跨國企業(yè)和國際財務管理[文獻翻譯]-wenkub
2023-04-28 01:59:25 本頁面
【正文】 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 within which MNEs operate. We later evaluate studies which argue that these factors can confer certain advantages to internationalization of a firm’s activities. In preparation for this analysis we chronicle certain major recent developments in the global financial environment, which indicate the increasing importance of market risk in global financial markets.Exchange rate variabilityFollowing the collapse of the Bretton Woods system of fixed exchange rates in the early 1970s, exchange rate fluctuations have bee increasingly volatile, punctuated by occasional episodes of exchange rate crises. Between 1970 andmid2000, the Yen/US dollar exchange rate has moved from 361 to 107 and the Deutschmark/US dollar rate has fallen from to . However, the dollar has appreciated by about twothirds against sterling over the same period. The crisis in the European Monetary System (ERM) in September 1992 led to significant falls in the value of sterling and the Italian Lira, while the currencies of Thailand, Indonesia, Malaysia, the Philippines, and South Korea lost between onethird and threequarters of their value in the second half of 1997. There have also been major movements in exchange rates following shifits in the monetary policy stance of certain governments, such as the tighter monetary policy followed in the early days of the Thatcher administration in the UK. Indeed, the average volatility of exchange rates, which is in the region of 1015 per ent per year, is sufficient to eliminate the average profit margin for the typical multinational corporation.Interest rate variabilityInterest rate volatility has similarly affected corporate funding costs, cash flows, and net asset values since the early 1970s in the US, and although they subsequently declined, a change in policy by the Federal Reserve caused a sharp increase in both the level and volatility of rates in rates peaked in 1981, and then fell slowly. Since 1983, there have been four more US interest rate cycles. According to Jorion (1996 ), the increase in 1994 eliminated over $ dollar from fixed ine portfolios. Interest rates have also bee more and more volatile since many central banks began to abandon targeting interest rates as a policy objective in favour of targeting money supply growth or inflation. In the UK, interest rates shot up in the late 1980s and early 1990s due to inflationary pressures caused by a relaxation in monetary policy, but then fell substantially with sterling’s withdrawal from the ERM in September 1992.Equity market variabilityEquity markets have also bee extremely volatile. During the inflationary periods of the
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