跨國公司財務(wù)第1章全球化與跨國企業(yè)-文庫吧資料
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【正文】 ? In this case consumers freedom to choose imported goods and producers freedom to choose to sell to foreigners. 146 推薦一：經(jīng)典電影 147 關(guān)于商業(yè)必看的 20部電影 。 de France France 131 The Theory of Comparative Advantage ? Definition: a parative advantage exists when one party can produce a good or service at a lower opportunity cost than another party. 132 The Geometry of Comparative Advantage ? Consider the example given in appendix 1A. ? There are two countries, A and B, who can each produce only food and textiles. ? Initially they do not trade with one another. 133 The Geometry of Comparative Advantage 300 Food Textiles 180 A production possibilities curve shows the various amounts of food or textiles that each country can make. The production possibilities of country A are such that if they concentrated 100% of their resources into the production of textiles, they could produce 180 million yards of textiles. If country A chose to concentrate 100% of their resources into the production of food, they could produce as much as 300 million pounds of food. Country A can produce any bination of food and textiles between these two points. 134 The Geometry of Comparative Advantage 300 Food Textiles 180 60 200 As a practical matter, the citizens of country A must choose a point along their production possibilities curve。D Top 10 MNCs 1 General Electric United States 2 Vodafone Group PLC United Kingdom 3 General Motors United States 4 British Petroleum Co. PLC United Kingdom 5 Royal Dutch/Shell Group UK/Netherlands 6 ExxonMobile Corporation United States 7 Toyota Motor Corporation Japan 8 Ford Motor Company United States 9 Total France 10 El233。 bearer shares were exposed to political risk in a country that is widely viewed as a haven from such risk. ? The Nestl233?！痵 Foreign Ownership Restrictions 12,000 10,000 8,000 6,000 4,000 2,000 0 11 20 31 9 18 24 Source: Financial Times, November 26, 1988 . Adapted with permission. SF Bearer share Registered share 112 The Example of Nestl233。 used to issue two different classes of mon stock bearer shares and registered shares. ? Foreigners were only allowed to buy bearer shares. ? Swiss citizens could buy registered shares. ? The bearer stock was more expensive. ? On November 18, 1988, Nestl233。120, your investment has actually lost money in dollar terms. 18 What’s Special about “International” Finance? ? Political Risk ? Sovereign governments have the right to regulate the movement of goods, capital, and people across their borders. These laws sometimes change in unexpected ways. ? Sovereign governments change the “rules of the game” ? Be aware of such risk in the country without
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