ACADEMY OF FINANCE

11/12/2010

Multinational Business Finance Ti Chnh Kinh Doanh a Quc Gia

GLOSSARY CH THCH Thut ng ting Anh Accounting exposure ADB Asian Development Bank Thut ng ting Vit Thit hi (li) v mt k ton Ngn hng Pht trin chu Gii thch Thay i trong gi tr ti khon mnh gi ngoi t ca mt doanh nghip do bin ng t gi. ADB - Ngn hng Pht trin chu l mt ngn hng pht trin khu vc c thnh lp nm 1966 nhm thc y s pht trin v kinh t, x hi cc nc chu Thi Bnh Dng thng qua cc khon tn dng v h tr k thut, ln lt vo khong 6 t v 180 triu USD mi nm. Phng php Gi tr hin ti iu chnh APV (Adjusted Present Value) cng tng t nh phng php gi tr hin ti rng NPV (Net Present Value). V phng din k thut, im khc cn bn l m hnh APV s dng chi ph s dng vn c phn (cost of equity) hay WACC iu chnh li sut chit khu thay v dng WACC thng thng nh NPV. L do chnh nm cu trc ti tr ca d n v hiu ng ca l chn thu (tax shield). APV = Base-case NPV + NPV(Financing Decision) Sn phm ny ph bin ti th trng M vi tn vit tt l ADR American Depository Receipts. Chng c gi tr tham kho cao v c m phng ng dng i vi nhiu th trng.

Adjusted presented value

Phng php Gi tr hin ti iu chnh

ADR American Depositary Receipt

Bin nhn lu k

DR c ngha mc mc nh rut t bin nhn thay cho mt s c phn ca chng khon m n i din ca mt cng ty ngoi quc c quc tch khc vi nc m n pht hnh. Khi c

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ng k giao dch, n c gi tr nh mt chng khon thc th, c th l chuyn nhng c v mua bn d dng. M mt DR thng thay cho 10 c phn. Cc ADR c cc cng ty ngoi quc s dng nh mt phng tin hu hiu thu ht u t ca M. Vic ng k lu hnh cc ADR thng theo mt quy ch nh nhng hn so vi th tc m U Ban Chng khon Hoa K i hi i vi cc chng khon trong nc h. Ad valorem duty Thu da trn gi tr c nh gi ca bt ng sn hay cc ti sn c nhn L mt loi thu da trn gi tr c nh gi ca bt ng sn hay cc ti sn c nhn. Thu ny c th l thu ti sn hay thm ch c p/ nh thu i vi/ cho hng nhp khu. Thu nh vo ti sn da trn gi tr ny l mt ngun thu chnh ca quc gia v cc chnh quyn thnh ph. Ad valorem l Thu tnh trn c s gi tr ca hng ha ch khng trn c s trng lng hay s lng ca hng ha. Cm t ad valorem l ch latinh c ngha theo gi tr. Thu Ad valorem xut hin khi c s s hu mt ti sn, ngc vi thu nh vo cc giao dch nh thu mua bn, loi thu ch xut hin thi im c giao dch AfDB Affiliate Agency for International Development ( AID) Ngn Hng Pht Trin Phi Chu Cng ty lin kt C quan pht trin quc t T l chit khu vn hon ton Quyn chn kiu M Chc nng ging nh Ngn hng Pht trin Chu Mt doanh nghip nc ngoi no c Cng ty M mt nc khc m nm gi mt phn nh quyn li thiu s Mt t chc ca Chnh ph Hoa K chuyn tr gip cc vn v pht trin Quc t T l chit khu c s dng khi tnh mt dng tin hot ng trong tng lai v hin ti nu d n ch l d n u t t cc cng c ti chnh di hn Quyn chn kiu M l mt quyn chn m c th c s dng vo bt c ngy no cho n ngy ht hn v bao gm c ngy ht hn. y l mt h thng trong thu quan ca M i vi mt s mt hng nhp khu c tnh trn c s gi tr ca mt hng thay th trong nc so vi gi tr ca hng nhp khu. Thut ng ch vic nim yt t gi ng la vi mt loi ngoi t khc

All equity discount rate American option

American selling price

Gi bn kiu M.

American terms

Thut ng kinh t

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A/P

Phi tr ngi bn

y l tn vit tt ca ti khon phi tr nm trn bng cn i k ton phn N phi tr v ngun vn Trong bi cnh v thay i trong t gi ngoi t th mt s tng ln v t gi ngoi t ny cng s dn n mt s thay i v mt t gi ngoi t khc hoc vng. Cng c th c gi l s iu chnh li gi Mt nghip v bao gm vic mua bn mt ti sn, v d mt hng ho hay tin t hai hay nhiu th trng, gia chng c s khc nhau hay chnh lch v gi nhm thu li v chnh lch gia cc th trng Ngi hoc t chc kinh doanh da vo chnh lch t gi Mc li nhun trung bnh khi c tnh bng trung bnh gia c tc thu c v gi tr chnh lch gia mnh gi v gi th trng ca mt loi c phiu Giao dch m quan h gia ngi mua v ngi bn khng gn c th nh hng n gi c tng v mt ng tin chu c xut ln u tin bi th tng Malaysia Mahathir Mohamad ti hi ngh thng nh ASEAN nm 1997. Nm 2003, "cha " ca ng Euro, ngi ginh gii Nobel v kinh t hc, ng Robert Mondale cng gi vic xy dng mt ng tin chung chu , kiu nh ng "Nhn dn t chu ". Mc ch ca vic xy dng ng tin ny l nhm thc y hp tc v pht trin kinh t trong khu vc ln mt tm cao mi Gi ask l gi m nh bun sn sng bn bn ng tin c bn trong giao dch trao i vi ng tin nh gi. Tng t, gi ask s l gi nh u t mua ng tin c bn nu chp nhn Vic m rng kinh doanh ca ti sn ti chnh (c phiu v tri phiu) nh hnh li cc nh phn tch v thng nhn cch nhn vo cc loi tin t. Bin kinh t nh tng trng kinh t , lm pht v nng sut khng cn l trnh iu khin duy nht ca phong tro tin t. T l giao dch ngoi hi xut pht t giao dch qua bin gii ca cc ti sn ti chnh lm mc giao dch tin t c to ra t kinh doanh hng ho v dch v. i vi quyn chn mua, nu gi thc hin thp hn gi hin

Appreciation

l s tng gi ni t

Arbitrage

Kinh doanh da vo chnh lch t gi.

Arbitrageur Arithmetic return

Ngi hoc t chc u c Li nhun s hc

Arms length price Asian currency unit

Mua bn ng gi n v tin t chung Chu

Ask price

Quyn chn bn

Asset market approach

M hnh th trng ti sn

At the money

Gi quyn la chn ha

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vn

hnh ca chng khon c s, th quyn c gi l ang c tin (in the money), tc l ngi c quyn c th c li t vic thc hin quyn. Nu gi thc hin bng vi gi th trng, quyn ang trng thi ho vn ( at the money), v nu cao hn, gi l ang mt tin (out of money Ban u c s dng trnh cc gii hn v tin t. Nhng khon vay mn back-to-back ban u l nhng khon n b p gia hai bn s dng tin t khc nhau. V d: mt doanh nghip M cho 1 DN Anh vay bng ng la nc M, v DN Anh s cho DN M vay mt khon tng ng bng ng bng Anh Anh (t gi hi oi giao ngay). Nh vy c hai DN u c loi tin t mnh cn m khng phi thng qua c ch qun l t gi. Nghip v ny b thay bng nghip v SWAP tin t cc th trng ln nhng n vn c p dng khi c nhng gii hn v trao i ngoi hi. N gip lng cng c s dng tng cng tn dng l bn kt ton tng hp gi tr bng tin ca tt c giao dch quc t ca mt quc gia, bao gm: gi tr xut nhp khu hng ha, v thu nhp t dch v v u t L bng quyt ton v chnh lch gia gi tr v mt tin t ca nhp khu v xut khu trong mt nn kinh t qua mt giai on thi gian r rng. Nu xut khu vt qu nhp khu th quc gia c s thng d thng mi thng c gi l trade surplus, v bn bo co trade balance c coi l tt. Hnh ng, thng l trn th trng hng ha, b li kh nng thua l do thay i gi c i vi vic mua bng cch thc hin mt hnh ng bn tng ng, hoc ngc li l mt t chc quc t ca cc ngn hng trung ng, thm ch c th ni n l ngn hng trung ng ca cc ngn hng trung ng trn th gii. BIS c vai tr thc y s hp tc gia cc ngn hng trung ng v cc c quan khc n nh tin t v ti chnh. Hot ng ca BIS c thc hin bi cc tiu ban, ban th k ca n v bi hi ngh ton th cc thnh vin c t chc hng nm. BIS cng cung ng cc dch v ngn hng, nhng ch cho ngn hng trung ng, hoc cc t chc quc t tng t n. BIS c thnh lp nm 1930 theo Hip c Hague v c tr s chnh ti Basel, Thy S l li sut do Ngn hng Trung ng cng b lm c s cho cc t chc tn dng n nh li sut kinh doanh

Back to back loan

Vay gip lng

Balance of payment

Cn cn thanh ton

Balance of trade

Cn cn thng mi

Balance sheet hedge

mua bn i xung

Bank for international settlement

Ngn hng thanh ton quc t

Bank rate

Li sut Ngn hng

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Bankers acceptance

Chp nhn ca ngn hng

y l mt thut ng ch vic: t Sc hoc Thng phiu c mt ngn hng bo m, thng c dng trong vic cp vn cho nh xut nhp khu. Khi ngn hng chp nhn mt thng phiu th uy tn ca ngi pht hnh cng c nng cao, nn cc thng phiu c ngn hng chp nhn thng l nhng chng th n c cht lng cao c th bn li d dng cho cc nh u t. Tt nhin vi nghip v chp nhn ny ngn hng s c hng mt khon th lao Mt h thng trao i hng ho l mt h thng th trng trong hng ho v dch v c trc tip i ly nhng hng ho hoc dch khc. Nu bn ng sa chic my tnh ca ngi lng ging i li anh ta hoc c ta gip bn qut vi ngi nh, bn tham gia vo mt giao dch trao i hng ho Trong mc cn bng cn cn thanh ton ca mt quc gia, l mc cn bng gia xut khu v nhp khu ca hng ha v dch v, dng chy vn di hn gia 2 bn L n v c nh tng ng 1/100 ca mt im phn trm, ngha l 1 im c bn bng 0.01 ca 1% bng 0.0001 L hiu s gia gi giao ngay ti thi im k kt hp ng v gi tng lai c xc nh vo thi im o hn hp ng. Mt loi tri khon khng yu cu c chng th chuyn nhng v ngi gi c quyn s hu hp php.

Barter

Th trng hng i hng

Basic balance

Mc cn bng c bn

Basis point Basis risk Bearer bond

im c bn Hiu s ri ro c bn Tri phiu khng ghi tn

Beta

H s Beta

H s c nh ngha nh l h s o lng mc bin ng li nhun c phiu c bit so vi mc bin ng li nhun danh mc c phiu th trng Gi bid l gi m nh bun sn sng tr mua ng tin c bn trong giao dch trao i vi ng tin nh gi. iu ny c ngha gi bid l gi m chng ta (nh u t) s bn ng tin c bn nu chp nhn. Gi bid l gi m nh bun sn sng tr mua ng tin c bn trong giao dch trao i vi ng tin nh gi. iu ny c ngha gi bid l gi m chng ta ( nh u t ) s bn ng tin c bn nu chp nhn. Gi ask l gi m nh bun sn sng bn bn ng tin c bn trong giao dch trao i vi ng tin nh gi. Tng t, gi ask s l gi nh u t mua ng tin

Bid

Quyn chn mua

Bid ask spread

Chnh lch gia gi mua v gi bn

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c bn nu chp nhn. Khong chnh lch gia gi bid v ask c gi l bid/ ask spread. Big bang Bill of exchange (B/E) S kin Big Bang Hi phiu Mt s kin din ra nm 1986 ti London m th trng vn c t do ha Hi phiu l mt mnh lnh tr tin v iu kin do mt bn k pht i tin bn kia. Ngi k pht hi phiu thng l ngi xut khu k i tin ngi nhp khu hoc i l ca ngi nhp khu tr cho mt s tin xc nh ghi trn b mt hi phiu. L chng t chuyn ch hng ho bng ng bin do ngi chuyn ch hoc i din ca ngi chuyn ch pht hnh cho ngi gi hng sau khi hng ho c xp ln tu hoc sau khi nhn hng xp. Vn n ng bin l mt chng t quan trng trong giao nhn vn chuyn, bo him, thanh ton v khiu ni (nu c). Mt th trng trao i ngoi t tri php Cc ti khon tin t mt quc gia m vic chuyn i ra ngoi t khc l b hn ch v nhng chnh sch kim sot t gi ca nh nc Mt chnh sch ti kha m da trn cc cam kt chung v chnh sch thu quan v thng mi gia cc quc gia, trong hng nhp khu s chu vi hay tt c cc loi thu ca nc nhp khu v hng ti xut s c min vi hay tt c cc loi thu ca nc xut khu Mt chi nhnh ca mt cng ty nc ngoi c t ti nc hay mt nc khc Thc cht Bretton Woods l tha thun hng v vic gi gi ng tin cc nc theo gi vng v chng lm pht gi c. H thng Bretton Woods c thc hin nm 1946. Theo h thng ny, mi quc gia xy dng chnh sch ngang gi tng ng vi ng la M v mt gi vng, tnh bng la khng bin i l 35 USD/ounce L loi cp vn tm cho nn tin li cao v chi ph cao, nhng c th mn c tin nhanh hn mua c nh/t trong lc khn cp.

Bill of lading ( B/L)

Vn n ng bin

Black market Blocked funds

Ch en Ti khon phong ta

Border tax adjustments

Nhng iu chnh v thu gia bin gii cc quc gia

Branch Bretton Woods Conference

Chi nhnh Hip c Bretton Woods

Bridge financing

Vay bc cu

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Bulldogs

Tri phiu Bulldog Ti Anh

Tri phiu do con n nc ngoi pht hnh (ngi nc ngoi vay tin pht hnh). Tri phiu Bulldog c tnh theo n v ng Pound Anh, t l li nhun c nh v thng chi tr li tng 1/2 nm. Thut ng m ch t gi ngoi t gia ng bng Anh v ng la M CAD Cash against documents , hay COD: Cash on delivery l phng thc thanh ton trong t chc nhp khu da trn c s hp ng ngoi thng s yu cu ngn hng bn xut khu m mt ti khon tn thc (Trust account) thanh ton tin cho t chc xut khu xut trnh y chng t theo tha thun. L mt loi hp ng ti chnh din ra gia hai bn, cho php ngi mua hp ng c quyn mua mt s lng xc nh c phn ca mt chng khon, ch s chng khon no mt mc gi n nh trc, gi l "strike price" hoc "exercise price" - vo hoc trc ngy o hn ca hp ng. i li, ngi mua hp ng (holder) phi tr cho ngi bn hp ng quyn chn (writer) mt khon ph (call premium). Lc mua bn hp ng ny ban u khng h din ra vic chuyn giao chng khon thc t m ng hn ch l s trao quyn mua mt loi ti sn ti chnh i li mt khon ph. Tc l ti khon tin ti ngn hng m xut pht t cc ngun vn vay n v u t gin tip M hnh nh gi ti sn vn (Capital asset pricing model CAPM) l m hnh m t mi quan h gia ri ro v li nhun k vng. Trong m hnh ny, li nhun k vng ca mt chng khon bng li nhun khng ri ro (risk-free) cng vi mt khon b p ri ro da trn c s ri ro ton h thng ca chng khon . Cn ri ro khng ton h thng khng c xem xt trong m hnh ny do nh u t c th xy dng danh mc u t a dng ho loi b loi ri ro ny. Vic phn tch cc yu t lin quan xc nh vic u t vo ti sn di hn hay ngn hn l tt hn L tnh trng rt vn vi s lng ln ra khi mt quc gia, thng l do xung t, thiu c hi pht trin, s khng n nh v chnh tr, hoc trnh nhng ri ro v kinh t Th trng ti chnh cc quc gia chuyn giao dch cc cng c ti chnh di hn nh chng khon v tri phiu chnh ph Mc vn m c th di chuyn t do gia cc quc gia ny
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Cable CAD

T gi gia ng la v ng bng Anh Phng thc giao chng t nhn tin ngay

Call option

Quyn chn mua

Capital account Capital Asset Pricing Model ( CAPM)

ti khon vn. M hnh nh gi ti sn vn

Capital budgeting Capital flight

Hoch nh ngn sch vn u t Tnh trng rt vn t

Capital markets Capital mobility

Th trng vn Vn lu ng

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v quc gia khc nhm tm kim cc c hi u t Cash budgeting Lp k hoch dng tin Vic lp k hoch cho dng tin vo v dng tin ra ca mt d n. Ch s c tnh bng tng li nhun thu c tr i cc khon thu v chi ph khu hao my mc ca d n .

Casch flow return on investment (CFROI)

Dng tin thu c trong vic u t mt d n Chng ch tin gi

Certificate of Deposit (CD)

Mt chng ch c pht hnh bi cc ngn hng. Chng ch ny c th giao dch mua bn c trn th trng ti chnh nh cc cng c ti chnh khc Thut ng quy nh rng trch nhim ca ngi bn s ht khi giao hng qua boong tu ti cng ngi bn bn cnh ngi bn cng phi mua bo him 110% cho hng ha bn Linh kin t, xe my, my mc c nhp khu nguyn v mt quc gia v quc gia ch cn lp rp li thnh mt sn phm hon chnh ri bn ra. Mt t chc ti chnh c th b tr ngha v ca cc bn giao dch thng mi lin quan thng l cc ngn hng. Mt h thng my tnh c t ti New York ca cc ngn hng m c s dng tin hnh nghip v b tr ln nhau gia cc n v thnh vin. Mt nghip v m va c th mua quyn chn mua v bn quyn chn bn hoc ngc li. Mt hi ng c thnh lp bi Lin x v cc nc phng Ty nhm h tr kinh t gia cc bn. Hi ng ny tan r khi Lin X sp nm 1992. Trong ngn hng, l vic mt doanh nghip khng th tr c khon n cho ngn hng bi nhng ri ro khi tham gia kinh doanh. Mt th trng m c s tham gia ca cc quc gia trong cam kt xa b ton b hng ro thu quan to iu kin tham gia thng mi cho cc cng ty ca cc quc gia y Mt thut ng kinh t m ch: nu sn sut nc ny th s tn t chi ph hn nu nh cng sn xut cng mt hng

CIF

Thut ng tp qun thng mi quc t Linh kin CKD

CKD

Clearing house

T chc b tr

Clearinghoues Interbank Payment System (CHIPS)

H thng thanh ton b tr lin ngn hng

Collar option

Quyn chn lng th

Comecon

Hi ng hp tc tng tr kinh t ln nhau Ri ro thng mi

Commercial risk

Common market

Th trng chung

Comparative advantage

Li th so snh

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nc khc. Concession agreement Hip c nhng quyn Hp nht bo co ti chnh Mt hip c c k kt gia Chnh ph v mt Cng ty nc ngoi khc quy nh v lnh vc c hot ng khi cng ty ang hot ng u t nc ny. Ch vic hp nht bo co ti chnh gia cng ty M v cc cng ty con.

Consolidated financial statement

Consolidation

Hp nht

Thut ng dng trong k ton m ch vic hp nht nhiu bo co thnh mt bo co n nht Mc chnh lch v mc khng hong cc quc gia m c nhiu nt c th tng ng nhau. Mt tp on m cc C ng M chim hn 50% quyn biu quyt.

Contagion

nh hng lan truyn

Controlled foreign corporation (CFC)

Tp on kim sot nc ngoi

Convertible bond

Tri phiu chuyn i

Loi tri phiu c th chuyn i ra chng khon khi n lc o hn. Mt loi tin t m d dng chuyn i ra cc loi tin t khc.

Convertible currency

Tin t chuyn i

Corporate governance

H thng qun tr v kim sot trong mt doanh nghip Ti a ha li nhun tp on

Mt h thng m cc doanh nghip c nh hng v lm theo cc quy tc trong . Vic ti a ha khng ch cho cc c ng m cn cho cc bn lin quan khc nh nhn vin ca Cng ty.

Corporate wealth maximization

Correspondent bank

Ngn hng i ng

Mt ngn hng m c giao dch vi mt ngn hng khc mt nc khc hay mt vng khc. Tp qun quy nh ngi bn phi tr cc chi ph ng gi bao b, chi ph chuyn ch cho ti khi hng ha n tn cng ngi mua.

Cost and freight (C&F)

Thut ng tp qun thng mi quc t

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Cost, insurance, and freight (CIF)

Thut ng tp qun thng mi quc t

Thut ng quy nh rng trch nhim ca ngi bn s ht khi giao hng qua boong tu ti cng ngi bn, bn cnh ngi bn cng phi mua bo him 110% cho hng ha bn . Mt bn i din khi tin hnh cc giao dch thng mi vi cc bn khc L ri ro ca bn ny khi bn kia khng thc hin ng ngha v nh c quy nh trong hp ng. Mt hnh thc trao i trc tip hng ha vi nhau m khng s dng n tin. Mt hnh thc m thu nhp khu nc ny c th b tr vi thu xut khu nc kia. L ri ro m khi chnh ph trc tip can thip vo vic tr n cc khon vay ca mt doanh nghip i vi mt ngn hng. Ri ro c th ch xy ra quc gia nh v chnh tr, vn ha, x hi. Vic cc nh u t s dng cc cng c ti chnh kim li t cc hot ng bun bn ngoi t gia cc nc ny v nc khc nhm n chnh lch v t gi. Ging nh nghip v hedging.

Counterparty

Bn i ng

Counterparty risk

Ri ro i ng

Countertrade

Giao dch trc tip i ng B tr ngha v thu

Countervailing duty

Country risk

Ri ro quc gia

Country-specific risk

Ri ro quc gia c th

Covered interest arbitrage

Li sut ngang bng tnh Nghip v t bo v

Covering

Crawling peg

Thut ng kinh t

Ch kim tra hi oai chi chp nhn nhng thay i nho trong mt thi gian nht inh v ti l hi oai. Ri ro nh gi t pha ngn hng khi cho cc c nhn hay cc doanh nghip vay vn. Hc thuyt qun l m t v trng thi tm l ca cc nhn vin trong mt cng ty khi c cc bin ng xy ra. Mt doanh nghip ny mua li mt doanh nghip mt cng ty khc.

Credit risk

Ri ro tn dng

Crisis planning

Khng hong k hoch

Cross-border acquisition

Mua li doanh nghip cho

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Cross-listing Cross rate

Nim yt cho T gi cho

Vic nim yt chng khon trn mt hay nhiu th trng khc nhau. T gi cho l t gi gia hai ng tin bt k c xc nh thng qua ng tin th ba (hay cn gi l ng tin trung gian). Ti khon trn bng cn i k ton th hin s li nhun hay l do chnh lch t gi hi oi t nm ny qua nm khc. c trng cho mt s loi tin t mnh m c th lm nh hng n nn kinh t th gii nh la, bng Anh, Yn Nht Mt t chc nh ch pht hnh giy n ngn hng ni a c bo m bng ti sn d tr. Giy n ngn hng c trao i theo li sut c nh. Ban tin t khng nhn k thc hay pht hnh tri phiu, tin hay cc cng c n khc. Khng ging Ngn hng trung ng, cc Ban Tin T khng dng cng c tin t ho n qun l ti sn d tr. L mt hp ng v trao i ngoi t theo hai bn s trao i khon tin gc v li c nh ca mt khon vay ly mt khon tin gc v li c nh tng ng mt khon vay ca mt ng tin khc. Trong ngn hng, Ti khon vng lai dng ch ti khon tin gi thanh ton ti ngn hng ca khch hng. Vi Ti khon vng lai, khch hng c th ty gi tin rt tin chuyn khon thanh ton ngay. Mt phng php chuyn i c s dng trong bo co ti chnh bo co ca cc cng ty con s c chuyn i ra n v tin t ca Cng ty M theo t gi hin ti ti ti thi im quy i. Theo phng php ny cc khon ti sn v n ngn hn trn bo co ti chnh s c chuyn i theo t gi hin ti ngy quy i, cn cc khon ti sn v n di hn s c quy i theo t gi qu kh. Nh XK thng qua ngn hng ca mnh gi b chng t nh thu n ngn hng ca nh NK. Nh NK k chp nhn thanh ton v nhn b chng t. Mt cng ty nc B pht sinh khon doanh thu nc A b nc A nh thu ri th v nc B s khng phi chu thu

Cumulative translation adjustment (CTA) account Currency basket

Ti khon chnh lch t gi hi oi tch ly Gi tin t

Currency board

Ban tin t

Currency swap

Hp ng hon i tin t

Current account

Ti khon vng lai

Current rate method

Phng php t gi hin ti

Current/noncurrent method

Phng php hin thi v phi hin thi

D/A

B chng t / chp nhn thanh ton Thu trnh nh hai ln

Deemed-paid tax

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trn khon doanh thu ny na. Gi nh nc A v B c k hip nh trnh nh thu hai ln. Delta H s Delta H s th hin s thay i trong gi quyn chn chia cho gi ca chnh n gia hai thi im khc nhau. Mt ti khon tin gi cho php ngi gi tin vit sc thanh ton cho vic mua hng ha v dch v. Vic a ra loi ti khon tin gi mi ny c xem l mt trong nhng bc i quan trng nht trong cng nghip ngn hng bi v n ci thin ng k hiu qu ca qu trnh thanh ton, lm cho cc giao dch kinh doanh tr nn d dng hn, nhanh chng hn v an ton hn. Giy chng nhn c phn l mt dng chng th c gi c xc nh thng qua vic chuyn dch, mua bn chng trn th trng chng khon gia cc ch th u t v c php lut bo v. Trong k ton: s hao mn ca ti sn c nh v ti sn v hnh qua cc nm c trch vo bo co li l hng nm trn bo co ti chnh. Gim t gi hi oi c nh gia mt ng tin vi cc ng tin khc. Gi ca mt n v ngoi t c yt mt cch trc tip vi n v tin t ca nc . Mt hnh thc pht hnh chng khon trc tip ra cng chng m khng thng qua cc cng ty bo lnh pht hnh. Mt loi hnh t gi hi oi th ni nhng khng c hon ton t do, bi v cc Ngn hng trung ng thnh thong li can thip nhm lm cho t gi lch khi t gi ca th trng t do. Gi tr chnh lch gia mt ng tin hin ti bao gi cng c gi tr hn cng mt ng tin trong tng lai.

Demand deposit

Ti khon tin gi giao dch

Depositary receipts

Giy chng nhn c phiu

Depreciate

Khu hao

Devaluation

Ph gi

Direct quote

Yt gi trc tip

Direct public share issue

Pht hnh trc tip ra cng chng Th ni (kiu) bn

Dirty float

Discount (in foreign exchange market)

Chit khu

Dollarization

la ha

la ha l tnh trng m t trng tin gi bng ngoi t chim trn 30% trong tng khi tin t m rng bao gm: tin mt trong lu thng, tin gi khng k hn, tin gi c k hn v tin gi ngoi t.

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la ha c phn ra lm 3 loi nh sau: la ha khng chnh thc l trng hp ng la c s dng rng ri trong nn kinh t, mc d khng c quc gia chnh thc tha nhn. nhng nc c nn kinh t b la ha khng chnh thc, phn ln ngi dn quen vi vic s dng ng la nhng Chnh ph vn cm nim yt gi hng ha bng la, cm dng la i vi hu ht giao dch trong nc. la ha bn chnh thc hay cn gi l la ha tng phn l tnh trng ng la c s dng nh mt n v k ton, phng tin trao i, d tr gi tr v phng tin thanh ton trong khi ng ni t vn tn ti v lu thng. ng la c chc nng nh mt ng tin hp php th hai ca nn kinh t. Cc nc tnh trng ny vn duy tr mt Ngn hng Trung ng thc hin chnh sch tin t ca h. la ha chnh thc hay cn gi l la ha hon ton xy ra khi ng ngoi t l ng tin hp php duy nht c lu hnh. Ngha l ng ngoi t khng ch c s dng hp php trong cc hp ng gia cc bn t nhn m cn hp php trong cc khon thanh ton ca Chnh ph. Nu ng ngoi t cn tn ti th n ch c vai tr th yu v thng ch l ng tin xu hay cc ng tin mnh gi nh. Thng thng, cc nc ch p dng la ha chnh thc khi tht bi trong vic thc thi cc chng trnh n nh kinh t. Domestic international sale corporation (DISC) Tp on pht trin thng mi ni a v quc t B chng t / thanh ton Hi phiu Mt t chc c thnh lp c th gip cc doanh nghip gim c s thu trn mt hng xut khu t th trng M.

D/P

Nh XK thng qua ngn hng ca mnh gi b chng t nh thu n ngn hng ca nh NK. Nh NK thanh ton tin hng v nhn b chng t. Hi phiu l mt mnh lnh tr tin v iu kin do mt bn k pht i tin bn kia. Ngi k pht hi phiu thng l ngi xut khu k i tin ngi nhp khu hoc i l ca ngi nhp khu tr cho mt s tin xc nh ghi trn b mt hi phiu. Tri phiu bng la c bn cc nc Chu c gi tn l cc con rng Chu nh Hng Kng, i Loan, Singapore. Ngy sau ngy hm nay.

Draft

Dragon bond

Tri phiu rng

D/S

Thut ng thng mi quc t

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Dumping

Bn ph gi

Bn ph gi trong thng mi quc t l hin tng xy ra khi mt loi hng ha c xut khu (bn sang th trng nc khc) vi gi thp hn gi bn ca mt hng ti th trng nc xut khu. Mc nh hng ca nhng bin ng t gi i vi gi tr ca cng ty. c hiu l l li nhun thun sau thu v trc chi ph ti chnh (NOPAT) tr (-) chi ph s dng vn bnh qun ca tt c cc ti sn kinh doanh c s dng vo vic to ra li nhun: [NOPAT: Net operating profit after tax] Mt ban ca Ngn hng trung ng M c trch nhim gii quyt cc vn lin quan n nghip v ngn hng hot ng ti chnh quc t. T gi c hiu lc lun c xc lp trong mi quan h vi hng lot cc i tc m Quc gia c quan h mu dch, cn c gi l t gi thc c hiu lc (real effective exchange rate) gi ngn gn l t gi thc. Thuyt ny cho rng th gi c phiu lun phn nh y cc thng tin v gi tr End of month : n hn cht

Economic exposure

Ri ro kinh t

Economic Value Added (EVA)

gi tr kinh t gia tng

Edge act and agreement corporation

T chc hnh ng bin gii v cc cam kt chung T gi c hiu lc

Effective exchange rate

Efficient market

Thuyt th trng hiu qu Thut ng thng mi

EOM

Equity risk premium

Phn b ri ro vn c phn

Trong thc t, c nh u t u t vo c phiu; c ngi u t vo tri phiu kho bc; v cng c nh u t u t c tri phiu v c phiu. Cc c phiu thng mang li nhiu li nhun hn l vic u t an ton vo cc tri phiu kho bc. Theo l thuyt S khc bit ny c gi l phn b ri ro vn: l phn thu nhp gia tng m bn c th mong i t mi tng quan gia li sut th trng v li sut phi ri ro. ng tin chung cho 12 nc trong cng ng chung Chu u.

Euro

ng tin Euro

Euro equity public issue

Pht hnh chng khon vn Chu u ra cng chng Ngn hng Chu u

Vic pht hnh mt loi chng khon vn Chu u ra cng chng thng qua nhng t chc k bo lnh pht hnh Ngn hng c thnh lp phc v cc quc gia trong cng

Eurobank

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ng kinh t chung Chu u. Eurobond Tri phiu Chu u Tri phiu c pht hnh cho cc nh u t di s bo lnh ca chnh ph cc nc trong Cng ng kinh t chung Chu u Th trng tn dng Chu u l ni din ra cc hot ng tn dng (vay v cho vay) gia cc Ngn hng Chu u (Eurobank) v khch hng tin hnh cc giao dch v ngn qu bng ngoi t (cc khon vay tn dng) vi cc thi hn xc nh km theo mt khon li tc thng qua mc li sut. L chng ch c gi khi nhn lnh yu cu thanh ton hoc cam kt thanh ton khng iu kin mt s tin xc nh trong mt thi gian nht nh. Thng phiu gm hi phiu v lnh phiu. L n v tin t ca Lin minh Tin t chu u, l tin t chnh thc trong 15 nc thnh vin ca Lin minh chu u (o, B, B o Nha, c, H Lan, Hy Lp, Ireland, Luxembourg, Php, Phn Lan, Ty Ban Nha, , Slovenia, Malta, Cyprus) v trong 6 nc v lnh th khng thuc Lin minh chu u. Cc ng tin kim loi euro cng mt mnh gi ging nhau mt trc, nhng c trang tr khc nhau mt sau, c trng cho tng quc gia pht hnh. y l cc khon gi bng la M ti cc ngn hng nc ngoi hoc cc chi nhnh ca ngn hng M ti nc ngoi. Bng cch ny th nhng ng eurodollar c th trnh c cc quy nh ca Cc d tr lin bang. Cc cng c ti chnh ngn hn c mua v bn trong cng ng kinh t chung Chu u. L mt trong nhng Ngn hng trung ng quan trng nht trn th gii, chu trch nhim v chnh sch tin t ca 13 quc gia thuc khu vc ng Euro. Ngn hng trung ng Chu u thnh lp ngy 1 thng 6 nm 1998, tr s t ti thnh ph Frankfurt, c. Mt n v thanh ton, ra i v mc ch ny v c th xem nh l tin thn ca ng Euro. Nm 1988 mt y ban xem xt v lin minh kinh t v tin t di s lnh o ca ch tch y ban chu u, Jacques Delors, son tho ci gi l bo co Delors, d nh thnh lp Lin minh Kinh t v Tin t chu

Eurocredit

Khon vay tn dng Chu u

Euro-Commercial paper

Thng phiu Chu u

Eurocurrency

u kim

Eurodollar

ng Euro la

Euronote

Chng ch Chu u

European Central Bank (ECB)

Ngn hng Trung ng Chu u

European Currency Unit (ECU)

n v Tin t chu u

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u. European Economic Community (EEC) Cng ng kinh t Chu u Cng gi n gin l Cng ng chu u, hoc Th trng chung cc nc ni ting Anh, l mt t chc quc t c thnh lp nm 1957 em ti vic hi nhp kinh t (gm mt th trng chung) gia cc nc B, Php, Ty c, , Luxembourg v H Lan. Cam kt cc nc trong t chc ny khng c hng ro thu quan khi bun bn thng mi xy ra c p dng vo thng 3-1979, h thng ny (EMS) l mt n lc nhm to nn mt khu vc n nh v t gi hi oi gia cc nc thnh vin, v hu ht cc thnh vin u tin hnh vic hn ch bin ng t gi hi oi ca mnh mc (+) hoc (-) 2,25% gi trung tm, thng nht cho ng tin ca h. Quyn chn ch c th c thc hin khi n ngy cui cng ca quyn chn Vic nim yt t gi ngoi t ca cc ng tin khng phi l la vi ng tin la trong Chu u Mt t chc c thnh lp ngy 1 thng 1 nm 1994 gia cc nc Chu u L gi ca ng tin mt nc c tnh bng ng tin ca mt nc khc. C ch t gi hi oi (ERM) l mt h thng m theo cc thnh vin ca H thng tin t Chu u (ENS) buc phi duy tr t gi hi oi ca h trong nhng mc nht nh. Miu t s bin ng ca gi c hng ha xut khu v nhp khu khi t gi thay i. Mt thut ng trong tp qun thng mi quc t khi ngi bn phi tr tt c cc loi chi ph pht sinh giao hng ti cng ngi mua. L loi dch v ch yu c cung cp bi t chc tn dng xut khu. S ra i ca loi hnh bo him ny nhm bo v v bi thng cho ngi xut khu khi h cp tn dng thng mi hoc bo v v bi thng cho cc ngn hng khi Ngn hng cho vay trung v di hn.

European Free Trade Association (EFTA) European Monetary System (EMS)

T chc mu dch t do Chu u H thng tin t chu u.

European option European terms European Union (EU) Exchange rate

Quyn chn kiu Chu u iu l kiu Chu u Cng ng kinh t chung Chu u T gi hi oi.

Exchange Rate Mechanism (ERM)

C ch t gi hi oi

Exchange rate passthrough Ex dock

Hiu ng t t gi sang lm pht Giao hng ti cng

Export credit insurance

Bo him tn dng xut khu

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Export-Import Bank (Eximbank) Expropriation FAF FAQ

Ngn hng xut nhp khu Th tc tc hu Thut ng tp qun thng mi quc t Thut ng thng mi quc t Hi ng Tiu chun K ton Ti chnh

Mt t chc ti chnh phc v gia cc thng gia cc nc khc nhau trn th gii. Mt bin php m nh nc tc quyn s hu ca cc doanh nghip t nhn v mt l do no v kinh t hay chnh tr Ph hiu chnh nhin liu t, thng gi tt l Ph ph xng du Mt thut ng trong tp qun thng mi quc t quy nh rng cc chi ph cu cng l min ph i vi ngi bn hay ngi mua L mt trong nhng t chc cung cp cc hng dn tiu chun ha cho vic bo co ti chnh. Nhim v ca Hi ng Tiu chun K ton Ti chnh (FASB) l thit lp v ci thin cc tiu chun k ton ti chnh v bo co cho cc hng dn v gio dc ca cng chng, bao gm c cng ty pht hnh, kim ton vin v ngi s dng thng tin ti chnh. Chun mc s 8 quy nh v vic chuyn i tin t dng t gi tm thi khi hp nht bo co ti chnh. L mt trong nhng t chc cung cp cc hng dn tiu chun ha cho vic bo co ti chnh. Nhim v ca Hi ng Tiu chun K ton Ti chnh (FASB) l thit lp v ci thin cc tiu chun k ton ti chnh v bo co cho cc hng dn v gio dc ca cng chng, bao gm c cng ty pht hnh, kim ton vin v ngi s dng thng tin ti chnh. Chun mc s 52 quy nh v vic chuyn i tin t dng t gi hin ti khi hp nht bo co ti chnh Tt c cc chi ph bc hng ln tu s thuc v ngi chuyn ch. Mt phng php tnh gi thnh nguyn vt liu trong k ton, trong nhng hng nhp vo trc s c xut ra trc. Phng php gii thot s n thng mi thng qua mt cng ty c th "bn" c s n ny cho mt th ch ti chnh.

FASB 8

FASB 52

Hi ng Tiu chun K ton Ti chnh

FI FIFO Factoring

Thut ng thng mi quc t Nhp trc xut trc Bao thanh ton; mua n; Gii thot n.

Financial account

K ton ti chnh

Mt cng c : + Cung cp thng tin hu ch lm quyt nh v u t v tn dng.

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+ Cung cp thng tin hu ch nh gi lung tin tng lai. + Cung cp thng tin v ti sn v ngun vn ca doanh nghip, gi chung l tnh hnh ti chnh (financial position) ca doanh nghip. Financial derivative Financial engineering Cc giao dch ti sn phi sinh/ ti chnh K thut ti chnh thc hnh Cc cng c ti chnh nh hp ng quyn chn, hp ng hon i, tng lai c mang ra thc hin. L cc k thut nh : Cc nh l ti chnh c bn Cc cng c ti chnh v tnh cht quan st c (th trng hay phng lab) Nguyn l v xy dng v la chn danh mc u t M hnh nh gi Cc khi nim v m hnh nh gi phi sinh chng khon Chng khon nhm fixed-income Th trng hiu qu Phng nga ri ro

Firm-specific risks

Ri ro c th doanh nghip Hiu ng Fisher

Loi ri ro v chnh tr khi mc ch ca cc Cng ty a quc gia mu thun vi li ch chnh tr ca cc quc gia m cng ty c chi nhnh . Hiu ng Fisher quc t khng nh rng s khc nhau trong li sut gia cc quc gia l do d on mt cch khch quan v mt s thay i tng lai trong t gi giao ngay. L t gi khng bin ng thng xuyn, khng ph thuc vo quy lut cung cu, ph thuc vo mun ch quan ca chnh ph, (103nc) 1998 Malaysia thc hin c ch t gi c nh cho ng ringgit (MYR)- 21/07/05 th ni. L t gi th ni nhng c s can thip ca chnh ph.

Fisher Effect

Fixed exchange rates

T gi c nh

Flexible exchange rates

T gi linh hot

Floating exchange rates

T gi th ni

L c ch t gi m theo gi c ngoi t s do cung cu

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quyt nh v khng c s can thip ca chnh ph (hoc can thip thng qua cc cng c ti chnh tin t). FOB Gi khng tnh ph vn ti, gi FOB. Cm thut ng ny ch gi hay gi tr ca mt hng ho c tnh trn c s qu trnh sn xut v khng bao gm chi ph vn chuyn hng ho n ngi tiu dng.

Foreign affiliate Foreign bond Foreign Corrupt Practices Act of 1977

Thnh vin nc ngoi Tri phiu ngoi quc Lut chng tham nhng nc ngoi

Cc cng ty nc ngoi m cng ty M mt nc khc nm quyn s hu t hn 50%. Mt loi tri phiu c pht hnh mt Nc khc v c th c mang bn mt th trng Nc khc Lut chng tham nhng nc ngoi (Foreign Corrupt Practices Act) ca M bt u c hiu lc t nm 1977, sau khi SEC iu tra pht hin trong thi gian gia thp nin 70 c khong 400 cng ty M chi hn 300 triu USD khng minh bch hoc bt hp php cho cc quan chc v chnh khch nc ngoi. Lut quy nh: nu phm ti a hi l cho quan chc chnh quyn nc ngoi th lnh o cng ty s b t v cng ty s b pht nng. FCPA thc s l thanh gm sc treo trn u cc cng ty M lm n nc ngoi. Mt t chc ln c thnh lp bi hn 50 cng ty bo him hng u nc M c s kt hp ca Ngn hng xut nhp khu trong cc vn v ri ro tn dng xut nhp khu khi tham gia thng mi quc t Dng trong bo co hp nht tp on khi phi chuyn i t gi t cc bo co ca cc cng ty con trn khp th gii v gi tr ng tin m Cng ty M ang dng Mt loi hnh u t m cc cng ty ln cc nc t bn c vn mang sang cc nc ang pht trin u t nhm tn dng v nhn cng gi gi v cc yu t khc. Mt c nhn hay Cng ty chuyn t vn cho cc ch th lm th no chuyn i t gi l c li nht. Th lao h nhn c chnh l cc khon hoa hng Ri ro khi c s bin ng ca mt ng tin ny so vi mt loi ng tin khc. C nhn hay t chc h mua ngoi t vi t gi ny ri bn i vi t gi khc. Phn li h nhn c chnh l chnh lch gia

Foreign Credit Insurance Association (FCIA)

T chc bo him tn dng nc ngoi

Foreign currency translation Foreign direct investment (FDI) Foreign exchange broker

Chuyn i t gi

u t trc tip nc ngoi Mi gii chuyn i t gi Ri ro t gi Kinh doanh t gi

Foreign exchange risk Foreign exchange dealer (or trader)

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ACADEMY OF FINANCE

t gi mua v t gi bn Foreign exchange rate Foreign sales corporation (FSC) Foreign tax credit Forward contract T gi hi oi T chc t vn doanh nghip xut nhp khu Thu nh trn li tc thu c t nc ngoi Hp ng nh trc; Hp ng k hn. T gi gia ng tin mt Nc ny vi mt nc khc. Mt t chc kinh t chuyn t vn cho cc doanh nghip xut khu M trong vic trnh c cc khon thu phi np. Mt hnh thc gim thu i vi cc cng ty cho cc khon thu pht sinh t ngoi quc gia b nh thu bi cc nc khc. Cn gi l hp ng tng lai. Hp ng c k kt ngy hm nay nhng s c thc hin trong tng lai.

Forward differential Forward discount or premium

Chnh lch t gi k hn Khon khu tr hoc thng d

S khc bit gia t gi giao ngay v t gi k hn Trong hp ng k hn, mt bn ng mua, cn bn kia ng bn, vi mt mc gi k hn c thng nht trc, nhng khng c vic thanh ton tin tht s ngay thi im k kt. Ngc li vi gi k hn l gi giao ngay (spot price), gi bn ca ti sn c giao vo ngy giao ngay (spot date), thng l trong vng 2 ngy k t ngy k. Chnh lch gia gi k hn v gi giao ngay gi l khon thng d (forward premium) nu gi k hn cao hn, hoc khon khu tr (forward discount) nu gi k hn thp hn

Forward rate

T gi hi oi nh T gi hi oi theo mt ng tin c th c mua hay bn trc; t gi hi oi k c giao trong tng lai trn th trng k hn. hn.

Forward rate agreement

Nghip vu ky han lai sut Nghip v k hn

Mt nghip v m mt ngn hng k kt hp ng vi mt ch th v mt khon vay hay cho vay vi mt mc li sut theo nh cam kt. Forward l kiu giao dch m ngy hon tt giao dch v ngy thanh ton khc nhau. Thng c s dng khi mua vng, ngoi t. Khi giao dch, bn s ngay lp tc thanh ton giao dch nhng s vng hay ngoi t bn mua s c chuyn ti trong 3,6,12 thng hay 2 nm ty theo giao dch. V d, bn d nh s ng tin hc bng M trong vng 4 thng na nhng bn ngi rng la M s ln gi so vi thi im hin ti. Bn thc hin forward transaction ngha l bn mua s M bn cn nhng n 3 thng (v d) sau bn mi nhn. Khi bn c tin ng tin hc nhng li vi gia M trong

Forward transaction

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hin ti. Free alongside (FAS) Freely floating exchange rates Free trade zone Fronting loan Functional currency Futures, or futures contracts Gamma Gap risk General Agreement on Tariffs and Trade (GATT) Thut ng thng mi quc t Th ni t do Vng t do mu dch Knh vay u tin n v tin t chc nng Hp ng tng lai H s Gamma Khong ri ro Hip nh chung v thu quan v thng mi Thut ng ny quy nh trch nhim ca ngi bn s chm dt khi xp hng dc mn tu. Chnh sch tin t m t gi s c th ni theo th trng m khng c bt k s can thip no t Chnh ph. Mt vng ti mt quc gia m vic bun bn thng mi khng chu bt k mt loi thu quan no. Knh vay gia Cng ty m cho cc Cng ty con thng qua cc t chc ti chnh kinh t ln nh ngn hng. L n v tin t m doanh nghip ch yu dng chi tr cc loi chi ph v thu c t doanh thu. Mt hp ng ngoi t k kt ngy hm nay nhng vic thc hin l trong tng lai vi t gi tng lai. H s o s nhy cm trong hp ng quyn chn vi mt bin ng gi ca mt loi chng khon. Mt loi ri ro li sut khi thi gian o hn ca cc loi tri phiu l khng ng nht. GATT ra i do s tht bi ca vic thnh lp T chc Thng mi Quc t (International Trade Organization ITO). Thot tin, 50 nc tha thun thit lp ITO, mt c quan ca Lin hip quc, iu chnh cc quan h thng mi quc t. Nhm mc ch , nm 1946, 23 trong s 50 nc thng lng v tho thun gim thu quan v khng tng thu quan. Tho thun trn c k kt ngy 23/10/1947 vi tn gi l Hip nh Chung v Thu quan v Thng mi (General Agreement on Tariffs and Trade GATT), c hiu lc vo 1-11948, trong khi cc nc vn ang thng lng v bn D tho iu l ITO. Kt qu gim 45.000 dng thu, tc ng n mt khi lng thng mi 10 t USD, 1/5 thng mi th gii lc by gi. Sau , M khng ph chun iu l ca ITO nn t chc ny khng ra i, nhng cc nc k kt GATT th vn tip tc thc hin hip nh ny. Cc nguyn tc c chp nhn khi lp bo co ti chnh.

Generally Accepted Accounting Principles (GAAP) Geometric return

Nhng nguyn tc k ton c chp nhn ph bin Li nhun s hc

L vic dng li nhun u cng li nhun cui tnh ra mc

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li nhun trung bnh. Global registered shares Global-specific risks Gold standard Chng khon quc t Ri ro ton cu Bn v vng. Mt loi chng khon m c th c mua bn trn rt nhiu th trng cc nc khc nhau. Nhng loi ri ro m nc no cng c th b nh hng nh ch ngha khng b. H thng t chc tin t theo gi tr tin ca mt nc l c xc nh theo lut bng mt lng vng c nh, v ng tin trong nc c dng tin vng v/ hoc tin giy khi cn c th chuyn i thnh vi t l c xc nh theo lut.

Greenfield investment Hard currency

u t mi Tin mnh.

Nhm xy dng nh my mi hoc m rng nh my/dy chuyn hin c. Mt loi tin t c mc cu cao lin tc so vi cung trn th trng hi oi.

Hedge Hedge accounting Historical exchange rate Hot money

Nghip v bo him Nghip v bo him k ton T gi qu kh Tin nng.

Nghip v phng chng ri ro, a dng ha danh mc u t L cc quy inh, cch thc hch ton cc hot ng t bo him (hedging activities) ca doanh nghip. Trong k ton l t gi khi ti sn hay n phi tr pht sinh. Mt quc gia c li sut cao s thu ht tin t nc ngoi vo.

Hybrid foreign currency options Hyperinflation countries IMM Impossible Trinity

Quyn chn giao dch ngoi t lng th Cc quc gia siu lm pht Th trng tin t quc t B ba bt kh thi Ca Kinh t hc

L hot ng mt nh u t mua mt quyn chn mua v bn i mt quyn chn bn nhm b tr khi ri ro ngoi t xy ra l cc quc gia c mc lm pht trn 100% Mt ban ca s giao dch chng khon thnh ph Chicag L thuyt v b ba bt kh thi (The Impossible Trinity) l mt chnh sch kinh t quc t. L thuyt pht l: mt quc gia khng th ng thi thc hin cng mt lc 3 mc tiu chnh sch v m: 1. n nh t gi

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2. T do ha dng vn 3. Chnh sch tin t c lp Indirect quote In house bank In the money Yt gi gin tip Ngn hng phc v ang c tin T gi ca mt ng tin t trong nc c nim yt vi mt ng ngoi t khc. Cc tp on kinh t ln a quc gia c th thnh lp nn cc ngn hng nhm phc v cho chnh cc hot ng ca mnh. i vi quyn chn mua, nu gi thc hin thp hn gi hin hnh ca chng khon c s, th quyn c gi l ang c tin. Thc th nc ngoi nhng l mt b phn gn lin vi cng ty m trong nc: dng tin c mi quan h qua li cht ch vi cc b phn khc ca cng ty m. Quyn s hu tr tu m bo hp php cho cc t chc c nhn khi ng k s hu tr tu khi c cc tranh chp xy ra. y l mt m hnh m t mi tng quan gia ri ro v thu nhp k vng, c s dng nh gi cc chng khon c mc ri ro cao. Cng thc tnh ton nh sau: Gi tr chng khon = T l phi ri ro + T l ri ro ca CK x (Thu nhp k vng - T l phi ri ro) Trong : Risk free rate (rf): t l phi ri ro * Beta of the security: t l ri ro ca chng khon * Expected market return (rm): thu nhp k vng. Interest rate future Interest rate parity Li sut tng lai Ngang gi li sut Xem hp ng tng lai Mt hc thuyt gi nh rng mt s bin i li sut ca mt quc gia ny cng s dn n s bin i li sut ca mt quc gia khc L mt hp ng phi sinh m theo mt bn trao i dng li sut ly dng tin mt ca mt bn khc. c s dng qun l ti sn hoc n c nh hay th ni, hoc u c kim li t s thay i li sut. y l mt cng c rt ph bin

Integrated foreign entity

Thc th lin kt cht ch Quyn s hu tr tu M hnh nh gi ti sn vn

Intellectual property rights International Capital Asset Pricing Model

Interest rate swap

Hon i li sut

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ACADEMY OF FINANCE

v c tnh thanh khon cao.

Internal rate of return (IRR)

T sut hon vn ni b

IRR l t l khu tr c s dng trong tnh ton ngun vn quy gi tr thun ca dng tin hin ti ca mt d n c th v 0. Hiu mt cch chung nht, t l hon vn ni b cng cao th kh nng thc thi d n l cng cao. IRR cn c s dng o lng, sp xp cc d n c trin vng theo th t, t khin cho cng ty c th d dng hn trong vic cn nhc nn thc hin d n no. Nu gi nh rng tt c cc yu t khc ca cc d n l nh nhau th d n no c t sut hon vn ni b cao nht th d n c th c u tin thc hin u tin. IRR i khi cn c gi l t sut hon vn kinh t ERR (economic rate of return) Mt xu th tt yu trn th gii khi m cc quc gia ngy mt gn nhau hn Mt Ban thuc Ngn hng Trung ng Hoa K c th gip v h tr cho vay i vi cc doanh nghip ngoi nc M

Internationalization International Banking Facility ( IBF) International Fisher Effect International Monetary Fund (IMF)

Quc t ha Ban h tr ngn hng quc t

Hiu ng Fisher quc t Hc thuyt cho rng t gi thay i ng bng vi s thay i li sut ca 2 quc gia khi c s quy i v tin t. Qu tin t quc t L mt t chc quc t gim st h thng ti chnh ton cu bng vic theo di t gi hi oi v cn cn thanh ton, cng nh h tr k thut v gip ti chnh khi c yu cu. Tr s chnh ca IMF t Washington, D.C., th ca Hoa K. Nm 1972, S giao dch Chi ca g thnh lp thm The International Monetary Market (IMM) thc hin cc loi giao dch HGS v ngoi t Tp hp cc quy tc, th l v t chc nhm tc ng ti cc quan h ti chnh tin t gia cc quc gia trn th gii Gi tr ni ti c th c hiu l gi tr thc ca mt loi chng khon, khc vi gi tr th trng hay gi tr ghi s ca loi chng khon . Gi tr ni ti bao gm cc bin s khc nh nhn hiu, thng hiu, bn quyn m cc bin s ny rt kh c th tnh ton, nh lng, i khi khng c phn nh mt cch chnh xc qua gi th trng. Hp ng c k kt gia cc t chc vi nhau trong vic u t vo mt d n kinh t no .

International Monetary Market (IMM) International monetary system Intrinsic value

Th trng tin t quc t H thng tin t quc t Gi tr ni ti

Investment agreement

Hp ng u t

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ACADEMY OF FINANCE

Joint venture

Lin doanh.

Mt tnh hung trong c khu vc cng cng v t nhn hp tc vi nhau trong mt hot ng kinh t; iu ny c bit ph bin trong cc nc km pht trin ni m vn rt khan him trong khu vc t nhn v cc qu ca chnh ph thng c dng pht trin cng nghip hay dch v ngn hng Ti nhng vng gi nh ca qu cao, vt xa hn mc n gii hn do chnh ph quy nh, ngi vay n phi vay s n ln hn tiu chun, loi n nh vy gi l jumbo loans. Khi mt t chc pht hnh tri phiu sang mt nc khc pht hnh tri phiu bng ng tin ca nc th s tri phiu c gi l Kangaroo bonds. Vic thanh ton tin mun cho cc nh cung cp c th gip doanh nghip c li trong vic huy ng vn. H s ny th hin s thay i thng d quyn chn khi c mt s thay i trong cc nhn t nh hng n thng d quyn chn. Gi l ging nhau cho cng mt mt hng khi cc th trng khc nhau trn th gii. Vic tr sm nh cung cp gip cc doanh nghip c li t chit khu do thanh ton sm. L mt vn bn php l c pht hnh bi mt t chc ti chnh (thng thng l ngn hng), nhm cung cp mt s bo m tr tin cho mt ngi th hng trn c s ngi th hng phi p ng cc iu khon trong tn dng th. iu ny c ngha l: Khi mt ngi th hng hoc mt ngn hng xut trnh (i din ca ngi th hng) tha mn ngn hng pht hnh hoc ngn hng xc nhn trong khong thi gian c hiu lc ca LC (nu c) nhng iu kin sau y: Mt thut ng k ton trong m t nhng hng nhp sau s c xut ra trc. Xem vay gip lng. L cc li th nh v chnh tr, vn ha, ngun nhn lc m thu ht cc nh u t t ni khc n. Libor l do Hip hi Ngn hng Anh xc nh hng ngy trn c s ly gi tr trung bnh ca li sut cho vay lin ngn hng th trng tin t London.

Jumbo loans

N ln hn tiu chun

Kangaroo bonds

Tri phiu chut ti

Lag Lambda

Thanh ton chm H s Lambda

Law of one price

Quy lut mt gi.

Lead Letter of credit (L/C)

Thanh ton sm Th tn dng

LIFO Link financing Location-specific advantage London Interbank Offered Rate (LIBOR)

Nhp sau xut trc Lin kt ti chnh Li th ring ca Quc gia Li sut lin ngn hng Lon Don

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ACADEMY OF FINANCE

Long position Maastricht Treaty Macro risk Macroeconomic uncertainty Managed float Margin

T th ch i Hip c Maasricht Ri ro v m Cc bt thng trong kinh t v m Th ni c kim sot S tin bo chng

Mua v gi mt loi chng khon vi thi gian lu ch gi ln, bn kim li. Mt hip c c k nm 1992 ca 12 nc Chu u trong vic xut mt th trng kinh t v tin t chung. L cc ri ro v kinh t, chnh tr, vn ha, tn gio trong mt quc gia. Cc yu t lm nh hng n nn kinh t v m nh t gi, li sut v lm pht. Chnh ph mt nc th ni cho tin t ca mnh dao ng trong mt bin nht nh. Margin l 1 hnh thc cm c c tin v c phiu v s tin em i cm c vn c th s dng giao dch nhng khng c rt cho n khi tr ht n. t ra mc gi ca ti sn trn bng cn i phn nh gi tr ca chng khi bn trn th trng ti thi im hch ton. Vic mt cng ty pht hnh thm mt s c phiu khng lm gim gi hay pha long gi v c tc ca cc c phiu ang c trn th trng. L mt thut ng Marketing rt hay c s dng hin nay, hiu n gin ngha l: Chia th trng ra lm nhiu khc sau chn phn m mnh c kh nng phc v v khai thc tt nht Mt cch gim ri ro khi c bin ng trong t gi ngoi t bng cch ng thi cho vay v i vay cng mt lai ngoi t. L mt nhm trong s cc th ch ti chnh Anh tin hnh mt lot cc hot ng a dng v ti chnh hoc lin quan n ti chnh. Cc ri ro trong c th ca mi doanh nghip Phng php chuyn i bo co ti chnh trong cc khon mc tin t s c chuyn i ti t gi thc t trong khi cc khon mc phi tin t s c chuyn i ti t gi lch s. Mt nghip v vay ngoi t trn th trng ngoi hi nhm trnh cc ri ro v t gi. Th trng ti chnh ngn hn cc quc gia trong ch yu giao dch cc cng c ti chnh ngn hn nh chng ch tin

Marked to market Market liquidity

Hch ton theo gi th trng Tnh thanh khon th trng Phn khc th trng

Market segmentation

Matching currency cash flows Merchant bank

Cn bng cc dng tin Ngn hng nh bun

Micro risk Monetary/ nonmonetary method Money market hedge Money markets

Ri ro vi m Phng php tin t / phi tin t Nghip v bo him trn th trng tin t Th trng tin t

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ACADEMY OF FINANCE

gi. Monetary assets or liabilities Most favored nations (MFN) treatment Ti sn v n phi tr tin t Hip c quy nh nguyn tc u i gia cc quc gia Cng ty a quc gia Cng c thng lng Ti sn di hnh thc tin t hay phi tin t nh khon phi thu trn bo co ti chnh hoc n phi tr. Hiu s gia ti sn v n phi tr c gi l ti sn rng. Mt hip c c k kt bi 2 hay nhiu quc gia trong s c nhng u i v thu hay cc u i khc khi cc doanh nghip ca hai hay nhiu quc gia k hip c u i vi nhau. Mt cng ty m c rt nhiu cc chi nhnh hay cng ty con hot ng cc nc khc nhau trn th gii. Mt hi phiu hay mt k phiu cam kt ca ngi mua trong ha s tr tin cho ngi bn vo mt thi gian nht nh trong tng lai. Thoi quen cua mt s ngi co quyn lc hoc anh hng, u ai ba con thn thuc cua minh, nht la cho ho cng n vic lam L kt qu thu c khi ly gi tr chit khu ca cc khon li nhun d kin tr i gi tr chit khu ca cc chi ph u t d kin. Nghip v b tr gia cc khon phi thu v phi tr gia cc cng ty vi nhau L t gi c tnh theo t gi hi oi thc t nhn vi t l lm pht. Cng thc l (1+ t gi hi oi thc t ) x ( 1 + t l lm pht ) Cc hng ro m khng lin quan v thu nh hn ngch nhp khu, hn ch t nguyn, quy chun v v sinh thc phm.. L hip nh thng mi t do gia ba nc Canada, M v Mexico, k kt ngy 12/8/1992, hiu lc t ngy 1/01/1994. ... Ni dung ca hip nh ny l: Gip cho kinh t ca 3 nc M, Canada v Mexico c d dng. C th l vic M v Canada c th d dng chuyn giao cng ngh sang Mexico v Mexico cng d dng chuyn giao ngun nhn lc sang hai nc kia. Ngoi ra, hip nh ny cn gip cho 3 nc c kh nng cnh tranh trn th trng th gii v kinh t vi cc khi nh EU, AFTA ...KTT - Sau 16 nm tn ti, Hip nh Thng mi T do Bc M (NAFTA) gia M, Canaa v Mexico ang l nhng vt rn nt nghim trng do nhng bt

Multinational enterprise (MNE) Negotiable instrument

Nepotism

Ch ngha u i

Net present value

Gi tr hin ti rng.

Netting Nominal exchange rate

B tr T gi hi oi danh ngha Hng ro phi thu quan Hip nh mu dch t do Bc M

Nontariff barrier North American Free Trade Agreement (NAFTA)

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ACADEMY OF FINANCE

cp v s li thi khi nn kinh t th gii ang vn ng khng tun theo nhng toan tnh ch quan. Note issuance facility (NIF) Notional principal NPV n.s.f O/A H tr pht hnh chng ch tin Gi tr danh ngha Gi tr hin ti thun Not sufficient fund Open Account Vic cc tp on ngn hng chp nhn cc chng ch ngn hn ca cc nh u t v bn li chng trn th trng Chu u. Li sut s dng l li sut lin ngn hng London Gi tr danh ngha c th hin trn cc cng c chng khon phi sinh nh hp ng k hn hay tng lai. C ngha l gi tr ti thi im hin nay ca ton b dng tin d n trong tng lai c chit khu v hin ti. Vic cc ngn hng khng th thanh ton cho cc hi phiu hay sc v khng tin trong ti khon. Nghip v ngi mua trc tip tr tin cho ngi bn qua ti khon sau khi ngi mua nhn c hng v kim tra hng. M hnh trong gii thch v sao cc nh u t nc ngoi thch u t trc tip vo mt quc gia thay v l qua cc hnh thc khc nh lin doanh hay lin kt Gi m nh u t sn sng bn ngoi t v cc loi chng khon. Tng d tr ti sn ca mt quc gia Mt chi nhnh ti chnh ca mt tp on c t mt quc gia u i v thu nhm h tr v tnh hnh ti chnh ca tp on. Ri ro v cc dng tin khi hot ng kinh doanh cc nc khc nhau. L mt hp ng trong mt bn cho php bn kia c mau hoc bn hng ho hoc chng khon trong mt thi hn nht nh vi mt mc gi tho thun. L vn n m hng ho ghi trong vn n s c giao theo lnh ca mt ngi no bng cch k hu ln mt sau ca vn n. OPEC l mt t chc a chnh ph c thnh lp bi cc nc Iran, Iraq, Kuwait, Rp Saudi v Venezuela trong hi ngh ti Bagdad (t 10 thng 9 n 14 thng 9 nm 1960). Cc

OLI paradigm

M hnh OLI

Offer Official Reserves Account Offshore finance subsidiary Operating exposure Option

ngh D tr ngn kh quc gia Chi nhnh ti chnh nc ngoi Ri ro hot ng Hp ng mua bn trc.

Order bill of lading

Vn n theo lnh

Organization of Petroleum Exporting Countries (OPEC)

T chc cc nc xut khu du la

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ACADEMY OF FINANCE

thnh vin Qatar (1961), Indonesia (1962), Libya (1962), Cc Tiu Vng quc Rp Thng nht (1967), Algrie (1969) v Nigeria (1971) ln lt gia nhp t chc sau . Ecuador (19731992) v Gabon (19751994) cng tng l thnh vin ca OPEC. Trong nm nm u tin tr s ca OPEC t Genve, Thy S, sau y chuyn v Wien, o t thng 9 1965 Out of the money Outright quotation Outsourcing Overseas Private Investment Corporation (OPIC) Overvalued currency Quyn chn khng c li Yt gi trc tip Gia cng T chc h tr u t Hoa K Tin c nh gi qu cao. Mt quyn chn m khng thu c li sau khi tr i chi ph thc hin quyn chn . Vic nim yt t gi trc tip gia mt ng tin t ny v mt ng tin t khc. Vic chuyn giao mt phn vic ra khi ngoi bin gii cng ty . L t chc cung cp ti chnh ca Chnh ph Hoa K.

Mt loi tin m t gi hi oi c quy nh vt trn t gi cn bng ca th trng t do.

Over the counter market

Th trng khng ni giao dch.

L mt th trng c phiu, phn ln ca cc cng ty loi nh, c phn bit bng thc t l th trng ny khng c tr s giao dch; vic mua bn c thu xp bng vin thng, mc d khch hng c th mua bn c phiu ngay trn bn lm vic ca mnh. Nhng li th m ch doanh nghip c m cc doanh nghip khc khng c. Mt tn gi khc ca khon vay gip lng. Ging nh ch en. Cc iu kin m lm cho t gi v li sut k hn v giao ngay l cn bng. Vic cng lc thc hin mua mt quyn bn v bn mt quyn mua mt t gi k hn. Thay i v thng d quyn chn xut pht t vic thay i li sut n v nh nht trong vic nim yt t gi.

Owner specific advantage Parallel loan Parallel market Parity conditions Participating forward Phi

Li th c quyn Khon vay song song Th trng song song Cc iu kin cn bng Tham gia hp ng k hn Mi tng quan gia li sut v thng d quyn chn im

Points

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ACADEMY OF FINANCE

Points quotation Political risk Portfolio investment Possessions Corporation Premium (in foreign exchange market) Private placement Project finance Protectionism Psychic distance Purchasing power parity

im nim yt Ri ro chnh tr Danh mc u t Tp on nm gi Thng d trn th trng ngoi hi S sp xp ring D n ti chnh Ch ngha bo h Khong cch gn Sc mua tng ng.

Gi tr thp phn khc nhau trong t gi giao dch giao ngay v t gi giao dch k hn. Ri ro nh hng n vic hot ng kinh t ca cc doanh nghip trn quc gia . Danh mc cc loi hnh u t mang li kh nng sinh li cao nht. Mt doanh nghip ca mt cng ty M M hi c nhng c i x v thu nh mt doanh nghip nc ngoi. Phn chnh lch gia t gi giao ngay v t gi k hn. Vic sp xp bn mt loi c phiu cho mt s lng nh nhng ngi mua tiu chun no . Vic sp xp cn i tai chnh cho mt d n u t no . Mt chnh sch ca mt quc gia no hn ch vic nhp khu hay xut khu ra nc ngoi. Mt cng ty mun u t vo mt quc gia no c tnh hnh kinh t chnh tr tng i ging vi nc mnh. Mt hc thuyt khng nh rng mt n v tin t phi c kh nng mua cng c mt gi hng ho mi nc.

Put Qualified institutional buyer Quota

Quyn chn bn T chc c iu kin Hn ngch.

Quyn bn mt loi ngoi t no trong tng lai L cc t chc hay cc cng ty khng phi tun th cc quy nh v bo co ti chnh theo chun chung ca M v ch phi p ng mt s quy nh ti thiu ca y ban chng khon Mt gii hn bt buc t ra i vi s lng hng ho nhp khu Bng nim yt trn sn giao dch ti chnh t gi mua v bn ca cc loi ngoi t. Mt nghip v tng hp mua mt quyn chn mua v bn mt quyn chn bn vi t gi ti thi im tng lai m c mc c gia hai bn T gi hi oi thc l t gi hi oi c xt n tng quan gi c gia hai nc hoc tng quan t l lm pht gia hai

Quotation Range forward

Bng nim yt Khung k hn

Real exchange rate

T gi hi oi thc

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ACADEMY OF FINANCE

nc. Real option analysis Reference rate Registered bond Reinvoicing center Phn tch quyn chn thc T gi tham chiu Tri phiu ng k Trung tm chuyn i ng dng hc thuyt quyn chn la chn cc danh mc u t T gi chun c lm cn c cho cc hp ng kinh t v giao dch thng mi Loi tri phiu m li v gc ch c tr cho ngi c tn trn tri phiu Mt cng ty ca mt tp on a quc gia thc hin vic pht hnh ha n cho mt cng ty thnh vin theo mt loi ngoi t nht nh nhm trnh nhng ri ro v chuyn i Ngang gi sc mua l l thuyt c pht trin vo nm 1920 bi Gustav Cassel. y l mt phng php iu chnh t gi hi oi gia hai tin t cn bng sc mua ca hai ng tin ny. L thuyt ngang gi sc mua ch yu da trn quy lut gi c, v gi nh rng trong mt th trng hiu qu, mi loi hng ho nht nh ch c mt mc gi. Cng thc tnh ngang gi sc mua mt cch tng i nh sau:

Relative purchasing power parity

Ngang gi sc mua tng i

Trong

"S" l t l trao i gia ng tin 1 vi ng tin 2 "P1" l gi c ca hng ho X tnh bng ng tin 1 "P2" l gi c ca hng ho X tnh bng ng tin 2

Reporting currency Repositioning funds

n v tin t bo co nh hng li vn

n v tin t c th hin trn bo co hp nht tp on Mt thut ng ch s kh khn ca cc cng ty nc ngoi khi mun chuyn vn n mt quc gia no u t. Kh khn c th l v chnh tr, kinh t, x hi Vn phng mt cng ty nc ngoi nhm mc ch gii thiu v bn sn phm ca Cng ty M nc Vic thit lp li li sut khi c bin ng v gi c L mt thay i theo hng i ln ca sc mua ngang gi i vi mt ng tin trong mt h thng t gi hi oi c nh.

Representative office Repricing risk Revaluation

Vn phng i din Thit lp li ri ro gi c S nng gi tr; s tng gi.

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Rho Risk

Mi lin quan thng d quyn chn li sut Ri ro.

Mt s thay i nh trong thng d quyn chn c th lm thay i t l li sut L hon cnh trong mt s kin xy ra vi mt xc sut nht nh hoc trong trng hp quy m ca s kin c mt phn phi xc sut. Mt cam kt gia ngi bn v ngi mua trong vic chia s ri ro khi c bin ng v t gi Mt quy tc chuyn i tin t ca mt quc gia theo mt t l vng nht nh Tri phiu Nht bng ng Yn nhng c nm gi bi cc nh u t nc ngoi o lut v kinh t ca Hoa K c ban hnh nm 2002 Quy tc 144A ca y ban Chng khon Hoa K theo c phiu ca cc cng ty c pht hnh hn ch cho mt s nh u t l t chc c iu kin Mt iu trong quy tc ca y ban ngn kh Hoa K quy nh v chuyn gia ni b Mt thut ng khc dng ch s t b i vay qua trung gian, m t vic ti tr nhng nhu cu tin t ca cng ty trc tip thng qua th trng vn v thng qua vic s dng cc cng c nh hi phiu, chp thun ca ngn hng v pht hnh tri phiu thay v vay t cc ngn hng thng mi. Mt doanh nghip hot ng nc ngoi m khng ph thuc vo Cng ty M T l chi ph nh trn doanh thu ca cc Cng ty con trn khp th gii bi mt Cng ty M mt quc gia no . Hot ng nhm ti a ha li nhun ca cc c ng trong mt cng ty o lng mc li nhun trung bnh thu c da trn mc li sut gi tit kim cc ngn hng ca mi khon u t khc nhau. Mt tnh hung l khi d bo gi thp s gim, m chng ta li khng c thp bun kim li, chng ta c th vay thp, bn

Risk sharing agreement Rules of the Game Samurai bonds Sarbanes Oxley Act SEC Rule 144A

Cam kt chia s ri ro Lut chi Tri phiu Sa mu rai o lut Sa ban Olex Quy tc 144A

Section 482 Securitization

iu 482 Chng khon ho.

Self-sustaining foreign entity Shared services Shareholder wealth maximization Sharpe measure

Doanh nghip nc ngoi t cung t cp Chi ph chia s Ti a ha li nhun cc c ng o lng li nhun

Short position

T th ngn hn

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ACADEMY OF FINANCE

ra th trng, i n khi gi thp gim tht s, ly tin mua thp, tr li cho ch cho vay, b ti khon chnh lch SIBOR Li sut lin ngn hng trn th trng Singapore Hi phiu tr tin ngay L li sut cho vay lin ngn hng, n ch c quan h gin tip ti yu t ri ro (ri ro h thng). Ri ro c o lng bng ch s ring phn nh ri ro. Ri ro ch c phn nh gin tip thng qua li sut (ri ro cng cao, li sut cng cao) L loi hi phiu m khi nhn thy hi phiu ngi tr tin phi tr ngay s tin ghi trn hi phiu cho ngi hng li hi phiu hay ngi cm hi phiu. Th trng Singapore giao dch cc loi ngoi t khc nhau trn th gii Gip cc ngn hng trn th gii, tt nhin phi l thnh vin ca SWIFT, chuyn tin cho nhau hoc trao i thng tin cho nhau. Mi thnh vin c cp 1 m giao dch gi l SWIFT code ng tin c t gi hi oi gim do lin tc xy ra thm ht CN CN THANH TON. Thut ng m ch nhng ri ro khi u t vo mt quc gia khc L mt loi tin t do qu tin t quc t IMF to ra vo nm 1969, ng vai tr l mt b phn trong d tr quc t ca cc nc thnh vin. SDR c phn b cho cc nc thnh vin theo t l gp vn ca cc nc thnh vin vo IMF. Gi tr ca SDR c tnh da trn r cc loi tin t mnh: trong , USD chim 44%, EUR 34%, JPY 11%, GBP 11%. Vic mua hoc bn nhm mc ch sau bn hoc mua v kim li khi gi c hoc t gi hi oi thay i. T gi c s dng trong giao dch giao ngay Mt giao dch c thc hin ngay trong vng 2 ngy lm vic thng thng Mc chnh lch gia gi bn ra v mua vo ca mt loi ngoi t ca mt ngn hng Mt t tng nhm ti a ha li ch cc bn lin quan trong mt doanh nghip L mi quan h chnh thc v li ch di hn c to nn bi
Page 33

Sight draft

SIMEX Society for Worldwide Interbank Financial Telecommunications (SWIFT) Soft currency

Th trng tin t quc t Singapore Hip hi Vin thng Ti chnh Lin ngn hng Ton th gii ng tin yu.

Sovereign risk Special Drawing Right (SDR)

Ri ro khi u t vo mt quc gia no khc Quyn rt vn c bit

Speculation

u c.

Spot rate Spot transaction Spread Stakeholder capitalism Strategic alliance

T gi giao ngay Giao dch giao ngay Chnh lch Ch ngha t bn cc bn hu quan Lin minh chin lc

ACADEMY OF FINANCE

hai hay nhiu bn tham gia nhm theo ui mt nhm mc tiu thng nht hoc nhm p ng cc nhu cu kinh doanh trng yu m vn gi c tnh c lp v t chc Stripped bonds Tri phiu tr Mt loi tri phiu c pht hnh bi cc ngn hng m trong ngi cm gi tri phiu c c cc khon thu nhp hng nm thng qua li trn tri phiu hng nm v gi tr gc tri phiu khi n ngy o hn Mt khon thu nhp pht sinh s b nh thu ngay mc d cha c chuyn v M. Mt cng ty trc thuc mt tp on no m cng ty M c quyn nm gi hn 50% quyn kim sot cng ty . Mt phng php nhm ti thiu ha chi ph bng cch nhp khu cc nguyn liu t cc nc c sn vi chi ph thp hn Mt loi tri phiu ca Nht nhng c pht hnh khng phi bng ng Yn m l bng cc ng ngoi t khc nh la hay bng Anh Mt thut ng kinh t c dng trong rt nhiu bi cnh khc nhau nh hon i li sut, hon i tin t, hon i tn dng. Gip cc ngn hng trn th gii, tt nhin phi l thnh vin ca SWIFT, chuyn tin cho nhau hoc trao i thng tin cho nhau. Mi thnh vin c cp 1 m giao dch gi l SWIFT code Mt khon vay ln ca rt nhiu ngn hng cng hp tc cho mt cng ty a quc gia no vay Mt quyn chn tng hp bao gm c vic mua mt quyn chn mua v bn mt quyn chn bn vi t gi c thc hin trong mt k hn nht nh L ri ro thuc v th trng, khng c mt nh u t no trnh khi cho d a dng ho c danh mc u t Chp nhn thng mi Thu nh vo mt hng ho nhp khu mt quc gia Thu hon li ch c lin quan n cc khon chnh lch tm thi gia li nhun k ton v li nhun chu thu. C s ca n da trn khi nim " C s tnh thu ca cc khon mc ti

Subpart F Subsidiary Supply chain management Sushi bonds

Thu nhp nc ngoi chu thu ngay lp tc Cng ty con Qun l chui cung cp Tri phiu Sushi

Swap SWIFT

Hon i Hip hi Vin thng Ti chnh Lin ngn hng Ton th gii Khon vay tp on Quyn chn tng lai tng hp Ri ro h thng Thut ng thng mi quc t Thu quan Thu hon li

Syndicated loan Synthetic forward

Systematic risk T/A Tariff Tax deferral

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ACADEMY OF FINANCE

sn hoc n phi tr" Tax exposure Ri ro v thu m ch cc Cng ty a quc gia khi hot ng mi nc trn th gii h ch hot ng cc lnh vc m b nh thu vi mc t l thp nht trn quc gia Mt quc gia c chnh sch thu quan rt u i hay rt thp nhm thu ht u t t nc ngoi vo Yu cu cc Cng ty a quc gia khi hot ng bt k mt quc gia no phi hot ng theo quy ch thu ca Quc gia . Mang hm ngha nh nhp gia ty tc Mc thu m nh vo thu nhp cc chi nhnh ca 1 Cng ty a quc gia l nh nhau. Cc cam kt thu quan gia cc quc gia nhm trnh nh thu trng hai ln Mt phng php da vo nhng yu t qu kh nh gi c v khi lng nhm tm ra nhng xu hng vn ng trong tng lai Phng php ny da trn cc gi nh rng: (1). Ti sn v n bng tin (tin mt, chng khon thanh ton, ti khon phi tr v phi thu, n) c chuyn i theo t gi hi oi hin ti (2). Cc ti sn v n khng phi dng tin mt (ti sn c nh v hng tn kho) c chuyn i theo t gi trong thi im c th din ra hot ng kinh doanh hay mua bn trc . Nh vy, s khng to ra thm mt khon l/li vn no. (3). Cc mc nm trong bo co thu nhp c chuyn i theo t gi hi oi cho thi k k ton tr trng hp chng lin quan trc tip n cc khon mc khng dng tin nh trong trng hp ct gim mc gi bn hng tn kho. Trong trng hp ny, mc chi ph ban u/trc y c dng cho vic chuyn i. (4). Li nhun v cc khon chi tr khc c chuyn i mc t gi hin ti ti thi im chi tr. Mt thut ng miu t gi tr ca ng Peso M hi c phn ng nh th no vi cc loi tin t khc trong khu vc M La Tinh khi M hi c xy ra khng hong tin t vo nm 1994 T s o lng chnh lch gia gi xut khu v gi nhp khu ca mt quc gia nhm xc nh li th thng mi Khon thu ch nh trn thu nhp t vng lnh th m Cng

Tax haven Tax morality

Thin ng v thu o c thu

Tax neutrality Tax treaties Technical analysis

Thu trung ha Cc hip c thu quan Phn tch k thut

Temporal method

Phng php tm thi

Tequila effect

Hiu ng Tequila

Terms of trade Territorial approach to taxes

T l thng mi Thu nh trn doanh

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ACADEMY OF FINANCE

thu lnh th Theta Ch s Theta

ty t tr s kinh doanh, khng nh trn thu nhp t cc quc gia khc L mua tt c cc chng khon c trong ch s, vi t trng vn u t bng ng t trng vn ha ca tng c phiu trn th trng. Khi u t theo chin lc ny phn trm thay i ca ch s bng ng phn trm li nhun Hi phiu tr sau l mt t mnh lnh tr tin v iu kin do mt ngi k pht cho mt ngi khc, yu cu ngi ny khi nhn thy phiu, n mt ngy nht nh hoc mt ngy xc nh trong tng lai, phi tr mt s tin nht nh cho ngi no / hoc theo lnh ca ngi ny tr cho mt ngi khc/hoc tr cho ngi cm phiu. TSR l ch s o lng li nhun m c ng nhn c bao gm thay i gi c phiu v c tc bng tin. Bin ng gi c phiu ch phn nh c mt phn li nhun thu c ca nh u t. Vic phn nh cc loi chng khon ra cc loi khc nhau ca nhng nh k bo lnh pht hnh m h mong mun rng loi chng khon ch c bn cho cc nh u t cc khu vc a l L mt vn m cc doanh nghip (DN) lun phi i u trong kinh doanh quc t. Tn tht giao dch xy ra khi DN c dng tin mt rng buc bng hp ng (contractual cash flow) c nh gi bng ngoi t. L gi chuyn giao, thng c s dng trong ni b cc cng ty a quc gia. V d n gin nht: Cng ty A c nhiu Cng ty con nhiu quc gia khc nhau. Cng ty A Vit Nam phi mua 1 lng hng t Cng ty A Thi Lan. ng ra ch mua 5$ th cty Thi Lan bn 10$. Iu ny c th lm cty VN b l nhng cty Thi Lan s c li ln. Khon li nhun sau ny tp on (Cng ty m) s c trch nhim chia li cho cc Cng ty con. Gi chuyn giao thng c cc Cng ty s dng nh 1 cch trn thu ( nhng nc ang v km pht trin)

Time draft

Hi phiu tr sau

Total Shareholder Return (TSR)

Tng li Nhun

Tranche

Phn loi chng khon

Transaction exposure

Tn tht giao dch

Transfer pricing

nh gi chuyn i

Translation exposure

Tn tht chuyn i

Tn tht chuyn i l tn tht pht sinh do thay i t gi khi sp nhp v chuyn i ti sn, n, li nhun rng v cc khon mc khc ca cc bo co ti chnh t n v tnh ton ngoi t sang n v ni t. V kinh t, gi tr ca doanh nghip

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ACADEMY OF FINANCE

hon ton ging nhau hai quc gia, nhng khi chuyn i, do tc ng ca s thay i t gi, nn gi tr doanh nghip c th khc nhau. Transnational firm Transparency Cng ty xuyn quc gia Tnh minh bch Mt Cng ty m c rt nhiu cc chi nhnh hot ng cc nc khc nhau trn th gii Mt khi nim m ch rng nh u t hon ton c th da vo s liu th hin trn bo co ti chnh ca Cng ty m nh u t mun u t L m hnh m t mi tng quan gia ri ro v thu nhp k vng, c s dng nh gi cc chng khon c mc ri ro cao. Nh chng ta bit, d on li tc tng lai ca mt c phiu vi gi nh gi c phiu tun theo "bc nhy ngu nhin" (random walk) th gi tr trung bnh (mean) ca li tc trong qu kh s cho ta mt unbiased predictor. iu ny l ng nu ta mun d on li tc cho mt k hn c th trong tng lai. V d d on li tc cho thng sau ta c th s dng li tc trung bnh cho 60 thng trong qu kh. Vic chia tch dng tin t t mt cng ty con ra khi mt cng ty M ra rt nhiu cc khon mc nh ph bn quyn, ph thu hot ng. Trong mt ch t gi hi oi linh hot khi cc nh u t bng quan vi ri ro v khng t bo v h khi nhng ri ro ca t gi trong TH TRNG K HN, yu cu rng gi giao ngay trong tng lai ca mt ng tin khc vi gi giao ngay hin ti bng mt lng va ng lm i trong vi mc chnh lch li sut gia hai quc gia. Mt loi tin t m gi tr ca n thp hn gi tr thc vn c ca n khi trao i vi mt ng tin t khc. Nh trc kia 1 EUR ch i c 1.2 la th by gi mt 1 EUR c th i c 1.3 la L ri ro c th a dng ho c, c th c loi b hon ton khi a dng ha cc danh mc chng khon u t N l mt dng ca thu bn hng. Ti mt s quc gia, nh Australia, Canada, New Zealand, Singapore th thu ny c gi l "goods and services tax" (vit tt GST) ngha l thu hng ha v dch v; cn ti Nht Bn th n c bit n di tn gi "thu tiu th". VAT l mt loi thu gin thu,

Treynor measure

Ch s Treynor

Unbiased predictor

c tnh tt nht

Unbundling

Chia tch rng tin t

Uncovered interest arbitrage

Li sut ngang bng cha tnh

Undervalued

ng ni t thp hn gi tr

Unsystematic risk Value added tax

Ri ro khng h thng Thu gi tr gia tng

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ACADEMY OF FINANCE

c nh vo ngi tiu dng cui cng, mc d ch th em np n cho c quan thu l cc doanh nghip Value date Value today Ngy th hin gi tr Gi tr ngy giao dch L ngy m th hin gi tr giao dch thng l gia cc ngn hng vi nhau Mt giao dch ngoi t c k kt ngy hm nay v s c thc hin ngay ngy hm nay vi t gi p dng l ngy hm nay Mt giao dch ngoi t c k kt ngy hm nay nhng s c thc hin vo ngy mai vi t gi p dng l ngy mai ch khng phi ngy hm nay Gii thch l gi dao ng cng nhiu th l mt phn nh ca tm t ngi trong cuc chi. Gi giao ng mnh l v trong c nhng hoang mang. Ngi ta hoang mang th ngi ta s d a ra nhng quyt nh sai lm. Hnh nh ny cng ging nh mt by th ang b rt. Nu bn quan st phng thc i sn ca con s t th bn s thy vic u tin m n lm l to nn hoang mang trong by th. Mi con chy mt hng, v con s t s chn con mi yu nht, nh nht, v d nht sn. Nh u t cng th. Khi gi giao ng l lc ngi ta hoang mang, s hi. Khi ngi ta hoang mang l lc nh u t nhy vo kim li. Chi ph s dng vn bnh qun l chi ph s dng vn c doanh nghip tnh ton da trn t trng cc loi vn m doanh nghip s dng. y l mt trong cc c quan chuyn trch ca Lin Hp Quc, v gm c 184 quc gia thnh vin. Nhng quc gia ny cng c trch nhim ng gp ti chnh cho chng trnh v qun l hot ng chi tiu ca Ngn hng. Cng vi cng ng pht trin cn li, Ngn Hng Th Gii tp trung n lc vo vic t cho c cc Mc Tiu Pht Trin Thin Nin K, c cc thnh vin ca Lin Hip Quc (UN) ng trong nm 2000 v nhm vo vic gii thiu s i ngho vn cn dai dng. L loi thu m nh trn cc khon doanh thu ca mt Cng ty bt k khon doanh thu c xut pht t bt k u trn th gii ca Cng ty Tri phiu ng pht hnh trong th trng M bi 1 cng ty nc ngoi (khng phi Cng ty M) Li sut hon vn o hn l mc li sut m nh u t mong
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Value tomorrow

Gi tr mt ngy lm vic sau ngy giao dch Mc giao ng ca gi

Volatility

Weighted average cost of capital (WACC) World bank

chi ph s dng vn bnh qun Ngn hng th gii

Worldwide approach to taxes Yankee bonds Yield to maturity

Thu nh trn doanh thu ton cu Tri phiu ngoi quc li sut o hn

ACADEMY OF FINANCE

mun ha vn khi u t vo mt loi tri phiu no trong bao nhiu nm v c tnh theo cng thc sau: P = C/(1+i) + C/((1+i)^2) +... + C/((1+i)^n) + F/((1+i)^n), vi:

C: tin coupon hng nm F: mnh gi ca tri phiu N: s nm n ngy mn hn P: gi ca tri phiu

i: li sut hon vn o hn (YTM - yield to maturity) Zero coupon bond Tri phiu khng c nhn tri tc Tri phiu khng c nhn tri tc (zero coupon) l loi tri phiu m ngi nm gi n khng c tr li (coupon) nh k, thay vo tri phiu li sut 0 c bn mc gi chit khu

Page 39