跨国公司财务管理讲义

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.
New global manager is needed.
1.2 THE INTERNATIONALIZATION OF BUSINESS AND FINANCE
A brief taxonomy of the MNC and its evolution
Raw-Materials Seekers. Raw-materials seekers were the earliest multinationals, the villains of international business.
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
跨国公司财务管理讲义
2020/9/10
PART I ENVIRONMENT OF INTERNATIONAL FINANCIAL MANAGEMENT
CHAPTER 1 INTRODUCTION: MULTINATIONAL ENTERPRISE AND MULTINATIONAL
FINANCIAL MANAGEMENT
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
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.
Learning Objectiபைடு நூலகம்es
● To understand the nature and benefits of globalization ● To explain why multinational corporations are the key
players in international economic competition today ● To classify the three historical types of multinational
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.
● To characterize the global financial marketplace and explain why MNC managers must be alert to capital market imperfections and asymmetries in tax regulations
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.
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.