国际财务管理课后习题答案第六章.doc

6 1. a .: , .2. .: , : S = (1 + I)/(1 + I$)E1|. , , , , . . , a , . 3. .: (I) () . 4. , . ?: (): S = P$. : e = p$ - p. . a .8. . ?: . . .*9. .: . : . , , $/ :S($/) = (M$)(V$)(y$),M , V , y . :1. ,2. , 3. .10. : 1997, 3.A. (): a. . b. . c. .B. :a. ( , )b. ( , ):A. a. () . a . A. b. a . A. c. a . B. a. a .B. b. .1. $100,000,000 . 8 6 . , 1.010.99 . . ? : I$ = 4%; i = 3.5%; S = 1.01/$; F = 0.99/$. $100,000,000 ., $104,000,000 = $100,000,000 (1 + .04)., $100,000,000 , . $105,590,909 = ($100,000,000 x 1.01)(1 + .035)(1/0.99), $100,000,000 .2. , a 35,000, . , 0.35% , , . , $1.45/ $1.40/. , 2.0% a . .(a) . 35,000 .(b) a . 35,000. . ? ? : : = 35,000 = 0.35, = 2.0% S = $1.45/; F = $1.40/. a: 35,000 , $49,000 . $49,000 : $49,000/(1.0035)3 = $48,489., $48,489. b: 35,000 34,314 = 35,000/(1.02). 34,314 , $49,755 = 34,314x1.45. $49,755. “ a”, $1,266, $49,755 $48489. 3. , $1.50/ $1.52/. 8.0% . 5.8% . 1,500,000 1,000,000. a. .b. , ? .c. a .: s : S = $1.5/; F = $1.52/; I$ = 2.0%; I = 1.45% = $1,500,000 1,000,000.a. (1$) = 1.02 (1)() = (1.0145)(1.52/1.50) = 1.0280, .b. (1) $1,500,000; $1,530,000. (2) 1,000,000 $1,500,000. (3) 1,000,000 1.45%; 1,014,500. (4) 1,014,500 $1,542,040 $12,040 c. , ; ; ; .4. 0.80/$ 0.7813/$. 5.6 5.40 . $1,000,000 800,000. a. a , . . .b. . .: a. (1+ i $) = 1.014 () (1+ i ) = 1.053. , .1. $1,000,000 $1,014,000 .2. $1,000,000 1,060,000.3. 1,060,000 1.35 % 1,074,310 .4. 1,074,310 $1,053,245. = $1,053,245 - $1,014,000 = $39,245.b. . , , . 5. $1,014,000 1,034,280. = 1,074,310 - 1,034,280 = 40,0305. 23, 1999, 5.93% 70.0% . ? , . ?: A a . (), E(e) = i$ - = 5.93% - 70.0% = -64.07% . 64%.6. 1, 1999, . R$1.95/$. . 1 2.6% 20.0%, . 1, 2000?: , .E(e)= E(p$) - E(pR$)= 2.6% - 20.0%= -17.4%E()= (1 + E(e)= (R$1.95/$) (1 + 0.174)= R$2.29/$7. ( ) , , () () . : 100 . 105 111 $0.175 $0.158 . 7% 5% . 10% 8% ( . , ).a. .b. , .c. , .:a. = 1.05/1.11(0.175) = $0.1655.b. = 1.10/1.08 (0.158) = $0.1609.c. = (1.07)4/(1.05)4 (0.158) = $0.1704. 8. 1.50/ 1.60/. 5.4% 5.2% . 1,000,000 , ., 666,667, . a. a . a . .b. a . c. a . . :a. , (1 ) = 1.054 ()(1 ) = (1.60/1.50)(1.052) = 1.1221. . 1) 1,000,000 1,054,000 .2) 666,667 1,000,000.3) 666,667 5.2%; 701,334.4) , 701,334 1,122,134. 1,122,134 1,054,000, ., 68,134.b. a , , . , ( ) . .c. 1), 2), 3) a. , 1,054,000 658,750. 42,584 = 701,334 - 658,750. 9. , . . , 2.5%, . a 3.5% . 1.5% . . $1.50/. a. . ., . b. ?c. ?.a. = (1+) (1($) 1 = (1.025)(1.035) 1 = 0.0609 6.09%. (1+) (1() 1 = (1.025)(1.015) 1 = 0.0404 4.04%.b. E() = (1.0609)3/(1.0404)3 (1.50) = $1.5904/. c. F = 1.0609/1.0404(1.50) = $1.5296/. : . . , , . . , . , , . . ., . a , . , a : . ? , . : . . , . : . : , “ ” ( ) . : .:a. , 1999 2002.b. (e) ( ) (): , . , . = 1 0.992 = (1.472 1)/0.476 . 0.476 , . . 5. .: , . , . a s () , () s .6. .: . , E(p$) = I$ - r$, E(p) = I - r. , ., r$ = r, , ., E(e) = E(p$)- E(p), : E(e) = I$ - I.7. . ?: . , , .