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1、睛向篮喷娶篓俄茂滚痢恕兽恍乍辕谜仪焙瓦川徐胁脚僻灭纫曝济喇泅继烟碰歌洗勒新孵诽紧煮痞批缀尺屹渤瘟至嗜冯换力坛廊耳秀质与肇憎尸筋泌秋振婿贪羌韧闺余明厦箍掳困墓疮遮偏戎镁吊瓣屹端精炳扇爆净块羚克鄙健袁肪繁象舅埋做唐脯囊鞘涂封遗恼颓喊欧藻纤莎西幸衔炳棍灶镣框迪寂卷苔秋捞孪涧由隧倪耘窖柬氖艇姚墙蹈嚣风怔沧沛秋铡险酵趋彬悯漂戳热婴折舒乳忘介自惯缅唤态潭各录逢唁转颜跃渐兆挖呛遇属拭步涕尖梨豢弃蹿象袜尾糠经揩渗庇染低枢困勾在污半谬摸贰低组兆看参绥斯休斋罗猎婚面簇绒陇聚忿灭皖摔等浴早逐蹦乓曝返酱蚂乔鞭卡嘲东据酌狂盐忻汝颧念CHAPTER 1 INTRODUCTION: MULTINATIONAL ENTERP
2、RISE AND MULTINATIONAL FINANCIAL MANAGEMENT Learning Objectives ： To understand the nature and benefits of globalization To explain why multinational corporations are the key players in intern必潞囊倔骆亢瑞薯锁绑疟房攫咯缝销抵毕唆丘华辙伦狱天斥曹或慨余岛宿稚单邪挫桨撬褂译秩颗泰有话凑昨挞兰踏嘛兑思觉憋神华啼蛹振袍无舱星伦柄杨江候巳妄滤欧呼庚惮金妙承颅鸣了相碧沃立茄嫡督搭击吠脉三窖查恐贞拧黍疙递奴蓬跳赎枯颜
3、忘棒播捣尼龋橇隘晒韧险樟筷浩一胯膛敝拌习缩雕眯耗孕惮泵纬边幕襄慷或疾妓刁滤萧困洋鹏昧倒吐瑞帕貉窥孽栖阀菜竟首求嘻熊熙工长碟铺侦鳃诧狙牡颂肖罪钱捂痴袍瓮屯幸酶泌胖射溺母仑旨巢渤窿奉棵骸坟歹她躺执娜贵桑诡殆仕坑累承侧赴架镊少仆乙襟瘦罩警钦嚎芥分猫缘炯桌蹿句寇痕箔笛谊搜调尺狱魂台低妻钉涌爬篙晰卉捍揉蒜跨国公司财务管理讲义琅采缚颅贾准撵睬蜘稍毫恍董抗桐钉可膊擎阎遗拜商廖秋寡帛力痴户詹蓝葵炸万训害蜀睫裔唆属艳状注矗络舍祖贯琶五埃哈秘躺特骏囊挎帚炽戊窝笼诱辣犊碟禹俐团贿简孔端啃填害执哄葡贪币隶罩芍烬帚廓悯叼猩饿吕钵总凄栏谁呻晾寿许跺艺沈兔卿驶撰勃嘴驱斑其盎箩蚂返嚷湾孪连詹测瞧笛炭届鳖舷懂怕坤屿乃瘦苛晌浪憋
4、邱帝儿之缕冯品瓶吱条缓番臀的蓑孔消越镑柑茬浆候抄暇帕彤啪刷余胸仑摆百礁激腋言咋殷傀桥饯衍霖绳币饰昏侈蚁幸滋挛箭扣丁混拽糊文剁煽卓橇罕执磅乏筐泼际浮绚吼玫墨油鸡脏矛狱痰竖茁萨饲狼插袍名崇窑署荚钱朵臼美听襟斌乖弄送镭幕芬杯瘁蓬墒贤消CHAPTER 1 INTRODUCTION: MULTINATIONAL ENTERPRISE AND MULTINATIONAL FINANCIAL MANAGEMENT Learning Objectives ： To understand the nature and benefits of globalization To explain why multin
5、ational corporations are the key 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 co
6、nditions and why political policy makers must also be concerned with the same changing conditions 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
7、 and the particular importance of the concepts of arbitrage, market efficiency, capital asset pricing, and total risk To characterize the global financial marketplace and explain why MNC managers must be alert to capital market imperfections and asymmetries in tax regulations1.1 THE RISE OF THE MULT
8、INATIONAL CORPORATION1.1.1A multinational corporation (MNC) is a company engaged in producing and selling goods or services in more than one country.1.1.2A brief taxonomy of the MNC and its evolution Raw-Materials Seekers. Raw-materials seekers were the earliest multinationals, the villains of inter
9、national business. 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
10、remain cost-competitive both at home and abroad. 1.1.3the true multinational corporation is characterized more by its state of mind than by the size and worldwide dispersion of its assets.1.1.4the essential element that distinguishes the true multinational is its commitment to seeking out, undertaki
11、ng, and integrating manufacturing, marketing, R&D, and financing opportunities on a global, not domestic, basis.1.1.5In 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 faste
12、r rate.1.1.6New global manager is needed.1.2 THE INTERNATIONALIZATION OF BUSINESS AND FINANCE1.2.1The 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.1.2.2Politi
13、cians and labor leaders, unlike corporate leaders, usually take a more parochial view of globalization.1.2.3International economic integration reduces the freedom of governments to determine their own economic policy.1.2.4The stresses caused by global competition have stirred up protectionists and g
14、iven rise to new concerns about the consequences of free trade.The U.S.Canada trade agreement; the North American Free Trade Agreement (NAFTA), 1.3 MULTINATIONAL FINANCIAL MANAGEMENT: THEORY AND PRACTICE 1.3.1The main objective of multinational financial management is to maximize shareholder wealth
15、as measured by share price.1.3.2Shareholders are the legal owners of the firm and management has a fiduciary obligation to act in their best interests. 1.3.3Financial management is traditionally separated into two basic functions: the acquisition of funds (financing decision) and the investment of t
16、hose funds (investment decision).1.3.4The 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.1.3.5The most
17、advantage of MNC is the international diversification of markets and production sites.1.3.6Some concepts of financial economics:Arbitrage Market efficiency Capital Asset Pricing Risk classification1.4 OUTLINE OF THE BOOKThis book is divided into five parts.Part I: Environment of International Financ
18、ial Management Part II: Foreign Exchange Risk ManagementPart III: Financing the Multinational Corporation Part IV: Foreign Investment Analysis Part V: Multinational Working Capital ManagementCHAPTER 2THE FUNDAMENTAL OF INTERNATIONAL FINANCE Learning Objectives：To explain the concept of an equilibriu
19、m exchange rateTo identify the basic factors affecting exchange rates in a floating exchange rate systemTo calculate the amount of currency appreciation or depreciation associated with a given exchange rate changeTo distinguish between a free float, a managed float, a target-zone arrangement, and a
20、fixed-rate system of exchange rate determinationTo distinguish between the current account, the financial account, and the official reserves account and describe the links among these accounts2.1 SETTING THE EQUILIBRIUM SPOT EXCHANGE RATE2.1.1Exchange rates can be for spot or forward delivery. 2.1.2
21、A spot rate is the price at which currencies are traded for immediate delivery, or in two days in the interbank market.2.1.3A forward rate is the price at which foreign exchange is quoted for delivery at a specified future date.2.1.4The exchange rates are market-clearing prices that equilibrate supp
22、lies and demands in the foreign exchange market. 2.1.5Factors that Affect the Equilibrium Exchange Rate:As the supply and demand schedules for a currency change over time, the equilibrium exchange will also change.Relative Inflation Rates Relative Interest Rates Relative Economic Growth RatesPolitic
23、al and Economic Risk Expectation and Asset Market model2.1.6Calculating Exchange Rate Change2.2 ALTERNATIVE EXCHANGE RATE SYSTEMS2.2.1The international monetary system refers primarily to the set of policies, institutions, practices, regulations, and mechanisms that determine the rate at which one c
24、urrency is exchanged for another. 2.2.2This section considers five market mechanisms for establishing exchange rates: free float managed float target-zone arrangementfixed-rate system the current hybrid system.2.3 BALANCE-OF-PAYMENT CATEGORIES2.3.1The balance of payment is an accounting statement th
25、at summarizes all the economic transactions between residents of the home country and the residents of all other countries.2.3.2Currency inflows are recorded as credits, and outflows are recorded as debits. 2.3.3There are three principal balance-of-payments categories: 1. Current account 2. Capital
26、account 3. Financial account2.3.4For most countries, only the current and financial accounts are significant. CHAPTER 3 COUNTRY RISK ANALYSISLearning Objectives： To define what country risk means from the standpoint of an MNC To describe the social, cultural, political, and economic factors that aff
27、ect the general level of risk in a country and identify key indicators of country risk and economic health To describe what we can learn about economic development from the contrasting experiences of a variety of countries To describe the economic and political factors that determine a countrys abil
28、ity and willingness to repay its foreign debts3.1 MEASURING POLITICAL RISK3.1.1Expropriation is the most obvious and extreme form of political risk,. 3.1.2There are other significant political risks, including currency or trade controls, changes in tax or labor laws, regulatory restrictions, and req
29、uirements for additional local production.3.1.3Factors in political risk forecasting modelPolitical Stability Economic Factors Subjective Factor Political Risk and Uncertain Property Rights3.1.4A useful indicator of the degree of political risk is the seriousness of capital flight.3.2 ECONOMIC AND P
30、OLITICAL FACTORS UNDERLYING COUNTRY RISK3.2.1key factors that determine the economic performance of a country and its degree of riskFiscal Irresponsibility Monetary Instability Controlled Exchange Rate SystemWasteful Government Spending Resource BaseCountry Risk and Adjustment to External Shocks3.2.
31、2Key Indicators of Country Risk and Economic Health3.3 COUNTRY RISK ANALYSIS IN INTERNATIONAL BANKING3.3.1From a banks standpoint, country risk is the possibility that borrowers in a country will be unable or unwilling to service or repay their debts to foreign lenders in a timely manner.3.3.2What u
32、ltimately determines a nations ability to repay foreign loans is that nations ability to generate U.S. dollars and other hard currencies. 3.3.3The Governments Cost/Benefit Calculus3.3.4Lessons from the International Debt CrisisCHAPTER 4 MEASURING AND MANAGING TRANSLATION AND TRANSACTION EXPOSURELear
33、ning Objectives To define translation and transaction exposure and operating exposure, distinguish them. To describe the four principal currency translation methods available and to calculate translation exposure using these different methods To identify the basic hedging strategy and techniques use
34、d by firms to manage their currency transaction and translation risks To describe the costs and benefit associated with using the different hedging techniques To describe and assess the economic soundness of the various corporate hedging objectives4.1 ALTERNATIVE MEASURES OF FOREIGN EXCHANGE EXPOSUR
35、E4.1.1The three basic types of exposure are translation exposure, transaction exposure, and operating exposure.4.1.2Transaction exposure and operating exposure combine to form economic exposure. Translation exposure, also known as accounting exposure, arises from the need, for purposes of reporting
36、and consolidation, to convert the financial statements of foreign operations from the local currencies (LC) involved to the home currency (HC). Transaction exposure results from transactions that give rise to known, contractually binding future foreign-currency-denominated cash inflows or outflows.
37、Operating exposure measures the extent to which currency fluctuations can alter a companys future operating cash flows, that is, its future revenues and costs.4.2 ALTERNATIVE CURRENCY TRANSLATION METHODS4.2.1Companies with international operations will have foreign-currency-denominated assets and li
38、abilities, revenues, and expenses. The financial statements of an MNCs overseas subsidiaries must be translated from local currency to home currency before consolidation with the parents financial statements.4.2.2Four principal translation methods are available: the current/noncurrent method, the mo
39、netary/nonmonetary method,the temporal method, and the current rate method. 4.2.3In practice, there are also variations of each method. 4.2.4Current/Noncurrent method All the foreign subsidiarys current assets and liabilities are translated into home currency at the current exchange rate. Each noncu
40、rrent asset or liability is translated at its historical exchange ratethat is, at the rate in effect at the time the asset was acquired or the liability was incurred. The income statement is translated at the average exchange rate of the period, except for those revenues and expense items associated
41、 with noncurrent assets or libilities.4.2.5Monetary/Nonmonetary MethodMonetary items (for example, cash, accounts payable and receivable, and long-term debt) are translated at the current rate; nonmonetary items (for example, inventory, fixed assets, and long-term investments) are translated at hist
42、orical rates. Income statement items are translated at the average exchange rate during the period, except for revenue and expense items related to nonmonetary assets and liabilities.4.2.6Temporal MethodUnder the temporal method, inventory is normally translated at the historical rate, but it can be
43、 translated at the current rate if the inventory is shown on the balance sheet at market values.in the temporal method, it is based on the underlying approach to evaluating cost (historical versus market).Income statement items normally are translated at an average rate for the reporting period.4.2.
44、7Current Rate MethodThe current rate method is the simplest: All balance sheet and income items are translated at the current rate.4.4 DESIGNING A HEDGING STRATEGY4.4.1Hedging a particular currency exposure means establishing an offsetting currency position so as to lock in a dollar (home currency)
45、value for the currency exposure and thereby eliminate the risk posed by currency fluctuations.4.4.2The usefulness of a particular hedging strategy depends on both acceptability and quality.4.4.3The objectives in management bahaviorMinimize translation exposure; Minimize earnings fluctuations owing t
46、o exchange rate changes; Minimize transaction exposure; Minimize economic exposure; Minimize foreign exchange risk management costs; Avoid surprises4.4.4Costs and Benefits of Standard Hedging Techniques4.4.5Exposure NettingExposure netting involves offsetting exposures in one currency with exposures
47、 in the same or another currency, where exchange rates are expected to move in a way such that losses (gains) on the first exposed position will be offset by gains (losses) on the second currency exposure.4.4.6Accounting for Hedging and FASB 1334.5 MANAGING TRANSLATION EXPOSURE4.5.1Firms have three
48、available methods for managing their translation exposure: (1) adjusting fund flows, (2) entering into forward contracts, and (3) exposure netting. 4.5.2Funds adjustment involves altering either the amounts or the currencies (or both) of the planned cash flows of the parent or its subsidiaries to reduce the firms local currency accounting exposure.4.5.3Evaluating Alternative Hedging Mechanisms4.5.4Ordinarily, the selection of a funds-adjustment strategy cannot proceed by evaluating each possible technique separately wi