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國際金融（原書第5版） 
定 價(jià)：89 元 叢書名：高等學(xué)校經(jīng)濟(jì)管理英文版教材
9 7 6 8 7 7 0 1 4 1 1 1 4 讀者對象:經(jīng)濟(jì)類、管理類等相關(guān)專業(yè)的本科生、研究生以及金融業(yè)從業(yè)人員。 
這是一部深入剖析國際金融的優(yōu)秀專著，以在金融研究領(lǐng)域的權(quán)威性、突出反映當(dāng)代國際新興市場環(huán)境的現(xiàn)實(shí)性、對錯(cuò)綜復(fù)雜的國際金融管理所做闡釋的明晰性而著稱。本書通過對國際金融環(huán)境、外匯理論與外匯市場、外匯交易、公司全球化融資和國際投資決策等進(jìn)行描述，立體而鮮明地闡明了這樣一個(gè)基本觀點(diǎn)：跨國公司的成功始終依賴于其對投資所在國國內(nèi)產(chǎn)品市場、生產(chǎn)要素市場和金融資產(chǎn)市場的缺陷的識別能力及從中獲利的能力。
出版說明
導(dǎo)讀 作者簡介 前言 致謝 術(shù)語表 第一部分 國際金融環(huán)境 第1章 跨國公司財(cái)務(wù)管理：機(jī)遇與挑戰(zhàn) 2 1.1 金融全球化及風(fēng)險(xiǎn) 3 1.2 全球金融市場 4 1.3 比較優(yōu)勢理論 9 1.4 國際財(cái)務(wù)管理有何不同 11 1.5 市場缺陷：跨國公司存在的理論闡述 12 1.6 全球化進(jìn)程 13 本章小結(jié) 17 案例研究 17 思考題 20 練習(xí)題 20 第2章 國際貨幣體系 23 2.1 國際貨幣體系的歷史 23 2.2 國際貨幣基金組織貨幣制度分類 28 2.3 固定匯率vs.浮動匯率 34 2.4 歐洲單一貨幣：歐元 36 2.5 新興市場和制度選擇 38 2.6 人民幣的全球化 42 2.7 匯率機(jī)制：未來是什么 45 本章小結(jié) 46 案例研究 46 思考題 48 練習(xí)題 49 第3章 國際收支平衡 51 3.1 典型的國際收支交易 52 3.2 國際收支會計(jì)的基本原理 52 3.3 國際收支平衡表賬戶 54 3.4 國際收支平衡對關(guān)鍵宏觀經(jīng)濟(jì)變量的影響 62 3.5 貿(mào)易平衡與匯率 64 3.6 資本流動 67 本章小結(jié) 72 案例研究 72 思考題 74 練習(xí)題 75 第4章 財(cái)務(wù)目標(biāo)和公司治理 79 4.1 誰擁有企業(yè) 80 4.2 管理層的目標(biāo) 83 4.3 公開交易與私有化：全球轉(zhuǎn)變 88 4.4 公司治理 90 本章小結(jié) 98 案例研究 98 思考題 103 練習(xí)題 103 第二部分 外匯理論與外匯市場 第5章 外匯市場 108 5.1 外匯市場的職能 109 5.2 外匯市場的結(jié)構(gòu) 109 5.3 外匯市場交易 114 5.4 外匯市場的規(guī)模 116 5.5 外匯匯率和報(bào)價(jià) 119 本章小結(jié) 129 案例研究 129 思考題 133 練習(xí)題 133 第6章 利率平價(jià)條件 137 6.1 價(jià)格和匯率 138 6.2 利率和匯率 145 6.3 遠(yuǎn)期匯率可作為未來即期匯率的無偏估計(jì) 153 6.4 均衡時(shí)的價(jià)格、利率和匯率 155 本章小結(jié) 156 案例研究 157 思考題 159 練習(xí)題 159 附錄6A 國際平價(jià)條件的數(shù)學(xué)入門 164 第7章 外匯衍生品及互換 168 7.1 外匯期貨 169 7.2 貨幣期權(quán) 171 7.3 期權(quán)定價(jià)和價(jià)值 179 7.4 利率風(fēng)險(xiǎn) 181 7.5 利率衍生品 183 本章小結(jié) 187 案例研究 188 思考題 189 練習(xí)題 190 第8章 外匯匯率決定 195 8.1 匯率決定：理論思路 196 8.2 貨幣市場干預(yù) 200 8.3 不均衡：新興市場的匯率 205 8.4 實(shí)際預(yù)測 212 本章小結(jié) 216 案例研究 217 思考題 219 練習(xí)題 219 第三部分 外匯交易 第9章 交易風(fēng)險(xiǎn) 224 9.1 外匯風(fēng)險(xiǎn)類型 224 9.2 為什么要套期保值 225 9.3 交易風(fēng)險(xiǎn)管理：泰鼎公司案例 230 9.4 風(fēng)險(xiǎn)控制實(shí)務(wù) 238 本章小結(jié) 239 案例研究 240 思考題 244 練習(xí)題 244 第10章 折算風(fēng)險(xiǎn) 250 10.1 折算概覽 250 10.2 折算方法 252 10.3 泰鼎公司的折算風(fēng)險(xiǎn) 254 10.4 管理折算風(fēng)險(xiǎn) 259 本章小結(jié) 261 案例研究 261 思考題 264 練習(xí)題 265 第11章 經(jīng)營風(fēng)險(xiǎn) 267 11.1 跨國公司的經(jīng)營風(fēng)險(xiǎn) 267 11.2 測量經(jīng)營風(fēng)險(xiǎn)：泰鼎 272 11.3 經(jīng)營風(fēng)險(xiǎn)的戰(zhàn)略管理 277 11.4 經(jīng)營風(fēng)險(xiǎn)的主動管理 279 本章小結(jié) 284 案例研究 285 思考題 287 練習(xí)題 288 第四部分 公司全球化融資 第12章 全球視角下資本成本及其易得性 292 12.1 金融全球化及其策略 292 12.2 國際投資組合理論和分散化 295 12.3 境外證券的需求：全球證券投資者的作用 301 12.4 跨國公司和本土企業(yè)資本成本比較 306 12.5 解謎：跨國公司資本成本是否比國內(nèi)同行高 307 本章小結(jié) 309 案例研究 310 思考題 313 練習(xí)題 314 第13章 全球籌集股權(quán)和債務(wù) 318 13.1 設(shè)計(jì)獲取全球資本戰(zhàn)略 319 13.2 最優(yōu)財(cái)務(wù)結(jié)構(gòu) 320 13.3 最優(yōu)財(cái)務(wù)結(jié)構(gòu)與跨國企業(yè) 321 13.4 在全球范圍內(nèi)募集股權(quán) 323 13.5 存托憑證 327 13.6 私募 333 13.7 外國上市與發(fā)行股票 334 13.8 全球債權(quán)融資 337 本章小結(jié) 342 案例研究 343 思考題 346 練習(xí)題 347 附錄13A 外國子公司的財(cái)務(wù)結(jié)構(gòu) 350 第14章 跨國公司稅收管理 353 14.1 稅收原則 354 14.2 轉(zhuǎn)移定價(jià) 361 14.3 泰鼎公司的稅收管理 364 14.4 避稅港子公司和國際離岸金融中心 365 本章小結(jié) 367 案例研究 368 思考題 370 練習(xí)題 370 第15章 國際貿(mào)易融資 373 15.1 貿(mào)易關(guān)系 373 15.2 單證體系的好處 376 15.3 關(guān)鍵單證 378 15.4 典型貿(mào)易中的單證 383 15.5 幫助出口融資的政府計(jì)劃 385 15.6 貿(mào)易融資方案 386 15.7 福費(fèi)廷：中長期融資 389 本章小結(jié) 391 案例研究 392 思考題 395 練習(xí)題 395 第五部分 國際投資決策 第16章 對外直接投資和政治風(fēng)險(xiǎn) 400 16.1 保持并轉(zhuǎn)移競爭優(yōu)勢 400 16.2 OLI范式和國際化 403 16.3 投資地點(diǎn)的確定 404 16.4 國外投資模式 406 16.5 評估政治風(fēng)險(xiǎn) 410 16.6 公司層面特有政治風(fēng)險(xiǎn)：治理風(fēng)險(xiǎn) 412 16.7 國家層面特有風(fēng)險(xiǎn)：轉(zhuǎn)移風(fēng)險(xiǎn) 416 16.8 國家層面特有風(fēng)險(xiǎn)：文化與制度風(fēng)險(xiǎn) 419 16.9 全球?qū)用嫣赜酗L(fēng)險(xiǎn) 421 本章小結(jié) 425 案例研究 426 思考題 428 第17章 國際資本預(yù)算和跨國收購 430 17.1 國際項(xiàng)目預(yù)算的復(fù)雜性 431 17.2 項(xiàng)目視角與母公司視角的估值 432 17.3 說明性案例：西麥斯進(jìn)軍印度尼西亞 433 17.4 項(xiàng)目融資 446 17.5 跨國兼并和跨國收購 448 本章小結(jié) 453 案例研究 454 思考題 458 練習(xí)題 459 部分練習(xí)題參考答案 463 世界貨幣表 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
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