【導讀】有重大國外經營業(yè)務的公司經常被稱作跨國公司或多國企業(yè)?？鐕颈仨毧紤]許多。國外經營所用的復雜會計方法、外國稅率和外國政府的干涉等。公司財務的基本原理仍然適用于跨國企業(yè)。與國內企業(yè)一樣，它們進行的投資項目也。必須為股東提供比成本更多的收益，也必須進行財務安排，用盡可能低的成本進行融資。也許跨國財務中最復雜的是外匯問題。當跨國公司進行資本預算決策或融資決策時，外匯市場能為其提供信息和機會。外匯、利率和通貨膨脹三者的相互關系構成了匯率基本。向投資所在國借貸；股權的證券，它使得外國股票可在美國上市交易。大潛在美國投資者群體。的存托證的交易情況。是美元匯率起到了基準作用。根據(jù)章程，EMS成員。的限制或適用更加苛刻的披露條款。各國貨幣在該市場。有可能出現(xiàn)不一致的情況。國馬克之間的匯率相比較。

　　

【正文】 ifficult to ship. Because consumers purchase many goods, economists speak of purchasingpower parity (PPP), the idea that the exchange rate adjusts so that a market basket of goods costs the same, regardless of the country in which it is purchased. In addition, a relative version of purchasingpower parity has evolved. Relative purchasingpower parity (RPPP) says that the rate of change in the price level of modities in one country relative to the rate of change in the price level in another determines the rate of change of the exchange rate between the two countries. 4 Interest Rates And Exchange Rates: Interest rate Parity The forwardexchange rate and the spotexchange rate are tied together by the same sort of arbitrage that underlies the law of one price. First, here is some useful terminology. If forwardexchange rates are greater than the spotexchange rate in a particular currency, the forward foreign currency is said to be at a premium (this implies the domestic currency is at a discount). If the values of forwardexchange rates are less than the spotexchange rate, the forward rate of foreign currency is at a discount. Suppose we observe that the spot DM rate is =$ and the onemonth forward DM is =$. Because fewer marks are needed to buy a dollar at the forward rate than are needed to buy a dollar at the spot rate, the mark is more valuable in the forward market than in the spot market. This means that the onemonth forward DM is at a premium. Of course,whatever we say for the mark must be the opposite of what we say for the dollar. In this example, the dollar is at a discount because the forward value is less than the spot value. Forward exchange is quoted in terms of the premium or discount that is to be added onto the spot rate. Whether forward rates are at a premium or a discount when pared to a domestic currency depends on the relative interest rates in the foreign and domestic currency markets. The interestrate–parity theorem implies that, if interest rates are higher domestically than in a particular foreign country, the foreign country’s currency will be selling at a premium in the forward market。 and if interest rates are lower domestically, the foreign currency will be selling at a discount in the forward market. We need some notation to develop the interestrate–parity theorem. Let S(0) be the current domesticcurrency price of spot foreign exchange (current time is denoted by 0). If the domestic currency is the dollar and the foreign exchange is the deutschemark, we might observe S(0) $(0) is in direct or . terms. Let F(0,1) be the current domestic currency price of forward exchange for a contract that matures in one month. Thus, the contract is for forward exchange one month hence. Let i and i* be the yearly rates of interest paid on Eurocurrency deposits denominated in the domestic (i) and foreign (i*) currencies, respectively. Of course, the maturity of the deposits can be chosen to coincide with the maturity of the forward contract. Now consider a trader who has access to the interbank market in foreign exchange and Eurocurrency deposits. Suppose the trader has some dollars to invest for one month. The trader can make a dollar loan or a deutschemark loan. The annual interest rate is 10 percent in deutschemarks and 6 percent in dollars. Which is better? 5 International Capital Budgeting Kihlstrom Equipment, a international pany, is evaluating an investment in France. Kihlstrom’s exports of drill bits have increased to such a degree that the pany is considering operating a plant in France. The project will cost FF20 million, and it is expected to produce cash flows of FF8 million a year for the next three years. The current spotexchange rate for French francs is S(0)=$projects in . dollars? Nothing about the fact that the investment is made abroad alters Kihlstrom’s NPV criterion. Kihlstrom must identify incremental cash flows and discount them at the appropriate cost of capital. After making the required discounted cash flow calculations,Kihlstrom should undertake projects with a positive NPV. However, two major factors that plicate such international NPV calculations are foreign exchange conversion and repatriation of funds. Foreign Exchange Conversion The simplest way for Kihlstrom to calculate the NPV of the investment is to convert all Frenchfranc cash flows to . dollars. This involves a threestep process: Step 1. Estimate future cash flows in French francs. Step 2. Convert to . dollars at the predicted exchange rate. Step 3. Calculate NPV using the cost of capital in . dollars. Unremitted Cash Flows The previous example assumed that all aftertax cash flows from the foreign investment were remitted to the parent firm. The remittance decision is similar to the dividend for a purely domestic firm. Substantial differences can exist between the cash flows of a project and the amount that is actually remitted to the parent firm. Of course, the present value of a project will not be changed by deferred remittance if the unremitted cash flows are reinvested at a rate of return equal (as adjusted for exchange rates) to the domestic cost of capital. A foreign subsidiary can remit funds to a parent in many ways, including the following: (1)Dividends. (2)Management fees for central services. (3)Royalties on the use of trade names and patents. International firms must pay special attention to remittance for two reasons. First, there may be present and future exchange controls. Many governments are sensitive to the charge of being exploited by foreign firms. Therefore, governments are tempted to limit the ability of international firms to remit cash flows. Another reason is taxes. It is always necessary to determine what taxes must be paid on profits generated in a foreign country. Internationa