国际财务管理课后习题答案5【实用文档】doc文档可直接使用可编辑，欢迎下载CHＡＰTEＲ1GLOBALIZAＴIOＮANDTHＥMULＴINATIOＮALFIＲMAＮSＷERS&SOLＵTＩONSTOEND—OＦ—CHAPTEＲＱUEＳTIＯNSＡＮＤPＲOBＬＥMSQUＥSＴIONＳ1。Whyisｉtｉmportaｎttostｕｄyinteｒnatｉoｎaｌfｉnａｎcｉalｍａｎagement?Anｓwｅr：Ｗｅarenｏwlivinginaｗorlｄwherｅaｌlthemajｏrecoｎｏmｉｃfunctｉｏns,i。e。，cｏnsｕmptｉon，prｏduction，ａndｉnveｓtmenｔ,arehighｌyglｏbaｌized。Itistｈusessｅntiaｌｆorｆinaｎcialmanａgｅｒstｏｆullyuｎdeｒsｔanｄvitaｌinteｒｎaｔiｏnａldimeｎsionｓoffiｎaｎｃialmａnａｇement.Thｉsgｌobalshiftiｓinmaｒkeｄcontrasttoasituａtｉoｎthａtｅxiｓtｅｄｗhｅnｔｈeaｕthorｓｏｆthｉsboｏｋｗereleａrniｎgfinanｃｅsometｗentyyeａrsagｏ。Attｈａttimｅ,mostprofｅssｏrscｕsｔomaｒily（ａｎdsａfｅlｙ,toｓｏmeexｔent)iｇnｏｒediｎterｎatｉｏnalaspeｃｔsofｆｉnance．Ｔhismodｅofoperaｔｉonhasｂecomeｕntenablｅsiｎceｔhｅn．Howisiｎｔｅrnatiｏnalfinancｉａlmanａgeｍｅntdifferentｆroｍｄｏmeｓtiｃfinanｃialmａnagemeｎt？Answer：Thｅrｅareｔhｒeeｍaｊordiｍｅnsionsｔhatsetaｐartintｅrｎａtioｎaｌfinancｅfｒｏmdomｅstｉcfinance.Theｙarｅ：１。ｆｏrｅignexchaｎｇｅandｐoliｔｉcaｌriｓks，2。ｍarｋetｉmpeｒfectionｓ,and3.eｘｐandedｏppｏrtunityset。3.Disｃusｓｔhemａjortreｎdsthathａｖeprevaiｌedｉninteｒnationalbusｉnessdｕｒiｎgthelasttｗodecadｅs。Aｎswer：Ｔhｅ1９90sbｒoughtaraｐｉｄintｅgrationofintｅｒnationalｃａpiｔａlanｄfinａncialmarkets.Impetusfｏｒglobalizeｄｆinancialmaｒkeｔsｉｎitｉａllｙcａmｅfｒomtｈegｏvernmeｎtsoｆｍajoｒcｏuntriesｔｈathａdbeguntｏｄeｒeguｌatethｅirforeigｎexｃhaｎgeandcaｐｉｔａｌmａｒkｅts。Ｔheecoｎoｍiciｎtegrａtionａndｇlｏｂaｌizaｔｉonthatｂeｇaniｎtｈeｅｉghｔieｓｉsｐickiｎgｕpspｅedinthe1９90sviapｒivatizaｔｉoｎ．Ｐrivatizaｔionisｔheｐroｃesｓｂywhiｃｈacｏuntryｄｉvestsｉtsｅlｆofｔheownershipandoperaｔionｏfabusinessvｅｎturebｙtｕrnｉｎｇｉtｏveｒｔothefreemaｒkｅtsystem.Ｔraｄelｉｂeralｉzationandeconomicintｅｇrationcoｎtinｕｅdｔｏproceｅｄatbotｈthｅregｉonａlandgｌoｂallevelｓ．InEｕｒope,ｍanｙＥUmｅmbercountriesｈaveadoptｅｄthecommｏncuｒrencｙ，ｅuro，thatｈasbecoｍethesecoｎdglobalcｕrrｅncyafｔertheU。S．dollａr。4。Hｏwｉsacoｕntrｙ'seconomicwｅll-bｅｉngenhanceｄｔhroughfreeinｔeｒnaｔioｎaltrａdｅingｏoｄｓandseｒviｃｅs？Aｎｓwer：AccｏrdｉｎgtｏDavidRｉcarｄｏ，ｗithｆrｅeiｎtｅrｎatｉoｎaltｒaｄe,itｉsmutｕallybｅnｅｆicｉaｌfｏrｔwocoｕnｔriesｔｏｅacｈspｅｃｉalizeｉｎtheｐｒoductionoftｈeｇoｏdsthaｔiｔcaｎproducｅrｅlatｉｖeｌｙmosteffｉｃi