跨國(guó)企業(yè)和國(guó)際財(cái)務(wù)管理[文獻(xiàn)翻譯](存儲(chǔ)版)
【正文】 理政策。馬歇爾(2000) 對(duì)200 的最大跨國(guó)公司做出了報(bào)告，顯示 87%的基于亞太多個(gè)國(guó)家企業(yè)的國(guó)家外匯風(fēng)險(xiǎn)管理是重要業(yè)務(wù)風(fēng)險(xiǎn)管理的一項(xiàng)調(diào)查結(jié)果。羅伯茨1998)。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 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 polic
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