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1、跨国公司财务管理,艾伦.C.夏皮罗(Alan C. Shapiro) 著 赵锡军 编审 顾苏秦 译校,PART I ENVIRONMENT OF INTERNATIONAL FINANCIAL MANAGEMENT,CHAPTER 1 INTRODUCTION: MULTINATIONAL ENTERPRISE AND MULTINATIONAL FINANCIAL MANAGEMENT,Learning Objectives, To understand the nature and benefits of globalization To explain why multinational
2、 corporations are the key players in international economic competition today To classify the three historical types of multinational corporation (MNC) and explain their motivations for international expansion To explain why managers of MNCs need to exploit rapidly changing global economic condition
3、s and why political policy makers must also be concerned with the same changing conditions,Learning Objectives, To identify the advantages of being multinational, including the benefits of international diversification To describe the general importance of financial economics to multinational financ
4、ial management and the particular importance of the concepts of arbitrage, market efficiency, capital asset pricing, and total risk To characterize the global financial marketplace and explain why MNC managers must be alert to capital market imperfections and asymmetries in tax regulations,1.1 THE R
5、ISE OF THE MULTINATIONAL CORPORATION,A multinational corporation (MNC) is a company engaged in producing and selling goods or services in more than one country. A brief taxonomy of the MNC and its evolution Raw-Materials Seekers. Raw-materials seekers were the earliest multinationals, the villains o
6、f international business. Market Seekers. The market seeker is the archetype of the modern multinational firm that goes overseas to produce and sell in foreign markets. Cost Minimizers. These firms seek out and invest in lower cost production sites overseas (for example, Hong Kong, Taiwan, and Irela
7、nd) to remain cost-competitive both at home and abroad.,1.1 THE RISE OF THE MULTINATIONAL CORPORATION,the true multinational corporation is characterized more by its state of mind than by the size and worldwide dispersion of its assets. the essential element that distinguishes the true multinational
8、 is its commitment to seeking out, undertaking, and integrating manufacturing, marketing, R the North American Free Trade Agreement (NAFTA),1.3 MULTINATIONAL FINANCIAL MANAGEMENT: THEORY AND PRACTICE,The main objective of multinational financial management is to maximize shareholder wealth as measur
9、ed by share price. Shareholders are the legal owners of the firm and management has a fiduciary obligation to act in their best interests. Financial management is traditionally separated into two basic functions: the acquisition of funds (financing decision) and the investment of those funds (invest
10、ment decision). The risks of multinational management include exchange and inflation risks; international differences in tax rates; multiple money markets, often with limited access; currency controls; and political risks, such as sudden or creeping expropriation. The most advantage of MNC is the in
11、ternational diversification of markets and production sites.,1.3 MULTINATIONAL FINANCIAL MANAGEMENT: THEORY AND PRACTICE,Some concepts of financial economics: Arbitrage Market efficiency Capital Asset Pricing Risk classification,1.4 OUTLINE OF THE BOOK,This book is divided into five parts. Part I: E
12、nvironment of International Financial Management Part II: Foreign Exchange Risk Management Part III: Financing the Multinational Corporation Part IV: Foreign Investment Analysis Part V: Multinational Working Capital Management,PART I ENVIRONMENT OF INTERNATIONAL FINANCIAL MANAGEMENT,CHAPTER 2 THE FU
13、NDAMENTAL OF INTERNATIONAL FINANCE,Learning Objectives, To explain the concept of an equilibrium exchange rate To identify the basic factors affecting exchange rates in a floating exchange rate system To calculate the amount of currency appreciation or depreciation associated with a given exchange r
14、ate change To distinguish between a free float, a managed float, a target-zone arrangement, and a fixed-rate system of exchange rate determination To distinguish between the current account, the financial account, and the official reserves account and describe the links among these accounts,2.1 SETT
15、ING THE EQUILIBRIUM SPOT EXCHANGE RATE,Exchange rates can be for spot or forward delivery. A spot rate is the price at which currencies are traded for immediate delivery, or in two days in the interbank market. A forward rate is the price at which foreign exchange is quoted for delivery at a specifi
16、ed future date. The exchange rates are market-clearing prices that equilibrate supplies and demands in the foreign exchange market.,2.1 SETTING THE EQUILIBRIUM SPOT EXCHANGE RATE,Factors that Affect the Equilibrium Exchange Rate: As the supply and demand schedules for a currency change over time, the equilibrium exchange will also change. Relative Inflation Rates Relative Interest Rates Relative Economic Growth Rates Political and Economic Risk Expectation and Asset Market model Calculating Exc
