全书从跨国公司的角度系统阐述了国际财务管理的宏观经济环境以及财务经理所面对的世界金融市场和金融机构，深入而全面地讨论了跨国公司的外汇交易管理、外汇风险管理、投融资管理、现金管理实务、进出口贸易、国际税收环境等。 另外，各章还附有真实案例，既有对理论的深入讨论，又有对实务操作方法的清晰讲解，非常适合财务金融专业高年级本科生、研究生和MBA学生及企业管理人员和专业人士使用。

出版说明
导读
作者简介
前言
术语表
致谢
第一篇　国际财务管理的基础
第1章　全球化与跨国企业4
1.1　国际财务的特点5
1.1.1　外汇风险与政治风险5
1.1.2　市场的不完全性6
1.1.3　市场机会的增加7
1.2　国际财务管理的目标8
1.3　世界经济全球化的主要趋势与进展10
1.3.1　金融市场全球化的兴起10
1.3.2　作为全球货币的欧元的诞生11
1.3.3　2010年欧洲的主权债务危机12
1.3.4　贸易自由化与经济一体化13
1.3.5　私有化浪潮16
1.3.6　2008～2009年全球金融危机17
1.4　跨国公司19
本章小结21
附录1A　贸易利益：比较优势理论24
第2章　国际货币体系26
2.1　国际货币体系的演变26
2.2　金银复本位制时期：1875年之前27
2.3　古典金本位制时期：1875～1914年27
2.4　两次世界大战间时期：1915～1944年29
2.5　布雷顿森林体系时期：1945～1972年30
2.6　浮动汇率制时期：1973年至今33
2.7　现行的汇率制度安排35
2.8　欧洲货币体系40
2.9　欧元和欧洲货币联盟42
2.9.1　欧元简史42
2.9.2　加入货币联盟的利益43
2.9.3　加入货币联盟的代价45
2.9.4　欧元的前景：一些关键问题46
2.10　墨西哥比索危机47
2.11　亚洲金融危机50
2.11.1　亚洲金融危机的根源51
2.11.2　亚洲金融危机的启示53
2.12　阿根廷比索危机54
2.13　固定汇率制与浮动汇率制的比较55
本章小结57
第3章　国际收支60
3.1　国际收支核算60
3.2　国际收支账户62
3.2.1　经常账户62
3.2.2　资本账户64
3.2.3　统计误差66
3.2.4　官方储备账户67
3.3　国际收支恒等式70
3.4　主要国家的国际收支趋势70
本章小结75
附录3A　国际收支账户与国民收入账户的关系77
第4章　全球各地的公司治理78
4.1　公众公司的治理：关键问题79
4.2　代理问题80
4.3　处理代理问题的对策82
4.3.1　董事会83
4.3.2　激励合约83
4.3.3　所有权集中84
4.3.4　会计透明度86
4.3.5　债务86
4.3.6　海外股票上市86
4.3.7　公司控制权市场87
4.4　法律与公司治理88
4.5　法律的影响91
4.5.1　所有权与控制权模式91
4.5.2　控制权的私人利益95
4.5.3　资本市场与估值95
4.6　公司治理改革96
4.6.1　改革目标96
4.6.2　政治动因97
4.6.3　《萨班斯—奥克斯利法案》97
4.6.4　《坎德伯里最佳行为准则》98
4.6.5　《多德—弗兰克法案》99
本章小结100
第二篇　外汇市场、汇率的决定和货币衍生工具
第5章　外汇市场106
5.1　外汇市场的功能和结构107
5.1.1　外汇市场的参与者108
5.1.2　通汇关系110
5.2　即期外汇市场111
5.2.1　即期汇率标价111
5.2.2　套算汇率标价116
5.2.3　套算汇率的其他表达方式117
5.2.4　汇率买卖价差117
5.2.5　即期外汇交易118
5.2.6　套算汇率的柜台交易119
5.2.7　三角套利121
5.2.8　即期外汇市场的微观机构121
5.3　远期外汇市场123
5.3.1　远期汇率标价123
5.3.2　远期多头与空头124
5.3.3　无本金交割远期合约124
5.3.4　远期套算汇率124
5.3.5　远期升水126
5.3.6　互换交易126
5.4　交易所交易货币基金129
本章小结129
第6章　国际平价关系与汇率预测131
6.1　利率平价131
6.1.1　抵补套利133
6.1.2　利率平价与汇率决定136
6.1.3　货币利差交易137
6.1.4　利率平价发生偏离的原因138
6.2　购买力平价140
6.2.1　购买力平价的偏离和实际汇率142
6.2.2　购买力平价的实证研究144
6.3　费雪效应147
6.4　汇率预测149
6.4.1　有效市场理论150
6.4.2　基本分析法151
6.4.3　技术分析法152
6.4.4　汇率预测的绩效153
本章小结157
附录6A　购买力平价与汇率决定158
第7章　外汇期货与外汇期权159
7.1　期货合约的预备知识160
7.2　货币期货市场162
7.3　货币期货的基本关系164
7.4　期权合约的预备知识167
7.5　货币期权市场167
7.6　货币期货期权168
7.7　期权到期时的基本定价关系168
7.8　美式期权定价关系171
7.9　欧式期权定价关系173
7.10　二项式期权定价模型175
7.11　欧式期权定价公式177
7.12　货币期权的实证检验178
本章小结179
第三篇　外汇风险敞口及其管理
第8章　交易风险敞口的管理182
8.1　风险敞口的三种类型182
8.2　远期市场套期保值184
8.3　货币市场套期保值186
8.4　期权市场套期保值187
8.5　应付外币的套期保值189
8.5.1　远期合约190
8.5.2　货币市场工具190
8.5.3　货币期权合约191
8.6　对次要货币之风险敞口的交叉套期保值192
8.7　或有风险敞口的套期保值192
8.8　通过互换合约对周期性风险敞口的套期保值193
8.9　通过发票货币的套期保值194
8.10　通过超前/延后支付的套期保值194
8.11　风险敞口的净额结算195
8.12　公司应实施套期保值吗195
8.13　公司该使用什么样的风险管理产品197
本章小结198
第9章　经济风险敞口的管理205
9.1　经济风险敞口的测量206
9.2　经营风险敞口的界定210
9.3　经营风险敞口的实例211
9.4　经营风险敞口的决定因素213
9.5　经营风险敞口的管理215
9.5.1　低成本产地的选择216
9.5.2　弹性采购政策216
9.5.3　市场分散化217
9.5.4　产品差异与研发投入217
9.5.5　金融性套期保值218
本章小结220
第10章　换算风险敞口的管理222
10.1　换算方法222
10.1.1　流动/非流动项目法222
10.1.2　货币/非货币项目法223
10.1.3　时态法223
10.1.4　现行汇率法223
10.2　《第8号财务会计准则公告》224
10.3　《第52号财务会计准则公告》224
10.3.1　《第52号财务会计准则公告》的换算过程227
10.3.2　发生高通货膨胀的经济体228
10.4　国际会计准则228
10.5　换算风险敞口的管理232
10.5.1　换算风险敞口与交易风险敞口的比较232
10.5.2　换算风险敞口的套期保值233
10.5.3　资产负债表套期保值233
10.5.4　衍生工具套期保值234
10.5.5　换算风险敞口与经营风险敞口的比较235
10.6　关于《第8号财务会计准则公告》向《第52号财务会计准则公告》转变的实证分析235
本章小结236
第四篇　国际金融市场和国际金融机构
第11章　国际银行与货币市场240
11.1　国际银行服务240
11.2　国际银行产生的原因242
11.3　国际银行分支机构的类型242
11.3.1　代理行243
11.3.2　代表处243
11.3.3　国外分行243
11.3.4　子银行与联营银行244
11.3.5　埃奇法案银行244
11.3.6　离岸金融中心244
11.3.7　国际银行设施245
11.4　资本充足率标准245
11.5　国际货币市场248
11.5.1　欧洲货币市场248
11.5.2　洲际交易所与LIBOR250
11.5.3　欧洲信贷250
11.5.4　远期利率协议252
11.5.5　欧洲票据255
11.5.6　欧洲商业票据255
11.5.7　欧洲美元利率期货合约255
11.6　国际债务危机257
11.6.1　历史257
11.6.2　债权转股权258
11.6.3　解决方案：布雷迪债券260
11.7　亚洲金融危机260
11.8　全球金融危机261
11.8.1　信贷紧缩261
11.8.2　金融危机的影响265
11.8.3　经济刺激措施267
11.8.4　金融危机的后果269
本章小结270
附录11A　欧洲货币的创造273
第12章　国际债券市场276
12.1　世界债券市场统计276
12.2　外国债券与欧洲债券277
12.2.1　无记名债券与记名债券277
12.2.2　美国证券法规278
12.2.3　预提税278
12.2.4　便利债券发行的证券法规278
12.2.5　全球债券279
12.3　债券工具的种类279
12.3.1　固定利率债券280
12.3.2　欧洲中期票据280
12.3.3　浮动利率票据281
12.3.4　与权益相关的债券281
12.3.5　双重货币债券281
12.4　国际债券的币种、发行者及发行者所在国的分布282
12.5　国际债券市场的信用评级283
12.6　欧洲债券市场的结构与实务286
12.6.1　一级市场286
12.6.2　二级市场286
12.6.3　清算程序288
12.7　国际债券市场指数290
本章小结292
第13章　国际股票市场294
13.1　世界股票市场统计294
13.1.1　股票市场总值294
13.1.2　股票市场流动性指标297
13.2　市场结构、交易惯例与费用297
13.3　国际股票交易301
13.3.1　股票的交叉上市302
13.3.2　扬基股票发行304
13.3.3　美国存托凭证305
13.3.4　全球记名股票308
13.3.5　关于交叉上市与美国存托凭证市场的实证研究309
13.4　国际股票市场指数310
13.5　埃雪MSCI基金311
13.6　国际股票收益率的影响因素311
13.6.1　宏观经济因素311
13.6.2　汇率313
13.6.3　产业结构313
本章小结314
第14章　利率互换与货币互换316
14.1　互换的种类316
14.2　互换市场的规模317
14.3　互换银行318
14.4　互换市场的报价318
14.5　利率互换320
14.5.1　基本利率互换320
14.5.2　基本利率互换的定价322
14.6　货币互换323
14.6.1　基本货币互换323
14.6.2　还本付息货币互换的等价性324
14.6.3　基本货币互换的定价325
14.6.4　对基本货币互换的反思326
14.7　基本利率互换与基本货币互换的各种变体327
14.8　利率互换与货币互换的风险328
14.9　互换市场的有效性328
本章小结329
第15章　国际证券组合投资331
15.1　国际投资的相关性结构与风险分散332
15.2　最优国际证券组合的选择334
15.3　汇率变化的影响341
15.4　国际债券投资343
15.5　国际共同基金的绩效评价344
15.6　基于国家基金的国际分散投资346
15.7　基于美国存托凭证的国际分散投资349
15.8　基于交易所交易基金的国际分散投资350
15.9　基于对冲基金的国际分散投资351
15.10　证券组合持有中的存在本国偏好的原因352
15.11　基于小市值股票的国际分散投资353
本章小结355
附录15A　存在外汇风险套期保值时的国际证券投资357
附录15B　最优证券组合的求解359
第五篇　跨国企业的财务管理
第16章　对外直接投资和跨国并购364
16.1　对外直接投资的全球化趋势365
16.2　公司对外投资的原因368
16.2.1　贸易壁垒369
16.2.2　不完全的劳动力市场369
16.2.3　无形资产370
16.2.4　纵向一体化371
16.2.5　产品生命周期372
16.2.6　为股东提供投资分散化服务373
16.3　跨国并购373
16.4　政治风险与对外直接投资378
本章小结385
第17章　国际资本结构与资本成本388
17.1　资本成本388
17.2　分割市场与一体化市场中的资本成本391
17.3　资本成本的国别差异392
17.4　股票的境外上市396
17.5　交叉上市情况下的资本资产定价401
17.6　外国股权限制的影响403
17.6.1　市场定价现象403
17.6.2　外国股权限制下的资产定价405
17.7　子公司的财务结构408
本章小结409
附录17A　不可交易资产的定价：数字模拟411
第18章　国际资本预算412
18.1　国内资本预算的回顾413
18.2　调整后现值模型414
18.3　基于母公司视角的资本预算416
18.3.1　调整后现值模型概述418
18.3.2　未来预期汇率的估计419
18.4　资本预算分析中的风险调整423
18.5　敏感性分析424
18.6　购买力平价假设424
18.7　实物期权424
本章小结426
第19章　跨国公司的现金管理429
19.1　国际现金收支的管理429
19.2　内外部净现金流的双边净额结算434
19.3　预防性现金储备的降低435
19.4　现金管理系统实务437
本章小结438
第20章　国际贸易融资440
20.1　典型的外贸交易440
20.2　福费廷443
20.3　政府的出口支持443
20.4　对等贸易445
20.4.1　对等贸易的形式445
20.4.2　关于对等贸易的一些结论447
本章小结448
第21章　国际税收环境与转移定价450
21.1　税收的目的450
21.1.1　税收中性450
21.1.2　税收公平451
21.2　税收的种类451
21.2.1　所得税451
21.2.2　预提税453
21.2.3　增值税453
21.3　国别税收环境455
21.3.1　全球性税制455
21.3.2　地区性税制455
21.3.3　外国税收抵扣456
21.4　组织结构456
21.4.1　分公司及子公司的收入456
21.4.2　避税港457
21.4.3　本国居民控股的国外公司458
21.4.4　税收倒置458
21.5　转移定价及相关问题460
21.5.1　其他各种因素465
21.5.2　预约定价协议467
21.6　冻结资金467
本章小结468

Contents
Foreword
About the Authors
Preface
Glossary
Acknowledgements
PART ONE
Foundations of International Financial Management
CHAPTER 1
Globalization and the Multinational Firm, 4
Whats Special about International Finance?,5
Foreign Exchange and Political Risks,5
Market Imperfections,6
Expanded Opportunity Set,7
Goals for International Financial Management,8
Globalization of the World Economy:
Major Trends and Developments,10
Emergence of Globalized Financial Markets,10
Emergence of the Euro as a Global Currency,11
Europes Sovereign Debt Crisis of 2010,12
Trade Liberalization and Economic Integration,13
Privatization,16
Global Financial Crisis of 2008?009,17
Multinational Corporations,19
Summary,21
APPENDIX 1A: Gain from Trade: The Theory
of Comparative Advantage,24
CHAPTER 2
International
Monetary System,26
Evolution of the International Monetary System,26
Bimetallism: Before 1875,27
Classical Gold Standard: 1875?914,27
Interwar Period: 1915?944,29
Bretton Woods System: 1945?972,30
The Flexible Exchange Rate
Regime: 1973朠resent,33
The Current Exchange Rate Arrangements,35
European Monetary System,40
The Euro and the European Monetary Union,42
A Brief History of the Euro,42
What Are the Benefits of Monetary Union?,43
Costs of Monetary Union,45
Prospects of the Euro: Some Critical Questions,46
The Mexican Peso Crisis,47
The Asian Currency Crisis,50
Origins of the Asian Currency Crisis,51
Lessons from the Asian Currency Crisis,53
The Argentine Peso Crisis,54
Fixed versus Flexible Exchange Rate Regimes,55
Summary,57
CHAPTER 3
Balance of Payments,60
Balance-of-Payments Accounting,60
Balance-of-Payments Accounts,62
The Current Account,62
The Capital Account,64
Statistical Discrepancy,66
Official Reserve Account,67
The Balance-of-Payments Identity,70
Balance-of-Payments Trends in Major Countries,70
Summary,75
APPENDIX 3A: The Relationship Between
Balance of Payments and National Income
Accounting,77
CHAPTER 4
Corporate Governance
Around the World,78
Governance of the Public Corporation:
Key Issues,79
The Agency Problem,80
Remedies for the Agency Problem,82
Board of Directors,83
Incentive Contracts,83
Concentrated Ownership,84
Accounting Transparency,86
Debt,86
Overseas Stock Listings,86
Market for Corporate Control,87
Law and Corporate Governance,88
Consequences of Law,91
Ownership and Control Pattern,91
Private Benefits of Control,95
Capital Markets and Valuation,95
Corporate Governance Reform,96
Objectives of Reform,96
Political Dynamics,97
The Sarbanes-Oxley Act,97
The Cadbury Code of Best Practice,98
The Dodd-Frank Act,99
Summary,100
PART TWO
The Foreign Exchange Market, Exchange Rate Determination, and Currency Derivatives
CHAPTER 5
The Market for Foreign
Exchange,106
Function and Structure of the FX Market,107
FX Market Participants,108
Correspondent Banking Relationships,110
The Spot Market,111
Spot Rate Quotations,111
Cross-Exchange Rate Quotations,116
Alternative Expressions for the
Cross-Exchange Rate,117
The Bid-Ask Spread,117
Spot FX Trading,118
The Cross-Rate Trading Desk,119
Triangular Arbitrage,121
Spot Foreign Exchange Market
Microstructure,121
The Forward Market,123
Forward Rate Quotations,123
Long and Short Forward Positions,124
Non-Deliverable Forward Contracts,124
Forward Cross-Exchange Rates,124
Forward Premium,126
Swap Transactions,126
Exchange-Traded Currency Funds,129
Summary,129
CHAPTER 6
International Parity
Relationships and
Forecasting Foreign
Exchange Rates,131
Interest Rate Parity,131
Covered Interest Arbitrage,133
Interest Rate Parity and Exchange Rate
Determination,136
Currency Carry Trade,137
Reasons for Deviations from Interest
Rate Parity,138
Purchasing Power Parity,140
PPP Deviations and the Real Exchange Rate,142
Evidence on Purchasing Power Parity,144
Fisher Effects,147
Forecasting Exchange Rates,149
Efficient Market Approach,150
Fundamental Approach,151
Technical Approach,152
Performance of the Forecasters,153
Summary,157
APPENDIX 6A: Purchasing Power Parity and
Exchange Rate Determination,158
CHAPTER 7
Futures and Options on Foreign Exchange,159
Futures Contracts: Some Preliminaries,160
Currency Futures Markets,162
Basic Currency Futures Relationships,164
Options Contracts: Some Preliminaries,167
Currency Options Markets,167
Currency Futures Options,168
Basic Option-Pricing Relationships at Expiration,168
American Option-Pricing Relationships,171
European Option-Pricing Relationships,173
Binomial Option-Pricing Model,175
European Option-Pricing Formula,177
Empirical Tests of Currency Options,178
Summary,179
PART THREE
Foreign Exchange Exposure and Management
CHAPTER 8
Management of Transaction Exposure,182
Three Types of Exposure,182
Forward Market Hedge,184
Money Market Hedge,186
Options Market Hedge,187
Hedging Foreign Currency Payables,189
Forward Contracts,190
Money Market Instruments,190
Currency Options Contracts,191
Cross-Hedging Minor Currency
Exposure,192
Hedging Contingent Exposure,192
Hedging Recurrent Exposure with Swap Contracts,193
Hedging through Invoice Currency,194
Hedging via Lead and Lag,194
Exposure Netting,195
Should the Firm Hedge?,195
What Risk Management Products Do
Firms Use?,197
Summary,198
CHAPTER 9
Management of Economic Exposure,205
How to Measure Economic Exposure,206
Operating Exposure: Definition,210
Illustration of Operating Exposure,211
Determinants of Operating Exposure,213
Managing Operating Exposure,215
Selecting Low-Cost Production Sites,216
Flexible Sourcing Policy,216
Diversification of the Market,217
R&D Efforts and Product Differentiation,217
Financial Hedging,218
Summary,220
CHAPTER 10
Management of Translation Exposure,222
Translation Methods,222
Current/Noncurrent Method,222
Monetary/Nonmonetary Method,223
Temporal Method,223
Current Rate Method,223
Financial Accounting Standards Board
Statement 8,224
Financial Accounting Standards Board
Statement 52,224
The Mechanics of the FASB 52 Translation
Process,227
Highly Inflationary Economies,228
International Accounting Standards,228
Management of Translation Exposure,232
Translation Exposure versus Transaction
Exposure,232
Hedging Translation Exposure,233
Balance Sheet Hedge,233
Derivatives Hedge,234
Translation Exposure versus Operating
Exposure,235
Empirical Analysis of the Change from
FASB 8 to FASB 52,235
Summary,236
PART FOUR
World Financial Markets and Institutions
CHAPTER 11
International Banking and Money Market,240
International Banking Services,240
Reasons for International Banking,242
Types of International Banking Offices,242
Correspondent Bank,243
Representative Offices,243
Foreign Branches,243
Subsidiary and Affiliate Banks,244
Edge Act Banks,244
Offshore Banking Centers,244
International Banking Facilities,245
Capital Adequacy Standards,245
International Money Market,248
Eurocurrency Market,248
ICE LIBOR,250
Eurocredits,250
Forward Rate Agreements,252
Euronotes,255
Eurocommercial Paper,255
Eurodollar Interest Rate Futures Contracts,255
International Debt Crisis,257
History,257
Debt-for-Equity Swaps,258
The Solution: Brady Bonds,260
The Asian Crisis,260
Global Financial Crisis,261
The Credit Crunch,261
Impact of the Financial Crisis,265
Economic Stimulus,267
The Aftermath,269
Summary,270
APPENDIX 11A: Eurocurrency Creation,273
CHAPTER 12
International Bond Market,276
The Worlds Bond Markets: A Statistical
Perspective,276
Foreign Bonds and Eurobonds,277
Bearer Bonds and Registered Bonds,277
National Security Regulations,278
Withholding Taxes,278
Security Regulations that Ease Bond Issuance,278
Global Bonds,279
Types of Instruments,279
Straight Fixed-Rate Issues,280
Euro-Medium-Term Notes,280
Floating-Rate Notes,281
Equity-Related Bonds,281
Dual-Currency Bonds,281
Currency Distribution, Nationality, and
Type of Issuer,282
International Bond Market Credit Ratings,283
Eurobond Market Structure and Practices,286
Primary Market,286
Secondary Market,286
Clearing Procedures,288
International Bond Market Indexes,290
Summary,292
CHAPTER 13
International Equity Markets,294
A Statistical Perspective,294
Market Capitalization,294
Measure of Liquidity,297
Market Structure, Trading Practices, and Costs,297
Trading in International Equities,301
Cross-Listing of Shares,302
Yankee Stock Offerings,304
American Depository Receipts,305
Global Registered Shares,308
Empirical Findings on Cross-Listing and ADRs,309
International Equity Market Benchmarks,310
iShares MSCI,311
Factors Affecting International Equity
Returns,311
Macroeconomic Factors,311
Exchange Rates,313
Industrial Structure,313
Summary,314
CHAPTER 14
Interest Rate and Currency Swaps,316
Types of Swaps,316
Size of the Swap Market,317
The Swap Bank,318
Swap Market Quotations,318
Interest Rate Swaps,320
Basic Interest Rate Swap,320
Pricing the Basic Interest Rate Swap,322
Currency Swaps,323
Basic Currency Swap,323
Equivalency of Currency Swap Debt Service
Obligations,324
Pricing the Basic Currency Swap,325
A Basic Currency Swap Reconsidered,326
Variations of Basic Interest Rate and
Currency Swaps,327
Risks of Interest Rate and Currency Swaps,328
Is the Swap Market Efficient?,328
Summary,329
CHAPTER 15
International Portfolio Investment,331
International Correlation Structure and Risk Diversification,332
Optimal International Portfolio Selection,334
Effects of Changes in the Exchange Rate,341
International Bond Investment,343
International Mutual Funds: A Performance Evaluation,344
International Diversification through Country Funds,346
International Diversification with ADRs,349
International Diversification with Exchange-Traded Funds,350
International Diversification with Hedge Funds,351
Why Home Bias in Portfolio Holdings?,352
International Diversification with Small-Cap Stocks,353
Summary,355
APPENDIX 15A: International Investment with Exchange Risk Hedging,357
APPENDIX 15B: Solving for the Optimal Portfolio,359
PART FIVE
Financial Management of the Multinational Firm
CHAPTER 16
Foreign Direct Global Trends in FDI,365
Why Do Firms Invest Overseas?,368
Trade Barriers,369
Imperfect Labor Market,369
Intangible Assets,370
Vertical Integration,371
Product Life Cycle,372
Shareholder Diversification Services,373
Cross-Border Mergers and Acquisitions,373
Political Risk and FDI,378
Summary,385
CHAPTER 17
International Capital Structure and the Cost of Capital,388
Cost of Capital,388
Cost of Capital in Segmented versus Integrated Markets,391
Does the Cost of Capital Differ among Countries?,392
Cross-Border Listings of Stocks,396
Capital Asset Pricing under Cross-Listings,401
The Effect of Foreign Equity Ownership Restrictions,403
Pricing-to-Market Phenomenon,403
Asset Pricing under Foreign Ownership Restrictions,405
The Financial Structure of Subsidiaries,408
Summary,409
APPENDIX 17A: Pricing of Nontradable Assets: Numerical Simulations,411
CHAPTER 18
International Capital Budgeting,412
Review of Domestic Capital Budgeting,413
The Adjusted Present Value Model,414
Capital Budgeting from the Parent Firms Perspective,416
Generality of the APV Model,418
Estimating the Future Expected Exchange Rate,419
Risk Adjustment in the Capital Budgeting Analysis,423
Sensitivity Analysis,424
Purchasing Power Parity Assumption,424
Real Options,424
Summary,426
CHAPTER 19
Multinational Cash Management,429
The Management of International Cash Balances,429
Bilateral Netting of Internal and External Net Cash Flows,434
Reduction in Precautionary Cash Balances,435
Cash Management Systems in Practice,437
Summary,438
CHAPTER 20
International Trade Finance,440
A Typical Foreign Trade Transaction,440
Forfaiting,443
Government Assistance in Exporting,443
Countertrade,445
Forms of Countertrade,445
Some Generalizations about Countertrade,447
Summary,448
CHAPTER 21
International Tax Environment and Transfer Pricing,450
The Objectives of Taxation,450
Tax Neutrality,450
Tax Equity,451
Types of Taxation,451
Income Tax,451
Withholding Tax,453
Value-Added Tax,453
National Tax Environments,455
Worldwide Taxation,455
Territorial Taxation,455
Foreign Tax Credits,456
Organizational Structures,456
Branch and Subsidiary Income,456
Tax Havens,457
Controlled Foreign Corporation,458
Tax Inversion,458
Transfer Pricing and Related Issues,460
Miscellaneous Factors,465
Advance Pricing Agreement,467
Blocked Funds,467
Summary,468