INTERNATIONAL INVESTMENT.ppt

INTERNATIONAL INVESTMENTDefinitionDefinitionConnotationConnotationTypeTypeInternational investmentInternational investmentinternational investment,foreign investment,or international investment,foreign investment,or overseas investmentoverseas investmenteconomic behavioreconomic behaviormultinational corporation/investment subjectsmultinational corporation/investment subjects monetary capital/industry capital value adding monetary capital/industry capital value adding cross border flowing&operations cross border flowing&operations DefinitionDefinitionConnotationConnotationa)forms of capital physical capital-machinery equipments&merchandises etc.intangible asset-goodwill,patent,trademark,copyright&franchise 经销权经销权 financial aaset-bond,stock,mutual funds,option,derivative securities.ConnotationConnotationb)subject official&unofficial organizations multinational corporations multinational financial oganizations&individual investorsc)a transnational operation activity of capital international trade&international creditTypeTypea)time long-term investmet short-term investmentb)management right FDI-foreign direct investment FII -foreign indirect investmentc)source of capital public investment individual investment direct investment into production buying a company/expanding operation reasons cheaper wages special investment privileges(eg:tax exemption)FDI FII a passive investment(eg:stocks,bonds)FDIFDIFDIFDItype:inward foreign direct investment outward foreign direct investment one example of international factor movementsCASE:The VAM between Mengniu Dairy&Morgan StanleyVAMMengniu DairyMengniu DairyMorgan StanleyMorgan StanleyVAM 对赌协议对赌协议Valuation Adjustment Mechanism an agreement uncertain situation two subjects:acquire/investor 收购方收购方 granter/financier 出让方出让方 pre-arranged situation appearing investor a right otherwisefinancier a righta kind of optionsMorgan Stanley 摩根斯坦利American multinational financial services corporation Morgan Stanley Building Midtown Manhattan New York City 42 countries 1,300 offices&60,000 employees US$304 billions in assets affiliatessecurities products&services corporations,goverments,financial institutions&individuals 3 business segments:Institutional Securities,Global Wealth Management Group&Asset ManagementIn this case:Financier:Mengniu Dairy Investor:Morgan Stanley&other two International Investment OrganizationsSigned Time:2003Main Content:20032006 if,compound growth rate50%Mengniu Morgan Stanley etc.7800 thousand shares on the contrary,Morgan Stanley etc.Mengniu same shares In this case:Results:Its done.Mengniu billions of shares in April,2005,exploits of M.￥rapidly Win-win:VAM Mengniu Dairy leading company Morgan Stanley etc.arbitraging(套利)HK$10 billionTHANK U FOR YOUR THANK U FOR YOUR LISTENING!LISTENING!SEE USEE U