國(guó)際金融教學(xué)大綱

《國(guó)際金融》教學(xué)大綱“InternationalFinance”CourseOutline課程編號(hào)：151173A課程類(lèi)型：專(zhuān)業(yè)選修課總學(xué)時(shí)：48講課學(xué)時(shí)：48實(shí)驗(yàn)（上機(jī)）學(xué)時(shí)：0學(xué)分：3適用對(duì)象：金融學(xué)（數(shù)據(jù)與計(jì)量分析）先修課程：中級(jí)宏觀經(jīng)濟(jì)學(xué)、投資學(xué)、金融學(xué)，金融市場(chǎng)與機(jī)構(gòu)CourseCode:151173APeriods:48Lecture:48Experiment(Computer):0Credits:3ApplicableSubjects:FinancePreparatoryCourses:IntermediateMacroeconomics,Investment,Finance,Financialmarketandinstitution.一、課程的教學(xué)目標(biāo)這門(mén)課程包含三個(gè)方面的內(nèi)容，金融市場(chǎng)，利率以及商業(yè)銀行。在課程結(jié)束后，學(xué)生應(yīng)該能夠（1）解釋國(guó)際金融市場(chǎng)的基本結(jié)構(gòu)；（2）理解國(guó)際資本流動(dòng)；（3）理解匯率是如何決定的，以及匯率和利率，通貨膨脹之間的關(guān)系；（4）鑒別出影響匯率行為的因素；（5）理解如何管理匯率風(fēng)險(xiǎn)；（6）理解國(guó)際商業(yè)機(jī)構(gòu)如何管理長(zhǎng)期資本和負(fù)債；（7）理解國(guó)際商業(yè)機(jī)構(gòu)如何管理短期資本和負(fù)債；（8）利用課程所學(xué)的概念和工具對(duì)具體商業(yè)案例進(jìn)行分析。Thiscoursecoversthreetopics:financialmarkets,interestrates,andcommercialbanking.Uponcompletion,youshouldbeableto:

Explainthebasicstructureofinternationalfinancialmarket

Understandinternationalflowoffund.

Understandhowexchangerateisdetermined,thelinkagebetweenexchangerateand

inflationandinterestrate

Identifythefactorsthatinfluenceexchangeratebehavior

Understandhowexchangerateriskismanaged.

Understandhowlong-termassetandliabilityismanaged

Understandhowshort-termassetandliabilityismanaged

Usethetoolsandconceptslearnedinthiscoursetoanalyzebusinesscase二、教學(xué)基本要求本課程的主要內(nèi)容將采取理論與案例相結(jié)合的教授方式。為了使學(xué)生鞏固知識(shí)，案例分析將穿插在平時(shí)的課堂中。授課老師講采取定期的課堂測(cè)驗(yàn)的方式掌握學(xué)生對(duì)知識(shí)的吸收情況，并針對(duì)學(xué)生的學(xué)習(xí)動(dòng)態(tài)進(jìn)行調(diào)整。課程的考核方式及其所占權(quán)重如下：出勤10%課堂測(cè)驗(yàn)一25%課堂測(cè)驗(yàn)二25%期末閉卷考試40%課堂測(cè)驗(yàn)：按照通常情況來(lái)說(shuō)，課堂測(cè)驗(yàn)沒(méi)有補(bǔ)測(cè)。如果你由于身體或者家庭原因，不能出席課堂測(cè)驗(yàn)，請(qǐng)?zhí)崆巴ㄟ^(guò)郵件告知，并在之后提供缺席的相關(guān)證明。如果不能遵守這些規(guī)則，學(xué)生將有可能失去該部分的分?jǐn)?shù)。 期末考試：期末考試考察的內(nèi)容將覆蓋整學(xué)期教授的內(nèi)容。期末考試的日期將由學(xué)校統(tǒng)一安排，請(qǐng)妥善安排你的計(jì)劃。課堂測(cè)驗(yàn)和期末考試將由多項(xiàng)選擇題，簡(jiǎn)答題（有關(guān)概念）以及分析題（用圖分析或簡(jiǎn)單的代數(shù)分析題）。學(xué)生們被允許帶具有簡(jiǎn)單科學(xué)運(yùn)算功能的計(jì)算器。請(qǐng)同時(shí)帶上你的學(xué)號(hào)到隨堂測(cè)驗(yàn)以及期末考試。隨堂測(cè)驗(yàn)和期末考試均是閉卷。Boththeoryandcasestudywillbetaughtinthisclass.Tohelpstudentsconsolidateknowledgebetter,casestudywillbediscussedduringtheregularclasses.In-classquizzeswillbeimplementedtoevaluateifstudentsunderstandwell.Youroverallperformancewillbeevaluatedbasedon:

Classparticipation:10%Quiz1:25%

Quiz2:25%

Finalexam:40%

Quizzes

Asageneralprinciple,therewillbenomake-upquizzes.Ifyoucannotattendthequizzesduetomedicalorfamilyemergency,youneedtosendanemailtomeBEFOREthequizzes.Lateronyouneedtoprovideproofsforyourabsence.Failingtoobservetherulewillresultinacompletelossofthegradeallocatedtothequizzes.

FinalExam

Yourfinalexamiscomprehensive,i.e.,itwillcoverallthematerialscoveredduringthe

semester.Thefinalexamdateiscentrallyarranged,andIhavetoabidebytheofficialexam

schedule.Pleasemakeyourholidaytravelplansaccordingly.

Boththequizzesandthefinalexamwillconsistofmultiplechoicequestions,shortanswers

(straightforwardconceptualquestionsordefinitions)andanalyticalproblems(diagrammatic

orsimplealgebraicanalyses).Youareallowedtobringanon-graphingcalculatorwithbasic

scientificfunctionstotheexams.YouhavetobringyourUniversityphotoIDtoboththe

quizzesandthefinalexam.

Quizzesandthefinalexamareclosedbooksandnotes.各教學(xué)環(huán)節(jié)學(xué)時(shí)分配教學(xué)課時(shí)分配(ClassSchedule)序號(hào)章節(jié)內(nèi)容講課其他合計(jì)1緒論Introduction222外匯市場(chǎng)，遠(yuǎn)期市場(chǎng)和匯率風(fēng)險(xiǎn)Theforeignexchangemarket,ForwardMarketsandTransactionExchangerisk663國(guó)際收支平衡表Thebalanceofpayment444國(guó)際貨幣系統(tǒng)Internationalmonetarysystem445利率平價(jià)以及匯率決定Internationalparityconditionandexchangeratedetermination886國(guó)際資本市場(chǎng)Internationalcapitalmarket667國(guó)際公司金融Internationalcorporatefinance668利率和貨幣互換Interestrateandcurrencyswap669外匯期貨以及期權(quán)FXfuturesandoptions66合計(jì)4848四、教學(xué)內(nèi)容第一章緒論全球化過(guò)程1.發(fā)展2.特征跨國(guó)公司特征與國(guó)際金融市場(chǎng)關(guān)聯(lián)第三節(jié)國(guó)際金融市場(chǎng)1，發(fā)展2.特征教學(xué)重點(diǎn)、難點(diǎn)：全球化與國(guó)際金融市場(chǎng)的發(fā)展動(dòng)態(tài)以及因果關(guān)系課程的考核要求：了解模型全球化、跨國(guó)公司以及國(guó)際金融市場(chǎng)發(fā)展的歷程。第二章外匯市場(chǎng)，遠(yuǎn)期市場(chǎng)和匯率風(fēng)險(xiǎn)第一節(jié)外匯市場(chǎng)1.外匯市場(chǎng)構(gòu)成2.貨幣計(jì)價(jià)3.銀行間市場(chǎng)第二節(jié)遠(yuǎn)期市場(chǎng)和匯率風(fēng)險(xiǎn)1.匯率風(fēng)險(xiǎn)2.遠(yuǎn)期貨幣市場(chǎng)及交割3.遠(yuǎn)期溢價(jià)4.匯率波動(dòng)性變化教學(xué)重點(diǎn)、難點(diǎn)：匯率計(jì)價(jià)的幾種方式，銀行間市場(chǎng)的作用，匯率風(fēng)險(xiǎn)的影響及如何利用遠(yuǎn)期市場(chǎng)消除匯率風(fēng)險(xiǎn)。課程的考核要求：理解外匯市場(chǎng)的主要特征，清楚匯率計(jì)價(jià)的幾種方式，了解遠(yuǎn)期市場(chǎng)的作用，了解匯率風(fēng)險(xiǎn)的來(lái)源。第三章國(guó)際收支平衡表第一節(jié)概念及組成1.經(jīng)常賬戶2.資本賬戶3.儲(chǔ)備賬戶赤字與盈余經(jīng)常賬戶動(dòng)態(tài)1.貿(mào)易賬戶動(dòng)態(tài)2.投資收入賬戶動(dòng)態(tài)3.與儲(chǔ)蓄、投資的關(guān)系教學(xué)重點(diǎn)、難點(diǎn)：國(guó)際收支平衡表的獨(dú)特記錄規(guī)則，各賬戶之間的聯(lián)系，經(jīng)常賬戶與儲(chǔ)蓄和投資之間的聯(lián)系。課程的考核要求：可以對(duì)同一筆跨國(guó)交易在國(guó)際收支平衡表中進(jìn)行記錄。理解經(jīng)常賬戶的變化與儲(chǔ)蓄和投資變化的關(guān)系。第四章國(guó)際貨幣系統(tǒng)第一節(jié)中央銀行第二節(jié)匯率制度1.固定匯率2.清潔浮動(dòng)匯率3.有管理的浮動(dòng)匯率：不同制度下的匯率制度選擇。第三節(jié)匯率危機(jī)1.資本的”突然停止”2.阿根廷的貨幣危機(jī)教學(xué)重點(diǎn)、難點(diǎn)：中央銀行和商業(yè)銀行間的關(guān)系。固定和浮動(dòng)匯率與資本流動(dòng)以及貨幣危機(jī)之間的關(guān)系。課程的考核要求：了解貨幣當(dāng)局的組織架構(gòu)，理解匯率管理制度的不同，可以分析不同匯率制度下資本流動(dòng)的情況。理解在社會(huì)主義制度下匯率制度選擇的重要性，社會(huì)主義核心價(jià)值觀要求建設(shè)富強(qiáng)、民主、文明、和諧的社會(huì)主義社會(huì)，社會(huì)和諧穩(wěn)定是發(fā)展的基礎(chǔ)，因此在匯率制度選擇上，應(yīng)把穩(wěn)定放在第一位，實(shí)行有管理的浮動(dòng)，避免外匯市場(chǎng)的大幅度波動(dòng)。第五章利率平價(jià)以及匯率決定第一節(jié)利率等價(jià)理論1.假設(shè)條件2.拋補(bǔ)利率平價(jià)3.未拋補(bǔ)利率平價(jià)第二節(jié)購(gòu)買(mǎi)力平價(jià)1.假設(shè)條件2.絕對(duì)購(gòu)買(mǎi)力平價(jià)3.相對(duì)購(gòu)買(mǎi)力平價(jià)第三節(jié)實(shí)際匯率第四節(jié)貨幣市場(chǎng)風(fēng)險(xiǎn)對(duì)沖教學(xué)重點(diǎn)、難點(diǎn)：利率等價(jià)理論，購(gòu)買(mǎi)力等價(jià)理論，匯率的預(yù)測(cè)。課程的考核要求：理解利率等價(jià)和購(gòu)買(mǎi)力等價(jià)的前提假設(shè)條件。掌握等價(jià)公式背后的邏輯，利用利率等價(jià)和購(gòu)買(mǎi)力等價(jià)預(yù)測(cè)匯率。第六章國(guó)際資本市場(chǎng)第一節(jié)國(guó)際債券市場(chǎng)1.構(gòu)成2.國(guó)際銀行及借貸3.借貸成本第二節(jié)國(guó)際股票市場(chǎng)1.交叉上市2.不足及有利條件第三節(jié)國(guó)際資本市場(chǎng)的均衡1.風(fēng)險(xiǎn)與回報(bào)率2.最優(yōu)資產(chǎn)配置3.資本定價(jià)模型教學(xué)重點(diǎn)、難點(diǎn)：借貸成本，交叉上市的優(yōu)劣以及國(guó)際資本市場(chǎng)回報(bào)的計(jì)算課程的考核要求：根據(jù)條件計(jì)算國(guó)際債券市場(chǎng)借貸成本，以及計(jì)算國(guó)際資本市場(chǎng)投資的回報(bào)率計(jì)算。國(guó)際公司金融國(guó)際資本預(yù)算折現(xiàn)資本模型金融側(cè)影響因子實(shí)物期權(quán)風(fēng)險(xiǎn)管理、外匯對(duì)沖對(duì)沖討論：反對(duì)論據(jù)、支持論據(jù)國(guó)際貿(mào)易融資支付問(wèn)題？支付方式出口融資教學(xué)重點(diǎn)、難點(diǎn)：資本預(yù)算及其影響因子。對(duì)沖在實(shí)際應(yīng)用中的復(fù)雜性課程的考核要求：掌握資本預(yù)算過(guò)程，可以對(duì)某一實(shí)際跨國(guó)投資項(xiàng)目的可行性給予分析。第八章利率和貨幣互換第一節(jié)利率互換1.利率互換合約2.定價(jià)3.信用風(fēng)險(xiǎn)第二節(jié)貨幣互換1.機(jī)制2.兩種方式3.價(jià)值計(jì)算教學(xué)重點(diǎn)、難點(diǎn)：利率互換和貨幣互換的定價(jià)課程的考核要求：掌握利率互換和貨幣互換所產(chǎn)生的現(xiàn)金流，對(duì)互換合約可以進(jìn)行定價(jià)外匯期貨及期權(quán)外匯期貨期貨合約對(duì)沖交易風(fēng)險(xiǎn)外匯期權(quán)期權(quán)合約：歐式和美式風(fēng)險(xiǎn)管理中的應(yīng)用教學(xué)重點(diǎn)、難點(diǎn)：期貨儲(chǔ)備賬戶動(dòng)態(tài)，期權(quán)的定價(jià)及執(zhí)行課程的考核要求：掌握期貨和期權(quán)所產(chǎn)生的現(xiàn)金流，可以根據(jù)市場(chǎng)價(jià)格對(duì)期貨儲(chǔ)備賬戶動(dòng)態(tài)進(jìn)行分析，掌握期權(quán)的執(zhí)行條件。Chapter1IntroductionSection1Globalization1.Development2.FeaturesSection2Multinationalfirm1.Features2.RelationshipwithinternationalfinancialmarketSection3Internationalfinancialmarket1.Development2.FeaturesChapter2Foreignexchangemarket,forwardmarketandexchangerateriskSection1Foreignexchangemarket1.Composition2.Quote3.InterbankmarketSection2Forwardmarketandexchangeraterisk1.Exchangeraterisk2.Forwardmarketandsettlement3.Forwardpremium4.VolatilityofexchangerateKeyandDifficultPoints:thequoteofexchangerateandforwardpremiumEvaluationRequirements:masterthedifferentwaystoquoteexchangerateinmarket,understandtheexistenceofexchangerateriskandexplainhowforwardmarketcanmitigateexchangeraterisk.Chapter3ThebalanceofpaymentSection1Conceptandcomposition1.Currentaccount2.Capitalaccount3.ReserveaccountSection2SurplusandDeficitSection3Currentaccount1.Dynamicsoftradeaccount2.Dynamicsofinvestmentincomeaccount3.RelationshipwithsavingandinvestmentKeyandDifficultPoints:Theaccountruleofthebalanceofpayment.TherecordcorrectlyineachaccountforoneinternationaltransactionEvaluationRequirements:Canrecordcorrectlyineachaccountforoneinternationaltransaction.Understandthelinkagebetweencurrentaccount,savingandinvestment.Chapter4ExchangeratesystemSection1CentralbankSection2Exchangeratemanagementsystem1.Fixedexchangeratesystem2.Floatingexchangeratesystem3.ManagedfloatingexchangeratesystemSection3Currencycrisis1.Suddenstopofinternationalcapital2.ArgentinaCaseKeyandDifficultPoints:Therelationbetweencentralbankandcommercialbank.Thelinkagebetweenexchangeratemanagementsystemwithcapitalflowandcurrencycrisis.EvaluationRequirements:Understandthestructureofmonetarymanagementsystem.Analyzecapitalflowunderdifferentexchangeratemanagementsystem.Chapter5InterestrateparityandexchangeratedeterminationSection1Interestrateparity1.Assumption2.Coveredinterestrateparity3.UncoveredinterestrateparitySection2Purchasingpowerparity1.Assumption2.AbsolutePurchasingpowerparity3.RelativePurchasingpowerparitySection3RealexchangerateSection4HedgingexchangerateriskincurrencymarketKeyandDifficultPoints:Interestrateparityandpurchasingpowerparitytheory,forecastingfutureexchangerate.EvaluationRequirements:Understandtheassumptionsininterestrateparityandpurchasingpowerparitytheory.Masterthelogicandintuitionbehindtheformulas.Beabletouseformulastoforecastfutureexchangerate.Chapter6InternationalcapitalmarketSection1Internationaldebtmarket1.Composition2.Internationalbankandloans3.CostofdebtSection2Internationalequitymarket1.Crosslisting2.AdvantageanddisadvantageSection3InternationalcapitalmarketEquilibrium1.Riskandreturn2.Theoptimalcapitalallocation3.CAMPmodelKeyandDifficultPoints:Costofdebt，returnofequityinvestmentEvaluationRequirements:Beabletocalculatethecostofdebtandreturnofequityinvestment.Chapter7InternationalcorporatefinanceSection1Internationalcapitalbudgeting1.Discountthecashflows2.Financialsideeffects3.RealoptionSection2Riskmanagementandforeigncurrencyhedging1.Hedge2.ArgumentsforandagainsthedgeSection3Financeinternationaltrade1.PaymentIssues2.Methodsofpayment3.FinanceexportKeyandDifficultPoints:Capitalbudgetingandinfluencingfactors.Thecomplexityofbudgetinreality.EvaluationRequirements:Masterthemethodofcapitalbudgeting.Beabletoevaluatethepossibilityofinternationalinvestmentproject.Chapter8InterestrateandcurrencyswapsSection1Interestrateswap1.Contract2.Pricing3.CreditriskSection2Currencyswap1.Mechanism2.Twoways3.ValuationKeyandDifficultPoints:Pricingofinterestrateandcurre