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1、跨国公司财务管理 艾伦 C 夏皮罗 AlanC Shapiro 著赵锡军编审顾苏秦译校 PARTIENVIRONMENTOFINTERNATIONALFINANCIALMANAGEMENT CHAPTER1INTRODUCTION MULTINATIONALENTERPRISEANDMULTINATIONALFINANCIALMANAGEMENT LearningObjectives Tounderstandthenatureandbenefitsofglobalization Toexplainwhymultinationalcorporationsarethekeyplayersinint
2、ernationaleconomiccompetitiontoday Toclassifythethreehistoricaltypesofmultinationalcorporation MNC andexplaintheirmotivationsforinternationalexpansion ToexplainwhymanagersofMNCsneedtoexploitrapidlychangingglobaleconomicconditionsandwhypoliticalpolicymakersmustalsobeconcernedwiththesamechangingcondit
3、ions LearningObjectives Toidentifytheadvantagesofbeingmultinational includingthebenefitsofinternationaldiversification Todescribethegeneralimportanceoffinancialeconomicstomultinationalfinancialmanagementandtheparticularimportanceoftheconceptsofarbitrage marketefficiency capitalassetpricing andtotalr
4、isk TocharacterizetheglobalfinancialmarketplaceandexplainwhyMNCmanagersmustbealerttocapitalmarketimperfectionsandasymmetriesintaxregulations 1 1THERISEOFTHEMULTINATIONALCORPORATION Amultinationalcorporation MNC isacompanyengagedinproducingandsellinggoodsorservicesinmorethanonecountry Abrieftaxonomyo
5、ftheMNCanditsevolutionRaw MaterialsSeekers Raw materialsseekersweretheearliestmultinationals thevillainsofinternationalbusiness MarketSeekers Themarketseekeristhearchetypeofthemodernmultinationalfirmthatgoesoverseastoproduceandsellinforeignmarkets CostMinimizers Thesefirmsseekoutandinvestinlowercost
6、productionsitesoverseas forexample HongKong Taiwan andIreland toremaincost competitivebothathomeandabroad 1 1THERISEOFTHEMULTINATIONALCORPORATION thetruemultinationalcorporationischaracterizedmorebyitsstateofmindthanbythesizeandworldwidedispersionofitsassets theessentialelementthatdistinguishesthetr
7、uemultinationalisitscommitmenttoseekingout undertaking andintegratingmanufacturing marketing R D andfinancingopportunitiesonaglobal notdomestic basis Inaworldinwhichchangeistheruleandnottheexception thekeytointernationalcompetitivenessistheabilityofmanagementtoadjusttochangeandvolatilityataneverfast
8、errate Newglobalmanagerisneeded 1 2THEINTERNATIONALIZATIONOFBUSINESSANDFINANCE Theexistenceofglobalcompetitionandglobalmarketsforgoods services andcapitalisafundamentaleconomicrealitythathasalteredthebehaviorofcompaniesandgovernmentsworldwide Politiciansandlaborleaders unlikecorporateleaders usually
9、takeamoreparochialviewofglobalization Internationaleconomicintegrationreducesthefreedomofgovernmentstodeterminetheirowneconomicpolicy Thestressescausedbyglobalcompetitionhavestirredupprotectionistsandgivenrisetonewconcernsabouttheconsequencesoffreetrade TheU S Canadatradeagreement theNorthAmericanFr
10、eeTradeAgreement NAFTA 1 3MULTINATIONALFINANCIALMANAGEMENT THEORYANDPRACTICE Themainobjectiveofmultinationalfinancialmanagementistomaximizeshareholderwealthasmeasuredbyshareprice Shareholdersarethelegalownersofthefirmandmanagementhasafiduciaryobligationtoactintheirbestinterests Financialmanagementis
11、traditionallyseparatedintotwobasicfunctions theacquisitionoffunds financingdecision andtheinvestmentofthosefunds investmentdecision Therisksofmultinationalmanagementincludeexchangeandinflationrisks internationaldifferencesintaxrates multiplemoneymarkets oftenwithlimitedaccess currencycontrols andpol
12、iticalrisks suchassuddenorcreepingexpropriation ThemostadvantageofMNCistheinternationaldiversificationofmarketsandproductionsites 1 3MULTINATIONALFINANCIALMANAGEMENT THEORYANDPRACTICE Someconceptsoffinancialeconomics ArbitrageMarketefficiencyCapitalAssetPricingRiskclassification 1 4OUTLINEOFTHEBOOK
13、Thisbookisdividedintofiveparts PartI EnvironmentofInternationalFinancialManagementPartII ForeignExchangeRiskManagementPartIII FinancingtheMultinationalCorporationPartIV ForeignInvestmentAnalysisPartV MultinationalWorkingCapitalManagement PARTIENVIRONMENTOFINTERNATIONALFINANCIALMANAGEMENT CHAPTER2THE
14、FUNDAMENTALOFINTERNATIONALFINANCE LearningObjectives Toexplaintheconceptofanequilibriumexchangerate Toidentifythebasicfactorsaffectingexchangeratesinafloatingexchangeratesystem Tocalculatetheamountofcurrencyappreciationordepreciationassociatedwithagivenexchangeratechange Todistinguishbetweenafreeflo
15、at amanagedfloat atarget zonearrangement andafixed ratesystemofexchangeratedetermination Todistinguishbetweenthecurrentaccount thefinancialaccount andtheofficialreservesaccountanddescribethelinksamongtheseaccounts 2 1SETTINGTHEEQUILIBRIUMSPOTEXCHANGERATE Exchangeratescanbeforspotorforwarddelivery As
16、potrateisthepriceatwhichcurrenciesaretradedforimmediatedelivery orintwodaysintheinterbankmarket Aforwardrateisthepriceatwhichforeignexchangeisquotedfordeliveryataspecifiedfuturedate Theexchangeratesaremarket clearingpricesthatequilibratesuppliesanddemandsintheforeignexchangemarket 2 1SETTINGTHEEQUILIBRIUMSPOTEXCHANGERATE FactorsthatAffecttheEquilibriumExchangeRate Asthesupplyanddemandschedulesforacurrencychangeovertime theequilibriumexchangewillalsochange RelativeInflationRatesRelativeInterestRa
