这是一部深入剖析国际金融的优秀专著，以在金融研究领域的权威性、突出反映当代国际新兴市场环境的现实性、对错综复杂的国际金融管理所做阐释的明晰性而著称。本书通过对国际金融环境、外汇理论与外汇市场、外汇交易、公司全球化融资和国际投资决策等进行描述，立体而鲜明地阐明了这样一个基本观点：跨国公司的成功始终依赖于其对投资所在国国内产品市场、生产要素市场和金融资产市场的缺陷的识别能力及从中获利的能力。

出版说明
导读
作者简介
前言
致谢
术语表
第一部分　国际金融环境
第1章　跨国公司财务管理：机遇与挑战 2
1.1　金融全球化及风险 3
1.2　全球金融市场 4
1.3　比较优势理论 9
1.4　国际财务管理有何不同 11
1.5　市场缺陷：跨国公司存在的理论阐述 12
1.6　全球化进程 13
本章小结 17
案例研究 17
思考题 20
练习题 20
第2章　国际货币体系 23
2.1　国际货币体系的历史 23
2.2　国际货币基金组织货币制度分类 28
2.3　固定汇率vs.浮动汇率 34
2.4　欧洲单一货币：欧元 36
2.5　新兴市场和制度选择 38
2.6　人民币的全球化 42
2.7　汇率机制：未来是什么 45
本章小结 46
案例研究 46
思考题 48
练习题 49
第3章　国际收支平衡 51
3.1　典型的国际收支交易 52
3.2　国际收支会计的基本原理 52
3.3　国际收支平衡表账户 54
3.4　国际收支平衡对关键宏观经济变量的影响 62
3.5　贸易平衡与汇率 64
3.6　资本流动 67
本章小结 72
案例研究 72
思考题 74
练习题 75
第4章　财务目标和公司治理 79
4.1　谁拥有企业 80
4.2　管理层的目标 83
4.3　公开交易与私有化：全球转变 88
4.4　公司治理 90
本章小结 98
案例研究 98
思考题 103
练习题 103
第二部分　外汇理论与外汇市场
第5章　外汇市场 108
5.1　外汇市场的职能 109
5.2　外汇市场的结构 109
5.3　外汇市场交易 114
5.4　外汇市场的规模 116
5.5　外汇汇率和报价 119
本章小结 129
案例研究 129
思考题 133
练习题 133
第6章　利率平价条件 137
6.1　价格和汇率 138
6.2　利率和汇率 145
6.3　远期汇率可作为未来即期汇率的无偏估计 153
6.4　均衡时的价格、利率和汇率 155
本章小结 156
案例研究 157
思考题 159
练习题 159
附录6A　国际平价条件的数学入门 164
第7章　外汇衍生品及互换 168
7.1　外汇期货 169
7.2　货币期权 171
7.3　期权定价和价值 179
7.4　利率风险 181
7.5　利率衍生品 183
本章小结 187
案例研究 188
思考题 189
练习题 190
第8章　外汇汇率决定 195
8.1　汇率决定：理论思路 196
8.2　货币市场干预 200
8.3　不均衡：新兴市场的汇率 205
8.4　实际预测 212
本章小结 216
案例研究 217
思考题 219
练习题 219
第三部分　外汇交易
第9章　交易风险 224
9.1　外汇风险类型 224
9.2　为什么要套期保值 225
9.3　交易风险管理：泰鼎公司案例 230
9.4　风险控制实务 238
本章小结 239
案例研究 240
思考题 244
练习题 244
第10章　折算风险 250
10.1　折算概览 250
10.2　折算方法 252
10.3　泰鼎公司的折算风险 254
10.4　管理折算风险 259
本章小结 261
案例研究 261
思考题 264
练习题 265
第11章　经营风险 267
11.1　跨国公司的经营风险 267
11.2　测量经营风险：泰鼎 272
11.3　经营风险的战略管理 277
11.4　经营风险的主动管理 279
本章小结 284
案例研究 285
思考题 287
练习题 288
第四部分　公司全球化融资
第12章　全球视角下资本成本及其易得性 292
12.1　金融全球化及其策略 292
12.2　国际投资组合理论和分散化 295
12.3　境外证券的需求：全球证券投资者的作用 301
12.4　跨国公司和本土企业资本成本比较 306
12.5　解谜：跨国公司资本成本是否比国内同行高 307
本章小结 309
案例研究 310
思考题 313
练习题 314
第13章　全球筹集股权和债务 318
13.1　设计获取全球资本战略 319
13.2　最优财务结构 320
13.3　最优财务结构与跨国企业 321
13.4　在全球范围内募集股权 323
13.5　存托凭证 327
13.6　私募 333
13.7　外国上市与发行股票 334
13.8　全球债权融资 337
本章小结 342
案例研究 343
思考题 346
练习题 347
附录13A　外国子公司的财务结构 350
第14章　跨国公司税收管理 353
14.1　税收原则 354
14.2　转移定价 361
14.3　泰鼎公司的税收管理 364
14.4　避税港子公司和国际离岸金融中心 365
本章小结 367
案例研究 368
思考题 370
练习题 370
第15章　国际贸易融资 373
15.1　贸易关系 373
15.2　单证体系的好处 376
15.3　关键单证 378
15.4　典型贸易中的单证 383
15.5　帮助出口融资的政府计划 385
15.6　贸易融资方案 386
15.7　福费廷：中长期融资 389
本章小结 391
案例研究 392
思考题 395
练习题 395
第五部分　国际投资决策
第16章　对外直接投资和政治风险 400
16.1　保持并转移竞争优势 400
16.2　OLI范式和国际化 403
16.3　投资地点的确定 404
16.4　国外投资模式 406
16.5　评估政治风险 410
16.6　公司层面特有政治风险：治理风险 412
16.7　国家层面特有风险：转移风险 416
16.8　国家层面特有风险：文化与制度风险 419
16.9　全球层面特有风险 421
本章小结 425
案例研究 426
思考题 428
第17章　国际资本预算和跨国收购 430
17.1　国际项目预算的复杂性 431
17.2　项目视角与母公司视角的估值 432
17.3　说明性案例：西麦斯进军印度尼西亚 433
17.4　项目融资 446
17.5　跨国兼并和跨国收购 448
本章小结 453
案例研究 454
思考题 458
练习题 459
部分练习题参考答案 463
世界货币表 465


Contents
Part 1 Global Financial environment 1
Chapter 1 Multinational Financial Management: Opportunities and Challenges 2
Financial Globalization and Risk 3
The Global Financial Marketplace 4
GlObal FinanCe in PraCtiCe The Trouble with Libor 5
The Theory of Comparative Advantage 9
What Is Different about International Financial Management? 11
GlObal FinanCe in PraCtiCe Corporate responsibility and Corporate Sustainability 12
Market Imperfections: A Rationale for the Existence of the Multinational Firm 12
The Globalization Process 13
Summary Points 17
Mini-Case bitcoin—Cryptocurrency or Commodity? 17
Questions 20
Problems 20
Internet Exercises 21
Chapter 2 the international Monetary system 23
History of the International Monetary System 23
GlObal FinanCe in PraCtiCe Hammering out an Agreement at bretton Woods 26
IMF Classification of Currency Regimes 28
GlObal FinanCe in PraCtiCe Swiss National bank Sets Minimum Exchange rate for the Franc 33
Fixed versus Flexible Exchange Rates 34
GlObal FinanCe in PraCtiCe Who is Choosing What in the Trinity/Trilemma? 35
A Single Currency for Europe: The Euro 36
GlObal FinanCe in PraCtiCe The Euro and the Greek/EU Debt Crisis 37
Emerging Markets and Regime Choices 38
Globalizing the Chinese Renminbi 42
Exchange Rate Regimes: What Lies Ahead? 45
Summary Points 46
Mini-Case russian ruble roulette 46
Questions 48
Problems 49
Internet Exercises 50
Chapter 3 the balance of Payments 51
Typical Balance of Payments Transactions 52
Fundamentals of BOP Accounting 52
The Accounts of the Balance of Payments 54
GlObal FinanCe in PraCtiCe The Global Current Account Surplus 56
GlObal FinanCe in PraCtiCe A Country’s Net international investment Position (NiiP) 58
BOP Impacts on Key Macroeconomic Rates 62
Trade Balances and Exchange Rates 64
Capital Mobility 67
Summary Points 72
Mini-Case Global remittances 72
Questions 74
Problems 75
Internet Exercises 78
Chapter 4 Financial Goals and Corporate Governance 79
Who Owns the Business? 80
The Goal of Management 83
Publicly Traded versus Privately Held: The Global Shift 88
Corporate Governance 90
GlObal FinanCe in PraCtiCe italian Cross-Shareholding and the End of the Salatto Buono 94
GlObal FinanCe in PraCtiCe is Good Governance Good business Globally? 97
Summary Points 98
Mini-Case Luxury Wars—LVMH vs. Hermès 98Questions 103
Problems 103Internet Exercises 106
Part 2 Foreign exchange theory and markets 107
Chapter 5 the Foreign exchange Market 108
Functions of the Foreign Exchange Market 109
Structure of the Foreign Exchange Market 109
GlObal FinanCe in PraCtiCe FX Market Manipulation: Fixing the Fix 112
GlObal FinanCe in PraCtiCe My First Day of Foreign Exchange Trading 113
Transactions in the Foreign Exchange Market 114
Size of the Foreign Exchange Market 116
Foreign Exchange Rates and Quotations 119
GlObal FinanCe in PraCtiCe russian Symbolism 120
Summary Points 129
Mini-Case The Venezuelan bolivar black Market 129
Questions 133
Problems 133
Internet Exercises 136
Chapter 6 international Parity Conditions 137
Prices and Exchange Rates 138
Interest Rates and Exchange Rates 145
GlObal FinanCe in PraCtiCe Hungarian Mortgages 152
Forward Rate as an Unbiased Predictor of the Future Spot Rate 153
Prices, Interest Rates, and Exchange Rates in Equilibrium 155
Summary Points 156
Mini-Case Mrs. Watanabe and the Japanese Yen Carry Trade 157
Questions 159
Problems 159
Internet Exercises 163
Appendix: An Algebraic Primer to International Parity Conditions 164
The Law of One Price 164
Purchasing Power Parity 164
Forward Rates 165
Covered Interest Arbitrage (CIA) and Interest Rate Parity (IRP) 165
Fisher Effect 166
International Fisher Effect 166
Chapter 7 Foreign Currency Derivatives and swaps 168
Foreign Currency Futures 169
Currency Options 171
GlObal FinanCe in PraCtiCe The New Zealand Kiwi, Key, and Krieger 179
Option Pricing and Valuation 179
Interest Rate Risk 181
GlObal FinanCe in PraCtiCe A Fixed-rate or Floating-rate World? 182
Interest Rate Derivatives 183
Summary Points 187
Mini-Case McDonald’s Corporation’s british Pound Exposure 188
Questions 189
Problems 190
Internet Exercises 194
Chapter 8 Foreign exchange rate Determination 195
Exchange Rate Determination: The Theoretical Thread 196
Currency Market Intervention 200
GlObal FinanCe in PraCtiCe rules of Thumb for Effective intervention 204
Disequilibrium: Exchange Rates in Emerging Markets 205
GlObal FinanCe in PraCtiCe Was George Soros to blame for the Asian Crisis? 207
Forecasting in Practice 212
GlObal FinanCe in PraCtiCe JPMorgan Chase Forecast of the Dollar/Euro 214
Summary Points 216
Mini-Case The Japanese Yen intervention of 2010 217
Questions 219Problems 219Internet Exercises 222
Part 3 Foreign exchange exposure 223
Chapter 9 transaction exposure 224
Types of Foreign Exchange Exposure 224Why Hedge? 225
Transaction Exposure Management: The Case of Trident 230
Risk Management in Practice 238
GlObal FinanCe in PraCtiCe Hedging and the German Automobile industry 238
GlObal FinanCe in PraCtiCe The Credit Crisis and option Volatilities in 2009 239
Summary Points 239
Mini-Case banbury impex (india) 240
Questions 244
Problems 244
Internet Exercises 249
Chapter 10 translation exposure 250
Overview of Translation 250
Translation Methods 252
Trident Corporation’s Translation Exposure 254
GlObal FinanCe in PraCtiCe Foreign Subsidiary Valuation 258
Managing Translation Exposure 259
GlObal FinanCe in PraCtiCe When business Dictates Hedging results 260
Summary Points 261
Mini-Case LaJolla Engineering Services 261
Questions 264Problems 265
Internet Exercises 266
Chapter 11 Operating exposure 267
A Multinational’s Operating Exposure 267
GlObal FinanCe in PraCtiCe Expecting the Devaluation—Ford and Venezuela 271
Measuring Operating Exposure: Trident Germany 272
Strategic Management of Operating Exposure 277
GlObal FinanCe in PraCtiCe Do Fixed Exchange rates increase Corporate Currency risk in Emerging Markets? 278
Proactive Management of Operating Exposure 279
Summary Points 284
Mini-Case Toyota’s European operating Exposure 285
Questions 287Problems 288Internet Exercises 290
Part 4 Financing the Global Firm 291
Chapter 12 the Global Cost and availability of Capital 292
Financial Globalization and Strategy 292
International Portfolio Theory and Diversification 295
The Demand for Foreign Securities: The Role of International Portfolio Investors 301
The Cost of Capital for MNEs Compared to Domestic Firms 306
The Riddle: Is the Cost of Capital Higher for MNEs? 307
Summary Points 309Mini-Case Novo industri A/S (Novo) 310
Questions 313
Problems 314
Internet Exercises 316
Chapter 13 raising equity and Debt Globally 318
Designing a Strategy to Source Capital Globally 319
Optimal Financial Structure 320Optimal Financial Structure and the MNE 321
Raising Equity Globally 323
GlObal FinanCe in PraCtiCe The Planned Directed Equity issue of PA resources of Sweden 327
Depositary Receipts 327
Private Placement 333
Foreign Equity Listing and Issuance 334
Raising Debt Globally 337
GlObal FinanCe in PraCtiCe islamic Finance 341
Summary Points 342
Mini-Case Petrobrás of brazil and the Cost of Capital 343
Questions 346Problems 347
Internet Exercises 349
Appendix: Financial Structure of Foreign Subsidiaries 350
Local Norms 350
Financing the Foreign Subsidiary 351
Chapter 14 Multinational tax Management 353
Tax Principles 354
Transfer Pricing 361
GlObal FinanCe in PraCtiCe offshore Profits and Dividend repatriation 361
Tax Management at Trident 364
Tax-Haven Subsidiaries and International Offshore Financial Centers 365
Summary Points 367
Mini-Case Google, Taxes, and “Do No Evil” 368
Questions 370
Problems 370
Internet Exercises 372
Chapter 15 international trade Finance 373
The Trade Relationship 373
Benefits of the System 376
Key Documents 378
GlObal FinanCe in PraCtiCe Florence—The birthplace of Trade Financing 381
Documentation in a Typical Trade Transaction 383
Government Programs to Help Finance Exports 385
Trade Financing Alternatives 386
GlObal FinanCe in PraCtiCe Factoring in Practice 388
Forfaiting: Medium- and Long-Term Financing 389
Summary Points 391
Mini-Case Crosswell international and brazil 392
Questions 395
Problems 395
Internet Exercises 398
Part 5 Foreign Investment decisions 399
Chapter 16 Foreign Direct investment and Political risk 400
Sustaining and Transferring Competitive Advantage 400
The OLI Paradigm and Internationalization 403
Deciding Where to Invest 404
Modes of Foreign Investment 406
Predicting Political Risk 410
GlObal FinanCe in PraCtiCe Apache Takes a Hit from Egyptian Protests 412
Firm-Specific Political Risk: Governance Risk 412
Country-Specific Risk: Transfer Risk 416
Country-Specific Risk: Cultural and Institutional Risk 419
Global-Specific Risk 421
GlObal FinanCe in PraCtiCe Drugs, Public Policy, and the Death Penalty in 2011 422
Summary Points 425
Mini-Case Corporate Competition from the Emerging Markets 426
Questions 428
Internet Exercises 429
Chapter 17 Multinational Capital budgeting and Cross-border acquisitions 430
Complexities of Budgeting for a Foreign Project 431
Project versus Parent Valuation 432
Illustrative Case: Cemex Enters Indonesia 433
Project Financing 446
Cross-Border Mergers and Acquisitions 448
GlObal FinanCe in PraCtiCe Statoil of Norway’s Acquisition of Esso of Sweden 453
Summary Points 453
Mini-Case Elan and royalty Pharma 454
Questions 458
Problems 459
Internet Exercises 462Answers 463
ContentsCurrencies of the World 465