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1、INTERNATIONALFINANCIALMANAGEMENTEUN / RESNICKFifth Edition1跨国公司财务全球化与跨国企业 主讲教师:王小平2跨国公司财务全球化与跨国企业OUTLINE OFINTERNATIONALFINANCIALMANAGEMENT3跨国公司财务全球化与跨国企业Reference Books1.吴丛生.国际财务管理.北京大学出版社.2.毛付根.跨国公司财务管理.东北财经大学出版社 3.国际金融学，陈彪如，西南财经大学出版社，2000. 4.国际财务管理，刘亚秋，三民书局，2000.5（美）巴特勒 著；赵银德 等译. 跨国财务（原书第3版）. 北京：
2、机械工业出版社， 2005.94跨国公司财务全球化与跨国企业What is the real world?EconomyPoliticksCultureLawTechWhy do we need to study international financial management? 5跨国公司财务全球化与跨国企业Chapter Objectives:Understand why it is important to study international finance.Distinguish international finance from domestic finance.1Chap
3、ter OneGlobalization and the Multinational Firm1-66跨国公司财务全球化与跨国企业Chapter One Outline1.1 Whats Special about “International” Finance?1.2 Goals for International Financial Management1.3 Globalization of the World Economy1.4 Multinational Corporations1-77跨国公司财务全球化与跨国企业1.1 Whats Special about “Internati
4、onal” Finance?1.1.1 Foreign Exchange and Political Risk1.1.2 Market Imperfections1.1.3 Expanded Opportunity Set1-88跨国公司财务全球化与跨国企业1.1 Whats Special about “International” Finance?1.1.1 Foreign Exchange RiskThe risk that foreign currency profits may evaporate in dollar terms due to unanticipated unfavo
5、rable exchange rate movements.E.g. -Suppose $1 = 100 and you buy 10 shares of Toyota at 10,000 per share. -One year later the investment is worth ten percent more in yen: 110,000 -But, if the yen has depreciated to $1 = 120, your investment has actually lost money in dollar terms.1-99跨国公司财务全球化与跨国企业1
6、.1 Whats Special about “International” Finance?1.1.1 Political RiskSovereign governments have the right to regulate the movement of goods, capital, and people across their borders. These laws sometimes change in unexpected ways.Sovereign governments change the “rules of the game”Be aware of such ris
7、k in the country without a tradition of the rule of law1-1010跨国公司财务全球化与跨国企业1.1 Whats Special about “International” Finance?1.1.2 Market ImperfectionsLegal restrictions on the movement of goods, people, and moneyTransactions costsShipping costsTax arbitrage1-1111跨国公司财务全球化与跨国企业The Example of Nestls Ma
8、rket ImperfectionNestl used to issue two different classes of common stock bearer shares and registered shares.Foreigners were only allowed to buy bearer shares.Swiss citizens could buy registered shares.The bearer stock was more expensive.On November 18, 1988, Nestl lifted restrictions imposed on f
9、oreigners, allowing them to hold registered shares as well as bearer shares.1-1212跨国公司财务全球化与跨国企业Nestls Foreign Ownership Restrictions12,00010,0008,0006,0004,0002,000011203191824Source: Financial Times, November 26, 1988 p.1. Adapted with permission.SFBearer shareRegistered share1-1313跨国公司财务全球化与跨国企业T
10、he Example of Nestls Market ImperfectionFollowing this, the price spread between the two types of shares narrowed dramatically.This implies that there was a major transfer of wealth from foreign shareholders to Swiss shareholders.Foreigners holding Nestl bearer shares were exposed to political risk
11、in a country that is widely viewed as a haven from such risk.The Nestl episode illustrates both the importance of considering market imperfections and the peril of political risk.1-1414跨国公司财务全球化与跨国企业1.1 Whats Special about “International” Finance?1.1.3 Expanded Opportunity SetIt doesnt make sense to
12、 play in only one corner of the sandbox.True for corporations as well as individual investors.1-1515跨国公司财务全球化与跨国企业1.2 Goals for International Financial ManagementThe focus of the text is to equip the reader with the “intellectual toolbox” of an effective global managerbut what goal should this effec
13、tive global manager be working toward?1.2.1 Maximization of shareholder wealth?1.2.2 Other Goals?1-1616跨国公司财务全球化与跨国企业1.2.1 Maximize Shareholder WealthLong accepted as a goal in the Anglo-Saxon countries, but complications arise.Who are and where are the shareholders?In what currency should we maximi
14、ze their wealth?1-1717跨国公司财务全球化与跨国企业1.2.2 Other GoalsIn other countries shareholders are viewed as merely one among many “stakeholders” of the firm including:EmployeesSuppliersCustomersIn Japan, managers have typically sought to maximize the value of the keiretsua family of firms to which the indivi
15、dual firms belongs.1-1818跨国公司财务全球化与跨国企业1.2.2 Other GoalsAs shown by a series of recent corporate scandals at companies like Enron, WorldCom, and Global Crossing, managers may pursue their own private interests at the expense of shareholders when they are not closely monitored.These calamities have p
16、ainfully reinforced the importance of corporate governance i.e. the financial and legal framework for regulating the relationship between a firms management and its shareholders.1-1919跨国公司财务全球化与跨国企业1.2.2 Other GoalsThese types of issues can be much more serious in many other parts of the world, espe
17、cially emerging and transitional economies, such as Indonesia, Korea, and Russia, where legal protection of shareholders is weak or virtually non-existing.No matter what the other goals, they cannot be achieved in the long term if the maximization of shareholder wealth is not given due consideration
18、.1-2020跨国公司财务全球化与跨国企业1.3 Globalization of the World Economy: Major Trends1.3.1 Emergence of Globalized Financial Markets1.3.2 Emergence of the Euro as a Global Currency1.3.3 Trade Liberalization and Economic Integration 1.3.4 Privatization 1-2121跨国公司财务全球化与跨国企业1.3.1 Emergence of Globalized Financial
19、MarketsDeregulation of Financial Markets coupled withAdvances in Technology have greatly reduced information and transactions costs, which has led to:Financial Innovations, such asCurrency futures and optionsMulti-currency bondsCross-border stock listingsInternational mutual funds1-2222跨国公司财务全球化与跨国企
20、业1.3.2 Emergence of the Euro as a Global CurrencyA momentous event in the history of world financial systems.Currently more than 300 million Europeans in 15 countries are using the common currency on a daily basis.In May 2004, 10 more countries joined the European Union and adopted the euro.The “tra
21、nsaction domain” of the euro may become larger than the U.S. dollars in the near future.1-2323跨国公司财务全球化与跨国企业Euro AreaAustria, Belgium,Cyprus, Finland, France, Germany, Greece, lIreland, lItaly, lLuxembourg, lMalta, lThe Netherlands,lPortugal, lSlovenia, lSpain1-2424跨国公司财务全球化与跨国企业Value of the Euro in
22、 U.S. Dollars1-2525跨国公司财务全球化与跨国企业1.3.3 Economic IntegrationOver the past 50 years, international trade increased about twice as fast as world GDP.There has been a sea change in the attitudes of many of the worlds governments who have abandoned mercantilist views and embraced free trade as the surest
23、 route to prosperity for their citizenry.1-2626跨国公司财务全球化与跨国企业Liberalization of Protectionist LegislationThe General Agreement on Tariffs and Trade (GATT) a multilateral agreement among member countries has reduced many barriers to trade.The World Trade Organization has the power to enforce the rules
24、 of international trade.On January 1, 2005 the end of the era of quotas on imported textiles ended.This is an event of historic proportions.1-2727跨国公司财务全球化与跨国企业NAFTAThe North American Free Trade Agreement (NAFTA) calls for phasing out impediments to trade between Canada, Mexico and the United States
25、 over a 15-year period beginning in 1994.For Mexico, the ratio of export to GDP has increased dramatically from 2.2% in 1973 to 29% in 2006.The increased trade has resulted in increased numbers of jobs and a higher standard of living for all member nations.1-2828跨国公司财务全球化与跨国企业1.3.4 PrivatizationThe
26、selling off state-run enterprises to investors is also known as “Denationalization”.Often seen in socialist economies in transition to market economies.By most estimates this increases the efficiency of the enterprise.Often spurs a tremendous increase in cross-border investment.1-2929跨国公司财务全球化与跨国企业1
27、.4 Multinational Corporations A firm that has incorporated on one country and has production and sales operations in other countries.There are about 60,000 MNCs in the world.Many MNCs obtain raw materials from one nation, financial capital from another, produce goods with labor and capital equipment
28、 in a third country and sell their output in various other national markets.1-3030跨国公司财务全球化与跨国企业Benefits ways of MNCs Economy of scale -spreading cost -global purchasing -utilizing tech and know-how Underpriced labor servicesSpecial R&D31跨国公司财务全球化与跨国企业Top 10 MNCs1General ElectricUnited States2Vodafo
29、ne Group PLCUnited Kingdom3General MotorsUnited States4British Petroleum Co. PLCUnited Kingdom5Royal Dutch/Shell GroupUK/Netherlands6ExxonMobile CorporationUnited States7Toyota Motor CorporationJapan8Ford Motor CompanyUnited States9TotalFrance10Elctricit de FranceFrance1-3232跨国公司财务全球化与跨国企业The Theory
30、 of Comparative AdvantageDefinition: a comparative advantage exists when one party can produce a good or service at a lower opportunity cost than another party.1-3333跨国公司财务全球化与跨国企业The Geometry of Comparative AdvantageConsider the example given in appendix 1A.There are two countries, A and B, who can
31、 each produce only food and textiles.Initially they do not trade with one another.1-3434跨国公司财务全球化与跨国企业The Geometry of Comparative Advantage300FoodTextiles 180A production possibilities curve shows the various amounts of food or textiles that each country can make.The production possibilities of coun
32、try A are such that if they concentrated 100% of their resources into the production of textiles, they could produce 180 million yards of textiles.If country A chose to concentrate 100% of their resources into the production of food, they could produce as much as 300 million pounds of food. Country
33、A can produce any combination of food and textiles between these two points.1-3535跨国公司财务全球化与跨国企业The Geometry of Comparative Advantage300FoodTextiles 18060200As a practical matter, the citizens of country A must choose a point along their production possibilities curve; initially they choose 200 mill
34、ion pounds of food, and 60 million yards of textiles.1-3636跨国公司财务全球化与跨国企业The Geometry of Comparative Advantage1,200300FoodTextiles 18090024060200The production possibilities of country B are such that if they concentrated 100% of their resources into the production of textiles, they could produce 24
35、0 million yards of textiles.If country B chose to concentrate 100% of their resources into the production of food, they could produce as much as 900 million pounds of food. 1-3737跨国公司财务全球化与跨国企业The Geometry of Comparative Advantage1,200300FoodTextiles 18090024060200600As a practical matter, the citiz
36、ens of country B must choose a point along their production possibilities curve; initially they choose 600 million pounds of food, and 80 million yards of textiles.801-3838跨国公司财务全球化与跨国企业The Geometry of Comparative Advantage300FoodTextiles 1809002406020060080Country A enjoys a comparative advantage i
37、n textiles because they have to give up food at a lower rate than B when making textiles.Put another way, country B enjoys a comparative advantage in food because they have to give up textiles at a lower rate than A when making more food.Geometrically, a comparative advantage exists because the slop
38、es of the production possibilities differ.1-3939跨国公司财务全球化与跨国企业The Geometry of Comparative Advantage300FoodTextiles 1809002406020060080If the countries specialize according to their comparative advantage, then country A should make textiles and trade for food, while country B should grow food and tra
39、de for textiles.1-4040跨国公司财务全球化与跨国企业The Geometry of Comparative Advantage1,200300FoodTextiles 4201809002406020060080Before trade, if both countries made only textiles, the combined production would be 420 million yards of textiles = 240 + 180.Before trade, if both countries made only food, the combi
40、ned production would be 1,200 million pounds of food = 900 + 300.1-4141跨国公司财务全球化与跨国企业The Geometry of Comparative Advantage1,200300FoodTextiles 4201809002406020060080The combined production possibilities curve of country A and B without trade are shown in the green line.1-4242跨国公司财务全球化与跨国企业The Geomet
41、ry of Comparative Advantage1,200300FoodTextiles 4208001809002406020060080Before trade, the combined production is 800 million lbs of food and 140 million yards of textiles.1401-4343跨国公司财务全球化与跨国企业The Geometry of Comparative Advantage1,200300FoodTextiles 4208001409002406020060080County B can produce f
42、ood at a lower opportunity cost, so let B produce the first 900 million pounds of food.Country A can produce textiles at a lower opportunity cost, so let them produce the first 180 million yards of textiles.1801-4444跨国公司财务全球化与跨国企业The Geometry of Comparative Advantage1,200300FoodTextiles 420800140180
43、9002406020060080The combined production possibilities curve with trade is composed of the original curves joined as shown.1-4545跨国公司财务全球化与跨国企业The Geometry of Comparative Advantage1,200300FoodTextiles 4208001401809002406020060080The gains from trade are shown by the increase in consumption availablea
44、n extra 100 million pounds of food and 40 million yards of textiles are now available in excess of the pre-trade consumption.1-4646跨国公司财务全球化与跨国企业Arguments in Favor of Free TradeBoth partners gain from trade: we have more material goods.“Freedom” in a good thing in itself.In this case consumers freedom to choose imported goods and producers freedom to choose to sell to foreigners.1-4747跨国公司财务全球化与跨国企业推荐一：经典电影1-48关于商业必看的关于商业必看的20部电影部电影48跨国公司财务全球化与跨国企业
