国际财务管理课程介绍与教学大纲

1、国际财务管理课程简介课程编号12FIN385课程名称国际财务管理课程性质选修学 时72学 分4.5学时分配授课：72 实验： 上机： 实践：    实践（周）：考核方式闭卷考试，平时成绩占50% ，期末成绩占50% 。开课学院国际教育学院更新时间适用专业财务管理（中澳合作）先修课程课程内容：（宋体五号字，1.5倍行距）本课程的目的是让学生全面掌握如何处理国际商务与贸易中的财务问题，特别是那些有关货币体系，银行，金融，投资和风险管理相关的问题。本课程也涵盖国际贸易，贸易保护和政府贸易政策等问题。顺利本课程完成后，学生应该：能够讨论政府施加贸易保护和贸易促进

2、政策的作用和效果。能够在当前国际背景下讨论国际贸易相关的财务、金融和银行领域的问题，能够解释外汇市场，货币体系和在国际交易中的风险管理的作用和功能。能够解释全球货币体系及其对企业管理的影响。Brief Introduction  Code12FIN385TitleTrade and Business FinanceCourse natureOptionalSemester Hours72Credits4.5Semester Hour StructureLecture： 72 Experiment：  Computer Lab：    

3、 Practice：Practice (Week)：AssessmentClosed book examination, usually results accounted for 50%, the final grade accounted for 50%.Offered byInternational Education CollegeDateforFinancial Management (Sino-Australian cooperation)PrerequisiteCourse Description: This subject is intended to provide the

4、student with a sound but generalized oversight of international 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

5、. Upon successful completion of this subject, students should:Be able to discuss the role and effect of government imposed trade restriction and trade promotion policies.Be able to discuss international trade finance and banking issues in a current context Be able to explain the role and function of

6、 foreign exchange markets, currency systems and risk management in international transactionsBe able to explain the global monetary system and its implications for business management.国际财务管理课程教学大纲课程编号12FIN385课程名称国际财务管理课程性质选修学 时72学 分4.5学时分配授课：72 实验： 上机： 实践：    实践（周）：考核方式闭卷考试，平时成绩占

7、50% ，期末成绩占50% 。开课学院国际教育学院更新时间适用专业财务管理（中澳合作）先修课程一、教学内容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

8、 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

9、 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 wealth maximisation and stakeholder capitalism modelsKey

10、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 system 2. The role of the IMF3. Exchange rate regimes4. Major

11、 arguments for and against fixed or floating exchange rate regimes5. The concept of a countrys balance of payments and its structureKey points：Exchange rate regimes; the international monetary systemDifficulties：A countrys balance of payments and its structureCHAPTER 4 THE BALANCE OF PAYMENTSWhen yo

12、u have finished studying this topic, you should be able to explain and describe:1. Balance of Payments 2. The concept of a countrys balance of payments and its structure3. Fundamentals of BOP Accounting4. The Current Account5. The Capital/Financial AccountKey points：Current Account; Capital/Financia

13、l AccountDifficulties：A countrys balance of payments and its structureCHAPTER 5 CURRENT MULTINATIONAL FINANCIAL CHALLENGES: THE CREDIT 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 Debt 2. The Transmission

14、Mechanism: Securitization3. The Remedy: Prescriptions for an Infected Global Financial OrganismKey points：Sub-Prime Debt; SecuritizationDifficulties：A countrys balance of payments and its structureCHAPTER 6 FOREIGN EXCHANGE MARKETSWhen you have finished studying this topic, you should be able to exp

15、lain and describe the:1. Foreign exchange market including its geographical spread, its functions and its participants;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

16、, 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 exch

17、ange 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

18、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

19、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. Interes

20、t 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 rate swaps, currency swaps and foreign exchange swaps5. Methods of pricing interest rat

21、e and currency swapsKey points：Interest rate and currency swapsDifficulties：Methods of pricing interest rate and currency swapsCHAPTER 10 FOREIGN EXCHANGE RATE DETERMINATION AND FORECASTINGWhen you have finished studying this topic, you should be able to explain and describe:1. Exchange rate determi

22、nation approaches, purchasing power parity, balance of payments, monetary and asset market approaches. 2. Disequilibrium: exchange rates in emerging markets. 3. Forecasting in practice Key points：Exchange rate determination approachesDifficulties：Forecasting in practiceCHAPTER 11 TRANSACTION EXPOSUR

23、ESWhen you have finished studying this topic, you should be able to explain and describe:1. Types of Foreign Exchange Exposure2. Transactional risk exposure 3. The possible techniques that management might adopt to manage translation exposure4. The issues management has to weigh in deciding which of

24、 the various approaches it should 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 descr

25、ibe:1. Operations risk exposure 2. The possible techniques that management might adopt to manage operating exposure3. The issues management has to weigh in deciding which of the various approaches it should adopt in managing operating exposure.Key points： Measurement of operating exposureDifficultie

26、s：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 exposure 2. The possible techniques that management might adopt to manage translation exposure3. The issues

27、 management has to weigh in deciding which of the various approaches it should adopt in managing translation exposure.Key points： Measurement of translation exposureDifficulties：The possible techniques to manage translation exposure二、教学基本要求CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL ENTERPRISEThis

28、 topic provides a background to the growth in international trade and finance. It links with, and extends, material covered in the subject, BUS 383. Very few businesses are now able to escape some involvement in international trade, be that as an importer, exporter or as the passive consumer of good

29、s and services produced in another country. Even if a business is not directly involved in international trade, the consequences for trade in goods, commodities and services will have an inevitable affect on all aspects of modern society. This is true regardless of the country that a business is fun

30、ctioning in.CHAPTER 2 FINANCIAL GOALS AND CORPORATE GOVERNANCECritical concepts include the ownership structure of the firm. Typically we assume a MNE is a publicly listed company where the concept of ownership-management separation is integral and has implications as captured by Agency Theory. This

31、 theory points to a potential for conflict based on differing goals and philosophies as to what those goals should be. Anglo-American firms typically operate under a shareholder wealth maximisation (SWM) philosophy. But non-Anglo-American firms are more likely to operate under a stakeholder capitali

32、sm model (SCM). The former argues the goal of the firm is to maximise the financial return to its shareholders. 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 and government.CHAPTER

33、 3 INTERNATIONAL MONETARY SYSTEMThe international monetary system refers to the institutional arrangements that countries adopt to govern exchange rates, regulate financial institutions and the settlement of trade financing imbalances between each others citizens and institutions. An excellent way t

34、o understand the international monetary system and its operation is via historical review. Chapter 3 provided such a review.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 tran

35、sactions between the residents of a country and foreign residents is called the balance of payments (BOP)CHAPTER 5 CURRENT MULTINATIONAL FINANCIAL CHALLENGES: THE CREDIT CRISIS OF 2007-2009The origins of the current crisis lie within the ashes of the equity bubble and subsequent collapse of the equi

36、ty 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 MARKETSFore

37、ign exchange means the money of a foreign country; that is, foreign currency bank balances banknotes, checks and drafts. A foreign exchange transaction is an agreement between a buyer and a seller that a fixed amount of one currency will be delivered for some other currency at a specified date.CHAPT

38、ER 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 of exchange rates? Are changes in exchange rates predictable? The economic theories that

39、 link exchange 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 to international finance.CHAPTER 8 FOREIGN CURRENCY DERIVATIVESThis topic requires you to work closel

40、y though the text. We study foreign currency derivatives. The two key currency derivative products to be studied are foreign currency futures and foreign currency options. The basic concepts are the same as those that apply to conventional futures and option products. The difference here is that the

41、 commodity being traded is a foreign currency.CHAPTER 9 INTEREST RATE AND CURRENCY SWAPSWe study interest rate derivatives of which swaps are the dominant derivative traded in todays markets. In addition to your prescribed reading from the Text, Reading 5.1 is provided as an update on current develo

42、pments in the OTC financial markets. It particular this article deals with the 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 risk for another crisis in the future

43、. It is recommended you read this article at the end of your study of this section.CHAPTER 10 FOREIGN EXCHANGE RATE DETERMINATION AND FORECASTINGIn this topic we examine the broad subject of exchange rates and their forecasting. There are several models for the assessing of future exchange rates. Su

44、perficially, these appear as if they are conflicting but in practice they should be view as complementary. The alternative approaches to explaining exchange rate determination are discussed in turn.CHAPTER 11 TRANSACTION EXPOSURESForeign exchange exposure is a measure of the potential for a firms profitability, net cash flow, and market value to change because of a change in exchange rates. An important task of the financial manager is to measure foreign exchange exposure and to manage it so as to maximize the