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英國國際商務財務管理coursework:Financial Management for International

時間:2019-03-15 14:14來源:未知 作者:anne 點擊:
Instructions:說明: 1. There are 2 Sections. Both are compulsory..有2個部分。兩者都是強制性的。 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:說明:
1. There are 2 Sections. Both are compulsory..有2個部分。兩者都是強制性的。
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.您必須分別回答A部分中的1個問題和B部分中的2個問題。
4. The total marks available are100 marks..可用的總分為100分。
5. Present Value Table is provided.提供現值表。
6. Use of Calculators is permitted. NO mobiles or other devices are allowed to use.允許使用計算器。不允許使用手機或其他設備。
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部分旨在測試理論的理解和應用。 B節側重于在財務和管理會計的背景下測試解決問題的技能。
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部分旨在測試理論的理解和應用。 B節側重于在財務和管理會計的背景下測試解決問題的技能。
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:希望學生能夠檢索和利用公司給定場景中的相關信息,例如:來自上市公司的財務報表,解決問題。學生需要表現出良好的解決問題的能力,對理論的深入理解和應用,以及答案中的計算能力。
10. 因為學生要消化、理解所撰寫的答案,然后在規定的3小時內閉卷答題,因此復習題答案只要完整、準確即可,字數(words)要考慮閉卷答題書寫時間的限制。
 
Section A – Compulsory (Answer ONE question ONLY) 40%A部分-必修(僅回答一個問題)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.每個主要問題的答案中至少需要使用三個學術參考(僅文本引用),例如,您可以為問題1中的每個子問題提供一個學術參考。
 
Question 1Purchasing Power Parity問題1購買力平價
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)批判性和分析性地討論購買力平價的公式,以及在短期內阻止購買力平價始終保持不變的因素。
(25分)(25 marks)
購買力平價(Cassel,1918)是一種理論,它規定兩國之間的匯率應等于一籃子固定商品和服務的兩國價格水平的比率。當一個國家的國內價格水平上升時,該國的匯率必須貶值才能回到購買力平價。因此,購買力平價的比率兩國的購買力是決定匯率的基礎,匯率的變化是由兩國購買力比率的變化引起的。
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.
購買力平價的基礎是“一個價格定律”(Krugman和Obstfeld,2009年)。“一價定律”涉及市場套利和交易對在兩個或兩個以上市場交易的相同商品價格的影響。然而,事實并非如此。如(1)運輸成本、貿易壁壘和其他交易成本。(2)兩國商品和服務的競爭市場十分罕見。(三)一個價格定律只適用于可交易的貨物,但許多服務在國家之間不進行交易。(4)一些具體的計算問題,如基期的選擇。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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