【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(jiǎn)要地介紹了國(guó)際資金市場(chǎng)。我們認(rèn)為股東投資于國(guó)內(nèi)證券和國(guó)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(jià)理論認(rèn)為兩國(guó)的利率差額等于遠(yuǎn)期匯率與即期匯率之差。 (2)購(gòu)買(mǎi)力平價(jià)理論認(rèn)為 1美元在各個(gè)國(guó)家的購(gòu)買(mǎi)力都應(yīng)當(dāng)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(guān)系，必須知道大量不同的資金市場(chǎng)規(guī)則和稅收制 度。 5 2 號(hào)公告的大部分條款都要求所有的資產(chǎn)和負(fù)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(shè)一家美國(guó)企業(yè)在 1 9 8 2年收購(gòu)了一家英國(guó)公司，當(dāng)時(shí)的匯率是 1英鎊 = 2美元。債券承銷(xiāo)商通常根據(jù)一份企業(yè)約定書(shū)出售歐洲債券，即他們必須以預(yù)先商定的價(jià)格購(gòu)入債券，隨后在市場(chǎng)上以較高的價(jià)格售出。公開(kāi)承銷(xiāo)發(fā)行的債券與國(guó)內(nèi)債券市場(chǎng)公開(kāi)售賣(mài) 的債務(wù)很相似，借款方把其債券賣(mài)給銀行經(jīng)理團(tuán)體，后者又將債券賣(mài)給其他的銀行。注以債券所有權(quán)的轉(zhuǎn)讓必須經(jīng)過(guò)記名的合法轉(zhuǎn)讓?zhuān)@又需要經(jīng)紀(jì)機(jī)構(gòu)（如商業(yè)銀行）的參與。 許多外國(guó)債券 如揚(yáng)基債券，都是記名債券。例如，一家瑞士表公司在美國(guó)發(fā)行的以美元計(jì)價(jià)的債券。這些銀行在相應(yīng)的國(guó)內(nèi)債券市場(chǎng)上卻聯(lián)系緊密。由表 3 2 4可知以美元標(biāo)價(jià)的債券占了總數(shù)的 4 4 . 6％。如果前者高于后者，那么投機(jī)商就會(huì)從國(guó)內(nèi)市場(chǎng)借入美元到歐洲市場(chǎng)貸出。 歐洲貨幣市場(chǎng)有一個(gè)重要特征，即貸款利率采用浮動(dòng)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(jìn)行中短期融資時(shí)，美國(guó)的跨國(guó)公司有個(gè)選擇：即向美國(guó)銀行以本國(guó)利率借款和在歐洲貨幣市場(chǎng)上借入歐洲美元。如果奇爾斯騰設(shè)備公司想在法國(guó)投資 2 , 0 0 0萬(wàn)法郎，那么它就可能從法國(guó)借入其中一部分。 如果一家美國(guó)企業(yè)為其國(guó)外項(xiàng)目在美國(guó)借款，那么它就要承擔(dān)匯率風(fēng)險(xiǎn)。在這種情況下，美國(guó)企業(yè)的項(xiàng)目資本成本不會(huì)因?yàn)轫?xiàng)目是在美國(guó)還是在外國(guó)而有所不同。另外假設(shè)美國(guó)企業(yè)不受同樣的限制。例如，奇爾斯騰公司在法國(guó)的子公司需要就在法國(guó)的所得向法國(guó)繳稅，而公司還要就匯回美國(guó)的資金再次納稅。 跨國(guó)公司必須特別關(guān)注資 金匯回問(wèn)題，原因有二：第一，當(dāng)前和未來(lái)都可能存在外匯管制。這種匯回決策類(lèi)同于國(guó)內(nèi)企業(yè)的股利決策。之后，公司只進(jìn)行那些凈現(xiàn)值為正數(shù)的項(xiàng)目。該公司設(shè)備出口定單大量增長(zhǎng)，它現(xiàn)在必須考慮是否應(yīng)該在法國(guó)設(shè)廠。當(dāng)然，存款期可以選擇與遠(yuǎn)期合約期限相同。令 S（ 0）代表即期外匯的本幣匯率（當(dāng)期記為 0） ,如果本幣是美元，外幣是德國(guó)馬克，那么我們可作 S（ 0） = 0 . 4 0美元 /馬克。遠(yuǎn)期匯率的標(biāo)價(jià)等于即期匯率加上升水或減去貼水。 假設(shè)德國(guó)馬克的即期匯率是 2 . 5 0馬克 = 1 . 0 0美元，一個(gè)月遠(yuǎn)期匯率為 2 . 4 0馬克 = 1 . 0 0美元。 4利率和匯率：利率平價(jià)說(shuō) 遠(yuǎn)期匯率和即期匯率被隱藏在一價(jià)定律之后的套匯活動(dòng)聯(lián)系了起來(lái)。 L O P不能要求梅塞德斯（ M e r c e d e s）的汽車(chē)價(jià)格與福特汽車(chē)的相等，也不能要求法國(guó)的原子能工廠價(jià)格與紐約原子能工廠的相等。 (2) 不存在蘋(píng)果貿(mào)易壁壘，如關(guān)稅或稅收。同時(shí) /或者改變蘋(píng)果的價(jià)格。這樣套用一價(jià)定律就有： $ 4 =S￡（ t） ￡ 2 . 5 0即 S￡（ t） = $ 1 . 6 0 /￡ 也就是說(shuō)，一價(jià)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(shí)買(mǎi)入一英鎊需要的美元數(shù)； PUS（ t）和 PU K（ t）分別表示在美國(guó)和在英國(guó)的某特定商品的當(dāng)前價(jià)格，比如說(shuō)蘋(píng)果。這就是一項(xiàng)掉期交易。賣(mài)出價(jià)與再買(mǎi)入價(jià)之差被稱(chēng)為掉期匯率 (Swap rate)。即期交易 (Spot trades)是外匯買(mǎi)賣(mài)雙方就兩個(gè)營(yíng)業(yè)日內(nèi)進(jìn)行交割的匯率達(dá)成協(xié)議，該匯率被稱(chēng)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(shí)務(wù)中，幾乎全部的貨幣交易都是通過(guò)美元進(jìn)行的。 (3) 買(mǎi)賣(mài)外幣股票和外幣債券，并進(jìn)行投資組合的經(jīng)理人員。國(guó)外 交易的通訊網(wǎng)絡(luò)還包括環(huán)球銀行金融電信協(xié)會(huì)（ S W I F T） ，這是比利時(shí)設(shè)立的一個(gè)非盈利性合作組織。這類(lèi)交