跨国公司财务管理

1.3 MULTINATIOTHEORY AND PRACTICE
The main objective of multinational financial management is to maximize shareholder wealth as measured by share price.
A brief taxonomy of the MNC and its evolution
Raw-Materials Seekers. Raw-materials seekers were the earliest multinationals, the villains of international business.
target-zone arrangement, and a fixed-rate system of exchange rate determination ● To distinguish between the current account, the financial account, and the official reserves account and describe the links among these accounts
PART I ENVIRONMENT OF INTERNATIONAL FINANCIAL MANAGEMENT
CHAPTER 2 THE FUNDAMENTAL OF INTERNATIONAL FINANCE
Learning Objectives
● To explain the concept of an equilibrium exchange rate ● To identify the basic factors affecting exchange rates in a
Politicians and labor leaders, unlike corporate leaders, usually take a more parochial view of globalization.
International economic integration reduces the freedom of governments to determine their own economic policy.
The stresses caused by global competition have stirred up protectionists and given rise to new concerns about the consequences of free trade.
The U.S.–Canada trade agreement; the North American Free Trade Agreement (NAFTA),
the essential element that distinguishes the true multinational is its commitment to seeking out, undertaking, and integrating manufacturing, marketing, R&D, and financing opportunities on a global, not domestic, basis.
Shareholders are the legal owners of the firm and management has a fiduciary obligation to act in their best interests.
Financial management is traditionally separated into two basic functions: the acquisition of funds (financing decision) and the investment of those funds (investment decision).
New global manager is needed.
1.2 THE INTERNATIONALIZATION OF BUSINESS AND FINANCE
The existence of global competition and global markets for goods, services, and capital is a fundamental economic reality that has altered the behavior of companies and governments worldwide.
The risks of multinational management include exchange and inflation risks; international differences in tax rates; multiple money markets, often with limited access; currency controls; and political risks, such as sudden or creeping expropriation.
In a world in which change is the rule and not the exception, the key to international competitiveness is the ability of management to adjust to change and volatility at an ever faster rate.
Some concepts of financial economics:
Arbitrage Market efficiency Capital Asset Pricing Risk classification
1.4 OUTLINE OF THE BOOK
This book is divided into five parts.
floating exchange rate system ● To calculate the amount of currency appreciation or
depreciation associated with a given exchange rate change ● To distinguish between a free float, a managed float, a
Part I: Environment of International Financial Management
Part II: Foreign Exchange Risk Management Part III: Financing the Multinational Corporation Part IV: Foreign Investment Analysis Part V: Multinational Working Capital Management
The most advantage of MNC is the international diversification of markets and production sites.
1.3 MULTINATIONAL FINANCIAL MANAGEMENT: THEORY AND PRACTICE
Market Seekers. The market seeker is the archetype of the modern multinational firm that goes overseas to produce and sell in foreign markets.
Cost Minimizers. These firms seek out and invest in lower cost production sites overseas (for example, Hong Kong, Taiwan, and Ireland) to remain cost-competitive both at home and abroad.
FINANCIAL MANAGEMENT
Learning Objectives
● To understand the nature and benefits of globalization ● To explain why multinational corporations are the key
1.1 THE RISE OF THE MULTINATIONAL CORPORATION
A multinational corporation (MNC) is a company engaged in producing and selling goods or services in more than one country.
players in international economic competition today ● To classify the three historical types of multinational
corporation (MNC) and explain their motivations for international expansion ● To explain why managers of MNCs need to exploit rapidly changing global economic conditions and why political policy makers must also be concerned with the same changing conditions
Learning Objectives
● To identify the advantages of being multinational, including the benefits of international diversification
● To describe the general importance of financial economics to multinational financial management and the particular importance of the concepts of arbitrage, market efficiency, capital asset pricing, and total risk
1.1 THE RISE OF THE MULTINATIONAL CORPORATION
the true multinational corporation is characterized more by its state of mind than by the size and worldwide dispersion of its assets.
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
PART I ENVIRONMENT OF INTERNATIONAL FINANCIAL MANAGEMENT
CHAPTER 1 INTRODUCTION: MULTINATIONAL ENTERPRISE AND MULTINATIONAL
● To characterize the global financial marketplace and explain why MNC managers must be alert to capital market imperfections and asymmetries in tax regulations