《国际财务管理》(第9版)结合国际财务理论的基础和当前实际应用,对边缘国际财务问题既做出了传统解释又提供了全新的阐述。本书以其阅读简便、解释清晰,广泛使用插图、现实应用和以学生为导向而闻名,适合本科和硕士阶段的国际财务管理及相关课程使用。 本书的设计充分考虑到了教师的独特风格以便于其在授课中强化关键概念。本书提供了许多强化关键概念的方法,其中特点*为鲜明的有: ◎图表 每篇开始都有一个图表,说明该篇所涉及的关键概念之间如何相关。这提供了一些关于该篇章节编排的信息。 ◎正方反方 提出一个有争议的问题以及关于此问题的两种相反的观点,要求学生判定哪种说法是正确的,并解释为什么。 ◎连续案例 每章末的连续案例使得学生能够使用关键概念来解决布雷泽(blades)公司(轮滑鞋生产商)遇到的问题。在一个学期里,通过研究同一个跨国公司的一系列连续案例,学生就会明白如何对一个跨国公司进行综合决策。 ◎小企业困境 每章末的“小企业困境”使学生设身处地,运用该章所学概念就一个名叫体育用品出口公司的小型跨国公司做出决策。 ◎互联网/excel练习 每章末都有练习,或使学生获得适用的网站信息,或使之能够将exc

Part 1: The International Financial Environment1.Multinational Financial Management: An Overview 2.Exchangc Rate Determination 3.Currency Derivatives Part 2: Exchange Rate Behavior4.International Arbitrage and Interest Rate Parity 5.Relationships among Inflation, Interest Rates, and Exchange Rates Part 3: Exchange Rate Risk Management6.Forecasting Exchange Ratcs 7.Measuring Exposure to Exchange Rate Fluctuations 8.Managing Transaction Exposure 2059.Managing Economic Exposurc and Translation Exposure Part 4: Long-Term Asset and Liability Management10.Dircct Foreign Invcstnlent 11.Multinational Capital Budgeting 12.International Acquisitions 13.Country Risk Analysis 14.Multinational Cost of Capital and Capital Structure 15.Long-Term Financing Part 5: Short-Term Asset and Liability Management16.Financing International Trade 17.Short-Term Financing 18.International Cash Management Appendix A: Answers to Self Test Questions Appendix B: Supplemental Cases Appendix C: International Investing Project Glossary

《国际财务管理》(第9版)结合国际财务理论的基础和当前实际应用,对边缘国际财务问题既做出了传统解释又提供了全新的阐述。《国际财务管理》以其阅读简便、解释清晰,广泛使用插图、现实应用和以学生为导向而闻名,适合本科和硕士阶段的国际财务管理及相关课程使用。《国际财务管理》的设计充分考虑到了教师的独特风格以便于其在授课中强化关键概念。《国际财务管理》提供了许多强化关键概念的方法,其中特点*为鲜明的有:◎图表 每篇开始都有一个图表,说明该篇所涉及的关键概念之间如何相关。这提供了一些关于该篇章节编排的信息。 ◎正方反方 提出一个有争议的问题以及关于此问题的两种相反的观点,要求学生判定哪种说法是正确的,并解释为什么。 ◎连续案例 每章末的连续案例使得学生能够使用关键概念来解决布雷泽(Blades)公司(轮滑鞋生产商)遇到的问题。在一个学期里,通过研究同一个跨国公司的一系列连续案例,学生就会明白如何对一个跨国公司进行综合决策。 ◎小企业困境 每章末的“小企业困境”使学生设身处地,运用该章所学概念就一个名叫体育用品出口公司的小型跨国公司做出决策。◎互联网/Excel练习 每章末都有练习,或使学生获得适用的网站信息,或使之能够将Excel运用于相关主题,或者二者兼而有之。例如,学生可学习如何在线获取汇率信息,并运用Excel来度量处于风险中的价值。◎经营你自己的跨国公司 该项目要求每个学生创立一个小型的国际企业,并要求学生在整个学期里运用各章的关键概念来经营该企业。

杰夫·马杜拉(Jeff Madura),美国佛罗里达大西洋大学(Florida Atlantic University)所属的太阳信托银行(SunTrust Bank)的财务学教授。他编著过多本教材,其中包括《金融市场和金融机构》。他在国际金融方面的研究成果已在多种**学术期刊发表。他因在教学和科研上的杰出表现而多次获奖。他还曾担任许多国际银行、证券公司以及其他跨国公司的顾问。马杜拉教授曾任美国南部金融协会和东部金融协会的理事,还曾经是南部金融协会的会长。 插图:As mentioned previously, currency bull spreads can be constructed just as easily with put options as with call options. To construct a put bull spread, the spreader would again buy a put option with a lower exercise price and write a put option with a higher exercise price. The basic arithmetic involved in constructing a put bull spread is thus essentially the same as for a call bull spread, with one important difference, as discussed next.Recall that there is a positive relationship between the level of the existing spot price relative to the strike price and the call option premium. Consequently, the option with the higher exercise price that is written in a call bull spread will have the lower option premium, everything else being equal. Thus, buying the call option with the lower exercise price and writing the call option with the higher exercise price involves a cash outflow for the bull spreader. For this reason, call bull spreads fall into a broader category of spreads called debit spreads. Also recall that the lower the spot rate relative to the strike price, the higher the put option premium will be. Consequently, the option with the higher strike price that is written in a put bull spread will have the higher option premium, everything else being equal. Thus, buying the put option with the lower exercise price and writing the put option with the higher exercise price in a put bull spread results in a cash inflow for the bull spreader. For this reason, put bull spreads fall into a broader category of spreads called credit spreads. Speculating with Currency Bull SpreadsThe speculator who constructs a currency bull spread trades profit potential for a reduced cost of establishing the position. Ideally, the underlying currency will appreciate to the higher exercise price but not far above it. Although the speculator would still realize the maximum gain of the bull spread in this case, he o