課程名稱︰國際財務管理 課程性質︰國企系大三下必修 課程教師︰郭震坤 開課學院：管理學院 開課系所︰國際企業學系 考試日期（年月日）︰2018/04/26 考試時限（分鐘）：120分鐘 國際財務管理 期中考 台大國企系 郭震坤 教授 2018年4月 一、選擇題（20％） 1. Privatization refers to the process of A) having government operate business for the betterment of the public sector. B) government allowing the operation of privately owned business. C) prohibiting government operated enterprises. D) a country divesting it self of the ownership and operation of a business venture by turning it over to the free market system. 2. What major dimension sets apart international finance from domestic finance? A) Foreign exchange and political risks B) Market imperfections C) Expanded opportunity set D) all of the options 3. Corporate governance structure A) varies a great deal across countries. B) has become homogenized following the integration of capital markets. C) has become homogenized due to cross-listing of shares of many public corporations. D) none of the options 4. The key weakness of the public corporation is A) too many shareholders, which makes it difficult to make corporate decisions. B) relatively high corporate income tax rates. C) conflicts of interest between managers and shareholders. D) conflicts of interests between shareholders and bondholders. 5. Intervention in the foreign exchange market is the process of A) a central bank requiring the commercial banks of that country to trade at a set price level. B) commercial banks in different countries coordinating efforts in order to stabilize one or more currencies. C) a central bank buying or selling its currency in order to influence its value. D) the government of a country prohibiting transactions in one or more currencies. 6. Market microstructure refers to A) the basic mechanics of how a marketplace operates. B) the basics of how to make small (micro-sized) currency trades. C) how macroeconomic variables such as GDP and inflation are determined. D) none of the options 7. An arbitrage is best defined as A) a legal condition imposed by the CFTC. B) the act of simultaneously buying and selling the same or equivalent assets or commodities for the purpose of making reasonable profits. C) the act of simultaneously buying and selling the same or equivalent assets or commodities for the purpose of making certain guaranteed profits. D) none of the options 8. Generally unfavorable evidence on PPP suggests that A) substantial barriers to international commodity arbitrage exist. B) tariffs and quotas imposed on international trade can explain at least some of the evidence. C) shipping costs can make it difficult to directly compare commodity prices. D) all of the options 9. In reference to the futures market, a "speculator" A) attempts to profit from a change in the futures price. B) wants to avoid price variation by locking in a purchase price of the underlying asset through a long position in the futures contract or a sales price through a short position in the futures contract. C) stands ready to buy or sell contracts in unlimited quantity. D) wants to avoid price variation by locking in a purchase price of the underlying asset through a long position in the futures contract or a sales price through a short position in the futures contract, and also stands ready to buy or sell contracts in unlimited quantity. 10. Open interest in currency futures contracts A) tends to be greatest for the near-term contracts. B) tends to be greatest for the long-term contracts. C) typically decreases with the term to maturity of most futures contracts. D) tends to be greatest for the near-term contracts, and typically decreases with the term to maturity of most futures contracts. 二、計算題(80％) 1. Please derive the Interest Rate Parity (IRP) using the exchange rates and interest rates of Taiwan and U.S., staring from US$1 (carefully define the variables). (10%) 2. If the U.S. dollar depreciates against the NTD from NTD30.1 to NTD29.2, please calculate: (a) by what percentage the U.S. dollar has depreciated? (5%) (b) by what percentage the NTD has appreciated? (5%) 3. Yesterday, you entered into a futures contract to buy ￡62,500 at $1.50 per ￡. Your initial performance bond is $1,500 and your maintenance level is $500. At what settle price will you get demand for additional funds to be posted? (10%) 4. From the perspective of the writer of a put option written on ￡62,500, if the strike price is $1.55/￡, and the option premium is $1,875, at what exchange rate does the writer start to lose money? (10%) 5. As of April 1, 2018, the exchange rate between the New Taiwan dollar and U.S. dollar is NTD29.12/$. The consensus forecast for the U.S. and Taiwan (inflation rate) for the next 1-year period is 3.5% and 2.9%, respectively. What would you forecast the exchange rate to be at around April 1, 2019? (10%) (編按：(1) 中間的(inflation rate)題目卷上漏寫，老師是檢討的時候才加上去的 (2) 考卷上最後一行誤植成November 1, 2009) 6. A bank is quoting the following exchange rates against the dollar for the Swiss franc and the Australian dollar: SFr/$ = 1.5960--70 A$/$ = 1.7225--35 An Australian firm asks the bank for a SFr/A$ quote. What cross-rate would the bank quote? (10%) 7. Suppose that an American firm sold its product to a Taiwanese client on three-month credit terms and invoiced $1 million. The Taiwanese firm wants to hedge this account payable by money market hedge. Please answer: (a) illustrate the procedure of money market hedge. (5%) (b) what market data you may need? (5%) (c) what hedging alternatives you are aware of? (5%) what market data you may need for these alternatives? (5%) 選擇題答案： 1. DDACC 6. ACDAD --

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