【正文】 ice is the foreign currency price of a . dollar, the quotation is indirect (or European). For example, 163。like domestic panies, they seek to invest in projects that create more value for the shareholders than they cost and to arrange financing that raises cash at the lowest possible cost. That is, the present value principle holds for both foreign and domestic operations. However, it is usually more plicated to apply the NPV principle to foreign operations. Perhaps the most important plication of international finance is foreign foreign exchange markets provide information and opportunities for an international corporation when it undertakes capitalbudgeting and financing decisions. The relationship among foreign exchange, interest rates, and inflation is defined by the basic theories of exchange rates: purchasingpower parity, interestrate parity, and the expectations theory. Typically, international financing decisions involve a choice of three basic approaches: （ 1） Export domestic cash to the foreign operations. （ 2） Borrow in the country where the investment is located. （ 3） Borrow in a third country. 1 Terminology A mon buzzword for the student of finance is globalization. The first step in learning about the globalization of financial markets is to conquer the new vocabulary. Here are some of the most mon terms used in international finance and in this chapter: （ 1） An American Depository Receipt (ADR) is a security issued in the United States to represent shares of a foreign stock, allowing that stock to be traded in the United States. Foreign panies use ADRs, which are issued in . dollars, to expand the pool of potential . investors. ADRs are available in two forms for about 690 foreign panies: panysponsored, which are listed on an exchange, and unsponsored, which are usually held by the investment bank that makes a market in the ADR. Both forms are available to individual investors, but only panysponsored issues are quoted daily in newspapers. （ 2） The cross rate is the exchange rate between two foreign currencies, generally neither of which is the . dollar. The dollar, however, is used as an interim step in determining the cross rate. For example, if an investor wants to sell Japanese yen and buy Swiss francs, he would sell yen against dollars and then buy francs with those dollars. So, although the transaction is designed to be yen for francs, the dollar’s exchange rate serves as a benchmark. （ 3） A European Currency Unit (ECU) is a basket of 10 European currencies devised in 1979 and intended to serve as a moary unit for the European Moary System(EMS). By charter, EMS members reevaluate the position of the ECU every five years or when there has been a shift of 25 percent or more in the weight of any German deutschemark is the most heavily weighted currency in the basket, with the French franc, the British pound, and the Dutch guilder each prising more than 10 percent of the currency. The smallest weights are the Greek drachma, the Luxembourg franc, and the Irish punt. （ 4） Eurobonds are bonds denominated in a particular currency and issued simultaneously in the bond markets of several European countries. For many international panies and governments, they have bee an important way to raise capital. Eurobonds are issued outside the restrictions that apply to domestic offerings and are typically syndicated in London. Trading can and does take place anywhere a buyer and a seller are. （ 5） Eurocurrency is money deposited in a financial center outside of the country whose currency is involved. For instance, Eurodollars—the most widely used Eurocurrency are . dollars deposited in banks outside the United States. （ 6） Foreign bonds, unlike Eurobonds, are issued by foreign borrowers in another nation’s capital market and traditionally denominated in that nation’s currency. Yankee bonds, for example, are issued in the United States by a foreign country, bank, or pany。 (6)本章簡要地介紹了國際資金市場。我們認為股東投資于國內證券和國外證券所要求的收益率是相等的。政府管制和稅收制度都是制約因素。 (4)利率平價理論認為兩國的利率差額等于遠期匯率與即期匯率之差。 (2)購買力平價理論認為 1美元在各個國家的購買力都應當是一樣的。管理層必須了解利率、外匯匯率和通貨膨脹率之間的關系，必須知道大量不同的資金市場規(guī)則和稅收制 度。 5 2 號公告的大部分條款都要求所有的資產(chǎn)和負債必須以現(xiàn)行匯率從子公司貨幣折算為母公司貨幣。 假設一家美國企業(yè)在 1 9 8 2年收購了一家英國公司，當時的匯率是 1英鎊 = 2美元。債券承銷商通常根據(jù)一份企業(yè)約定書出售歐洲債券，即他們必須以預先商定的價格購入債券，隨后在市場上以較高的價格售出。公開承銷發(fā)行的債券與國內債券市場公開售賣 的債務很相似，借款方把其債券賣給銀行經(jīng)理團體，后者又將債券賣給其他的銀行。注以債券所有權的轉讓必須經(jīng)過記名的合法轉讓，這又需要經(jīng)紀機構（如商業(yè)銀行）的參與。 許多外國債券 如揚基債券，都是記名債券。例如，一家瑞士表公司在美國發(fā)行的以美元計價的債券。這些銀行在相應的國內債券市場上卻聯(lián)系緊密。由表 3 2 4可知以美元標價的債券占了總數(shù)的 4 4 . 6％。如果前者高于后者，那么投機商就會從國內市場借入美元到歐洲市場貸出。 歐洲貨幣市場有一個重要特征，即貸款利率采用浮動利率制。大多數(shù)歐洲貨幣交易都涉及在歐洲銀行存款的借貸。 中短期融資 進行中短期融資時，美國的跨國公司有個選擇：即向美國銀行以本國利率借款和在歐洲貨幣市場上借入歐洲美元。如果奇爾斯騰設備公司想在法國投資 2 , 0 0 0萬法郎，那么它就可能從法國借入其中一部分。 如果一家美國企業(yè)為其國外項目在美國借款，那么它就要承擔匯率風險。在這種情況下，美國企業(yè)的項目資本成本不會因為項目是在美國還是在外國而有所不同。另外假設美國企業(yè)不受同樣的限制。例如，奇爾斯騰公司在法國的子公司需要就在法國的所得向法國繳稅，而公司還要就匯回美國的資金再次納稅。 跨國公司必須特別關注資 金匯回問題，原因有二：第一，當前和未來都可能存在外匯管制。這種匯回決策類同于國內企業(yè)的股利決策。之后，公司只進行那些凈現(xiàn)值為正數(shù)的項目。該公司設備出口定單大量增長，它現(xiàn)在必須考慮是否應該在法國設廠。當然，存款期可以選擇與遠期合約期限相同。令 S（ 0）代表即期外匯的本幣匯率（當期記為 0） ,如果本幣是美元，外幣是德國馬克，那么我們可作 S（ 0） = 0 . 4 0美元 /馬克。遠期匯率的標價等于即期匯率加上升水或減去貼水。 假設德國馬克的即期匯率是 2 . 5 0馬克 = 1 . 0 0美元，一個月遠期匯率為 2 . 4 0馬克 = 1 . 0 0美元。 4利率和匯率：利率平價說 遠期匯率和即期匯率被隱藏在一價定律之后的套匯活動聯(lián)系了起來。 L O P不能要求梅塞德斯（ M e r c e d e s）的汽車價格與福特汽車的相等，也不能要求法國的原子能工廠價格與紐約原子能工廠的相等。 (2) 不存在蘋果貿易壁壘，如關稅或稅收。同時 /或者改變蘋果的價格。這樣套用一價定律就有： $ 4 =S￡（ t） ￡ 2 . 5 0即 S￡（ t） = $ 1 . 6 0 /￡ 也就是說，一價定律要求：英鎊與美元的匯率是 1 . 6 0美元 /英鎊。若以公式表示則為：以 Ｓ￡（ t）代表即期匯率，即在 t時買入一英鎊需要的美元數(shù)； PUS（ t）和 PU K（ t）分別表示在美國和在英國的某特定商品的當前價格，比如說蘋果。這就是一項掉期交易。賣出價與再買入價之差被稱為掉期匯率 (Swap rate)。即期交易 (Spot trades)是外匯買賣雙方就兩個營業(yè)日內進行交割的匯率達成協(xié)議，該匯率被稱為即期匯率 ( s p o t e x c h a n g e r a t e )。如果所有的貨幣都可互相交易，那么就更有可能出現(xiàn)不一致的情況。例如： 0 . 6 7英鎊 = 1美元和 2 . 5馬克 = 1美元 。實務中，幾乎全部的貨幣交易都是通過美元進行的。 (3) 買賣外幣股票和外幣債券，并進行投資組合的經(jīng)理人員。國外 交易的通訊網(wǎng)絡還包括環(huán)球銀行金融電信協(xié)會（ S W I F T） ，這是比利時設立的一個非盈利性合作組織。這類交