國(guó)際財(cái)務(wù)管理課程介紹與教學(xué)大綱

國(guó)際財(cái)務(wù)管理課程簡(jiǎn)介課程編號(hào)12FIN385課程名稱(chēng)國(guó)際財(cái)務(wù)管理課程性質(zhì)選修學(xué) 時(shí)72學(xué) 分4.5學(xué)時(shí)分配授課：72實(shí)驗(yàn)：上機(jī)： 實(shí)踐：實(shí)踐（周）：考核方式閉卷考試，平時(shí)成績(jī)占50% ,期末成績(jī)占50% o開(kāi)課學(xué)院國(guó)際教育學(xué)院更新時(shí)間適用專(zhuān)業(yè)財(cái)務(wù)管理（中澳合作）先修課程課程內(nèi)容：（宋體五號(hào)字，1.5倍行距）本課程的目的是讓學(xué)生全面掌握如何處理國(guó)際商務(wù)與貿(mào)易中的財(cái)務(wù)問(wèn)題,特別是那些有關(guān)貨幣體系，銀行，金融，投資和風(fēng)險(xiǎn)管理相關(guān)的問(wèn)題。本課程也涵蓋國(guó)際貿(mào)易，貿(mào)易保護(hù)和政府貿(mào)易政策等問(wèn)題。順利本課程完成后，學(xué)生應(yīng)該：能夠討論政府施加貿(mào)易保護(hù)和貿(mào)易促進(jìn)政策的作用和效果。能夠在當(dāng)前國(guó)際背景下討論國(guó)際貿(mào)易相關(guān)的財(cái)務(wù)、金融和銀行領(lǐng)域的問(wèn)題，能夠解釋外匯市場(chǎng)，貨幣體系和在國(guó)際交易中的風(fēng)險(xiǎn)管理的作用和功能。能夠解釋全球貨幣體系及其對(duì)企業(yè)管理的影響。執(zhí)筆:審核:批準(zhǔn):Brief IntroductionCode12FIN385TitleTrade and Business FinanceCourse natureOptionalSemester Hours72 Credits 4.5Semester HourStructureLecture： 72 Experiment：Computer Lab：Practice：Practice (Week)：AssessmentClosed book examination, usually results accounted for 50%, the final gradeaccounted for 50%.Offered byInternational Education CollegeDateforFinancial Management (Sino-Australian cooperation)PrerequisiteCourse Description:This subject is intended to provide the student with a sound but generalized oversight ofinternational trade issues, particularly those related to monetary systems, banking, finance,investment and risk management. The subject embraces these issues in the context of trade,restrictions of trade and the impact of government trade policies.Upon successful completion of this subject, students should: Be able to discuss the role and effect of government imposed trade restriction and tradepromotion policies. Be able to discuss international trade finance and banking issues in a current context Be able to explain the role and function of foreign exchange markets, currency systems andrisk management in international transactions Be able to explain the global monetary system and its implications for business management.國(guó)際財(cái)務(wù)管理課程教學(xué)大綱課程編號(hào)12FIN385課程名稱(chēng)國(guó)際財(cái)務(wù)管理課程性質(zhì)選修學(xué) 時(shí)72學(xué) 分4.5學(xué)時(shí)分配授課：72實(shí)驗(yàn)：上機(jī)： 實(shí)踐：實(shí)踐（周）：考核方式閉卷考試，平時(shí)成績(jī)占50% ,期末成績(jī)占50%O開(kāi)課學(xué)院國(guó)際教育學(xué)院更新時(shí)間適用專(zhuān)業(yè)財(cái)務(wù)管理（中澳合作）先修課程一、教學(xué)內(nèi)容CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL ENTERPRISEWhen you have finished studying this topic, you should be able to explain and describe:1. Theories that explain why nations engage in international trade.2. Theories that explain patterns in international trade.3. Arguments for free trade.4. Government trade policies: instruments used and arguments for trade policy.Key points： Theories that explain patterns in international tradeDifficulties： Arguments for free tradeCHAPTER 2 FINANCIAL GOALS AND CORPORATE GOVERNANCEWhen you have finished studying this topic, you should be able to explain and describe:1. Models of corporate governance2. Implications of the different models of governance3. Agency theory4. Different philosophies for the goals of the firm such as the shareholder wealthmaximisation and stakeholder capitalism modelsKey points： Agency theoryDifficulties： Implications of the different models of governanceCHAPTER 3 INTERNATIONAL MONETARY SYSTEMWhen you have finished studying this topic, you should be able to explain and describe:1. The international monetary system2. The role of the IMF3. Exchange rate regimes4. Major arguments for and against fixed or floating exchange rate regimes5. The concept of a country's balance of payments and its structureKey points： Exchange rate regimes; the international monetary systemDifficulties： A country's balance of payments and its structureCHAPTER 4 THE BALANCE OF PAYMENTSWhen you have finished studying this topic, you should be able to explain and describe:1. Balance of Payments2. The concept of a country's balance of payments and its structure3. Fundamentals of BOP Accounting4. The Current Account5. The Capital/Financial AccountKey points： Current Account; Capital/Financial AccountDifficulties： A country's balance of payments and its structureCHAPTER 5 CURRENT MULTINATIONAL FINANCIAL CHALLENGES: THECREDIT CRISIS OF 2007-2009When you have finished studying this topic, you should be able to explain and describe:1. The Seeds of Crisis: Sub-Prime Debt2. The Transmission Mechanism: Securitization3. The Remedy: Prescriptions for an Infected Global Financial OrganismKey points： Sub-Prime Debt; SecuritizationDifficulties： A country's balance of payments and its structureCHAPTER 6 FOREIGN EXCHANGE MARKETSWhen you have finished studying this topic, you should be able to explain and describe the:1. Foreign exchange market including its geographical spread, its functions and itsparticipants;2. Types of foreign exchange transactions, including spot, forward, and swaps;3. Methods used for exchange rate quotationsKey points： Foreign exchange market, including spot, forward, and swapsDifficulties： Methods used for exchange rate quotationsCHAPTER 7 FOREIGN EXCHANGE THEORIESWhen you have finished studying this topic, you should be able to explain and describe the:4. International Parity Conditions;5. Prices and Exchange Rates;6. The purchasing power parity theory of exchange rate determinationKey points： Prices and Exchange RatesDifficulties： The purchasing power parity theoryCHAPTER 8 FOREIGN CURRENCY DERIVATIVESWhen you have finished studying this topic, you should be able to explain and describe:1. Foreign currency derivatives, including, foreign currency futures and options2. The means by which these derivatives are priced and traded;3. The uses of these derivations for purposes of hedging risk and speculation;4. Currency futures and forwards;5. Call and put currency options and the roles of purchasers and writers;6. The pricing of currency options and the measures of price volatilityKey points： The foreign currency futures and optionsDifficulties： Call and put currency options and the roles of purchasers and writersCHAPTER 9 INTEREST RATE AND CURRENCY SWAPSWhen you have finished studying this topic, you should be able to explain and describe:1. Interest rate and currency swaps2. The nature of interest and currency rate risk3. The use of swaps to manage interest and currency risk4. The distinction between forward rate agreements, interest rate futures, interest rateswaps, currency swaps and foreign exchange swaps5. Methods of pricing interest rate and currency swapsKey points： Interest rate and currency swapsDifficulties： Methods of pricing interest rate and currency swapsCHAPTER 10 FOREIGN EXCHANGE RATE DETERMINATION ANDFORECASTINGWhen you have finished studying this topic, you should be able to explain and describe:1. Exchange rate determination approaches, purchasing power parity, balance of payments,monetary and asset market approaches.2. Disequilibrium: exchange rates in emerging markets.3. Forecasting in practiceKey points： Exchange rate determination approachesDifficulties： Forecasting in practiceCHAPTER 11 TRANSACTION EXPOSURESWhen you have finished studying this topic, you should be able to explain and describe:1. Types of Foreign Exchange Exposure2. Transactional risk exposure3. The possible techniques that management might adopt to manage translation exposure4. The issues management has to weigh in deciding which of the various approaches itshould adopt in managing translation exposure.Key points： Measurement of translation exposureDifficulties： The possible techniques to manage translation exposureCHAPTER 12 OPERATING EXPOSURESWhen you have finished studying this topic, you should be able to explain and describe:1. Operations risk exposure2. The possible techniques that management might adopt to manage operating exposure3. The issues management has to weigh in deciding which of the various approaches itshould adopt in managing operating exposure.Key points： Measurement of operating exposureDifficulties： The possible techniques to manage operating exposureCHAPTER 13 TRANSLATION EXPOSURESWhen you have finished studying this topic, you should be able to explain and describe:1. Translation risk exposure2. The possible techniques that management might adopt to manage translation exposure3. The issues management has to weigh in deciding which of the various approaches itshould adopt in managing translation exposure.Key points： Measurement of translation exposureDifficulties： The possible techniques to manage translation exposure二、教學(xué)基本要求CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL ENTERPRISEThis topic provides a background to the growth in international trade and finance. It linkswith, and extends, material covered in the subject, BUS 383. Very few businesses are now able toescape some involvement in international trade, be that as an importer, exporter or as the passiveconsumer of goods and services produced in another country. Even if a business is not directlyinvolved in international trade, the consequences for trade in goods, commodities and services willhave an inevitable affect on all aspects of modern society. This is true regardless of the countrythat a business is functioning in.CHAPTER 2 FINANCIAL GOALS AND CORPORATE GOVERNANCECritical concepts include the ownership structure of the firm. Typically we assume a MNE isa publicly listed company where the concept of ownership-management separation is integral andhas implications as captured by Agency Theory. This theory points to a potential for conflict basedon differing goals and philosophies as to what those goals should be. Anglo-American firmstypically operate under a shareholder wealth maximisation (SWM) philosophy. Butnon-Anglo-American firms are more likely to operate under a stakeholder capitalism model(SCM). The former argues the goal of the firm is to maximise the financial return to itsshareholders. The latter has a wider and often longer term focus for return and benefit.Stakeholders extend beyond shareholders to include other groups such as workers, community andgovernment.CHAPTER 3 INTERNATIONAL MONETARY SYSTEMThe international monetary system refers to the institutional arrangements that countriesadopt to govern exchange rates, regulate financial institutions and the settlement of trade financingimbalances between each other's citizens and institutions. An excellent way to understand theinternational monetary system and its operation is via historical review. Chapter 3 provided such areview.CHAPTER 4 THE BALANCE OF PAYMENTSInternational business transactions occur in many different forms over the course of a year.The measurement of all international economic transactions between the residents of a countryand foreign residents is called the balance of payments (BOP)CHAPTER 5 CURRENT MULTINATIONAL FINANCIAL CHALLENGES: THECREDIT CRISIS OF 2007-2009The origins of the current crisis lie within the ashes of the equity bubble and subsequentcollapse of the equity markets at the end of the 1990s. With the collapse of the bubble,capital began to flow increasingly toward the real estate sectors in the United States. The U.S.banking sector found mortgage lending highly profitable and saw it as a rapidly expanding marketCHAPTER 6 FOREIGN EXCHANGE MARKETSForeign exchange means the money of a foreign country; that is, foreign currency bankbalances banknotes, checks and drafts. A foreign exchange transaction is an agreement between abuyer and a seller that a fixed amount of one currency will be delivered for some other cun'ency ata specified date.CHAPTER 7 FOREIGN EXCHANGE THEORIESSome fundamental questions managers of MNEs, international portfolio investors, importers,exporters and government officials must deal with every day are: What are the determinants ofexchange rates? Are changes in exchange rates predictable? The economic theories that linkexchange rates, price levels, and interest rates together are called international parity conditions.These international parity conditions form the core of the financial theory that is unique tointernational finance.CHAPTER 8 FOREIGN CURRENCY DERIVATIVESThis topic requires you to work closely though the text. We study foreign currencyderivatives. The two key currency derivative products to be studied are foreign currency futuresand foreign currency options. The basic concepts are the same as those that apply to conventionalfutures and option products. The difference here is that the commodity being traded is a foreigncurrency.CHAPTER 9 INTEREST RATE AND CURRENCY SWAPSWe study interest rate derivatives of which swaps are the dominant derivative traded in today'smarkets. In addition to your prescribed reading from the Text, Reading 5.1 is provided as anupdate on cuiTent developments in the OTC financial markets. It particular this article deals withthe regulatory reform initiatives being pursued in the US and Europe in the aftermath of the GFC.The growth in OTC markets is considered a contributor to the GFC and a serious regulatory riskfor another crisis in the future. It is recommended you read this article at the end of your study ofthis section.CHAPTER 10 FOREIGN EXCHANGE RATE DETERMINATION ANDFORECASTINGIn this topic we examine the broad subject of exchange rates and their forecasting. Thereare several models for the assessing of future exchange rates. Superficially, these appear as ifthey are conflicting but in practice they should be view as complementary. The alternativeapproaches to explaining exchange rate determination are discussed in turn.CHAPTER 11 TRANSACTION EXPOSURESForeign exchange exposure is a measure of the potential fbr a firm's profitability, net cashflow, and market value to change because of a change in exchange rates. An important task of thefinancial manager is to measure foreign exchange exposure and to manage it so as to maximize theprofitability, net cash flow, and market value of the firm. The effect on a firm when foreignexchange rates change can be measured in several ways.CHAPTER 12 OPERATING EXPOSURESMeasuring the operating exposure of a firm requires forecasting and analyzing all the firm'sfuture individual transaction exposures together with the future exposures of all the firm'scompetitors and potential competitors worldwide. The analysis of longer term 一 where exchangerate changes are unpredictable and therefore unexpected 一 is the goal of operating exposureanalysis.CHAPTER 13 TRANSLATION EXPOSURESTranslation exposure, also called accounting exposure, arises because financial statements offoreign subsidiaries 一 which are stated in foreign currency 一 must be restated in the parenfsreporting currency for the firm to prepare consolidated financial statements. The accountingprocess of translation, involves converting these foreign subsidiaries financial statements into USdollar-denominated statements.三、章節(jié)學(xué)時(shí)分配章次總課時(shí)課堂講授實(shí)驗(yàn)上機(jī)實(shí)踐備注1662663444445446667668669661066116612661366總計(jì)7272四、教材與主要參考資料教材1 Eiteman, D. K., Stonehill, A. I, and Moffett, M. H. (2010). Multinational Busines Finance(12th Global Edition). Pearson.參考資料1 Sawyer, W. C., & Sawyer, R. L. (2009). International economics (3rd ed., Chapter 2).Prentice-HalL2 Bernanke, B. (2007). Embracing the challenge of free trade: Competing and prospering in aglobal economy. Speech to the Montana Development Summit 2007 (pp. 1-10).