課程名稱︰國際財務管理
課程性質︰
課程教師︰李至偉
開課學院：管理學院
開課系所︰國企系
考試日期（年月日）︰2008.06.20
考試時限（分鐘）：
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
mutiple choice (3.5*20)
ch10
1. Under the US method of translation procedures, if the financial statements
of the foreign subsidiary of a US company are maintained in the local currency
and the local currency is the functional currency, then
(a) the translation method to be used isnot obvious.
(b) translation is accomplished through the temproal method.
(c) translation is not required.
(d) translaion is accomplished through the current through the current rate
method.
2. If the Indian subsidiary of a US firm has net exposed assets of Rp 9,000,000
and the Indian rupee drops in value from Rp 45.00/$ to Rp50.00/$ the US firms
has a translation:
(a) loss of $20,000 (b) gain of $20,000
(c) loss of $25,000 (d) gain of $25,000
3. Portland Lumber Company sold old growth Douglas fir logs to a Japanese firm
for120,000,000 yen. When the logs were shipped the spot rate was 120yen/$ and
Portland recored an accounts receivable of $1000,000. Portland accepts the
translation risk and remain unhedged. At the end of 90 days Portland receives
the 120,000,000yen at the then current spot rate of 125yen/$. Portland realizes
a foreign exchange _______of _____.
(a)gain; 40,000yen (c)gain; $40,000
(b)loss; 40,000yen (d)loss; $40,000
ch11
4.Other things equal, a firm that must obtain its long-term debt and equity in
a highly illiquid domestic securities market will probably have a _______.
(a)relatively low cost of capital
(b)relatively high cost of capital
(c)relatively average cost of capital
(d)cost of capital that we cannot estimate from this question
5.Which of the following is NOT a contributing factor to the segamentation of
capital markets?
(a)Lack of transparency
(b)Asymmetri availability of information
(c)Excessive regulatory control
(d)All of the above are contributing factors
ch12
6._____are similar to ordinary shares of stock but have the added benefit of
being able to trad on equity exchanges around the globe in a variety of
currencies.
(a)American Depositary Receipts
(b)Global Registered Shares
(c)GAAps (d)Worldwide Tradeable Shares
7.ADRs that are created at the request of a foreign firm wanting its shares
traded in the United Stateds are____.
(a)faciliated (b)unfacilitated
(c)sponsored (d)unsponsored
8.By cross listing and selling its shares on a foreign stock exchange a firm
typically tries to accomplish which of the following?
(a)Improve the liquidity of its existing shares
(b)Increase its share price
(c)Increase the firm's visibility
(d)All of the above
ch13
9.TropiKana Inc. has just borrowed 1,000,000euro to make improvements to an
Italian fruit plantation and processing Plant. If the interest rate is 7%
per year and the Euro depreicates against the dollar from $1.15/euro at the
time the loan was made to $1.10/euro at the end of the first year , how much
interest and principle will TropiKana pay at the end of the first year if they
repay the entire loan plus interest (rounded)?
(a)$972727 (b)$1070000 (c)972727euro dollar (d)$1177000
10.If a MNE needed to obtain , outside of its domestic market, medium-term
credit with an established secondary market it would most likely pursue____.
(a)international bank loans
(b)syndicated credits
(c)some type of euronote
(d)the international bond market
11.Eurocredits are
(a)bank loans to MNEs and others denominated in acurrency other than
that of the country where the bank is located.
(b)typically variable rate and tied to th LIBOR
(c)usually for maturities of six months or less
(d)all of the above are true
ch14
Use the following ingormation for problems 12-14 and20. COnsider the
following three different debt strategies being considered by a corporate
borrower. Each is intended to provide $1,000,000 in financing for a three-year
period.
*Strategy#1 : Borrow $1,000,000 for three years at a fixed rate of
interest of 7%.
*Strategy #2: Borrow $1,000,000 for three years at a floating rate of LIBOR
+2%, to be reset annually. The current LIBOR rate is 3.5%.
*Strategy#3 : Borrow $1,000,000 for one year at a fixed rate, and then renew
the credit annually. The curren one-year rate is 5%.
12.If your firm felt very confident that interest rates would fall or, at worst,
remain at current levels, and were very confident about the firm's credit rating
for the next 10 years, which strategy would you likely choose? (Assume your
firm is borrowing money.)
(a)strategy#1 (b)strategy#2
(c)strategy#3 (d)strategy#4
13.The risk of strategy #1 is that interest rates might go down of that
your credit rating might improve. The risk of strategy#2 is:(Assume your
firm is borrowing money.)
(a)that interest rates might go down or that your credit rating might improve.
(b)that interest rates might go up or that your credit rating might improve.
(c)that interest rates might go up or that your credit rating get worse.
(d)None of the above.
14.The risk of strategy #1 is that interest rates might go down of that your
credit rating might improve. The risk of strategy #3 is: (Assume your firm
is borrowing money)
(a)that interest rates might go down or that your credit rating might improve.
(b)that interest rates might go up or that your credit rating might improve.
(c)that interest rates might go up or that your credit rating get worse.
(d)None of the above.
15._______risk is measured with beta.
(a)Systematic (b)Unsystematic
(c)International (d)Domestic
16.While there is systematic risk within a nation, it may be _____ and
diversifiable outside the country after constructing a global portfolio.
(a)temporary (b)somewhat temporary
(c)non-systematic (d)permanent
17._______ is the risk that a foreign government will place restrictons
such as limiting the amount of funds that can be remitted to the parent
firm, or even expropriation of cash flows earned in that country.
(a)Exchange risk (b)foreign risk
(c)Political risk (d)Unnecessary risk
18.Real option analysis allows managers to analyze all of the following
EXCEPT:
(a)the option to defer (b)the option to abandon
(c)the option to alter capacity
(d)All of the above may be analyzed using real option analysis
19. The traditional financial anaylsis applied to projects, foreign or
domestic, to determine the project's value to the firm is called_______.
(a)cost of capital analysis
(b)capital budgeting (c)capital structure analysis
(d)agency theory
20. Choosing strategy#1 will
(a)guarantee the lowest average annual rate over the next three years.
(b)eliminate credit risk but retain repricing risk
(c)maintain the possibility of lower interest costs, but minimizes the combined
credit and repricing
(d)preclude the possibility of sharing in lower interest rates over the three-
year period.
計算題(30分) 和作業及補充幾乎一樣，我的不見了sorry
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