跨国公司财务讲义.ppt
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1、跨国公司财务管理讲跨国公司财务管理讲义义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 corporations are the key players
2、 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 conditions and why political policy makers m
3、ust 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 financial management and the particular imp
4、ortance 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 regulations1.1 THE RISE OF THE MULTINATIONAL CORPORATIONnA mu
5、ltinational corporation(MNC)is a company engaged in producing and selling goods or services in more than one country.nA brief taxonomy of the MNC and its evolution nRaw-Materials Seekers.Raw-materials seekers were the earliest multinationals,the villains of international business.nMarket Seekers.The
6、 market seeker is the archetype of the modern multinational firm that goes overseas to produce and sell in foreign markets.nCost Minimizers.These firms seek out and invest in lower cost production sites overseas(for example,Hong Kong,Taiwan,and Ireland)to remain cost-competitive both at home and abr
7、oad.1.1 THE RISE OF THE MULTINATIONAL CORPORATIONnthe true multinational corporation is characterized more by its state of mind than by the size and worldwide dispersion of its assets.nthe essential element that distinguishes the true multinational is its commitment to seeking out,undertaking,and in
8、tegrating manufacturing,marketing,R&D,and financing opportunities on a global,not domestic,basis.nIn a world in which change is the rule and not the exception,the key to international competitiveness is the ability of management to adjust to change and volatility at an ever faster rate.nNew global m
9、anager is needed.1.2 THE INTERNATIONALIZATION OF BUSINESS AND FINANCEnThe existence of global competition and global markets for goods,services,and capital is a fundamental economic reality that has altered the behavior of companies and governments worldwide.nPoliticians and labor leaders,unlike cor
10、porate leaders,usually take a more parochial view of globalization.nInternational economic integration reduces the freedom of governments to determine their own economic policy.nThe stresses caused by global competition have stirred up protectionists and given rise to new concerns about the conseque
11、nces of free trade.nThe U.S.Canada trade agreement;nthe North American Free Trade Agreement(NAFTA),1.3 MULTINATIONAL FINANCIAL MANAGEMENT:THEORY AND PRACTICE nThe main objective of multinational financial management is to maximize shareholder wealth as measured by share price.nShareholders are the l
12、egal owners of the firm and management has a fiduciary obligation to act in their best interests.nFinancial management is traditionally separated into two basic functions:the acquisition of funds(financing decision)and the investment of those funds(investment decision).nThe risks of multinational ma
13、nagement 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.nThe most advantage of MNC is the international diversification of markets and producti
14、on sites.1.3 MULTINATIONAL FINANCIAL MANAGEMENT:THEORY AND PRACTICEnSome concepts of financial economics:nArbitragenMarket efficiencynCapital Asset PricingnRisk classification1.4 OUTLINE OF THE BOOKnThis book is divided into five parts.nPart I:Environment of International Financial Management nPart
15、II:Foreign Exchange Risk ManagementnPart III:Financing the Multinational Corporation nPart IV:Foreign Investment Analysis nPart V:Multinational Working Capital ManagementPART I ENVIRONMENT OF INTERNATIONAL FINANCIAL MANAGEMENTCHAPTER 2THE FUNDAMENTAL OF INTERNATIONAL FINANCE Learning Objectives To e
16、xplain 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 rate change To distinguish between a free float,a managed flo
17、at,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 accounts2.1 SETTING THE EQUILIBRIUM SPOT EXCHANGE RATEnExchange rates can be for s
18、pot or forward delivery.nA spot rate is the price at which currencies are traded for immediate delivery,or in two days in the interbank market.nA forward rate is the price at which foreign exchange is quoted for delivery at a specified future date.nThe exchange rates are market-clearing prices that
19、equilibrate supplies and demands in the foreign exchange market.2.1 SETTING THE EQUILIBRIUM SPOT EXCHANGE RATEnFactors that Affect the Equilibrium Exchange Rate:nAs the supply and demand schedules for a currency change over time,the equilibrium exchange will also change.nRelative Inflation RatesnRel
20、ative Interest RatesnRelative Economic Growth RatesnPolitical and Economic RisknExpectation and Asset Market modelnCalculating Exchange Rate Change2.2 ALTERNATIVE EXCHANGE RATE SYSTEMSnThe international monetary system refers primarily to the set of policies,institutions,practices,regulations,and me
21、chanisms that determine the rate at which one currency is exchanged for another.nThis section considers five market mechanisms for establishing exchange rates:nfree floatnmanaged floatntarget-zone arrangementnfixed-rate systemnthe current hybrid system.2.3 BALANCE-OF-PAYMENT CATEGORIESnThe balance o
22、f payment is an accounting statement that summarizes all the economic transactions between residents of the home country and the residents of all other countries.nCurrency inflows are recorded as credits,and outflows are recorded as debits.nThere are three principal balance-of-payments categories:n1
23、.Current accountn2.Capital accountn3.Financial accountnFor most countries,only the current and financial accounts are significant.PART I ENVIRONMENT OF INTERNATIONAL FINANCIAL MANAGEMENTCHAPTER 3 COUNTRY RISK ANALYSISLearning Objectives To define what country risk means from the standpoint of an MNC
24、 To describe the social,cultural,political,and economic factors that affect the general level of risk in a country and identify key indicators of country risk and economic health To describe what we can learn about economic development from the contrasting experiences of a variety of countries To de
25、scribe the economic and political factors that determine a countrys ability and willingness to repay its foreign debts3.1 MEASURING POLITICAL RISKnExpropriation is the most obvious and extreme form of political risk,.nThere are other significant political risks,including currency or trade controls,c
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