國際金融英文

國際金融英文演講人：日期：目錄InternationalFinancialSystemOverviewInternationalFinancialMarketsInternationalFinancialInstrumentsInternationalFinancialManagementInternationalFinancialCrisisandRegulationsInternationalFinancialSystemOverview01Theinternationalfinancialsystem(IFS)referstothenetworkoffinancialinstitutions,markets,andagreementsthatfacilitateinternationaltrade,investment,andtheflowofcapitalDefinitionTheIFSperformsmultiplekeyfunctions,includingprovidingliquidity,facilitatingpaymentsandsettlements,transferringrisks,andallocatingresourcesgloballyFunctionsDefinitionandFunctionsInternationalMonetaryFund(IMF)Anorganizationthatpromotesinternationalmonetarycooperation,stability,andorderedexchangeratesWorldBankGroupProvidesloansandtechnicalassistancetodevelopingcountriesforeconomicdevelopmentandpowerreductionCentralBanksNationalmonetaryauthoritiesthatoverseethefinancialsystemandimplementationmonetarypolicyMajorPlayersinIFSMultinationalCorporations(MNCs)LargecompaniesthatoperateinmultiplecountriesandhavesignificantimpactontheIFSthroughtheircrossborderinvestmentsandtradeactivitiesMajorPlayersinIFSForeignExchangeMarketThemarketwherecurrenciesaretraded,whichdeterminesexchangeratesandfacilitiesinternationalpaymentsBondMarketThemarketfordebtsecurities,wheregovernmentsandcorporationsraisefundsbyissuingbondstoinvestorsStockMarketThemarketforequitysecurities,wherecompaniesissuesharesofstocktoraisecapitalandinvestorsbuyandselltheirsharesDerivativesMarketThemarketforfinancialcontractswhosevaluesarederivedfromunderlyingassetssuchasstocks,bonds,currencies,orcommoditiesGlobalFinancialMarketsGoldStandardAmonetarysysteminwhichthevalueofacurrencyislinkedtogold,andcentralbanksagreetoconverttheircurrenciesintogoldatafixedpriceBretonWoodsSystemEstablishedin1944,thissystemaimedtopromoteinternationalmonetarycooperationbyfixingexchangeratesandmakingtheUSdollartheinternationalreservecurrencyFloatingExchangeRatesAsystemwhereexchangeratesaredeterminedbythemarketsupplyanddemandforcurrencies,bothbeingfixedbygovernmentsorcentralbanksInternationalMonetarySystemSpecialDrawingRights(SDRs)AninternationalreserveassetcreatedbytheIMFtosupplymembercountries'officialreservesSDRscanbeexchangedforfreelyusablecurrentsintimesofneedInternationalMonetarySystemInternationalFinancialMarkets02FunctionsoftheForeignExchangeMarketTheforeignexchangemarketiswherecurrenciesaretradedanddeterminedtheexchangeratebetweendifferentcurrenciesParticipantsintheForeignExchangeMarketTheparticipantsinthismarketincludebanks,centralbanks,commercialcompanies,hedgefunds,andretailinvestorsFactorsAffectingExchangeRatesExchangeratesareaffectedbyvariousfactorssuchaseconomicindicators,politicalstability,andinterestratesForeignExchangeMarketMoneyandCapitalMarketsThesemarketsprovideaplatformforborrowingandlending,enablepricediscovery,andfacilitatethetransferofrisksFunctionsofMoneyandCapitalMarketsThemoneymarketiswhereshorttermfinancialinstrumentssuchastreasurybills,commercialpapers,andcertificatesofdepositaretradedMoneyMarketThecapitalmarketiswherelongtermfinancialinstrumentssuchasstocksandbondsareissuedandtradedCapitalMarketTypesofDerivativesDerivativesarefinancialcontractswhosevalueisderivedfromanunderlyingassetsuchasstocks,bonds,currencies,orcommoditiesCommontypesofderivativesincludefutures,options,swaps,andforwardsFunctionsofDerivativesMarketsDerivativesmarketsprovideameansforhedgingrisks,specifyingonpricemovements,andincreasingliquidityintheunderlyingmarketsParticipantsinDerivativeMarketsParticipantsinthesemarketsincludehedges,estimators,arbitrageurs,andmargintradersDerivativesMarketsStructureoftheInternationalBankingSystemTheinternationalbankingsystemconsistsofanetworkofbanksandfinancialinstitutionsthatprovidecrossborderfinancialservicesFunctionsofInternationalBanksInternationalbanksfacilitateinternationaltradeandinvestmentbyprovidingforeignexchangeservices,internationalpayments,andtradefinancingRegulationofInternationalBanksInternationalbanksaresubjecttoregulationbyboththeirhomeandhostcountriestoensurefinancialstabilityandprotectconsumersInternationalBankingSystemInternationalFinancialInstruments03ImmediateexchangeofcurrenciesatthecurrentmarketrateSpotTransactionsAgreementtoexchangecurrenciesatafuturedateandatapreincreasedexchangerateForwardTransactionsStandardized,transferablecontractstobuyorsellaspecifiedamountofacurrentatafuturedateandatapredeterminedpriceFuturesContractsContractsthatgivetheholdertheright,butnottheopposition,tobuyorsellacurrencyataspecifiedexchangerateonorbeforeaspecifieddateOptionsForeignExchangeInstrumentsDebtSecuritiesBondsLongtermdebtinstrumentsissuedbygovernmentsorcorporationstoraisecapitalNotesShorttomediumtermdebitinstruments,oftenissuedbybanksorlargecorporationsBillsShorttermdebtinstruments,typicallyissuedbygovernmentstofinanceshorttermcashflowdefectsEurobondsBondsissuedinacurrencynotnativetothecountrywheretheyareissued,oftenusedtoattractinternationalinvestorsCommonStocksSecuritiesthatreportownershipinacorporationandtitletheholdertovoteoncorporatemattersandreceivedividendsPreferredStocksSecuritiesthathavepriorityovercommonstocksintermsofdividedpaymentsandassetliquidation,buttypicallydonotcarryvotingrightsDepositReceiptsNegotiablecertificatesissuedbyabanktoreportownershipinaspecificnumberofsharesofaforeignstocktradedonaforeignexchangeEquitySecuritiesAmericanDepositReceipts(ADRs)AtypeofdepositreceiptthatreportsownershipinthesharesofaforeigncompanythatareheldbyaU.S.bankandtradeonU.S.exchangesEquitySecurities01ContractstobuyorsellanassetataspecifiedpriceonafuturedateForwardsandFutures02Contractsthatgivetheholdertheright,butnottheopposition,tobuyorsellanassetataspecifiedpriceonorbeforeaspecifieddateOptions03Agreementsbetweentwopartiestoexchangecashflowsorassetsoveraperiodoftime,oftenusedtohedgeriskorspecifyonpricemovementsSwaps04Securitiesthattitletheholdertobuyaspecifiednumberofsharesofastockataspecifiedprice,oftenissuedaspartofabondorpreferredstockofferingWarrantyDerivativeInstrumentsInternationalFinancialManagement04IdentificationofForeignExchangeRiskAnalyzingexposuretocurrencyfluctuationsandquantifyingpotentiallossesHidingStrategiesImplementingHidingstrategiessuchasforwardcontracts,futurecontracts,andoptionstolimitforeignexchangerisksCurrencyDiversionSpreadinginvestmentsacrossmultiplecurrenciestoreduceexposuretoasinglecurrency'sfluctuationsForeignExchangeRiskManagementOperationalHeddingAdjustingoperationalstrategies,suchasinvoicingindifferentcurrenciesorsourcingfromdifferentcountries,tomanageforeignexchangerisksForeignExchangeRiskManagementCapitalBudgetingEvaluatinginternationalinvestmentopportunitiesusingcapitalbudgetingtechniquessuchasnetpresentvalue(NPV)andinternalrateofreturn(IRR)CurrencyConsiderationsAnalyzingtheimpactofcurrencyfluctuationsoninvestmentreturnsandmakingdecisionsinaccordanceTaximplicationsUnderstandingthetaximplicationsofinvestingindifferentcountriesandstructurestooptimizetaxefficiencyCountryRiskAnalysisAssessingpolitical,economic,andfinancialrisksassociatedwithinvestinginspecificcountriesInternationalInvestmentDecisionsInternationalFinancingDecisionsSourcesofFinancingIdentifyingandaccessingvarioussourcesofinternationalfinancing,includingbanks,capitalmarkets,andinternationalfinancialinstitutionsCostofCapitalDeterminingthecostofcapitalforinternationaloperationsandcomparingittodomesticcostsCapitalStructureConsiderationsAnalyzingtheimpactofcapitalstructureontheoverallcostofcapitalandfirmvalueinaninternationalcontextForeignExchangeConsiderationsManagingforeignexchangeriskassociatedwithinternationalfinancingdecisions,suchascurrentmismatchesandhedgingstrategies010203InternationalFinancingDecisionsCentralizationvs.DecentralizationDeterminingtheappropriatebalancebetweencentralizationanddecentralizationfinancialdecisionmakinginmultinationalcorporationsTransferPricingSettingpricesforgoodsandservicestransferredbetweenrelatedpartiesindifferentcountriestooptimizetaxefficiencyandmanagecashflowPerformanceEvaluationMeasuringandevaluatingthefinancialperformanceofinternationaloperationsusingappropriatemetricsandbenchmarksMultinationalCorporateFinancialManagementCoordinationofFinancialPoliciesCoordinating