ANDCURRENCYFORECASTING(跨国公司财务管理Joseph.pptx

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第十五章跨国公司财务管理

远期市场套期保值与货币市场套期保值等到值的条件：
借款总额×(1 + r)=远期保值总额 7 634 148港元×(1 + r)=7 725 000港元
r = 0.0119
如果投资收益率高于4.76%，货币市场套期保值有利如果投资收益率低于4.76%，远期市场套期保值有利
第十五章跨国公司财务管理
第十五章跨国公司财务管理
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一、外汇与外汇汇率
汇率分类
基本汇率与套算汇率
基本汇率是指一国货币对某一关键货币的比率。关键货币是指在国际上普遍接受的可兑换货币或在国际收支中使用最多的货币，或本国外汇储备中占比重最大的货币。
买入汇率、卖出汇率和中间汇率
买入汇率又称买入价，是指银行向同业或客户买入外汇时所使用的汇率。卖出汇率又称卖出价，是指银行向同业或客户卖出外汇时所使用的汇率。
第十五章跨国公司财务管理
主讲人：刘淑莲
第十五章跨国公司财务管理
第一节外汇与外汇决定理论第二节外汇风险管理第三节跨国公司直接投资分析第四节跨国公司筹资管理第五节跨国公司内部资本转移管理
第十五章跨国公司财务管理
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第一节外汇与外汇决定理论
一、外汇与外汇汇率二、汇率决定理论
直接标价法下的升贴水
年升贴远水即期百即期汇分期汇率比 1 N 汇率 2 10率 0
间接标价法下的升贴水
年升贴即水远期百远期汇分期汇率比 1 N 汇率 2 10率 0
第十五章跨国公司财务管理
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一、外汇与外汇汇率
汇率变动百分比
⑻另外，据测3个月后即期汇率将为7.835港元/美元

跨国公司财务外文文献及翻译

LNTU—Acc附录A：外文文献(译文）跨国公司财务有重大国外经营业务的公司经常被称作跨国公司或多国企业。

跨国公司必须考虑许多并不会对纯粹的国内企业产生直接影响的财务因素，其中包括外币汇率、各国不同的利率、国外经营所用的复杂会计方法、外国税率和外国政府的干涉等。

公司财务的基本原理仍然适用于跨国企业。

与国内企业一样，它们进行的投资项目也必须为股东提供比成本更多的收益，也必须进行财务安排,用尽可能低的成本进行融资。

净现值法则同时适用于国内经营和国外经营,但是，国外经营应用净现值法则时通常更加复杂。

也许跨国财务中最复杂的是外汇问题。

当跨国公司进行资本预算决策或融资决策时，外汇市场能为其提供信息和机会。

外汇、利率和通货膨胀三者的相互关系构成了汇率基本理论。

即:购买力平价理论、利率平价理论和预测理论。

跨国公司融资决策通常要在以下三种基本方法中加以选择,我们将讨论每种方法的优缺点.(1）把现金由国内输出用于国外经营业务；(2）向投资所在国借贷；（3）向第三国借贷。

1专业术语学习财务的学生通常会听到一个单词总在耳边嗡嗡作响：全球化（g l o b a l i z a t i o n ）.学习资金市场的全球化必须首先掌握一些新的术语,以下便是在跨国财务中，还有本章中最常用到的一些术语：（1) 美国存托证（American Depository Receipt，ADR）。

它是在美国发行的一种代表外国股权的证券，它使得外国股票可在美国上市交易.外国公司运用以美元发行的ADR,来扩大潜在美国投资者群体。

ADR以两种形式代表大约690家外国公司：一是在某个交易所挂牌交易的ADR，称为公司保荐形式；另一种是非保荐形式，这些ADR通常由投资银行持有并为其做市。

这两种形式的ADR均可由个人投资和买卖,但报纸每天只报告保荐形式的存托证的交易情况。

(2) 交叉汇率(cross rate）。

它是指两种外国货币(通常都不是美元）之间的汇率。

财务管理跨国公司财务管理

一、跨国公司的资本来源（一）跨国公司内部筹资
1.股权筹资 2.债权筹资 3.一个子公司向另一个子公司放贷款（二）向投资所在国筹资（三）向第三国筹资 1.意向贷款 2.自由外汇贷款
财务管理ห้องสมุดไป่ตู้
二、跨国公司筹资中计价货币的选择
（一）无风险条件下计价货币的选择及案例（二）风险条件下计价货币的选择及案例
（信息来源： /2005/11/12l）
财务管理
第一节跨国公司财务管理特点
一、经营范围的跨国性二、经营管理的风险性三、经营行业的复杂性四、经营人员的无国界性五、经营管理的灵活分散和高度集中
的统一性六、经营格局的多样性
财务管理
第二节跨国公司的筹资管理
总公司每半年向各事业部公布总方针，具体来说，即给予销售额指标。各事业部根据这一销售额制定出至少赚取10%利润率（除去资本利息，上缴给总公司及营业本部的
财务管理
经费之后）的事业计划，获总公司承认后即需对此负全责。事业部的计划一经成立，总公司即随时监督其执行情况。首先事业部必须每月向总公司提出决算书。决算日期为每月20日止，月末送至总公司，最高领导层据此了解各事业部动态，根据不同情况提出注意事项。总公司还负责监察事业部的帐簿、经营情况等。为了严格执行利润管理原则，甚至事业部向本公司设立的中央研究所提出委托研究任务时也必须自负费用。事业部所获利润60%上交总公司，并必须将销售额的 3%上交，剩余部分归事业部。但又规定有义务存入被称为“松下银行”的总公司资金部，事业部可吃利息。总公司决不用赢利的事业部去弥补亏损的事业部。
第十一章跨国公司财务管理
[本章导读]
跨国公司财务往往在全球多个股票市场进行筹资、投资和纳税筹划管理.。本章将讨论跨国公司的筹资方式，以及面对不同国家的不同税收差异和复杂的投资环境，跨国公司应怎样进行财务决策。

跨国公司财务管理复习总结

跨国公司财务管理复习总结跨国公司财务管理复习总结跨国公司财务管理复习总结1.跨国公司财务管理的特点：波动不定且难于预测的汇率变动带来更大的外汇风险市场的不完全性结公司带来更多的机会和风险（商品、要素、政府干预）多层次委托代理关系使跨国界财务控制成为关键2.什么是价值链？如何从价值链角度理解跨国公司的产生及其与经营特征关联？企业的价值创造是通过一系列活动构成的，这些互不相同但又相互关联的生产经营活动，构成了一个创造价值的动态过程，即价值链。

3.布雷顿森林体系：A：布雷顿森林体系的内容：美元为中心（1）双挂钩原则。

美元与黄金挂钩，各国货币与美元挂钩；（2）实行固定汇率制。

各国货币与美元的汇率一般只能在平价上下各1%的幅度内波动；B：布雷顿森林货币体系的特点：国定汇率、以美元为中心的国际金汇兑本位币布雷顿森林体系的作用：（1）该体系以黄金为基础，以美元作为最主要的国际储备货币，美元等同于黄金。

（2）《协定》实行可调整的钉住汇率制度，汇率相对稳定。

（3）国际货币基金组织对会员国提供各种类型的短期和中期贷款，使有临时性逆差的国家仍有可能对外继续进行商品交换，而不必借助贸易管制，从而有利于世界经济的稳定与增长。

4）融通资金与国际收支根本不平衡时，可以改变汇率，从而保证了各会员国可以执行独立的经济政策。

（5）国际货币基金组织作为国际金融机构，提供了国际磋商与货币合作的平台，从而在建立多边支付体系、稳定国际金融局势方面起了积极的作用。

（6）在布雷顿森林体系下，各国一般偏重于内部平衡，这有助于国内经济情况的稳定，从而缓和经济危机和失业。

C：“特里芬”难题：布雷顿森林体系中，为满足国际清偿力的需要，美元供应必须不断增长；美元供应的不断增长，使美元同黄金的兑换性日益难以维持。

4.国际收支的失衡与调节：A:借贷复式记账总的国际收支平衡；每一项目未必平衡；国际收支表的平衡不等于国际收支的平衡B：国际收支的平衡主要是看自主性交易所产生的借贷金额是否相等C：自主性交易：经济主体或居民个人出于某种自主性目的（如追求利润）而进行的交易活动-从动机上来看，这些交易没有考虑一国国际收支是否会因此而失衡D：补偿性交易：中央银行或货币当局出于调节国际收支差额、维护国际收支平衡、维持货币汇率稳定的目的而进行的各种交易-国际资金融通、资本吸收引进、国际储备变动等E：国际收支顺差：自主性收入>自主性支出;国际收支逆差：自主性收入b:国际收支失衡的政策调节(1)外汇缓冲政策：一国政府为对付国际收支不平衡，把其黄金外汇储备作为缓冲体，通过中央银行在外汇市场上买卖外汇，来消除国际收支不平衡所形成的外汇供求缺口。

跨国企业和国际财务管理[文献翻译]

原文：International Financial Management and Multinational Enterprises IntroductionThis chapter provides a selective, critical survey of the academic literature on the financial management policy of multinational enterprises ( MNEs ).The focus of much current research interest can be captured in two major themes which also dominate this analysis. The first is financial management policy in relationship to the increasing volatility of real and financial asset prices in the international financial environment within which MNEs operate. This dictates one theme of this chapter: the impact of financial risk, in particular market risk, on MNEs and an appraisal of evolving financial risk management practices.The second theme is international market segmentation (Choi and Rajan1997).The globalization of international business activity has evolved along with increasing financial market integration, particularly in capital markets. To a limited extent this has been accompanied by increased harmonization and standardization of both international regulatory and accounting practices (Roberts et al.1998).Despite such trends, the asymmetric incidence of accounting standards regulations, and taxation has had significant tactical and strategic financial management implications for MNEs (Choi and Levich1990, 1997; Gray et al.1995;Meek et al.1995;Oxelheim et al.1998).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 comparative advantage of MNEs located in different jurisdictions, and also that financial management plays a critical role in deciding an MNE’s competitive prosperi ty. 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 Pacific-based MNEs state that foreign exchange risk management is at least asimportant 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 value-at-risk and cash-flow-at-risk. 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 competitive 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 activi ties. 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 become increasingly volatile, punctuated by occasional episodes of exchange rate crises. Between 1970andmid-2000, the Yen/US dollar exchange rate has moved from 361 to 107 and the Deutschmark/US dollar rate has fallen from 4.2 to 1.9. However, the dollar has appreciated by about two-thirds 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 one-third and three-quarters of their value in the second half of 1997. There have also been major movements in exchange rates following shifits in the monetary policy stance of certain governments, such as the tighter monetary policy followed in the early days of the Thatcher administration in the UK. Indeed, the average volatility of exchange rates, which is in the region of 10-15 per ent per year, is sufficient to eliminate the average profit margin for the typical multinational corporation.Interest rate variabilityInterest rate volatility has similarly affected corporate funding costs, cash flows, and net asset values since the early 1970s in the US, and although they subsequently declined, a change in policy by the Federal Reserve caused a sharp increase in both the level and volatility of rates in 1979.Interest rates peaked in 1981, and then fell slowly. Since 1983, there have been four more US interest rate cycles. According to Jorion (1996 ), the increase in 1994 eliminated over $1.5trillion dollar from fixed income portfolios. Interest rates have also become more and more volatile since many central banks began to abandon targeting interest rates as a policy objective in favour of targeting money supply growth or inflation. In the UK, interest rates shot up in the late 1980s and early 1990s due to inflationary pressures caused by a relaxation in monetary policy, but then fell substantially with sterling’s withdrawal from the ERM in September 1992.Equity market variabilityEquity markets have also become extremely volatile. During the inflationary periods of the early 1970s, prices increased significantly only to fall sharply during the bear market of 1974-5 following a 300 per cent hike in the price of oil. A global recovery then ensued, with minor price reversals in 1982-3, and the market peaked in1987. On Black Monday, 19 October 1987, prices plunged. US equities lost 23 per cent of their value, equivalent to over US $1 trillion in equity capital. This was followed by another recovery over the next ten years, sustained worldwide with the exception of Japan, where the Nikkei index fell from 39000 in 1989 to 17000 in 1992, a capital loss of US $2.7 trillion. Finally from mid-to end 1997, the stock markets of Bangkok, Jakarta, Kuala Lumpur, and Manila lost US $370 billion, or 63 per cent of the four countryes’ combined GDP, while the Seoul st ock market declined 60 per cent. Commodity price variability and other sources of increased riskCommodity prices, particularly those in primary product markets, have also been subject to large fluctuations since the 1970s,a trend established subsequent to the oil price rises of 1973-4. This variability also had spollover effects in other financial markets, particularly equity markets, thereby corroborating the view that it is fundamentally incorrect to treat financial markets in isolation from one anthor. Significant regulatory and legal changes, the globalization of the financial services industry, and legal changes, the globalization of the financial services industry, and the emergence of offshore financial activity have also increased financial risks. Finally, risk associated with the enhanced global risk has resulted from increased levels of world trade, major changes in trade policy, the economic and political transition of the former Soviet bloc, the growth of the EU, and the emergence of the Asian tiger economies as economic power.Country riskThis increasing financial market volatility has potentially important consequences for both the issue of international investment appraisal, and also the appropriate measure of country risk. Before we consider methodological issues relating to the measurement of country risk, there are some commentators who argue that country risk is diversifiable(unsystematic) and that there should be no corrections. Recent asset pricing behaviour in international financial markets provides substantial evidence of cross-market correlation(systematic risk) suggesting country risk is non-diversifiable even in a global portfolio, and hence should be incorporated. On the measurement aspects, Damodoran (2000) has argued that the risk premium in anyequity market can be conceptualized as:Equity Market Risk Premium in Country A = Base Premium for Mature Equity Market (US) +Country Premium for Country A.In calculating the base premium for the US market, an approach based upon historical premium remains standard. Here, actual equity returns are estimated over a sufficiently long time frame and compared to the actual returns earned on default-free (usually government) securities. The annualized difference is then calculated and represents the historical premium. This method yields substantial differences in the premiums we observe being used in practice: even for the case of the USA estimates range from 4 per cent to 12 percent. This is all the more surprising given that most calculations use identical data, the Ibbotson Associates database of historical returns.We conjecture several reasons exist for this divergence. First: differences in time periods used. Proponents of the use of shorter time periods argue that such estimates are more relevant, as the average risk aversion of investors changes over time. This consideration is likely overwhelmed by the fact that to obtain reasonable standard errors one requires very long time periods (at least twenty-five years). Indeed, the standard errors from ten-year estimates often exceed the risk premium estimates, making the estimates redundant. Second, the risk-free rate chosen in calculating expected returns, in other words the method must match up the duration of the cash flows being discounted (Damodoran 2000). If the yield curve is upward sloping, the risk premium will be larger when estimated relative to short-term government securities. Consistency is required and given the previous comments, the use of equity premium calculated relative to long-dated government bonds seems appropriate for most cases. Third, a debate exists over how to compute the average returns on stocks and bonds, in particular whether to use arithmetic or geometric averages. While conventional wisdom argues for use of arithmetic averages, strong arguments can be made in favor of the geometric alternative. Specifically, empirical studies indicate equity returns are negatively correlated over time, implying the use of arithmetic averages (which assume zero correlation) will exaggerate the premium. Moreover, while assets pricing models are typically single period models, their use to generateexpected returns over long periods (say ten year) suggests the single period’ is much longer than the data period used in their estimation (typically one year). In such a case the argument for geometric premiums is enhanced.A further issue questions whether one should incorporate a country premium, and if so how it is to be estimated. The first question has already been answered in the affirmative. The second issue requires an ability to: (ⅰ)measure country risk, (ⅱ) convert the estimate into a risk premium, and then (ⅲ) evaluate individual MNE’s exposure. On measurement, country sovereign bond ratings provided by rating agencies incorporate current market risk perceptions, and have the advantage of being measured as spreads relative to US treasuries. However, they only measure default risk, not equity risk. A crude method of converting them to the latter involves adjusting the default spread of the country converting for the volatility of its equity market in relation to its bond market (σ（equity）/σ(bond)). The country’s equity premium is set equal to the country default spread multiplied by (σ（equity）/σ(bond)). This equity premium will increase if either the country’s rating drops or its equity market volatility increases. Finally, on eva luating MNEs’ individual exposure, one has to identify the MNE’s exposure to country risk in relation to all other marker risks it faces. This requires detailed analysis of the process used to estimate beta. Not only is this beyond the scope of this paper, but it also represents an ongoing research activity over which a concensus has yet to emerge.Finally, we contend that further research attention should be given to alternative methods of estimating country risk premium that do not require corrections for country risk in the manner indicated above. Damodoran(2000) suggests use of implied equity premiums derived from the following equity market valuation model, which essentially measures the present value of dividends growing at a constant rate: Value of Corporation = Expected Dividends next period/(required rate of return of equity – expected growth rate in dividends).The only unobservable input in this model is the required rate of return on equity. This relation can therefore be solved to generate an implied expected return on equity, which in turn will generate an equity risk premium once a correction is incorporatedfor the risk free rate. This approach has two main advantages. It does not require historical data and it reflects current market perceptions. The drawback is that it assumes the market overall is accurately priced, which is problematic in the case of emerging markets. More analysis in this important area would be most welcome.Source: Michael Bowe and James W.Dean,2007. “ International Financial Management and Multinational Enterprises”Oxford Handbook of International Business，PP.558-565.译文：跨国企业和国际财务管理介绍本章提供了一种高选择性,主要是重点调查学术文献对金融管理政策的跨国企业(跨国公司)的影响。

跨国公司财务管理-Chap5

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Mixed Forecasting Mixed forecasting refers to the use of a combination of forecasting techniques. The actual forecast is a weighted average of the various forecasts developed.
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Market-Based Forecasting Market-based forecasting involves developing forecasts from market indicators. Usually, either the spot rate or the forward rate is used, since speculation should push the rates to the level that reflect the market expectation of the future exchange rate.
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In general, fundamental forecasting is limited by : the uncertain timing of the impact of the factors, the need for forecasts for factors with instantaneous impact, the possibility that other relevant factors may be omitted from the model, and changes in the sensitivity of currency movements to each factor over time.

跨国公司财务管理-

-a company faces exchange risk to the extent that variations in the dollar value of the unit’s cash flows are correlated with variations in the nominal exchange rate
AN OPERATIONAL MEASURE OF EXCHANGE RISK
VI. SUMMARY:
A. The focus of the accounting profession on the balance sheet impact of currency changes has led to ignoring the important impact on future cash flows.
AN OPERATIONAL MEASURE OF EXCHANGE RISK
C. To measure exposure properly, you must focus on inflation-adjusted or real exchange rates instead of nominal or actual exchange rates.
AN OPERATIONAL MEASURE OF EXCHANGE RISK
B. For firms incurring costs and selling products in foreign countries, the net effect of currency changes may be less important in the long run.
I. INTRODUCTION Operating exposure management requires long-term operating adjustments. A. Real v. Nominal Changes 1. Relative price changes leads to marketing and/or production revisions

跨国公司财务外文文献及翻译

LNTU－Acc附录A：外文文献（译文）跨国公司财务有重大国外经营业务的公司经常被称作跨国公司或多国企业。

公司财务的基本原理仍然适用于跨国企业。

与国内企业一样,它们进行的投资项目也必须为股东提供比成本更多的收益，也必须进行财务安排,用尽可能低的成本进行融资.净现值法则同时适用于国内经营和国外经营，但是，国外经营应用净现值法则时通常更加复杂。

也许跨国财务中最复杂的是外汇问题。

当跨国公司进行资本预算决策或融资决策时，外汇市场能为其提供信息和机会。

外汇、利率和通货膨胀三者的相互关系构成了汇率基本理论。

即：购买力平价理论、利率平价理论和预测理论.跨国公司融资决策通常要在以下三种基本方法中加以选择，我们将讨论每种方法的优缺点。

（1)把现金由国内输出用于国外经营业务;（２）向投资所在国借贷；(3）向第三国借贷。

１专业术语学习财务的学生通常会听到一个单词总在耳边嗡嗡作响：全球化（g l ｏｂ a l ｉz a t i o ｎ)。

学习资金市场的全球化必须首先掌握一些新的术语,以下便是在跨国财务中,还有本章中最常用到的一些术语:（1）美国存托证（Ａmerican Depｏsitory Receipt,ADR).它是在美国发行的一种代表外国股权的证券，它使得外国股票可在美国上市交易。

外国公司运用以美元发行的ADR，来扩大潜在美国投资者群体。

ADR以两种形式代表大约690家外国公司：一是在某个交易所挂牌交易的ADR，称为公司保荐形式；另一种是非保荐形式,这些ＡDR通常由投资银行持有并为其做市。

这两种形式的ＡDR均可由个人投资和买卖，但报纸每天只报告保荐形式的存托证的交易情况。

（2) 交叉汇率(crｏss rａte）。

它是指两种外国货币（通常都不是美元）之间的汇率。

高级财务管理(第三版)第10章-跨国公司财务管理

10.1跨国公司财务管理环境及特征
10.1.1 跨国公司财务管理环境 10.1.2 跨国公司财务管理特征
10.1.1跨国公司财务管理环境
1）政治环境
（1）东道国政府对国外企业的政策态度各国政府对待在本国领域内进行经营的跨国企业可能采取不同的政策态度。东道国政府对国外企业的政策态度直接影响跨国公司的经营和财务管理决策，尤其会对跨国公司的现金流量、资本成本、资本结构等财务决策的重要指标产生直接的影响。
10.2.1外汇与外汇汇率
2）外汇汇率
（1）外汇汇率的标价方法第二，间接标价法英国一向采用间接标价法，美国在第二次世界大战之前长期使用直接标价法。
10.2.1外汇与外汇汇率
2）外汇汇率
（2）外汇汇率的种类从银行买卖外汇的角度划分，可以分为买入汇率、卖出汇率、中间汇率和现钞汇率；按照制定汇率的方法划分，可以分为基本汇率与套算汇率；按照外汇交易的期限划分，可以分为即期汇率与远期汇率；按银行外汇汇兑的方式，可以划分为电汇汇率、信汇汇率与票汇汇率；
10.1.2跨国公司财务管理特征
1）面临外汇风险
（3）经济风险经济风险是指由于汇率变动对公司的产销数量、价格、成本等经济指标产生影响，从而使公司未来一定时期利润和现金净流量减少或增加，引起公司价值变化的一种潜在风险。
10.1.2跨国公司财务管理特征
1）面临外汇风险
对交易风险来说，汇率的变化随时间的变化而不断对交易过程产生影响；
10.1.2跨国公司财务管理特征
3）市场机会增加
（2）各国资本的供求状况以及获取资本的难易程度不同跨国公司在全球范围内进行经营，而在全球范围内，货币有软硬、税种有不同、税率和利率有高低、劳动力和商品价格有差距、外汇和外贸管制有宽严，因此企业在经营和财务管理方面有很多可选择之处，可以获得更多的市场机会。

国际财务管理-英文版答案答案翻译

章1跨国财务管理: 概述讲座大纲管理跨国公司面临代理问题跨国公司的治理结构为什么选择冷杉m它追求国际商务比较优势理论不完善的市场理论产品周期理论企业如何从事国际业务国际贸易发牌特许经营合资收购现有业务建立新的外国子公司方法摘要跨国公司的估值模型国内车型评估国际现金流跨国公司周围的不确定性’s 现金流案文的组织12 国际财务管理章节主题本章介绍跨国公司具有与纯粹的国内公司相似的目标, 但机会种类繁多。

随着更多的机会的出现, 潜在的回报增加, 并需要考虑其他形式的风险。

介绍了潜在的好处和风险。

鼓励课堂讨论的主题(一) 跨国公司的适当定义是什么？2。

为什么跨国公司会在国际上扩张？(三) 有什么问题吗？跨国公司在国际上扩张的风险是什么？4. 我的工作是什么？你认为欧洲国家为什么会吸引U.S.公司？5。

为什么纯粹的国内企业必须关注国际环境？点:跨国公司是否应该降低其道德标准, 以在国际上竞争？点: 是的。

当一家总部设在美国的跨国公司在一些国家竞争时, 它可能会遇到一些在那里不允许的商业规范。

U.S.例如, 在竞争政府合同时, 企业可能会向将作出决定的政府官员提供回报。

然而, 在United States, 一家公司有时会带客户进行昂贵的高尔夫出游, 或提供比赛门票。

这和回报没有什么不同。

如果一些国家的回报更大, 跨国公司只有通过匹配竞争对手提供的回报才能竞争。

点: 不可以. 总部设在美国的跨国公司应保持适用于任何国家的标准道德守则, 即使它在外国处于不利地位, 允许可能被视为不道德的活动。

通过这种方式, 跨国公司在全球范围内建立了更高的信誉。

谁是正确的？使用互联网以了解有关此问题的更多信息。

你支持哪种论点？在这个问题上提出自己的看法。

回答: 这个问题经常被讨论。

很容易建议跨国公司应保持标准的道德守则, 但实际上, 这意味着它在某些情况下无法竞争。

例如, 即使它提交了特定外国政府项目的最低出价, 如果没有向外国政府官员支付报酬, 它也不会收到投标。

ANDCURRENCYFORECASTING(跨国公司财务管理-Joseph

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27
THE INTERNATIONAL FISHER EFFECT
B. Fisher postulated
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Multinational Financial Management
Alan Shapiro
7th Edition J.Wiley & Sons
Power Points by Joseph F. Greco, Ph.D.
California State University, Fullerton
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24
THE FISHER EFFECT
D. Due to capital market integration globally, interest rate differentials are eroding.
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PART IV. THE INTERNATIONAL FISHER EFFECT (IFE)
THE INTERNATIONAL FISHER EFFECT
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30
THE INTERNATIONAL FISHER EFFECT
D. Implications of IFE 1. Currency with the lower interest rate expected to appreciate relative to one

《跨国公司财务管理基础》教师手册与PPT ch07

CHAPTER 7CURRENCY FUTURES AND OPTIONS MARKETSThis chapter describes foreign currency futures and options contracts and shows how they can be used to manage foreign exchange risk or take speculative positions on currency movements. It also shows how to read the prices of these contracts as they appear in the financial press.SUGGESTED ANSWERS TO CHAPTER 7 QUESTIONS1. On April 1, the spot price of the British pound was $1.96 and the price of the June futurescontract was $1.95. During April the pound appreciated so that by May 1 it was selling for $2.01. What do you think happened to the price of the June pound futures contract during April? Explain.A NSWER. The price of the June futures contract undoubtedly rose. Here’s why. The June futures price is based on the expectations of market participants as to what the spot value of the pound will be at the date of settlement in June. Since the spot value of the pound has risen in during April, the best prediction is that the future level of the pound will also be higher than it was on April 1. This expectation will undoubtedly be reflected in a June pound futures price that is higher on May 1 than it was on April 1.2. What are the basic differences between forward and futures contracts? Between futures andoptions contracts?A NSWER. The basic differences between forward and futures contracts are described in Section 3.1. The most important difference between these two contracts and an options contract is that a buyer of a forward or futures contract must take delivery, while the buyer of an options contract has the right but not the obligation to complete the contract.3. A forward market already existed, so why was it necessary to establish currency futures andcurrency options contracts?A NSWER. A currency futures market arose because private individuals were unable to avail themselves of the forward market. Currency options are partly a response to individuals and firms who would like to eliminate some currency risk while at the same time preserving the possibility of earning a windfall profit from favorable movements in the exchange rate. Options also enable firms bidding on foreign projects to lock in the home currency value of their bid without exposing themselves to currency risk if their bid is rejected.4. Suppose that Texas Instruments must pay a French supplier €10 million in 90 days.4.a. Explain how TI can use currency futures to hedge its exchange risk. How many futurescontracts will TI need to fully protect itself?A NSWER. TI can hedge its exchange risk by buying euro futures contracts whose expiration date is the closest to the date on which it must pay its French supplier. Given a contract size of €125,000, TI must buy 10,000,000/125,000 = 80 futures contracts to hedge its euro payable.4.b. Explain how TI can use currency options to hedge its exchange risk. How many optionscontracts will TI need to fully protect itself?A NSWER. TI can hedge its exchange risk by buying euro call option contracts whose expiration date is the closest to the date on which it must pay its French supplier. Given a contract size of €62,500, TI must buy 10,000,000/62,500 = 160 options contracts to hedge its payable.4.c. Discuss the advantages and disadvantages of using currency futures versus currency optionsto hedge TI’s exchange risk.A NSWER.A futures contract is most valuable when the quantity of foreign currency being hedged is known, as in the case here. An option contract is most valuable when the quantity of foreign currency is unknown. Other things being equal, therefore, TI should use futures contracts to hedge its currency risk. However, TI must honor its futures contracts even if the spot rate at settlement is less than the futures price. In contrast, TI can choose not to exercise currency call options if the call price exceeds the spot price. Although this feature is an advantage of currency options, it is fully priced out in the market via the call premium. Hence, options are not unambiguously better than futures. In this case, since the quantity of the future French franc outflow is known, TI should use currency futures to hedge its risk.5. Suppose that Bechtel Group wants to hedge a bid on a Japanese construction project. Becausethe yen exposure is contingent on acceptance of its bid, Bechtel decides to buy a put option for the ¥15 billion bid amount rather than sell it forward. To reduce its hedging cost, however, Bechtel simultaneously sells a call option for ¥15 billion with the same strike price. Bechtel reasons that it wants to protect its downside risk on the contract and is willing to sacrifice the upside potential to collect the call premium. Comment on Bechtel’s hedging strategy.A NSWER. The combination of buying a put option and selling a call option at the same strike price is equivalent to selling ¥15 billion forward at a forward rate equal to the strike price on the put and call options. That is, Bechtel is no longer holding an option; it is now holding a forward contract. If the yen appreciates and Bechtel loses its bid, it will face an exchange loss equal to 15 billion * (actual spot rate - exercise price).ADDITIONAL CHAPTER 7 QUESTIONS AND ANSWERS1. What is the last day of trading and the settlement day for the IMM Australian dollar futuresfor September of the current year?A NSWER. The last day of trading for the IMM Australian dollar futures for September will be the third Wednesday of September. The specific date depends on the year. For 2001 it is September 19 and for 2002 it is September 18. Settlement takes place each day.2. Which contract is likely to be more valuable, an American or a European call option? Explain.A NSWER. The American call option is likely to be more valuable since it can be exercised at any time prior to maturity, unlike the European option which can be exercised only at maturity. The option to exercise early is valuable when interest rates on the two currencies differ.3. In Exhibit 7.9, the value of the call option is shown as approaching its intrinsic value as theoption goes deeper and deeper in-the-money or further and further out-of-the-money. Explain why this is so.A NSWER. As the call option moves further out-of-the-money, the chances that it will expire unexercised and worthless increase, bringing it closer to its intrinsic value of 0. Alternatively, as the option goes deeper in-the-money, the chance that the exchange rate will fall below the exercise price declines, increasing the probability that the option will be exercised eventually at a profit equal to its intrinsic value.4. During September 1992, options on ERM currencies with strike prices outside the ERM bands had positive values. At the same time, actual currency volatility was close to zero.4.a. Is there a paradox here? Explain.A NSWER.There is no paradox. Although current volatility was almost zero, currency traders were betting that the ERM could not be maintained, which would lead to a jump in currency volatility. If the ERM broke up, there was a positive probability that ERM currency values would move outside the bands. Hence, it is not surprising that options on ERM currencies with strike prices outside the ERM bands had positive values.4.b. Why might actual currency volatility have been close to zero? What does a zero volatilityimply about the value of currency options?A NSWER. Actual currency volatility was close to zero because of government intervention to maintain currency values within the established bands. However, a zero current volatility implies nothing about the value of currency options. What matters in pricing an option is the underlying asset’s projected volatility over the life of the contract. If future volatility is expected to differ from current volatility, option prices will not reflect current volatility.4.c. What does the positive values of ERM options outside the bands tell you about the market’sperceptions of the possibility of currency devaluations or revaluations?A NSWER. The market was clearly expecting currency movements beyond the established ERM bands. In other words, traders believed that currency devaluations or revaluations had a positive probability of occurring. Otherwise, the value of options with strike prices outside the ERM bands would have been insignificantly different from zero.SUGGESTED SOLUTIONS TO CHAPTER 7 PROBLEMS1. On Monday morning, an investor takes a long position in a pound futures contract thatmatures on Wednesday afternoon. The agreed-on price is $1.95 for £62,500. At the close of trading on Monday, the futures price has risen to $1.96. At Tuesday close, the price rises further to $1.98. At Wednesday close, the price falls to $1.955, and the contract matures. The investor takes delivery of the pounds at the prevailing price of $1.955. Detail the daily settlement process (see Exhibit 7.3). What will be the investor's profit (loss)?A NSWERNet profit is $1,785 – $1,562.5 = $312.50.2. Suppose that the forward ask price for March 20 on euros is $1.3327 at the same time the priceof IMM euro futures for delivery on March 20 is $1.3345. How could an arbitrageur profit from this situation? What will be the arbitrageur’s profit per futures contract (size is €125,000)?A NSWER. Since the futures price exceeds the forward rate, the arbitrageur should sell futures contracts at $1.3345 and buy euro forward in the same amount at $1.3327. The arbitrageur will earn 125,000(1.3345 - 1.3327) = $225 per euro futures contract arbitraged.3. Suppose DEC buys a Swiss franc futures contract (size is SFr 125,000) at a price of $0.83. Ifthe spot rate for the Swiss franc at the date of settlement is SFr 1 = $0.8250, what is DEC’s gain or loss on this contract?A NSWER. DEC has bought Swiss francs worth $0.8250 at a price of $0.83. Thus, it has lost $0.005 per franc for a total loss of 125,000 * 0.005 = $625.4. On January 10, Volkswagen agrees to import auto parts worth $7 million from the U.S. Theparts will be delivered on March 4 and are payable immediately in dollars. VW decides to hedge its dollar position by entering into IMM futures contracts. The spot rate is $1.3447/€ and the March futures price is $1.3502.4.a. Calculate the number of futures contracts that VW must buy to offset its dollar exchangerisk on the parts contract.A NSWER. VW can lock in a euro price for its imported parts by buying dollars in the futures market at t he current March futures price of €0.7406/$1 (1/1.3502). This is equivalent to selling euro futures contracts. At that futures price, VW will sell €5,184,200 for $7 million. At €125,000 per futures contract, this would entail selling 42 contracts (5,184,200/125,000 = 41.47) at a total cost of €5,250,000.4.b. On March 4, the spot rate turns out to be $1.3452/€, while the March futures price is$1.3468/€. Calculate VW’s net euro gain or loss on its futures position. Compare this figure with VW’s gain or loss on its unhedged position.A NSWER.Under its futures contract, VW has agreed to sell €5,250,000 and receive $7,088,550 (5,250,000 * 1.3502). On March 4, VW can close out its futures position by buying back 42 March euro futures contracts (worth €5,250,000). At the current futures rate of $1.3468/€, VW must pay out $7,070,700 (5,250,000 * 1.3468). Hence, VW has a net gain of $17,850 ($7,088,550 - $7,070,700) on its futures contract. At the current spot rate of $1.3452/€, this translates into a gain of €13,269.40 (17,850/1.3452). On closing out the 42 futures contracts, VW will then buy $7 million in the spot market at a spot rate of $1.3452/€. Its net cost is €5,190,417.78 (7,000,000/1.3452 - 13,269.4).If VW had not hedged its import contract, it could have bought the $7 million on March 10 at a cost of €5,203,687.18 (7,000,000/1.3452). In contrast, the projected cost based on the spot rate on January 10 is €5,252,494.94 (7,000,000/1.3327). However, the latter “cost” is irrelevant since VW had no opportunity to buy March dollars at the January 10 spot rate of $1.3327/€. By not hedging, VW would have paid an extra €13,269.4 for the $7,000,000 to satisfy its dollar liability, the difference between the cost of $7 million with hedging (€5,190,471.78) and the cost without hedging (€5,203,687.18).5. Citigroup sells a call option on euros (contract size is €500,000) at a premium of $0.04 per euro.If the exercise price is $1.34 and the spot price of the euro at expiration is $1.36, what is Citigroup’s profit (loss) on the call option?A NSWER. Since the spot price of $1.36 exceeds the exercise price of $1.34, Citigroup’s counterparty will exercise its call option, causing Citigroup to lose 2¢ per euro. Adding in the 4¢ call premium it received gives Citigroup a net profit of 2¢ per euro on the call option for a total gain of 0.02 * 500,000 = $10,000.6. Suppose you buy three June PHLX call options with a 90 strike price at a price of 2.3 (¢/€).6.a. What would be your total dollar cost for these calls, ignoring broker fees?A NSWER.With each call option being for €62,500, the three contracts combined are for €187,500. At a price of 2.3¢/€, the total cost is 187,500 * $0.023 = $4,312.50.6.b. After holding these calls for 60 days, you sell them for 3.8 (¢/€). What is yo ur net profit onthe contracts assuming that brokerage fees on both entry and exit were $5 per contract and that your opportunity cost was 8% per annum on the money tied up in the premium?A NSWER.The net profit would be 1.5¢/€ (3.8 - 2.3) for a total profit before expenses of $2,812.50 (0.015 * 187,500). Brokerage fees totaled $10 per contract or $30 overall. The opportunity cost would be $4,312.50 * 0.08 * 60/365 = $56.71. After deducting these expenses (which total $86.71), the net profit is $2,725.79.7. A trader executes a “bear spread” on the Japanese yen consisting of a long PHLX 103 Marchput and a short PHLX 101 March put.7.a. If the price of the 103 put is 2.81 (100ths of ¢/¥), while the price of the 101 put is 1.6 (100thsof ¢/¥), what is the net cost of the bear spread?A NSWER. Going long on the 103 March put costs 0.0281¢/¥ while going short on the 101 March put yields 0.016¢/¥. The net cost is therefore 0.0121¢/¥ (0.028 - 0.016). On a contract of ¥6,250,000, this is equivalent to $756.25.7.b. What is the maximum amount the trader can make on the bear spread in the event the yendepreciates against the dollar?A NSWER. To begin, the 103 March put gives the trader the right but not the obligation to sell yen at a price of 1.03¢/¥. Similarly, the 101 March put gives the buyer the right but not the obligation to sell yen at a price of 1.01¢/¥. If the yen falls to 1.01¢/¥ or below, the trader will earn the maximum spread of 0.02¢/¥. After paying the cost of the bear spread, the trader will net 0.079¢/¥(0.02¢- 0.0121¢), or $493.75 on a ¥6,250,000 contract.7.c. Redo your answers to parts a and b assuming the trader executes a “bull spread” consistingof a long PHLX 97 March call priced at 0.0321¢/¥ and a short PHLX 103 March call priced at 0.0196¢/¥. What is the trader's maximum profit? Maximum loss?A NSWER. In this case, the trader will pay 0.0321¢/¥ for the long 97 March call and receive 0.0196¢/¥ for the short 103 March call. The net cost to the trader, therefore, is 0.0125¢/¥, which is also the trader’s maximum potential loss. At any price of 1.03¢/¥ or greater, the trader will earn the maximum possible spread of 0.06¢/¥. After subtracting off the cost of the bull spread, the trader will net 0.0475¢/¥, or $2,968.75 per ¥6,250,000 contract.8. Apex Corporation must pay its Japanese supplier ¥125 million in three months. It is thinkingof buying 20 yen call options (contract size is ¥6.25 million) at a strike price of $0.00800 to protect against the risk of a rising yen. The premium is 0.015 cents per yen. Alternatively, Apex could buy 10 three-month yen futures contracts (contract size is ¥12.5 million) at a price of $0.007940 per yen. The current spot rate is ¥1 = $0.007823. Suppose Apex’s treasurer believes that the most likely value for the yen in 90 days is $0.007900, but the yen could go as high as $0.008400 or as low as $0.007500.8.a. Diagram Apex’s gains and losses on the call option position and the futures position withinits range of expected prices (see Exhibit 8.4). Ignore transaction costs and margins.A NSWER. In the following calculations, note that the current spot rate is irrelevant. When a spot rate is referred to, it is the spot rate in 90 days. If Apex buys the call options, it must pay a call premium of 0.00015 * 125,000,000 = $18,750. If the yen settles at its minimum value, Apex will not exercise the option and it loses the call premium. But if the yen settles at its maximum value of $0.008400, Apex will exercise at $0.008000 and earn $0.0004/¥1 for a total gain of 0.0004 * 125,000,000 = $50,000. Apex’s net gain will be $50,000 - $18,750 = $31,250.PROFIT (LOSS) ON APEX CORPORATION'S FUTURES AND OPTIONS POSITIONSAs the diagram and table show, Apex can use a futures contract to lock in a price of $0.007940/¥ at a total cost of 0.007940 * 125,000,000 = $992,500. If the yen settles at its minimum value, Apex will lose $0.007940 - $0.007500 = $0.000440/¥ (remember it is buying yen at 0.007940, when the spot price is only 0.007500), for a total loss on the futures contract of 0.00044 * 125,000,000 = $55,000. On the other hand, if the yen appreciates to $0.008400, Apex will earn $0.008400 - $0.007940 = $0.000460/¥ for a total gain on the futures contracts of 0.000460 * 125,000,000 = $57,500.8.b. Calculate what Apex would gain or lose on the option and futures positions if the yen settledat its most likely value.A NSWER.If the yen settles at its most likely price of $0.007900, Apex will not exercise its call option and will lose the call premium of $18,750. If Apex hedges with futures, it will have to buy yen at a price of $0.007940 when the spot rate is $0.0079. This will cost Apex $0.000040/¥, for a total futures contract cost of 0.000040 * 125,000,000 = $5,000.8.c. What is Apex’s break-even future spot price on the option contract? On the futures contract?A NSWER.On the option contract, the spot rate will have to rise to the exercise price plus the call premium for Apex to break even on the contract, or $0.008000 + $0.000150 = $0.008150. In the case of the futures contract, break-even occurs when the spot rate equals the futures rate, or $0.007940.8.d. Calculate and diagram the corresponding profit-and-loss and break-even positions on thefutures and options contracts for the sellers of these contracts.A NSWER. The sellers’ profit-and-loss and break-even positions on the futures and options contracts will be the mirror image of Apex’s position on these contracts. For example, the sellers of the futures contract will breakeven at a future spot price of ¥1 = $0.007940, while the options sellers will breakeven at a future spot rate of ¥1 = $0.008150. Similarly, if the yen settles at its minimum value, the options sellers will earn the call premium of $18,750 and the futures sellers will earn $55,000. But if the yen settles at its maximum value of $0.008400, the options sellers will lose $31,250 and the futures sellers will lose $57,500.ADDITIONAL CHAPTER 7 PROBLEMS AND SOLUTIONS1. On Monday morning, an investor takes a short position in a euro futures contract that matureson Wednesday afternoon. The agreed-on price is $0.9370 for €125,000. At the close of trading on Monday, the futures price has fallen to $0.9315. At Tuesday close, the price falls further to $0.9291. At Wednesday close, the price rises to $0.9420, and the contract matures. The investor delivers the euros at the prevailing price of $0.8420. Detail the daily settlement process (see Exhibit 8.2). What will be the investor's profit (loss)?A NSWERNet loss is -$1,612.50 + $987.50 = -$625.2. On August 6, you go long one IMM yen futures contract at an opening price of $0.00812 with aperformance bond of $4,590 and a maintenance performance bond of $3,400. The settlement prices for August 6, 7, and 8 are $0.00791, $0.00845, and $0.00894, respectively. On August 9, you close out the contract at a price of $0.00857. Your round-trip commission is $31.48.2.a. Calculate the daily cash flows on your account. Be sure to take into account your requiredperformance bond and any performance bond calls.A NSWERNet gain on the futures contract = -$2,625 + $6,750 + $6,150 - $4,625 - $31.48 = $5,593.52Your performance bond calls and cash balances as of the close of each day were as follows:August 6 With a loss of $2,625, your account balance falls to $1,965 ($4,590 -$2,625). You must add $2,625 ($4,590 - $2,625) to your account to restore it to the performance bond requirementof $4,590.With subsequent gains on the futures contract, you have no further margin calls.2.b. What is your cash balance with your broker on the morning of August 10?A NSWER. As shown in part a, your net profit was $5,593.52. Add to this the $4,590 performance bond and the further margin of $2,625 paid in on August 6 and the amount in your account on the morning of August 10 is $12,808.52 ($5,593.52 + $4,590 + $2,625).3. Biogen expects to receive royalty payments totaling £1.25 million next month. It is interested inprotecting these receipts against a drop in the value of the pound. It can sell 30-day pound futures at a price of $1.6513 per pound or it can buy pound put options with a strike price of $1.6612 at a premium of 2.0 cents per pound. The spot price of the pound is currently $1.6560, and the pound is expected to trade in the range of $1.6250 to $1.7010. Biogen’s treasurer believes that the most likely price of the pound in 30 days will be $1.6400.3.a. How many futures contracts will Biogen need to protect its receipts? How many optionscontracts?A NSWER. With a futures contract size of £62,500, Biogen will need 20 futures contracts to protect its anticipated royalty receipts of £1.25 million. Since the option contract size is half that of the futures contract, or £31,250, Biogen will need 40 put options to hedge its receipts.3.b. Diagram Biogen’s profit and loss associated with the put option position and the futuresposition within its range of expected exchange rates (see Exhibit 7.6). Ignore transaction costs and margins.CHAPTER 7: CURRENCY FUTURES AND OPTIONS MARKETS 113.c. Calculate what Biogen would gain or lose on the option and futures positions within therange of expected future exchange rates and if the pound settled at its most likely value.A NSWER. If Biogen buys the put options, it must pay a put premium of 0.02 * 1,250,000 = $25,000. If the pound settles at its maximum value, Biogen will not exercise and it loses the put premium. But if the pound settles at its minimum of $1.6250, Biogen will exercise at $1.6612 and earn $0.0362/£or a total of 0.0362 * 1,250,000 = $45,250. Biogen's net gain will be $45,250 - $25,000 = $20,250.With regard to the futures position, Biogen will lock in a price of $1.6513/£ for total revenue of $1.6513 * 1,250,000 = $2,064,125. If the pound settles at its minimum value, Biogen will have a gain per pound on the futures contracts of $1.6513 - $1.6250 = $0.0263/£ (remember it is selling pounds at a price of $1.6513 when the spot price is only $1.6250) for a total gain of 0.0263 * 1,250,000 = $32,875. On the other hand, if the pound appreciates to $1.70100, Biogen lose $1.7010 - $1.6513 = $0.0497/£ for a total loss on the futures contract of 0.0497 * 1,250,000 = $62,125.If the pound settles at its most likely price of $1.6400, Biogen will exercise its put option and earn $1.6612 - $1.6400 = $0.0212/£, or $26,500. Subtracting off the put premium of $25,000 yields a net gain of $1,500. If Biogen hedges with futures contracts, it will sell pounds at $1.6513 when the spot rate is $1.6400. This will yield Biogen a gain of $0.0113/£for a total gain on the futures contract equal to 0.0113 * 1,250,000 = $14,125.3.d. What is Biogen’s break-even future spot price on the option contract? On the futurescontract?A NSWER.On the option contract, the spot rate will have to sink to the exercise price less the put premium for Biogen to break even on the contract, or $1.6612 - $0.02 = $1.6412. In the case of the futures contract, breakeven occurs when the spot rate equals the futures rate, or $1.6513.INSTRUCTORS MANUAL: MULTINATIONAL FINANCIAL MANAGEMENT, 6TH ED.123.e. Calculate and diagram the corresponding profit-and-loss and break-even positions on thefutures and options contracts for those who took the other side of these contracts.A NSWER. As in the case of Apex, the sellers’ profit-and-loss and break-even positions on the futures and options contracts will be the mirror image of Biogen’s position on these contracts. For example, the sellers of the futures and options contracts will break even at future spot prices of $1.6513/£and $1.6412/£, respectively. Similarly, if the pound falls to its minimum value, the options sellers will lose $20,250 and the futures sellers will lose $32,875. But if the pound hits its maximum value of $1.7010, the options sellers will earn $25,000 and the futures sellers will earn $62,125.。

第六章-跨国财务管理PPT课件

• 另外，政府对贸易实施的关税和非关税壁垒政策，也使国际贸易不能顺利进行，从而促使企业对外直接投资，以便越过对方的贸易壁垒。
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问题：产业结构论本身是不完整的。企业的独有优势在国内市场竞争中也可以获得，它不能够确切地说明企业为什么一定要对外直接投资，而不是通过出口商品、出售生产许可证或专利技术的方式来扩大市场份额，增加利润。
3、内部化优势，它可以通过资本、技术或劳动力的直接投资进行的国际转让比通过公开市场定价、出口或许可经营进行的转让更加有效。跨国公司只有在同时具备这三组要素的情况下才可能进行对外直接投资。
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它说明了国际直接投资并不取决于资金、技术或经济发展的绝对水平，而是取决于企业的相对优势，因而发展中国家的企业如果具备条件，也可以从事海外直接投资。可见这种理论地解释近10年来发展中国家对外直接投资的迅速发展具有现实意义。
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一般来说，在国外子公司所在国贷款利率高且资本市场有限，特别是存在外汇管制风险，跨国公司通常采用信贷互换的方式进行内部资金融通。
在美国
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美国母公司
存入美元
美国A银行
美国子公司
贷雷亚尔
A银行在巴西的分行
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一．外汇风险管理二．利率风险三．政治风险与国家风险
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随着世界经济一体化步伐的加快，跨国公司在世界经济和政治中的作用越来越重要。1995年，跨国公司在整个世界的销售额已达60,200亿美元，它控制了全世界生产的40%，国际贸易额的60%。世界直接投资的90%，国际技术贸易的60%、科技研究与开发的近90%，跨国公司在某种程度已经主宰了世界经济的命运。

跨国公司财务勾葱萝理-课件

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