstudyingthis topic,you shouldbe ableto explainand describe:
1.Interest rate and currency swaps
2.The natureof interest and currencyrate risk
3.The useof swapsto manageinterestand currency risk
4.The distinctionbetween forwardrate agreements,interest ratefutures,interest rateswaps,currency swapsand foreign exchange swaps
5.Methods ofpricing interestrate andcurrency swapsKey pointsInterest rateandcurrencyswapsDifficultiesMethods ofpricing interestrateandcurrencyswapsCHAPTER7FOREIGN EXCHANGERATE DETERMINATIONAND FORECASTINGWhenyouhavefinishedstudyingthistopic,you shouldbe ableto explainand describe:
1.Exchange ratedetermination approaches,purchasingpowerparity,balanceofpayments,monetary and asset marketapproaches.
2.Disequilibrium:exchange ratesin emergingmarkets.
3.Forecasting in practice Key pointsExchange ratedetermination approachesDifficultiesForecasting inpractice CHAPTER8TRANSACTION EXPOSURESWhenyouhavefinishedstudyingthistopic,you shouldbe ableto explainand describe:
1.Types ofForeign ExchangeExposure
2.Transactional riskexposure
3.The possibletechniques thatmanagement mightadopt to manage translation exposure
4.The issuesmanagement has to weighin decidingwhich ofthe variousapproaches itshould adoptin managingtranslation exposure.KeypointsMeasurement oftranslation exposureDifficultiesThe possibletechniques tomanage translation exposure CHAPTER9OPERATING EXPOSURESWhenyouhavefinishedstudyingthistopic,you shouldbe ableto explainand describe:
1.Operations riskexposure
2.The possibletechniques thatmanagement mightadopt tomanage operating exposure
3.The issuesmanagement has to weighin decidingwhich ofthe variousapproaches itshould adoptin managingoperating exposure.KeypointsMeasurement ofoperating exposureDifficultiesThe possibletechniques tomanage operating exposure CHAPTER10TRANSLATION EXPOSURESWhenyouhavefinishedstudyingthistopic,you shouldbe ableto explainand describe:
1.Translation riskexposure
2.The possibletechniques thatmanagement mightadopt tomanage translationexposure
3.The issuesmanagement hasto weighin decidingwhich ofthe variousapproaches itshould adoptin managingtranslationexposure.KeypointsMeasurement oftranslationexposureDifficultiesThe possibletechniques tomanage translationexposure
二、教学基本要求CHAPTER1FINANCIAL GOALSAND CORPORATEGOVERNANCE Criticalconcepts includethe ownershipstructure ofthe firm.Typically weassume aMNE isa publiclylisted companywhere theconceptofownership-management separationis integraland hasimplications ascaptured byAgency Theory.This theorypoints toa potential for conflictbased ondiffering goalsand philosophiesastowhat thosegoals shouldbe.Anglo-American firmstypically operate under ashareholderwealthmaximisation SWMphilosophy.But non-Anglo-American firmsare morelikely tooperateundera stakeholdercapitalism modelSCM.The formerargues thegoal ofthe firmistomaximise the financial returnto itsshareholders.The latterhas awider andoften longerterm focusfor returnand benefit.Stakeholders extendbeyond shareholdersto includeother groupssuch asworkers,community andgovernment.CHAPTER2THE BALANCEOF PAYMENTSInternational businesstransactions occurin manydifferent formsover thecourse of a year.The measurementof allinternational economictransactions betweenthe residentsof acountry andforeign residentsis calledthe balanceofpaymentsBOP CHAPTER3FOREIGN EXCHANGEMARKETS Foreign exchange meansthe moneyof a foreign country;that is,foreign currencybank balancesbanknotes,checks anddrafts.A foreignexchangetransactionis anagreement betweena buyerand aseller thata fixedamount ofone currencywill bedelivered forsome othercurrency ata specifieddate.CHAPTER4FOREIGN EXCHANGETHEORIES Somefundamental questionsmanagers ofMNEs,international portfolioinvestors,importers,exporters andgovernment officialsmust dealwith everyday are:What arethe determinantsof exchange rates Arechanges inexchange ratespredictable Theeconomic theoriesthat linkexchange rates,price levels,and interestrates togetherare calledinternational parity conditions.These internationalparityconditionsform thecore ofthe financialtheory thatis uniqueto internationalfinance.CHAPTER5FOREIGN CURRENCYDERIVATIVES Thistopic requiresyou towork closelythough thetext.We studyforeign currencyderivatives.The twokey currencyderivative productsto bestudied areforeign currencyfuturesandforeign currencyoptions.The basicconcepts arethe sameas thosethat applyto conventionalfuturesandoption products.The differencehere isthat thecommodity beingtraded isaforeigncurrency.CHAPTER6INTEREST RATEAND CURRENCYSWAPS Westudy interestrate derivativesof whichswaps arethe dominantderivative tradedin todaysmarkets.Tn additionto yourprescribed readingfrom theText,Reading
5.1is providedas anupdate oncuiTent developmentsin theOTC financialmarkets.It particularthis articledeals withthe regulatoryreform initiativesbeing pursuedintheUS andEurope inthe aftermathofthe GFC.The growthin OTCmarkets isconsidered acontributor totheGFCandaserious regulatoryrisk foranother crisisinthe future.It isrecommended youread thisarticle atthe endof yourstudy ofthis section.CHAPTER7FOREIGN EXCHANGERATE DETERMINATIONAND FORECASTINGIn thistopic weexamine thebroad subjectofexchangerates andtheir forecasting.There areseveral modelsfor theassessing offuture exchangerates.Superficially,these appearas ifthey areconflicting butinpracticethey shouldbe viewas complementary.The alternativeapproaches toexplaining exchangeratedeterminationare discussedin turn.CHAPTER8TRANSACTION EXPOSURESForeignexchangeexposure isa measureofthepotentialfora firmsprofitability,net cashflow,and marketvalue tochange becauseof achange inexchangerates.An importanttask ofthefinancialmanager isto measureforeignexchangeexposure andtomanageit soastomaximize theprofitability,net cashflow,and marketvalue ofthe firm.The effectonafirm whenforeignexchangerates changecan bemeasured inseveral ways.CHAPTER9OPERATING EXPOSURESMeasuring theoperatingexposureofafirm requiresforecasting andanalyzing all the firmsfuture individualtransaction exposurestogether withthefutureexposures ofallthefirms competitorsand potentialcompetitors worldwide.The analysisof longerterm一where exchangerate changesare unpredictableand thereforeunexpected一is thegoal ofoperatingexposureanalysis.CHAPTER10TRANSLATION EXPOSURESTranslation exposure,also calledaccounting exposure,arises becausefinancial statementsofforeignsubsidiaries-which arestated inforeigncurrency一must berestated inthe parentsreporting currencyfor thefirm toprepare consolidatedfinancial statements.The accountingprocess oftranslation,involves convertingthese foreignsubsidiaries financialstatements intoUS dollar-denominated statements.
三、章节学时分配章次总课时课堂讲授实验1机实践备注1222443444445446447448229221022总计3232
四、教材与主要参考资料教材
[1]Eiteman,D.K.,Stonehill,A.I,and Moffett,M.H.
2010.Multinational BusinesFinance12th GlobalEdition.Pearson.参考资料
[1]Sawyer,W.C・,Sawyer,R.L.
2009.International economics3rd ed.,Chapter
2.Prentice-HalL
[2]Bernanke,B.
2007.Embracing thechallenge offree trade:Competing andprospering ina globaleconomy.Speech tothe MontanaDevelopment Summit2007pp.1-
10.审核:批准:。