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,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,*,*,跨国公司财务管理,艾伦.C.夏皮罗(Alan C.Shapiro)著,赵锡军 编审,顾苏秦 译校,PARTI ENVIRONMENTOF INTERNATIONAL FINANCIAL MANAGEMENT,CHAPTER 1,INTRODUCTION:MULTINATIONAL,ENTERPRISEANDMULTINATIONAL,FINANCIALMANAGEMENT,Learning Objectives,Tounderstandthenature andbenefitsof globalization,Toexplain why multinationalcorporations are the keyplayers in internationaleconomiccompetition today,Toclassify the three historicaltypesof multinational corporation(MNC)andexplain their motivationsforinternational expansion,Toexplain why managersof MNCs need to exploitrapidly changing global economic conditions and why political policy makersmustalsobe concerned with the same changing conditions,Learning Objectives,Toidentify the advantages of being multinational,including the benefitsof international diversification,Todescribe the generalimportance offinancialeconomicsto multinational financial management and theparticular importance oftheconcepts of arbitrage,marketefficiency,capitalassetpricing,and totalrisk,Tocharacterize the global financial marketplaceandexplain why MNCmanagersmustbe alert to capitalmarket imperfectionsandasymmetries intax regulations,1.1 THE RISE OFTHEMULTINATIONAL CORPORATION,A multinationalcorporation(MNC)is a company engagedin producing and sellinggoodsor services inmorethanonecountry.,A brief taxonomy ofthe MNC and itsevolution,Raw-Materials Seekers.Raw-materials seekerswerethe earliest multinationals,the villains ofinternational business.,Market Seekers.Themarket seeker is thearchetypeof the modernmultinational firm that goes overseas toproduce and sell inforeign markets.,CostMinimizers.These firms seek out and invest in lower cost production sitesoverseas(for example,Hong Kong,Taiwan,andIreland)to remaincost-competitive both athomeand abroad.,1.1 THE RISE OFTHEMULTINATIONAL CORPORATION,the true multinational corporationis characterized more byits stateof mind than bythesizeand worldwide dispersionof its assets.,the essential element that distinguishesthetruemultinational is itscommitment toseeking out,undertaking,andintegrating manufacturing,marketing,R&D,and financing opportunitieson aglobal,not domestic,basis.,In aworldin whichchange isthe rule and not theexception,thekeyto international competitiveness istheability ofmanagement toadjust tochange andvolatility atan ever fasterrate.,New globalmanager is needed.,1.2 THE INTERNATIONALIZATION OF BUSINESSANDFINANCE,Theexistenceofglobalcompetitionandglobalmarketsforgoods,services,andcapitalisafundamentaleconomicrealitythathasalteredthebehaviorofcompaniesandgovernmentsworldwide.,Politiciansandlaborleaders,unlikecorporateleaders,usuallytakeamoreparochialviewofglobalization.,Internationaleconomicintegrationreducesthefreedomofgovernmentstodeterminetheirowneconomicpolicy.,Thestressescausedbyglobalcompetitionhavestirredupprotectionistsandgivenrisetonewconcernsabouttheconsequencesoffreetrade.,TheU.S.,Canadatradeagreement;,theNorthAmericanFreeTradeAgreement(NAFTA),1.3 MULTINATIONAL FINANCIALMANAGEMENT:THEORY AND PRACTICE,The main objective ofmultinationalfinancial managementis tomaximize shareholderwealthas measured byshareprice.,Shareholders are thelegal owners of the firm andmanagement has a fiduciaryobligation toact intheir best interests.,Financial managementis traditionally separated into twobasicfunctions:theacquisition of funds(financing decision)and the investment of thosefunds(investment decision).,The risks of multinational management include exchange and inflation risks;international differences intax rates;multiple money markets,often with limited access;currencycontrols;andpolitical risks,such as sudden orcreeping expropriation.,The most advantage ofMNC isthe international diversificationof markets andproduction sites.,1.3 MULTINATIONAL FINANCIALMANAGEMENT:THEORY AND PRACTICE,Some conceptsof financial economics:,Arbitrage,Marketefficiency,CapitalAssetPricing,Risk classification,1.4 OUTLINE OFTHE BOOK,This book is dividedinto five parts.,Part I:Environment of International Financial Management,Part II:Foreign Exchange Risk Management,Part III:Financing the Multinational Corporation,Part IV:Foreign InvestmentAnalysis,Part V:MultinationalWorking Capital Management,PART IENVIRONMENT OF INTERNATIONAL FINANCIAL MANAGEMENT,CHAPTER2,THE FUNDAMENTAL OF INTERNATIONAL FINANCE,Learning Objectives,To explain the concept ofan equilibriumexchange rate,To identifythe basic factors affectingexchange ratesin a floatingexchange ratesystem,To calculatethe amount ofcurrency appreciation or depreciation associatedwith agivenexchange ratechange,To distinguish between a free float,a managedfloat,a target-zonearrangement,and a fixed-rate system of exchangerate determination,To distinguish between thecurrent account,thefinancial account,and theofficial reserves account and describe thelinksamong these accounts,2.1 SETTING THE EQUILIBRIUMSPOT EXCHANGERATE,Exchange ratescan befor spot or forwarddelivery.,A spotrate isthe price atwhich currencies aretra
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