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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<br/>导读<br/>作者简介<br/>前言<br/>致谢<br/>术语表<br/>第一部分　国际金融环境<br/>第1章　跨国公司财务管理：机遇与挑战 2<br/>1.1　金融全球化及风险 3<br/>1.2　全球金融市场 4<br/>1.3　比较优势理论 9<br/>1.4　国际财务管理有何不同 11<br/>1.5　市场缺陷：跨国公司存在的理论阐述 12<br/>1.6　全球化进程 13<br/>本章小结 17<br/>案例研究 17<br/>思考题 20<br/>练习题 20<br/>第2章　国际货币体系 23<br/>2.1　国际货币体系的历史 23<br/>2.2　国际货币基金组织货币制度分类 28<br/>2.3　固定汇率vs.浮动汇率 34<br/>2.4　欧洲单一货币：欧元 36<br/>2.5　新兴市场和制度选择 38<br/>2.6　人民币的全球化 42<br/>2.7　汇率机制：未来是什么 45<br/>本章小结 46<br/>案例研究 46<br/>思考题 48<br/>练习题 49<br/>第3章　国际收支平衡 51<br/>3.1　典型的国际收支交易 52<br/>3.2　国际收支会计的基本原理 52<br/>3.3　国际收支平衡表账户 54<br/>3.4　国际收支平衡对关键宏观经济变量的影响 62<br/>3.5　贸易平衡与汇率 64<br/>3.6　资本流动 67<br/>本章小结 72<br/>案例研究 72<br/>思考题 74<br/>练习题 75<br/>第4章　财务目标和公司治理 79<br/>4.1　谁拥有企业 80<br/>4.2　管理层的目标 83<br/>4.3　公开交易与私有化：全球转变 88<br/>4.4　公司治理 90<br/>本章小结 98<br/>案例研究 98<br/>思考题 103<br/>练习题 103<br/>第二部分　外汇理论与外汇市场<br/>第5章　外汇市场 108<br/>5.1　外汇市场的职能 109<br/>5.2　外汇市场的结构 109<br/>5.3　外汇市场交易 114<br/>5.4　外汇市场的规模 116<br/>5.5　外汇汇率和报价 119<br/>本章小结 129<br/>案例研究 129<br/>思考题 133<br/>练习题 133<br/>第6章　利率平价条件 137<br/>6.1　价格和汇率 138<br/>6.2　利率和汇率 145<br/>6.3　远期汇率可作为未来即期汇率的无偏估计 153<br/>6.4　均衡时的价格、利率和汇率 155<br/>本章小结 156<br/>案例研究 157<br/>思考题 159<br/>练习题 159<br/>附录6A　国际平价条件的数学入门 164<br/>第7章　外汇衍生品及互换 168<br/>7.1　外汇期货 169<br/>7.2　货币期权 171<br/>7.3　期权定价和价值 179<br/>7.4　利率风险 181<br/>7.5　利率衍生品 183<br/>本章小结 187<br/>案例研究 188<br/>思考题 189<br/>练习题 190<br/>第8章　外汇汇率决定 195<br/>8.1　汇率决定：理论思路 196<br/>8.2　货币市场干预 200<br/>8.3　不均衡：新兴市场的汇率 205<br/>8.4　实际预测 212<br/>本章小结 216<br/>案例研究 217<br/>思考题 219<br/>练习题 219<br/>第三部分　外汇交易<br/>第9章　交易风险 224<br/>9.1　外汇风险类型 224<br/>9.2　为什么要套期保值 225<br/>9.3　交易风险管理：泰鼎公司案例 230<br/>9.4　风险控制实务 238<br/>本章小结 239<br/>案例研究 240<br/>思考题 244<br/>练习题 244<br/>第10章　折算风险 250<br/>10.1　折算概览 250<br/>10.2　折算方法 252<br/>10.3　泰鼎公司的折算风险 254<br/>10.4　管理折算风险 259<br/>本章小结 261<br/>案例研究 261<br/>思考题 264<br/>练习题 265<br/>第11章　经营风险 267<br/>11.1　跨国公司的经营风险 267<br/>11.2　测量经营风险：泰鼎 272<br/>11.3　经营风险的战略管理 277<br/>11.4　经营风险的主动管理 279<br/>本章小结 284<br/>案例研究 285<br/>思考题 287<br/>练习题 288<br/>第四部分　公司全球化融资<br/>第12章　全球视角下资本成本及其易得性 292<br/>12.1　金融全球化及其策略 292<br/>12.2　国际投资组合理论和分散化 295<br/>12.3　境外证券的需求：全球证券投资者的作用 301<br/>12.4　跨国公司和本土企业资本成本比较 306<br/>12.5　解谜：跨国公司资本成本是否比国内同行高 307<br/>本章小结 309<br/>案例研究 310<br/>思考题 313<br/>练习题 314<br/>第13章　全球筹集股权和债务 318<br/>13.1　设计获取全球资本战略 319<br/>13.2　最优财务结构 320<br/>13.3　最优财务结构与跨国企业 321<br/>13.4　在全球范围内募集股权 323<br/>13.5　存托凭证 327<br/>13.6　私募 333<br/>13.7　外国上市与发行股票 334<br/>13.8　全球债权融资 337<br/>本章小结 342<br/>案例研究 343<br/>思考题 346<br/>练习题 347<br/>附录13A　外国子公司的财务结构 350<br/>第14章　跨国公司税收管理 353<br/>14.1　税收原则 354<br/>14.2　转移定价 361<br/>14.3　泰鼎公司的税收管理 364<br/>14.4　避税港子公司和国际离岸金融中心 365<br/>本章小结 367<br/>案例研究 368<br/>思考题 370<br/>练习题 370<br/>第15章　国际贸易融资 373<br/>15.1　贸易关系 373<br/>15.2　单证体系的好处 376<br/>15.3　关键单证 378<br/>15.4　典型贸易中的单证 383<br/>15.5　帮助出口融资的政府计划 385<br/>15.6　贸易融资方案 386<br/>15.7　福费廷：中长期融资 389<br/>本章小结 391<br/>案例研究 392<br/>思考题 395<br/>练习题 395<br/>第五部分　国际投资决策<br/>第16章　对外直接投资和政治风险 400<br/>16.1　保持并转移竞争优势 400<br/>16.2　OLI范式和国际化 403<br/>16.3　投资地点的确定 404<br/>16.4　国外投资模式 406<br/>16.5　评估政治风险 410<br/>16.6　公司层面特有政治风险：治理风险 412<br/>16.7　国家层面特有风险：转移风险 416<br/>16.8　国家层面特有风险：文化与制度风险 419<br/>16.9　全球层面特有风险 421<br/>本章小结 425<br/>案例研究 426<br/>思考题 428<br/>第17章　国际资本预算和跨国收购 430<br/>17.1　国际项目预算的复杂性 431<br/>17.2　项目视角与母公司视角的估值 432<br/>17.3　说明性案例：西麦斯进军印度尼西亚 433<br/>17.4　项目融资 446<br/>17.5　跨国兼并和跨国收购 448<br/>本章小结 453<br/>案例研究 454<br/>思考题 458<br/>练习题 459<br/>部分练习题参考答案 463<br/>世界货币表 465<br/><br/><br/>Contents<br/>Part 1 Global Financial environment 1<br/>Chapter 1 Multinational Financial Management: Opportunities and Challenges 2<br/>Financial Globalization and Risk 3<br/>The Global Financial Marketplace 4<br/>GlObal FinanCe in PraCtiCe The Trouble with Libor 5<br/>The Theory of Comparative Advantage 9<br/>What Is Different about International Financial Management? 11<br/>GlObal FinanCe in PraCtiCe Corporate responsibility and Corporate Sustainability 12<br/>Market Imperfections: A Rationale for the Existence of the Multinational Firm 12<br/>The Globalization Process 13<br/>Summary Points 17<br/>Mini-Case bitcoin—Cryptocurrency or Commodity? 17<br/>Questions 20<br/>Problems 20<br/>Internet Exercises 21<br/>Chapter 2 the international Monetary system 23<br/>History of the International Monetary System 23<br/>GlObal FinanCe in PraCtiCe Hammering out an Agreement at bretton Woods 26<br/>IMF Classification of Currency Regimes 28<br/>GlObal FinanCe in PraCtiCe Swiss National bank Sets Minimum Exchange rate for the Franc 33<br/>Fixed versus Flexible Exchange Rates 34<br/>GlObal FinanCe in PraCtiCe Who is Choosing What in the Trinity/Trilemma? 35<br/>A Single Currency for Europe: The Euro 36<br/>GlObal FinanCe in PraCtiCe The Euro and the Greek/EU Debt Crisis 37<br/>Emerging Markets and Regime Choices 38<br/>Globalizing the Chinese Renminbi 42<br/>Exchange Rate Regimes: What Lies Ahead? 45<br/>Summary Points 46<br/>Mini-Case russian ruble roulette 46<br/>Questions 48<br/>Problems 49<br/>Internet Exercises 50<br/>Chapter 3 the balance of Payments 51<br/>Typical Balance of Payments Transactions 52<br/>Fundamentals of BOP Accounting 52<br/>The Accounts of the Balance of Payments 54<br/>GlObal FinanCe in PraCtiCe The Global Current Account Surplus 56<br/>GlObal FinanCe in PraCtiCe A Country’s Net international investment Position (NiiP) 58<br/>BOP Impacts on Key Macroeconomic Rates 62<br/>Trade Balances and Exchange Rates 64<br/>Capital Mobility 67<br/>Summary Points 72<br/>Mini-Case Global remittances 72<br/>Questions 74<br/>Problems 75<br/>Internet Exercises 78<br/>Chapter 4 Financial Goals and Corporate Governance 79<br/>Who Owns the Business? 80<br/>The Goal of Management 83<br/>Publicly Traded versus Privately Held: The Global Shift 88<br/>Corporate Governance 90<br/>GlObal FinanCe in PraCtiCe italian Cross-Shareholding and the End of the Salatto Buono 94<br/>GlObal FinanCe in PraCtiCe is Good Governance Good business Globally? 97<br/>Summary Points 98<br/>Mini-Case Luxury Wars—LVMH vs. Hermès 98Questions 103<br/>Problems 103Internet Exercises 106 <br/>Part 2 Foreign exchange theory and markets 107<br/>Chapter 5 the Foreign exchange Market 108<br/>Functions of the Foreign Exchange Market 109<br/>Structure of the Foreign Exchange Market 109<br/>GlObal FinanCe in PraCtiCe FX Market Manipulation: Fixing the Fix 112<br/>GlObal FinanCe in PraCtiCe My First Day of Foreign Exchange Trading 113<br/>Transactions in the Foreign Exchange Market 114<br/>Size of the Foreign Exchange Market 116<br/>Foreign Exchange Rates and Quotations 119<br/>GlObal FinanCe in PraCtiCe russian Symbolism 120<br/>Summary Points 129<br/>Mini-Case The Venezuelan bolivar black Market 129<br/>Questions 133<br/>Problems 133<br/>Internet Exercises 136<br/>Chapter 6 international Parity Conditions 137<br/>Prices and Exchange Rates 138<br/>Interest Rates and Exchange Rates 145<br/>GlObal FinanCe in PraCtiCe Hungarian Mortgages 152<br/>Forward Rate as an Unbiased Predictor of the Future Spot Rate 153<br/>Prices, Interest Rates, and Exchange Rates in Equilibrium 155<br/>Summary Points 156<br/>Mini-Case Mrs. Watanabe and the Japanese Yen Carry Trade 157<br/>Questions 159<br/>Problems 159<br/>Internet Exercises 163<br/>Appendix: An Algebraic Primer to International Parity Conditions 164<br/>The Law of One Price 164<br/>Purchasing Power Parity 164<br/>Forward Rates 165<br/>Covered Interest Arbitrage (CIA) and Interest Rate Parity (IRP) 165<br/>Fisher Effect 166<br/>International Fisher Effect 166<br/>Chapter 7 Foreign Currency Derivatives and swaps 168<br/>Foreign Currency Futures 169<br/>Currency Options 171<br/>GlObal FinanCe in PraCtiCe The New Zealand Kiwi, Key, and Krieger 179<br/>Option Pricing and Valuation 179<br/>Interest Rate Risk 181<br/>GlObal FinanCe in PraCtiCe A Fixed-rate or Floating-rate World? 182<br/>Interest Rate Derivatives 183<br/>Summary Points 187<br/>Mini-Case McDonald’s Corporation’s british Pound Exposure 188<br/>Questions 189<br/>Problems 190<br/>Internet Exercises 194<br/>Chapter 8 Foreign exchange rate Determination 195<br/>Exchange Rate Determination: The Theoretical Thread 196<br/>Currency Market Intervention 200<br/>GlObal FinanCe in PraCtiCe rules of Thumb for Effective intervention 204<br/>Disequilibrium: Exchange Rates in Emerging Markets 205<br/>GlObal FinanCe in PraCtiCe Was George Soros to blame for the Asian Crisis? 207<br/>Forecasting in Practice 212<br/>GlObal FinanCe in PraCtiCe JPMorgan Chase Forecast of the Dollar/Euro 214<br/>Summary Points 216<br/>Mini-Case The Japanese Yen intervention of 2010 217<br/>Questions 219Problems 219Internet Exercises 222<br/>Part 3 Foreign exchange exposure 223<br/>Chapter 9 transaction exposure 224<br/>Types of Foreign Exchange Exposure 224Why Hedge? 225<br/>Transaction Exposure Management: The Case of Trident 230<br/>Risk Management in Practice 238<br/>GlObal FinanCe in PraCtiCe Hedging and the German Automobile industry 238<br/>GlObal FinanCe in PraCtiCe The Credit Crisis and option Volatilities in 2009 239<br/>Summary Points 239<br/>Mini-Case banbury impex (india) 240<br/>Questions 244<br/>Problems 244<br/>Internet Exercises 249<br/>Chapter 10 translation exposure 250<br/>Overview of Translation 250<br/>Translation Methods 252<br/>Trident Corporation’s Translation Exposure 254<br/>GlObal FinanCe in PraCtiCe Foreign Subsidiary Valuation 258<br/>Managing Translation Exposure 259<br/>GlObal FinanCe in PraCtiCe When business Dictates Hedging results 260<br/>Summary Points 261<br/>Mini-Case LaJolla Engineering Services 261<br/>Questions 264Problems 265<br/>Internet Exercises 266<br/>Chapter 11 Operating exposure 267<br/>A Multinational’s Operating Exposure 267<br/>GlObal FinanCe in PraCtiCe Expecting the Devaluation—Ford and Venezuela 271<br/>Measuring Operating Exposure: Trident Germany 272<br/>Strategic Management of Operating Exposure 277<br/>GlObal FinanCe in PraCtiCe Do Fixed Exchange rates increase Corporate Currency risk in Emerging Markets? 278<br/>Proactive Management of Operating Exposure 279<br/>Summary Points 284<br/>Mini-Case Toyota’s European operating Exposure 285<br/>Questions 287Problems 288Internet Exercises 290 <br/>Part 4 Financing the Global Firm 291<br/>Chapter 12 the Global Cost and availability of Capital 292<br/>Financial Globalization and Strategy 292<br/>International Portfolio Theory and Diversification 295<br/>The Demand for Foreign Securities: The Role of International Portfolio Investors 301<br/>The Cost of Capital for MNEs Compared to Domestic Firms 306<br/>The Riddle: Is the Cost of Capital Higher for MNEs? 307<br/>Summary Points 309Mini-Case Novo industri A/S (Novo) 310<br/>Questions 313<br/>Problems 314<br/>Internet Exercises 316<br/>Chapter 13 raising equity and Debt Globally 318<br/>Designing a Strategy to Source Capital Globally 319<br/>Optimal Financial Structure 320Optimal Financial Structure and the MNE 321<br/>Raising Equity Globally 323<br/>GlObal FinanCe in PraCtiCe The Planned Directed Equity issue of PA resources of Sweden 327<br/>Depositary Receipts 327<br/>Private Placement 333<br/>Foreign Equity Listing and Issuance 334<br/>Raising Debt Globally 337<br/>GlObal FinanCe in PraCtiCe islamic Finance 341<br/>Summary Points 342<br/>Mini-Case Petrobrás of brazil and the Cost of Capital 343<br/>Questions 346Problems 347<br/>Internet Exercises 349<br/>Appendix: Financial Structure of Foreign Subsidiaries 350<br/>Local Norms 350<br/>Financing the Foreign Subsidiary 351<br/>Chapter 14 Multinational tax Management 353<br/>Tax Principles 354<br/>Transfer Pricing 361<br/>GlObal FinanCe in PraCtiCe offshore Profits and Dividend repatriation 361<br/>Tax Management at Trident 364<br/>Tax-Haven Subsidiaries and International Offshore Financial Centers 365<br/>Summary Points 367<br/>Mini-Case Google, Taxes, and “Do No Evil” 368<br/>Questions 370<br/>Problems 370<br/>Internet Exercises 372<br/>Chapter 15 international trade Finance 373<br/>The Trade Relationship 373<br/>Benefits of the System 376<br/>Key Documents 378<br/>GlObal FinanCe in PraCtiCe Florence—The birthplace of Trade Financing 381<br/>Documentation in a Typical Trade Transaction 383<br/>Government Programs to Help Finance Exports 385<br/>Trade Financing Alternatives 386<br/>GlObal FinanCe in PraCtiCe Factoring in Practice 388<br/>Forfaiting: Medium- and Long-Term Financing 389<br/>Summary Points 391<br/>Mini-Case Crosswell international and brazil 392<br/>Questions 395<br/>Problems 395<br/>Internet Exercises 398<br/>Part 5 Foreign Investment decisions 399<br/>Chapter 16 Foreign Direct investment and Political risk 400<br/>Sustaining and Transferring Competitive Advantage 400<br/>The OLI Paradigm and Internationalization 403<br/>Deciding Where to Invest 404<br/>Modes of Foreign Investment 406<br/>Predicting Political Risk 410<br/>GlObal FinanCe in PraCtiCe Apache Takes a Hit from Egyptian Protests 412<br/>Firm-Specific Political Risk: Governance Risk 412<br/>Country-Specific Risk: Transfer Risk 416<br/>Country-Specific Risk: Cultural and Institutional Risk 419<br/>Global-Specific Risk 421<br/>GlObal FinanCe in PraCtiCe Drugs, Public Policy, and the Death Penalty in 2011 422<br/>Summary Points 425<br/>Mini-Case Corporate Competition from the Emerging Markets 426<br/>Questions 428<br/>Internet Exercises 429<br/>Chapter 17 Multinational Capital budgeting and Cross-border acquisitions 430<br/>Complexities of Budgeting for a Foreign Project 431<br/>Project versus Parent Valuation 432<br/>Illustrative Case: Cemex Enters Indonesia 433<br/>Project Financing 446<br/>Cross-Border Mergers and Acquisitions 448<br/>GlObal FinanCe in PraCtiCe Statoil of Norway’s Acquisition of Esso of Sweden 453<br/>Summary Points 453<br/>Mini-Case Elan and royalty Pharma 454<br/>Questions 458<br/>Problems 459<br/>Internet Exercises 462Answers 463<br/>ContentsCurrencies of the World 465