【正文】 1 中國經(jīng)濟(jì)管理大學(xué) ? 中國經(jīng)濟(jì)管理大學(xué) ? 職業(yè)經(jīng)理實(shí)訓(xùn)班 ? 學(xué)員授課用書 電子輔導(dǎo)資料 ? 《 跨國公司財(cái)務(wù)管理 》 2 中國經(jīng)濟(jì)管理大學(xué) ? 中國經(jīng)濟(jì)管理大學(xué) ? 職業(yè)經(jīng)理實(shí)訓(xùn)班 ? 學(xué)員授課用書 電子輔導(dǎo)資料 ? 《 跨國公司財(cái)務(wù)管理 》 3 跨國公司財(cái)務(wù)管理 艾倫 . (Alan C. Shapiro) 著 趙錫軍 編審 顧蘇秦 譯校 4 PART I ENVIRONMENT OF INTERNATIONAL FINANCIAL MANAGEMENT CHAPTER 1 INTRODUCTION: MULTINATIONAL ENTERPRISE AND MULTINATIONAL FINANCIAL MANAGEMENT 5 Learning Objectives ● To understand the nature and benefits of globalization ● To explain why multinational corporations are the key players in international economic petition 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 must also be concerned with the same changing conditions 6 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 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 7 THE RISE OF THE MULTINATIONAL CORPORATION ? A multinational corporation (MNC) is a pany engaged in producing and selling goods or services in more than one country. ? A brief taxonomy of the MNC and its evolution ? RawMaterials Seekers. Rawmaterials seekers were the earliest multinationals, the villains of 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 Ireland) to remain costpetitive both at home and abroad. 8 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 is its mitment to seeking out, undertaking, and integrating manufacturing, marketing, Ramp。D, and financing opportunities on a global, not domestic, basis. ? In a world in which change is the rule and not the exception, the key to international petitiveness is the ability of management to adjust to change and volatility at an ever faster rate. ? New global manager is needed. 9 THE INTERNATIONALIZATION OF BUSINESS AND FINANCE ? The existence of global petition and global markets for goods, services, and capital is a fundamental economic reality that has altered the behavior of panies and governments worldwide. ? Politicians and labor leaders, unlike corporate leaders, usually take a more parochial view of globalization. ? International economic integration reduces the freedom of governments to determine their own economic policy. ? The stresses caused by global petition have stirred up protectionists and given rise to new concerns about the consequences of free trade. ? The .–Canada trade agreement。 ? the North American Free Trade Agreement (NAFTA), 10 MULTINATIONAL FINANCIAL MANAGEMENT: THEORY AND PRACTICE ? The main objective of multinational financial management is to maximize shareholder wealth as measured 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 (investment 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 international diversification of markets and production sites. 11 MULTINATIONAL FINANCIAL MANAGEMENT: THEORY AND PRACTICE ? Some concepts of financial economics: ? Arbitrage ? Market efficiency ? Capital Asset Pricing ? Risk classification 12 OUTLINE OF THE BOOK ? This book is divided into five parts. ? Part I: Environment 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 13 PART I ENVIRONMENT OF INTERNATIONAL FINANCIAL MANAGEMENT CHAPTER 2 THE FUNDAMENTAL OF INTERNATIONAL FINANCE 14 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 rate change ● To distinguish between a free float, a managed float, a targetzone arrangement, and a fixedrate 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 15 SETTING 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,