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国际金融（原书第5版） 
定 价：89 元 丛书名：高等学校经济管理英文版教材
9 7 6 8 7 7 0 1 4 1 1 1 4 读者对象:经济类、管理类等相关专业的本科生、研究生以及金融业从业人员。 
这是一部深入剖析国际金融的优秀专著，以在金融研究领域的权威性、突出反映当代国际新兴市场环境的现实性、对错综复杂的国际金融管理所做阐释的明晰性而著称。本书通过对国际金融环境、外汇理论与外汇市场、外汇交易、公司全球化融资和国际投资决策等进行描述，立体而鲜明地阐明了这样一个基本观点：跨国公司的成功始终依赖于其对投资所在国国内产品市场、生产要素市场和金融资产市场的缺陷的识别能力及从中获利的能力。
出版说明
导读 作者简介 前言 致谢 术语表 第一部分 国际金融环境 第1章 跨国公司财务管理：机遇与挑战 2 1.1 金融全球化及风险 3 1.2 全球金融市场 4 1.3 比较优势理论 9 1.4 国际财务管理有何不同 11 1.5 市场缺陷：跨国公司存在的理论阐述 12 1.6 全球化进程 13 本章小结 17 案例研究 17 思考题 20 练习题 20 第2章 国际货币体系 23 2.1 国际货币体系的历史 23 2.2 国际货币基金组织货币制度分类 28 2.3 固定汇率vs.浮动汇率 34 2.4 欧洲单一货币：欧元 36 2.5 新兴市场和制度选择 38 2.6 人民币的全球化 42 2.7 汇率机制：未来是什么 45 本章小结 46 案例研究 46 思考题 48 练习题 49 第3章 国际收支平衡 51 3.1 典型的国际收支交易 52 3.2 国际收支会计的基本原理 52 3.3 国际收支平衡表账户 54 3.4 国际收支平衡对关键宏观经济变量的影响 62 3.5 贸易平衡与汇率 64 3.6 资本流动 67 本章小结 72 案例研究 72 思考题 74 练习题 75 第4章 财务目标和公司治理 79 4.1 谁拥有企业 80 4.2 管理层的目标 83 4.3 公开交易与私有化：全球转变 88 4.4 公司治理 90 本章小结 98 案例研究 98 思考题 103 练习题 103 第二部分 外汇理论与外汇市场 第5章 外汇市场 108 5.1 外汇市场的职能 109 5.2 外汇市场的结构 109 5.3 外汇市场交易 114 5.4 外汇市场的规模 116 5.5 外汇汇率和报价 119 本章小结 129 案例研究 129 思考题 133 练习题 133 第6章 利率平价条件 137 6.1 价格和汇率 138 6.2 利率和汇率 145 6.3 远期汇率可作为未来即期汇率的无偏估计 153 6.4 均衡时的价格、利率和汇率 155 本章小结 156 案例研究 157 思考题 159 练习题 159 附录6A 国际平价条件的数学入门 164 第7章 外汇衍生品及互换 168 7.1 外汇期货 169 7.2 货币期权 171 7.3 期权定价和价值 179 7.4 利率风险 181 7.5 利率衍生品 183 本章小结 187 案例研究 188 思考题 189 练习题 190 第8章 外汇汇率决定 195 8.1 汇率决定：理论思路 196 8.2 货币市场干预 200 8.3 不均衡：新兴市场的汇率 205 8.4 实际预测 212 本章小结 216 案例研究 217 思考题 219 练习题 219 第三部分 外汇交易 第9章 交易风险 224 9.1 外汇风险类型 224 9.2 为什么要套期保值 225 9.3 交易风险管理：泰鼎公司案例 230 9.4 风险控制实务 238 本章小结 239 案例研究 240 思考题 244 练习题 244 第10章 折算风险 250 10.1 折算概览 250 10.2 折算方法 252 10.3 泰鼎公司的折算风险 254 10.4 管理折算风险 259 本章小结 261 案例研究 261 思考题 264 练习题 265 第11章 经营风险 267 11.1 跨国公司的经营风险 267 11.2 测量经营风险：泰鼎 272 11.3 经营风险的战略管理 277 11.4 经营风险的主动管理 279 本章小结 284 案例研究 285 思考题 287 练习题 288 第四部分 公司全球化融资 第12章 全球视角下资本成本及其易得性 292 12.1 金融全球化及其策略 292 12.2 国际投资组合理论和分散化 295 12.3 境外证券的需求：全球证券投资者的作用 301 12.4 跨国公司和本土企业资本成本比较 306 12.5 解谜：跨国公司资本成本是否比国内同行高 307 本章小结 309 案例研究 310 思考题 313 练习题 314 第13章 全球筹集股权和债务 318 13.1 设计获取全球资本战略 319 13.2 最优财务结构 320 13.3 最优财务结构与跨国企业 321 13.4 在全球范围内募集股权 323 13.5 存托凭证 327 13.6 私募 333 13.7 外国上市与发行股票 334 13.8 全球债权融资 337 本章小结 342 案例研究 343 思考题 346 练习题 347 附录13A 外国子公司的财务结构 350 第14章 跨国公司税收管理 353 14.1 税收原则 354 14.2 转移定价 361 14.3 泰鼎公司的税收管理 364 14.4 避税港子公司和国际离岸金融中心 365 本章小结 367 案例研究 368 思考题 370 练习题 370 第15章 国际贸易融资 373 15.1 贸易关系 373 15.2 单证体系的好处 376 15.3 关键单证 378 15.4 典型贸易中的单证 383 15.5 帮助出口融资的政府计划 385 15.6 贸易融资方案 386 15.7 福费廷：中长期融资 389 本章小结 391 案例研究 392 思考题 395 练习题 395 第五部分 国际投资决策 第16章 对外直接投资和政治风险 400 16.1 保持并转移竞争优势 400 16.2 OLI范式和国际化 403 16.3 投资地点的确定 404 16.4 国外投资模式 406 16.5 评估政治风险 410 16.6 公司层面特有政治风险：治理风险 412 16.7 国家层面特有风险：转移风险 416 16.8 国家层面特有风险：文化与制度风险 419 16.9 全球层面特有风险 421 本章小结 425 案例研究 426 思考题 428 第17章 国际资本预算和跨国收购 430 17.1 国际项目预算的复杂性 431 17.2 项目视角与母公司视角的估值 432 17.3 说明性案例：西麦斯进军印度尼西亚 433 17.4 项目融资 446 17.5 跨国兼并和跨国收购 448 本章小结 453 案例研究 454 思考题 458 练习题 459 部分练习题参考答案 463 世界货币表 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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