(精品)国际财务管理.pptx
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1、国际财务管理主要内容IFM的特殊性国际公司治理国际投资资本预算资本结构与国际融资Why International?We are now living in a highly globalized and integrated world economy.ConsumptionProductionInvestmentCUFE International finaicial management4国际财务管理的特殊性Foreign exchange risk and political riskMarket imperfectionsExpanded opportunity setCUFE In
2、ternational finaicial management5Market imperfectionLegal restrictionsExcessive transaction and transportation costsInformation asymmetryDiscriminatory taxationCUFE International finaicial management6Implication of Market ImperfectionRestrict the extent to which investors can diversify their portfol
3、ios.Example:Nestle corporationRef:Claudio Loderer and Andreas Jacobs,1995,The Nestle crash,JFE,315-339CUFE International finaicial management7CUFE International finaicial management8比较和思考中国的A-B股,A-H股价差现状与原因?CUFE International finaicial management9Expanded Opportunity SetFirms:locate production in an
4、y country or region of the world to maximize their performance and raise funds in any capital market where the cost of capital is the lowest.Firms can gain from greater economies of scale when their tangible and intangible assets are deployed on a global basis.Individual investors:can benefit from i
5、nvesting internationally.CUFE International finaicial management102009年全球涨幅前10的市场股票指数名称股票指数名称涨幅(涨幅(%)俄罗斯俄罗斯RTSRTS指数指数123.17123.17科伦坡全部股指科伦坡全部股指112.16112.16阿根廷阿根廷MERVALMERVAL指数指数105.2105.2秘鲁利马综合指数秘鲁利马综合指数98.5198.51乌克兰乌克兰PFTSPFTS指数指数94.694.6土耳其土耳其ISEISE全国全国100100指数指数86.6486.64雅加达综合指数雅加达综合指数85.1585.15哈
6、萨克斯坦证交所指数哈萨克斯坦证交所指数80.380.3巴西圣保罗证交所指数巴西圣保罗证交所指数77.8877.88中国上证综合指数中国上证综合指数71.0271.02CUFE International finaicial management11Goals for IFM国际财务管理旨在帮助财务管理者理解当好财务经理所需要的基本概念,并提供相应的财务管理工具。股东财富最大化是指公司所做的全部经营决策和投资应着眼于使公司的所有者股东较过去的财务状况更好或者更富有。CUFE International finaicial management12Globalization:Major Trend
7、sThe emergence of globalized financial marketsEmergence of the euro as a global currencyContinued trade liberalization and economic integrationLarge-scaled privatization of state-owned enterprisesCUFE International Financial Management13International corporate governanceThe goal of financial managem
8、ent:Shareholder wealth maximization.The reality:there is no guarantee that managers would run the company to maximize the welfare of shareholders.Self-interested managerWhat to do:strengthen corporate governanceCUFE International Financial Management14Corporate governanceThe economic,legal,and insti
9、tutional framework in which corporate control and cash flow rights are distributed among shareholders,managers,and other stakeholders of the company.CUFE International Financial Management15The governance risk Parmalat帕玛拉特(Parmalat)是意大利的一家拥有40多年历史的家族企业,2003年底帕玛拉特突然申请破产保护,被称为欧洲的“安然事件”。帕玛拉特的主要治理问题是经营层
10、捏造虚假财务信息欺骗股东,众多股东的权益被侵害。检查人员表示,在过去长达15年的时间里,帕玛拉特管理当局通过伪造会计记录,以虚增资产的方法弥补了累计高达162亿美元的负债。欺诈的目的除了隐瞒公司因长期扩张而导致的严重财务亏空以外,另外一个重要目的是把资金从帕玛拉特(其中坦齐家族占有51%的股份)转移到坦齐家族完全控股的其他公司,掏空上市公司CUFE International Financial Management16Governance of the public corporate:key issuesThe bright side:efficient sharing or spread
11、ing of risk among many investors.The black side:conflicts of interest between managers and shareholdersCUFE International Financial Management17在股权分散的国家,如英美Management-friendly insiders often dominate the board,with relatively few outside directorsFree rider在股权集中的国家:控股股东与外股小股东之间的利益冲突大于经理人与股东之间的利益冲突CU
12、FE International Financial Management18不同国家股东面临着不同的公司治理制度同样的公司治理的核心问题:how to best protect outside investors from expropriation by the controlling insiders so that the former can receive fair returns on their investment.CUFE International Financial Management19Agency problemUnder a complete contract,
13、there will be no agency problemManagers acquiring most of the residual control right.代理问题产生于外部投资者难以确保获得公平的投资收益。CUFE International Financial Management20代理问题的表现Exorbitant perquisites:company jetTransfer pricingOverinvestmentManagerial entrenchmentCUFE International Financial Management21Why managers
14、retain cash flowInsulate managers from external financial market disciplineSize and compensationSize and social and political power and prestigeCUFE International Financial Management22代理问题的治理方式Board of directorsIncentive contractsConcentrated ownershipAccounting transparencyDebtOverseas stock listi
15、ngsMarket for corporate controlCUFE International Financial Management23Board of DirectorsThe importance of outsider directorsDahya,McConnell,and Travlos,2002不同国家在公司董事会的结构和法律责任方面存在很大差异德国:董事会并不是代表股东利益,而是代表利益相关者英国:董事会中至少有3名独立董事,CEO和董事会主席必须由不同人士担任CUFE International Financial Management24Incentive contr
16、act为了使经理人与投资者额的利益更好地一致起来,许多公司对经理人提供了激励和约,其中最典型的就是股票和股票期权董事会必须成立独立的薪酬委员会来仔细地设计与经理人的薪酬合同,并努力控制经理人的行为CUFE International Financial Management25Concentrated ownership一旦所有权集中并存在较高的股权,则“搭便车”的问题迎刃而解。但是在英美,上市公司的所有权集中并不常见其他国家,所有权集中的情况比较普遍德国:商业银行、保险公司、大公司和家族持有大量股权日本:交叉持股形成财团格局亚洲和拉丁美洲:家族控制CUFE International Fin
17、ancial Management26管理层所拥有的股权管理层所拥有股权与公司价值和绩效之间存在非线性关系管理层持股量有一个“中间范围”,在该范围内,entrenchment effect占主导地位。Morck,Shlerfer and Vishny,1988Two turning point:5%,25%Entrenchment AlignmentCUFE International Financial Management27Accounting Transparency更为透明的会计信息披露能减少公司内部人与公众间的信息不对称,有助于减少内部交易。CUFE International F
18、inancial Management28Debt对于拥有自由现金流的公司,债务机制比股票机制更能促进讲诚信的经理人向投资者发放现金。对拥有较少现金储备或有形资产而处于成长期的企业,负债并不是一种合适的治理机制。CUFE International Financial Management29Overseas stock listing一般来说,对于来自公司治理机制薄弱国家的公司而言,将股票在美国或英国上市会获得更多好处但是,存在较大问题的公司似乎不原意寻求补救措施CUFE International Financial Management30Market for Corporate Con
19、trol公司控制权市场能对经理人产生约束效果并能提高公司的效率CUFE International Financial Management31Law and corporate governanceLLSV(1998):many of the observed differences in international corporate governance systems arise from the differences in how well outside investors are protected by law from expropriation by managers a
20、nd other corporate insiders.CUFE International Financial Management32Legal origins:English common lawFrench civil lawGerman civil lawScandinavian civil lawChina:?CUFE International Financial Management33普通法系和大陆法之间,对投资者的保护存在显著的差异Ref:LLSV,1998,Law and FinanceCUFE International Financial Management34Co
21、nsequences of law在法律对投资者保护不力的国家,通常会出现所有权集中的现象,因此可以将其理解为对投资者保护不足的替代。但是,这样会造成大股东与外部小股东之间的利益冲突。如果大股东的利益只能体现为现金流权,那么大小股东之间不会有利益冲突但是大股东的会拥有控制权的私人收益Ref:Nenova(2001),Dyck and Zingales(2003)CUFE International Financial Management35Corporate governance reform没有任何一个国家的公司治理是完美的公司治理改革必须:增加外部股东以提高董事会独立性;提高财务报告的透
22、明度和披露标准;增强证监会和股票交易所的管理和监督职能。两个重要的准则:Sarbanes-Oxley ActCadbury Code of Best PracticeCUFE International Financial Management36Sarbanes-Oxley ActAccounting regulationAudit committeeInternal control assessmentExecutive responsibilityCUFE International Financial Management37NYSE:protect investorsListed c
23、ompanies have boards of directors with a majority of independents;The compensation,nominating,and audit committees should be entirely composed of independent directors;The publication of corporate governance guidelines and reporting of annual evaluation of the board and CEO.CUFE International Financ
24、ial Management38Implementation of Sarbanes-Oxley Act Compliance with Section 404,cost millions of dollars.Section 404 requires public companies and their auditors to assess the effectiveness of in internal control of financial report keeping and fraud prevention and file reports with SEC.CUFE Intern
25、ational Financial Management39The Cadbury Code of Best Practice1992,Cadbury CommitteeBoards of directors of public companies include at least 3 outside directors;The positions of CEO and COB be held by two different individualsCUFE International Financial Management40The implementation of Cadbury Co
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