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英国国际商务财务管理coursework:Financial Management for International

时间:2019-03-15 14:14来源:未知 作者:anne 点击:
Instructions:说明: 1. There are 2 Sections. Both are compulsory..有2个部分。两者都是强制性的。 2. Section A takes 40% out of 100% and Section B takes 60% out of 100%.A部分占100%的40%,B部分占100%的60%。 3. You must
Instructions:说明:
1. There are 2 Sections. Both are compulsory..有2个部分。两者都是强制性的。
2. Section A takes 40% out of 100% and Section B takes 60% out of 100%.A部分占100%的40%,B部分占100%的60%。
3. You must answer 1 question from Section A and 2 questions from Section B, respectively.您必须分别回答A部分中的1个问题和B部分中的2个问题。
4. The total marks available are100 marks..可用的总分为100分。
5. Present Value Table is provided.提供现值表。
6. Use of Calculators is permitted. NO mobiles or other devices are allowed to use.允许使用计算器。不允许使用手机或其他设备。
7. Section A aims to test the understanding and application of theories. Section B focuses on testing the problem solving skills under the context of financial and management accounting.A部分旨在测试理论的理解和应用。 B节侧重于在财务和管理会计的背景下测试解决问题的技能。
8. Section A:Students are expected to use industrial examples to show in-depth understanding and application of the chosen theory as well as critical thinking process. At least, three academic references need be used in the discussion (in-text citation only).A部分旨在测试理论的理解和应用。 B节侧重于在财务和管理会计的背景下测试解决问题的技能。
9. Section B:Students are expected to show the ability to retrieve and make use of the relevant information from the given scenario of a company e.g. financial statement from publicly listed companies, to solve the questions. Students need to show good problem solving skills, in-depth understanding and application of theories, and numeracy in the answers.B部分:希望学生能够检索和利用公司给定场景中的相关信息,例如:来自上市公司的财务报表,解决问题。学生需要表现出良好的解决问题的能力,对理论的深入理解和应用,以及答案中的计算能力。
10. 因为学生要消化、理解所撰写的答案,然后在规定的3小时内闭卷答题,因此复习题答案只要完整、准确即可,字数(words)要考虑闭卷答题书写时间的限制。
 
Section A – Compulsory (Answer ONE question ONLY) 40%A部分-必修(仅回答一个问题)40%
At least, three academic references (in-text citation only)need be used in the answers per main question e.g. you could provide one academic reference for each sub-question in Question 1.每个主要问题的答案中至少需要使用三个学术参考(仅文本引用),例如,您可以为问题1中的每个子问题提供一个学术参考。
 
Question 1Purchasing Power Parity问题1购买力平价
a) Critically and analytically discuss the formula of Purchasing Power Parity and the factors that prevent the PPP always holding true in the short run.a)批判性和分析性地讨论购买力平价的公式,以及在短期内阻止购买力平价始终保持不变的因素。
(25分)(25 marks)
购买力平价(Cassel,1918)是一种理论,它规定两国之间的汇率应等于一篮子固定商品和服务的两国价格水平的比率。当一个国家的国内价格水平上升时,该国的汇率必须贬值才能回到购买力平价。因此,购买力平价的比率两国的购买力是决定汇率的基础,汇率的变化是由两国购买力比率的变化引起的。
Purchasing Power Parity(Cassel,1918)is a theory which states thatthe exchange rate between two countries should equal the ratio of the two countries' price level of a fixed basket of goods and services.When a country's domestic price level is increasing, that country's exchange rate must depreciate in order to return to PPP.Therefore, the ratio of the purchasing power of the two countries is the basis for determining the exchange rate, and exchange rate changes are caused by changes in the ratio of the purchasing power of the two countries.
购买力平价的基础是“一个价格定律”(Krugman和Obstfeld,2009年)。“一价定律”涉及市场套利和交易对在两个或两个以上市场交易的相同商品价格的影响。然而,事实并非如此。如(1)运输成本、贸易壁垒和其他交易成本。(2)两国商品和服务的竞争市场十分罕见。(三)一个价格定律只适用于可交易的货物,但许多服务在国家之间不进行交易。(4)一些具体的计算问题,如基期的选择。The basis for PPP is the "law of one price"(Krugman and Obstfeld, 2009). The “law of one price” relates to the impact of market arbitrage and trade on the prices of identical commodities that are exchanged in two or more markets. However, the fact is always not like these. Such as (1) Transportation costs, barriers to trade, and other transaction costsare existing. (2) The competitive markets for the goods and services in both countries are rare. (3) The law of one price only applies to tradeable goods, but manyservices are not traded between countries. (4)Some specific computing problems, like the choice of base period.
PPPdescribes the long run behaviour of exchange rates(Dornbusch, 1976). The change of spot rate is not just determined by the inflation differential between two countries. These factors include: differential of interest rate, differential of income level, the central bank controls, and so on.
 
References:
Cassel, Gustav (December 1918). "Abnormal Deviations in International Exchanges".28, No. 112 (112). The Economic Journal: 413–415.
Krugman and Obstfeld (2009).International Economics. Pearson Education, Inc. 
RudigerDornbusch (1976). "Expectations and Exchange Rate Dynamics".Journal of Political Economy. 84 (6): 1161–1176.
 
b) Discuss and illustrate the International Fisher Effect with at least one example.
(15 marks)
The Interest Rate Parity theory(Eunet al, 2011) relates exchange rate with risk free interest rates while the Purchasing Power Parity theory relates exchange rate with inflation rates. Putting them together gets: risk free interest rates are related to inflation rates.This brings the International Fisher Effect.IFE theory states that nominal interest rates’differentials between countries reflect anticipated rates of change in the exchange rate of their currencies.
The rationale for the IFE is that a country with a higher interest rate will also tend to have a higherexpected inflation rate (due to the Fisher effect). This increased amount of inflation should cause the currency in the country with the high interest rate to depreciate against a country with lower interest rates (due to the PPP effect).
An example of using the IFE to forecast exchange rate shifts would be: if country A's interest rate is 5% and country B's interest rate is 3%, country B's currency should appreciate roughly 2% compared to country A's currency. 
 
Reference:
Eun, Cheol S.; Resnick, Bruce G. (2011).International Financial Management, 6thEdition. New York, NY: McGraw-Hill/Irwin.
Total Q1: 40 marks
 
 
Question 2 Multinational Financial Management
a) Illustrate why businesses might want to internationalise,with two brief business case studies and the potential effects of FOREX changes on the financial situation of MNCs.
(25 marks)
b) Explain and illustrate strategies that MNCs can use to manage transaction exposure under the context of international financial management.
(15 marks)
 
Total Q2: 40 marks
Section B – Compulsory (Answer TWO questions ONLY) 60%
 
Question 3
Lozenge plc has taken delivery of 50,000 electronic devices from a Malaysian company. The seller is in a strong bargaining position and has priced the devices in Malaysian dollars at M$12 each. It has granted Lozenge three months’ credit.
The Malaysian interest rate is 3 per cent per quarter.
Lozenge has all its money tied up in its operations but could borrow in sterling at 3 per cent per quarter (three months) if necessary.
 

 
A three-month sterling put, Malaysian dollar call currency option with a strike price of M$5.425/£ for M$600,000 is available for a premium of M$15,000.
 
Required:
a) Conduct a money market and forward hedging strategies, respectively. (Note: explanation of each step in the hedging process, respectively, is essential.)


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