国际金融教案.docx

国际金融教案.docx

《国际金融教案.docx》由会员分享，可在线阅读，更多相关《国际金融教案.docx（40页珍藏版）》请在冰豆网上搜索。

国际金融教案

经济管理学院教案

课程：

国际金融

教师：

单位：

财务管理系

专业：

英语（国际贸易方向）

年级：

2008级

教案格式及要求

1、教案以一学期一门课程填写，使用电子课件的课程也需要填写本教案册。

2、每章节教案内容应包括：

1）教学目的要求；

2）本章节的重点、难点及处理方案；

3）本章节的教学内容纲要及主要知识点；

4）教学手段、方法设计（可选）

5）思考题、作业题；

6）参考书目或资料简介。

3、教案可手工填写，也可用电子文档填写。

使用电子文档的教师，需打印并在课程讲授结束后装订成册。

4、若一册教案不够填写，可续。

5、本系所开各门课程的教案必须统一格式。

注：

表中（）选项请打“√”

授课题目名称（教学章、节或主题）：

CourseOverviewandLecture1:

Introduction

授课方式

（请打√）

理论课√讨论课□实验课□习题课□其他□

周次

第

（1）周

课时安排

（4）学时

教学目的及要求（分掌握、熟悉、了解三个层次）：

ThiscourseisaboutfinancialmanagementofMultinationalEnterprises（MNEs）.Itwillaimtoprovideyouwithinsightsintotheissuesafinancialmanagerneedstobeawareofinordertoremaincompetitiveinaglobalenvironment.

Inthefirstpartofthecoursewewillstudythemacroeconomicaspectsof

financialmanagementandinthesecondpartwewillfocusonmicro（firmlevel）

decisions.

教学重点、难点、关键知识点及采用的措施：

Becauseinternationalbusinessoperationsisverydifferentunderafixedsystemofexchangerateswithstringentcapitalcontrolsandmarketsegmentationthanunderasystemofflexibleexchangerateswithfreecapitalmovementandmarketintegrationwewillstudythefollowing:

1.Internationalmonetarysystem

2.Someeconomictheoriesofexchangerateandinterestratedetermination

3.Internationalfinancialmarkets

4.ForeignExchange（FX）risksandexposures

5.InternationalFinanceandInvestments

CommonTheme:

GlobalisationProcesswherebystructuralandmanagerialchangesareexperiencedbyafirmasitmovesfromdomestictoglobaloperations.

KeyIssue:

Giventhemacroeconomicµenvironmentofthepresenttime,howdofirmsoperatewithrespecttotheirfinancialoperations.

教学方法及手段设计：

网络教学□多媒体辅助教学□板书□教具□其它□（请打√）

教学基本内容（纲要及主要知识点）

备注

教学内容：

MainCostsandBenefitsofGlobalisation:

Benefits:

1.Largermarketforfirm’sproducts

2.FinancingandInvestmentopportunitiesfromabroad

Costs:

1.ForeignCompetition

2.FXRisk:

uncertaintyaboutfutureFXratesthataffectssales,pricesandprofits）

3.CountryRisk:

economic,politicalandsocialfactorsthatmayhaveadverseeffectsonsales,pricesandprofits.

此页可加续页

教学基本内容（纲要及主要知识点）

备注

Objectives:

ToidentifyrecentdevelopmentsintheinternationalfinancialenvironmentthathavefacilitatedGlobalisationandtoemphasizetheirimpactonfirm’sfinancial.

operations:

1.arbitrage

2.financing

3.investment

4.hedging

5.speculation

Internationalfinancialenvironmenthasundergonesubstantialchangessince

WW2:

WW2–1970’s:

businessfirmshadlittleincentivesandabilitytoengageininternationalfinancingandinvestment:

1.Fixedexchangerates

2.Stringentcapitalcontrols

3.Segmentationofcapitalmarkets

August1971:

collapseoftheBrettonWoodsSystemoffixedexchangerates（USannouncedthatitwouldnolongerconvertUSDintoGold）.

Sincethen:

1.majorcurrencieshavebeenfloated

2.largerinterestratesandexchangeratevolatility

3.abolitionofcapitalcontrols->stillcontinues

4.financialderegulation->stillcontinues

Thesechangesareimportantastheyrepresentnewopportunitiesaswellasrisks,e.g.:

1.setupoperationsoverseas:

newlargermarkets,increasescustomerbase

2.obtainforeignfinancingandinvestinforeigncompanies:

cheaperfundsandportfoliodiversification

3.foreignlegalenvironment:

costsassociatedwithtraininglegalstuff+obtaininglocalrepresentation

4.evenifafirmwerenotinvolvedininternationaltrade:

1）increasedcompetitionfromforeigncompetitorsandimports

2）synchronisationofmonetarypoliciesacrosscountries,e.g.USandAUinterestrates

教学基本内容（纲要及主要知识点）

备注

3）financialcontagion:

financialcrisesaffectinvestorconfidenceandspreadacrossregions,affectingbothfirmandindividualwealth,whichaffectsconsumption,whichaffectsinvestmentwhichaffectsdomesticeconomy.

Globalisationoffinanceisdrivenby:

1.advancesininformationtechnology

2.synchronisationofnationaleconomicpolicies

3.relaxationofcapitalcontrols

4.financialderegulation

petition

6.Internationaltrade（e.g.China,India）

IndicatorsofGlobalization:

1.volumeofinternationalbanklending

1）cross-borderlending

2）domesticlendinginforeigncurrency

2.valueoffinancialsecuritiestransactionswithforeigners.

3.flowsofportfolioinvestmentandforeigndirectinvestment

4.valueofdailyturnoverintheglobalFXmarket

5.extentofinterdependencebetweeninternationalfinancialmarkets

1）e.g.equities,bonds,etc.

EurodollarMarket

CurrencyConvertibility

EuropeanUnion

ChangesinRelativeEconomicSize

DeteriorationoftheUSexternalposition

OilPrices

InternationalDebtProblem

Internationaluseofnon-dollarcurrencies

IncreasedCapitalMobility

MarketIntegration,FinancialDeregulationandGlobalisation

RegionalCooperation

IncreasedVolatilityofFinancialMarkets

FinancialCrisesandContagion

SecuritizationandFinancialInnovation

Eurodollarmarket:

1.Marketforassets/liabilitiesdenominatedincurrenciesotherthanthoseofcountryinwhichtheyareheld.E.g.havingaUSDdepositwithanAustralianbankinSydney.

教学基本内容（纲要及主要知识点）

备注

2.OriginsoftheMarket:

Themarketbeganinthelate1950sandhasgrownsinceprimarilyasameanstocircumventdomesticfinancialregulationsandexploitarbitrageopportunitiesininternationalmoneymarkets.

3.Implications:

Itsrelevanceforfirmsisasasourceofinternationalborrowingandshort-terminvestment,e.g.firmobtainsdirectloanfromEurobankormakesaEurocurrencytimedepositinhomecountrywhereitscreditratingishigher->cheaperfinancingrate.

CurrencyConvertibility

1.Referstotheabilitytoexchangeonecurrencyforanother（eitheratafixedoraflexibleexchangerate）.

2.EuropeancurrenciesbecameconvertibleagainafterWWIIinthelate1950’s,JapaneseYeninearly1960’s.

3.Implications:

Obviousrelevanceforbusinessoperationssincecurrencyinconvertibilityimpedestradeandinternationalfinancingandinvestment.

EuropeanEconomicCommunity（EEC）andtheEuropeanUnion（EU）

1.25countries

2.EUisapreferentialtradeagreement

1）acustomsunionthatallowsfreetradeamongmemberswithcommontariffimposedonnon-members.

2）commoncurrency–Euro,since2002,for12countrymembersofEuropeanMonetaryUnion,EMU

3）commonAgriculturalpolicy

4）etcetera

3.Implications:

1）ForbusinessfirmswithdomesticEUbase,maingainsareintermsofincreasedmarketsandinvestment.AdoptionofcommoncurrencybyEMUmembershasbenefitstofirms（eliminationoftransactionscostsofmultipleEUcurrencies）buteuromemberfirmsarestillexposedtoexchangerateriskifdealineitherEurodollarmarketornon-eurotrade）forwhichneedtodevelopappropriateriskmanagementtools.

2）Domesticallybasedfirmsineuroareafacechangedmacroeconomicenvironmentwithconstraintofcommonmonetarypolicy.Greaterriskofmacroinstabilityineventofnon-synchronisedshocksandinflexiblelabourmarketsabletoabsorbshocks.

Trendtowardsconvergenceofeconomicsizeofmainindustrialeconomies

1.measuredbyshareorworldGDP,mainchanges:

ChinaandEU

教学基本内容（纲要及主要知识点）

备注

Note:

Thetrendtowardssymmetryineconomicsizeisnotreflectedinfinancialimportance,i.e.USDstilldominatesglobalfinancialtransactions.Attheendof2004:

1.66%oftheidentifiedofficialforeignexchangereservesintheworldwereheldinUSD

2.25%inEuros

PersistentUScurrentaccountdeficit（i.e.exports–imports）

1.sincelate1970’sUScurrenta/cdeficit,seefig.1.2

2.issueisnotthepersistenceoftheUScurrenta/cdeficit（averagedabout3%ofUSGDP）sincetheearly1980’sbutarecentincreaseto5%ofGDP

Implications:

1.UScurrenta/cdeficitpresentaddedriskintheinternationalenvironment,giventheimportanceoftheUSeconomyandUSdollar.

2.UScurrenta/cdeficitisfinancedbylendingbyoverseascountriesandfirms.Riskforbusinessfirmsis“hardlanding”（sharp

教学基本内容（纲要及主要知识点）

备注

3.BOPdifficultiesaffectinterestratesandexchangeratesandtheeconomicperformanceofcountriessincetheyareoftenviewedasaconstraintoneconomicspolicy

FluctuationsinOilPrices（especiallyrecentrises）

1.changesinoilpricesaffect:

1）overalleconomicactivity

2）financialmarkets

2.ariseinoilpricesisanegativesupplyshockforoilimporter,pushinguplevelofprices.Whetherariseinoilpricestranslatesintoinflation（percentagechangeinprices）dependsonmonetarypolicyresponse,thushasamacroeconomiceffect,butalsoamicroeffectssinceitincreasescostsoftransportationandpricesofintermediateinputs.

Implications

1.involvesstrategicdecisionsastowhethertoabsorbincreaseinoilpriceinlowerprofitmargins（tomaintainmarket）orpassonthroughhigherprices.

2.higheroilpricesaffectmarketconfidence,beingperceivedbybusiness（inoilimportingcountries）asadversetoeconomicgrowthandconsumer/investorconfidence（threatofinflationasnotedabove）.

InternationalDebtProblem

1.build-upofexternaldebtbydevelopingcountries,startedin1982whenMexicodefaultedonitsdebt.

2.anissueforLatinAmericain1980sandpresentlyforlow-incomedevelopingcountries,seefig.1.4

3.externalborrowingbyacountryorfirmandsubsequentexternaldebtisnotinitselfaproblem:

issueiswhethercangeneratesufficientincometorepayandremainsolvent.

Implications

1.possiblethathighlevelsofdebtmayaffectnegativelydomesticinvestment（socalleddebtoverhand）andeconomicgrowth.

2.issueforinternationalbusinessfirmsisinassessmentofcountryandborrowerrisk（creditorrole）,givenabsenceofaninternationalenforcementmechanism.

3.e.g.the1980’sfinancialcrisi