课程名称︰国际财务管理 课程性质︰ 课程教师︰李至伟 开课学院：管理学院 开课系所︰国企系 考试日期（年月日）︰2008.06.20 考试时限（分钟）： 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : 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. 计算题(30分) 和作业及补充几乎一样，我的不见了sorry --

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