Chapter_1_Multinational_Financial_Management题库答案+批注

1、Chap ter 1 Mult in ati onal Finan cial Man ageme nt:A n Overview1. The com monly acce pted goal of the MNC is to:A) maximize short-term earnin gs.B) maximize shareholder wealth .股东权益最大化C) mini mize risk.D) A and C.E) maximize intern ati onal sales.ANSWER: B2. With regard to corpo rate goals, an MNC

2、is mostly concerned with maximiz ing , and a purely domestic firm is mostly concerned with maximiz ingA) shareholder wealth; short-term earningsB) shareholder wealth; shareholder wealth 都要赚钱滴啦C) short-term earnin gs; sales volumeD) short-term earnin gs; shareholder wealthANSWER: B3. For the MNC, age

3、 ncy costs are typ ically:A) non-existe nt.B) larger tha n age ncy costs of a small purely domestic firm. MNC 的代理成本比较高C) smaller tha n age ncy costs of a small purely domestic firm.D) the same as age ncy costs of a small purely domestic firm.ANSWER: B4. Which of the follow ing is not a form of corpo

4、 rate con trol that could reduce age ncy problems for an MNC?如何降低委托代理成本A) stock options.股票报酬B) hostile takeover threat.敌意收购的威胁C) in vestor mo nitori ng.大股东的监测和干预D) all of the above are forms of corpo rate con trol that could reduce age ncy p roblems for an MNC.ANSWER: D5. A recent study by McKin sey

5、 & Co. found that in vestors assig n a higher value to firms that exhibitcorpo rate gover nance sta ndards and are likely toethicalconstraints. MNC的公司价值越高，对子公司的控制越多A) high; not obeyB) high; obeyC) low; not obeyD) low; obeyANSWER: B6. Which of the followi ng theories ide ntifies sp ecializati on

6、as a reas on for intern ati onal bus in ess?A) theory of comp arative adva ntage. 国际商务专门化来源于比较优势B) imp erfect markets theory.C) p roduct cycle theory.D) none of the aboveANSWER: A7. Which of the follow ing theories ide ntifies the non-tran sferability of resources as a reas on for intern atio nal bu

7、s in ess?A) theory of comp arative adva ntage.B) imp erfect markets theory. 资源不可转让性p roduct factors are immobileC) p roduct cycle theory.D) none of the aboveANSWER: B8. Which of the follow ing theories suggests that firms seek to pen etrate new markets over time?A) theory of comp arative adva ntage.

8、B) imp erfect markets theory.产品生命周期理论C) product cycle theory.寻找潜在的新市场D) none of the aboveANSWER: C9. Which of the follow ing in dustries would most likely take adva ntage of lower costs in some less deve loped foreig n coun tries?A) assembly line p roductio n. 流水线生产低效率高B) sp ecialized pro fessi onal

9、 services.C) nu clear missile planning.D) planning for more sop histicated compu ter tech no logy.ANSWER: A10. Due to the risks in volved in intern ati onal bus in ess, firms should:A) only con sider intern atio nal bus in ess in major coun tries.B) maintain intern atio nal bus in ess to no more tha

10、 n 20% of total bus in ess.C) maintain intern ati onal bus in ess to no more tha n 35% of total bus in ess.D) none of the aboveANSWER: D11. A p roduct cycle is the pro cess by which a firm p rovides a sp ecialized sales or service strategy, support assista nee, and po ssibly an in itial in vestme nt

11、 in the fran chise in excha nge for p eriodic fees.A) true.B) false.应该是 FranchisingANSWER: B12. Lice nsing is the pro cess by which a firm p rovides its tech no logy (cop yrights, p ate nts, trademarks, or trade n ames) in excha nge for fees or some other sp ecified ben efits.A) true.B) false.ANSWER

12、: A13. The age ncy costs of an MNC are likely to be lower if it:A) scatters its subsidiaries across many foreig n coun tries.B) in creases its volume of intern ati onal bus in ess.C) uses a cen tralized man ageme nt style.D) A and B.ANSWER: C14. An in direct ben efit to the MNC of followi ng a world

13、wide code of ethics is:A) it allows them to receive sp ecial tax breaks in less deve loped coun tries.B) it puts them at a comp etitive adva ntage in foreig n markets.C) the worldwide credibility associated with mai ntai ning such sta ndards can in crease global dema nd for the MNC's p roducts.名

14、声好 自然买的人多D) A and B.ANSWER: C15. The term p rivatizati on is typ ically used to describe: 私有化A) firms that are pu rchased by their man agers.B) firms that are pu rchased by the gover nment.C) firms that are bought out by other firms.D) gover nment op erati ons that are pu rchased by corpo rati ons a

15、nd other in vestors.ANSWER: D16. Accord ing to the text, p roducts and services are gen erally beco mingsta ndardized across coun tries, which tends tothe globalizati on of bus in ess.A) more; en courageB) more; discourageC) less; discourageD) less; en courageANSWER: A17. Fran chis ing is the pro ce

16、ss by which n ati onal gover nments sell state owned op eratio ns to corpo rati ons and other in vestors.A) true.B) false.ANSWER: B18. Which of the follow ing is not a major event that in creased intern ati onal bus in ess opportun ities in Euro pe?A) the Sin gle Euro pean Act.B) the removal of the

17、Berlin Wall.C) the incep ti on of the euro.D) the reduct ion in the nu mber of coun tries p artic ip at ing in the European Union.ANSWER: D19. The Sin gle European Act of 1987 was p rimarily inten ded to:A) create more trade barriers betwee n European coun tries.B) unify East Germa ny and West Germa

18、 ny.C) p rovide finan cial support for Easter n Europe.D) make regulati ons more un iform across in dustrialized coun tries in Europe.ANSWER: D20. The Sin gle Euro pean Act of 1987:A) reduced comp etiti on in most in dustries.B) elim in ated comp etiti on in many in dustries.C) reduced efficie ncy in most in dustries.D) in creased comp etitio n in most in dustries.ANSWER