安徽大学《国际金融管理》期末考试试卷（试卷A及答案）

安徽大学国际金融管理期末考试试卷（试卷A及答案）（时间120分钟）年级 院系专业 姓名 学号 座位号 题号一二三四五六七八得分得分得分一、选择题（每小题2分，共20分）1. A firm will likely benefit most from diversifying if:A) The correlations between country economies are high.B) The correlations between country economies are low.C) The variability of all country economy levels is high.D) B and CB2.Which of the following is a reason to consider international business?A) economies of scaleB) exploit monopolistic advantageC) diversificationD) all of the above.D3. _is not a disadvantage of direct foreign investment.A) The expense of establishing a foreign subsidiaryB) The uncertainty of inflation and exchange rate movementsC) Political riskD) All of the above are disadvantages of direct foreign investment.D4. If a U.S. parent is setting up a French subsidiary, and funds from the subsidiary will be periodically sent to the parent, the ideal situation from the parents perspective is a _after the subsidiary is established.A) strengthening euroB) stable euroC) weak euroD) B and C are both ideal.B5. When evaluating international project cash flows, which of the following factors is relevant?A) future inflationB) blocked fundsC) exchange ratesD) all of the aboveD6 Assume a U.S.-based MNC has a Chilean subsidiary that annually remits 30 million Chilean pesos to the U.S. If the peso_, the dollar amount of remitted funds_.A) appreciates; decreasesB) depreciates; is unaffectedC) appreciates; is unaffectedD) depreciates; decreasesE) B and CD7. Country risk assessment should be used when:A) determining whether to establish a subsidiary in a foreign country.B) Determining whether to continue business in a foreign country.C) A and BD) None of the aboveC8. The primary purpose of country risk analysis when applied to capital budgeting is usually to:A) measure the effect of country risk on sales.B) Measure the effect of country risk on cash flows.C) Measure the effect of country risk on the consolidated balance sheet.D) Measure the effect of country risk on the consolidated income statement.B9.Country risk analysis is important because it:A) can be used by MNCs as a screening device to avoid countries with excessive risk.B) Can be used by MNCs to monitor countries where the MNC is presently engaged in international business.C) Can be used to improve the analysis used to make long-term investing or financing decisions.D) All of the above.D10. Which of the following is not a technique to assess country risk?A) Gamma techniqueB) Delphi techniqueC) Checklist approachD) Inspection visitsA得分二、判断题（每小题2分，共30分）1. To reduce the exposure to a host government takeover, an MNC may, for example, either attempt to recover cash flows from the foreign project more quickly or to hire local labor. A) true B)false A2. In conducting a multinational capital budgeting analysis, the subsidiarys perspective should always be used. A) true B)false B3. The required rate of return used to discount the relevant cash flows from a foreign project may differ from the MNCs cost of capital because of that particular projects risk. A) true B)false A4. In multinational capital budgeting, depreciation is treated as a cash flow.A) true B)false B5.If a host government restricts the remittances from a foreign subsidiary, a possible solution is to let the subsidiary obtain partial financing for the project.A) true B)false A6. If the parent charges the subsidiary administrative fees, the earnings from the project will appear low to the parent and high to the subsidiary.A) true B)false B7.If a multinational project is assessed from the subsidiarys perspective, withholding taxes are ignored for project assessment.A) true B)false A8. MNCs often attempt to set up production in locations where land and labor are expensive, because expensive factors of production indicate high demand.A) true B)false B9. Due to market imperfections, the cost of factors of production (such as labor) may differ substantially across countries.A) true B)false A10. In some countries, bribes are commonplace. If a U.S.-based MNC decide to adhere to a strict code of ethics and not pay bribes, its subsidiary may be at a competitive disadvantage in the foreign country. A) true B)false A11. Due to the larger opportunity set of funding sources around the world from which an MNC can choose, an MNC may be able to obtain capital at a lower cost than a purely domestic firm. A) true B)false A12.A centralized management style, where major decisions about a foreign subsidiary are made by the parent company, results in an increase in agency costs. A) true B)false B13. The transaction exposure of two inflow currencies is offset when the correlation between the currencies is high.A) true B)false B14.U.S.exporters may not necessarily benefit from weak-dollar periods if foreign competitors are willing to reduce their profit margin.A) true B)false A15. Although MNCs may need to convert currencies occasionally, they do not face any exchange rate risk, as exchange rates are stable over time. A) true B)false B得分 三、简答题（每小题5分，共15分）Note: You are encouraged to answer the questions in English, but you have an option to answer the questions in Chinese if you think your ability in English language fails to meet the requirement of expressing yourself.1、Why should capital budgeting for subsidiary projects be assessed from parents perspective?Answer:When a parent allocates funds for a project, it should view the projects feasibility from its own perspective. It is possible that a project could be feasible from a subsidiarys perspective but be infeasible when considering a parents perspective(due to foreign withholding taxes or exchange rate changes affecting funds remitted to the parent.2、Why would a U.S. firm consider issuing bonds denominated in multiple currencies?Answer: The firm may issue bonds in multiple currencies to reduce exchange rate risk. This is especially possible when the currencies used to denominate bonds are not highly correlated. 3、Kerr.Inc. a major U.S. exporter of products to Japan, denominates its exports in dollars and has no other international business. It can borrow dollars at 9 percent to finance its operations or borrow yen at 3 percent. If it borrows yen, it will be exposed to exchange rate risk. How can Kerr borrow yen and possibly reduce its economic exposure to exchange rate risk?四、计算题（共20分）美国有一跨国公司计划在中国建立一独资企业，现有二个投资项目可供选择。投资详细情况如下表所示，试从项目自身的角度出发，分析A、B两项目的净现值，选出最佳项目。单位：万元人民币注：1、我国正常所得税税率为33%，“三资企业”在税收上可享受“两免三减半”的优惠，即第1、2年免收所得税，第3、4、5年税率为16.5%, 第6年开始为33%。2、母公司与子公司的资本成本均为10%。3、计提折旧采用直线折旧法。1、投资项目A营业现金流量计算表（3分）2、全部现金流量（2分）3、投资项目净现值计算表（2分）2、投资项目B营业现金流量计算表（3分）2、全部现金流量（2分）3、投资项目净现值计算表（2分）B为最佳项目。得分五、综述题（15分）试举例说明什么是双重课税,如何避免双重课税,避免双重课税的方法有哪些.国际双重课税是指两个或两个以上国家，对跨国从事经济活动的同一纳税人所发生的同一征税对象同时征收相同或相适的税收，即发生了重叠征税。扣除法是居住国政府在行使居民管辖权时，允许本国居民将其已经交纳给外国政府的所得税，作为费用从来自世界范围的应税总收益中扣除，并以扣除后的余额为基础计算应向本国政府交纳的所得税。免税法是居住国政府对本国居民来源于非居住国政府的跨国收益、所得或一般财产价值，在一定的条件下，放弃行使居民管辖权，免予征税，免税法以承认非居住国地域管辖权的唯一性为前提。抵免法是指居住国政府，允许本国居民在本国税法规定的限度内，用已缴非居住国政府的所得税和一般财产税税额，抵免应汇总缴本国政府税额的一部分得分