【正文】 ，存放在法國巴黎的美元就是歐洲美元。這就是歐洲貨幣市場。例如，當(dāng)前 L I B O R的美元貸款利率是 8％，美元貸款的邊際數(shù)是 0 . 5％，那么借款方承受的利率就是 8 . 5％，該利率每 6個月變動一次，貸款期限從 3年到 1 0年不等。但是，有時兩者之間確實存在差別，這種差別大部分是由于風(fēng)險、政府管制和稅收導(dǎo)致的。國內(nèi)債券是指企業(yè)在本國境內(nèi)發(fā)行的債券，國際債券是企業(yè)以非本國貨幣發(fā)行的債券。 外國債券 它是指外國債款方在某個國家的國內(nèi)債券市場上發(fā)行的債券。所有在美國發(fā)行的外國債券一樣，根據(jù) 1 9 3 3年的《證券法》 ，揚基債券必須是記名債券。出于很顯而易見的原因，這些交易商更喜歡歐洲債券而不是外國債券。 大多數(shù)歐洲債券都是不記名債券，持有債券便具有其所有權(quán)，而許多外國債券卻是記名債券。它們又將債券售給交易商和基金投資者。 7跨國經(jīng)營的報告 當(dāng)一家美國公司編制合并財務(wù)報表時，它必須將國外子公司以當(dāng)?shù)刎泿欧从车馁~項折算為報告貨幣，通常是以母公司貨幣（即美 元）進行反映。美元的相對升值是否使得該美國公司處境更好一些了呢？這種升值是否要在收益計量中反映呢？ 這些問題一直是最具爭議的會計問題。這樣，折算利得和損失就不直接在計算凈收益過程中確認(rèn)，而是等到外幣資產(chǎn)出售時或外幣負(fù)債清償時才加以確認(rèn)。 購買力平價理論（一價定律） 。該理論還認(rèn)為兩國貨幣之間匯率的變動與各國商品價格的通貨膨脹率相關(guān)。該等式還使得在美國的無風(fēng)險投資報酬率等于在其他國家的無風(fēng)險收 益率。 (5)本章還討論了國際資本預(yù)算的一些問題。但是，必須做兩項調(diào)整： a. 跨國公司的資本成本可能會低于國內(nèi)同類公司的資本成本，原因在于國際多樣化會帶來收益。這些市場上的利率各不相同，因此跨國公司必須仔細(xì)地考慮各國稅收和政府管制因素。), Japanese yen (165。(t) be the spotexchange rate, that is,the number of dollars needed to purchase a British pound at ti me PUS(t) and PUK(t)be the current . and British prices of a particular modity, say, apples. The law of one price says that PUS(t)=S163。 and S163。 yielding a total of $5 for $1 ($5 $4) gain. The rationale of the LOP is that if the exchange rate is not $163。 and if interest rates are lower domestically, the foreign currency will be selling at a discount in the forward market. We need some notation to develop the interestrate–parity theorem. Let S(0) be the current domesticcurrency price of spot foreign exchange (current time is denoted by 0). If the domestic currency is the dollar and the foreign exchange is the deutschemark, we might observe S(0) $(0) is in direct or . terms. Let F(0,1) be the current domestic currency price of forward exchange for a contract that matures in one month. Thus, the contract is for forward exchange one month hence. Let i and i* be the yearly rates of interest paid on Eurocurrency deposits denominated in the domestic (i) and foreign (i*) currencies, respectively. Of course, the maturity of the deposits can be chosen to coincide with the maturity of the forward contract. Now consider a trader who has access to the interbank market in foreign exchange and Eurocurrency deposits. Suppose the trader has some dollars to invest for one month. The trader can make a dollar loan or a deutschemark loan. The annual interest rate is 10 percent in deutschemarks and 6 percent in dollars. Which is better? 5 International Capital Budgeting Kihlstrom Equipment, a international pany, is evaluating an investment in France. Kihlstrom’s exports of drill bits have increased to such a degree that the pany is considering operating a plant in France. The project will cost FF20 million, and it is expected to produce cash flows of FF8 million a year for the next three years. The current spotexchange rate for French francs is S(0)=$projects in . dollars? Nothing about the fact that the investment is made abroad alters Kihlstrom’s NPV criterion. Kihlstrom must identify incremental cash flows and discount them at the appropriate cost of capital. After making the required discounted cash flow calculations,Kihlstrom should undertake projects with a positive NPV. However, two major factors that plicate such international NPV calculations are foreign exchange conversion and repatriation of funds. Foreign Exchange Conversion The simplest way for Kihlstrom to calculate the NPV of the investment is to convert all Frenchfranc cash flows to . dollars. This involves a threestep process: Step 1. Estimate future cash flows in French francs. Step 2. Convert to . dollars at the predicted exchange rate. Step 3. Calculate NPV using the cost of capital in . dollars. Unremitted Cash Flows The previous example assumed that all aftertax cash flows from the foreign investment were remitted to the parent firm. The remittance decision is similar to the dividend for a purely domestic firm. Substantial differences can exist between the cash flows of a project and the amount that is actually remitted to the parent firm. Of course, the present value of a project will not be changed by deferred remittance if the unremitted cash flows are reinvested at a rate of return equal (as adjusted for exchange rates) to the domestic cost of capital. A foreign subsidiary can remit funds to a parent in many ways, including the following: (1)Dividends. (2)Management fees for central services. (3)Royalties on the use of trade names and patents. International firms must pay special attention to remittance for two reasons. First, there may be present and future exchange controls. Many governments are sensitive to the charge of being exploited by foreign firms. Therefore, governments are tempted to limit the ability of international firms to remit cash flows. Another reason is taxes. It is always necessary to determine what taxes must be paid on profits generated in a foreign country. International 。, then forces would be set in motion to change the rate and/or the price of apples. In our example, there would be a whole lot of apples flying from New York to London. Thus, demand for apples in New York would raise the dollar price for apples there, and the supply in London would lower the poundsterling price. The apple traders converting pounds sterling into dollars, that is, supplying pounds sterling and demanding dollars, would also put pressure on the excha nge rate to fall from $2/163。 .That is, the LOP implied spotexchange rate is $ per is, the LOP implied spotexchange rate is $ per pound. Suppose instead that the actual exchange rate is $ per pound. Starting with $4, a trader could buy a bushel of apples in New York, ship it to London, and sell it there for163。 per bushel. Then the law of one price implies that $4 =S163。1 and $ DM1 are in direct terms. The financial press frequently quotes the foreign currency price of a . dollar. If the quoted pr