跨國企業(yè)和國際財(cái)務(wù)管理[文獻(xiàn)翻譯](已修改)
2025-04-25 01:59 本頁面
【正文】 原文：International Financial Management and Multinational EnterprisesIntroductionThis chapter provides a selective, critical survey of the academic literature on the financial management policy of multinational enterprises ( MNEs ).The focus of much current research interest can be captured in two major themes which also dominate this analysis. The first is financial management policy in relationship to the increasing volatility of real and financial asset prices in the international financial environment within which MNEs operate. This dictates one theme of this chapter: the impact of financial risk, in particular market risk, on MNEs and an appraisal of evolving financial risk management practices.The second theme is international market segmentation (Choi and Rajan1997).The globalization of international business activity has evolved along with increasing financial market integration, particularly in capital markets. To a limited extent this has been acpanied by increased harmonization and standardization of both international regulatory and accounting practices (Roberts et ).Despite such trends, the asymmetric incidence of accounting standards regulations, and taxation has had significant tactical and strategic financial management implications for MNEs (Choi and Levich1990, 1997。 Gray et 。Meek et 。Oxelheim et ).We evaluate the nature, incidence, and implications of such market segmentation for selected aspects of MNE financial management activity.It is clear from the context of our analysis that we believe financial factors to have important implications for the parative advantage of MNEs located in different jurisdictions, and also that financial management plays a critical role in deciding an MNE’s petitive prosperity. This belief is supported by surveys of MNEs (Rawls and Smithson 1990。Marshall 2000).Marshall(2000) reports the results of a survey of the 200 largest MNEs which reveal that 87 per cent of Asian Pacificbased MNEs state that foreign exchange risk management is at least as important as business risk management. Nonetheless, to date no generally accepted theoretical underpinning has yet been provided demonstrating that financial factors alone are both necessary and sufficient to rationalize the existence of MNEs,. We further discuss this issue in the context of modes of market entry and participation in a later section.The remainder of the chapter is easily summarized. Section 2 discusses the enhanced importance of recent increases in asset price volatility, relating it to country risk and international investment appraisal. The classification and measurement of risk exposure is considered in section 3. Particular attention is given to recently developed techniques such as valueatrisk and cashflowatrisk. Section 4 is concerned with the management of financial risk by MNEs. In particular, a distinction is made between management policies designed primarily to hedge risk, and those intending to exploit its potential to create petitive advantage. This section also evaluates empirical studies of MNE risk management. Section 5 addresses issues relating to the effective implementation of a risk management system within the governance structure of an MNE. Brife concluding remarks follow together with some suggestions for future research..THE NATURE OF FINANCIAL RISKOur emphasis on financial risk and the evolution of MNE risk management practices has been motivated by a number of factors, the most important being the trend toward increasing global financial market integration ( Lessard 1997) and the enhanced volatility in the financial environment wi
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