第五章 国际投资管理 International Investment Management：Section five examines the management of the two kinds of international investment, including international portfolio investment and international capital budgeting. It demonstrates the optimal domestic portfolio and optimal international portfolio, followed by the explanation of international diversification and portfolio risk. It also explains the techniques and rationale of multinational capital budgeting.5.1国际证券投资组合管理International Portfolio Management:Section five extends the discussion from the optimal domestic portfolio to the optimal international portfolio by taking account of internationally diversified opportunity set, explains the three main risks involved in the international investment, and illustrates the rationale of international diversification.[单选题]Optimal international portfolio is the ( ).
5.2国际资本预算投资管理International Capital Budgeting Management:Section two extends the domestic capital budgeting to multinational capital budgeting, reviews the main capital budgeting techniques, distinguishes between the project viewpoint and the parent viewpoint, incorporates the risks into capital budgeting with sensitivity analysis and real options.
5.1国际证券投资组合管理International Portfolio Management:Section five extends the discussion from the optimal domestic portfolio to the optimal international portfolio by taking account of internationally diversified opportunity set, explains the three main risks involved in the international investment, and illustrates the rationale of international diversification.
5.2国际资本预算投资管理International Capital Budgeting Management:Section two extends the domestic capital budgeting to multinational capital budgeting, reviews the main capital budgeting techniques, distinguishes between the project viewpoint and the parent viewpoint, incorporates the risks into capital budgeting with sensitivity analysis and real options.
选项:[tangency of international security market line and international portfolio opportunity set, tangency of international capital market line and international portfolio opportunity set, tangency of domestic capital market line and international capital market line, tangency of capital market line and domestic portfolio opportunity set]
[单选题]
International investment usually does not involve ( ) risk.
[单选题]Which of the following examples is least likely political risk.
选项:[Enactment of new taxation, Using a new accounting basis by multinational corporation, Limiting or blocking currency conversion, Government seizure of company’s assets]
[单选题]Which of the following techniques is not the discounted-cash-flow criterion used to make multinational capital budgeting decisions?
选项:[Internal rate of return, Probability index, Accounting rate of return, Net present value]
[单选题]From the perspective of the parent company, multinational capital budgeting involves the following complexities except ( ).
选项:[maximization of foreign currency denominated wealth, extra tax imposed on repatriated funds by host government, blocked funds, higher tax imposed by home government]
[单选题]
Multinational capital budgeting is usually examined from two perspectives, including the viewpoint of the parent company and that of the host government.（ ）
[单选题]Payback period refers to number of years necessary for the future cash flows from the capital budgeting project to recoup its initial outlay.（ ）
选项:[错, 对]
[单选题]As far as the parent viewpoint analysis is concerned, the additional risk that stems from its foreign projects can be measured in at least two ways: adjusting the discount rates or adjusting the life of the project.（ ）
选项:[对, 错]
[单选题]Certainty equivalent approach is a method of incorporating risk into international capital budgeting project by adjusting the future cash flows arising from it downward.（ ）
选项:[对, 错]
[单选题]Suspension option grants the multinational corporation an optional right to determine whether to shut down the international capital budgeting project.
选项:[对, 错]
[单选题]From the perspective of the parent company, multinational capital budgeting involves the following complexities except ( ).
选项:[maximization of foreign currency denominated wealth, blocked funds, higher tax imposed by home government, extra tax imposed on repatriated funds by host government]
[单选题]
Multinational capital budgeting is usually examined from two perspectives, including the viewpoint of the parent company and that of the host government.（ ）
[单选题]Certainty equivalent approach is a method of incorporating risk into international capital budgeting project by adjusting the future cash flows arising from it downward.（ ）
选项:[对, 错]
[单选题]As far as the parent viewpoint analysis is concerned, the additional risk that stems from its foreign projects can be measured in at least two ways: adjusting the discount rates or adjusting the life of the project.（ ）
选项:[对, 错]
[单选题]Payback period refers to number of years necessary for the future cash flows from the capital budgeting project to recoup its initial outlay.（ ）
选项:[对, 错]
[单选题]Suspension option grants the multinational corporation an optional right to determine whether to shut down the international capital budgeting project.
选项:[错, 对]
[单选题]Which of the following examples is least likely political risk.
选项:[Government seizure of company’s assets, Using a new accounting basis by multinational corporation, Enactment of new taxation, Limiting or blocking currency conversion]
[单选题]Which of the following techniques is not the discounted-cash-flow criterion used to make multinational capital budgeting decisions?
选项:[Net present value, Internal rate of return, Accounting rate of return, Probability index]
[单选题]
International investment usually does not involve ( ) risk.
[单选题]Optimal international portfolio is the ( ).
选项:[tangency of domestic capital market line and international capital market line, tangency of international security market line and international portfolio opportunity set, tangency of capital market line and domestic portfolio opportunity set, tangency of international capital market line and international portfolio opportunity set]
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