國際財(cái)務(wù)管理(第五版)習(xí)題解答-文庫吧資料
2025-01-21 23:36本頁面
【正文】 ncing from major money centers around the world in many different currencies to finance their operations. IM4 Global operations force the treasurer?s office to establish international banking relationships, to place shortterm funds in several currency denominations, and to effectively manage foreign exchange risk. IM5 7. Mr. Ross Perot, a former Presidential candidate of the Reform Party, which is a third political party in the United States, had strongly objected to the creation of the North American Trade Agreement (NAFTA), which noheless was inaugurated in 1994, for the fear of losing American jobs to Mexico where it is much cheaper to hire workers. What are the merits and demerits of Mr. Perot?s position on NAFTA? Considering the recent economic developments in North America, how would you assess Mr. Perot?s position on NAFTA? Answer: Since the inception of NAFTA, many American panies indeed have invested heavily in Mexico, sometimes relocating production from the United States to Mexico. Although this might have temporarily caused unemployment of some American workers, they were eventually rehired by other industries often for higher wages. Currently, the unemployment rate in the . is quite low by historical standard. At the same time, Mexico has been experiencing a major economic boom. It seems clear that both Mexico and the . have benefited from NAFTA. Mr. Perot?s concern appears to have been ill founded. 8. In 1995, a working group of French chief executive officers was set up by the Confederation of French Industry (CNPF) and the French Association of Private Companies (AFEP) to study the French corporate governance structure. The group reported the following, among other things “The board of directors should not simply aim at maximizing share values as in the . and the . Rather, its goal should be to serve the pany, whose interests should be clearly distinguished from those of its shareholders, employees, creditors, suppliers and clients but still equated with their general mon interest, which is to safeguard the prosperity and continuity of the pany”. Evaluate the above remendation of the working group. Answer: The remendations of the French working group clearly show that shareholder wealth maximization is not a universally accepted goal of corporate management, especially outside the United States and possibly a few other AngloSaxon countries including the United Kingdom and Canada. To some extent, this may reflect the fact that share ownership is not wide spread in most other countries. In France, about 15% of households own shares. IM6 9. Emphasizing the importance of voluntary pliance, as opposed to enforcement, in the aftermath of corporate scandals, ., Enron and WorldCom, . President Gee W. Bush stated that while tougher laws might help, “ultimately, the ethics of American business depends on the conscience of America?s business leaders.” Describe your view on this statement. Answer: There can be different answers to this question. If business leaders always behave with a high ethical standard, many of the corporate scandals we have seen lately might not have happened. Since we cannot fully depend on the ethical behavior on the part of business leaders, the society should protect itself by adopting the rules/regulations and governance structure that would induce business leaders to behave in the interest of the society at large. 10. Suppose you are interested in investing in shares of Nokia Corporation of Finland, which is a world leader in wireless munication. But before you make investment decision, you would like to learn about the pany. Visit the website of CNN Financial work () and collect information about Nokia, including the recent stock price history and analysts? views of the pany. Discuss what you learn about the pany. Also discuss how the instantaneous access to information via inter would affect the nature and workings of financial markets. Answer: As students might have learned from visiting the website, information is readily available even for foreign panies like Nokia
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