Chap001尤恩_国际财务管理_英文第五版ppt

McGraw-Hill/IrwinCopyright©2012byTheMcGraw-HillCompanies,Inc.Allrightsreserved.GlobalizationandtheMultinationalFirmChapterOne1-2What’sSpecialabout“International”Finance?GoalsforInternationalFinancialManagementGlobalizationoftheWorldEconomyMultinationalCorporationsOrganizationoftheTextSummaryChapterOneOutline1-3whywestudythiscourseWearenowlivinginahighlyglobalizedandintegratedworldeconomy.1-4GlobalizationoftheWorldEconomyConsumptionglobalizationProductionglobalizationEmergenceofGlobalizedFinancialMarketsYouropinion:trendofGlobalization?讨论：在你的身边有哪些事情，哪些现象让你感受到了你生活在一个全球化的时代。1-5What’sSpecialabout“International”Finance?ForeignExchangeRiskPoliticalRiskMarketImperfectionsExpandedOpportunitySet1-6What’sSpecialabout“International”Finance?ForeignExchangeRisk–Thisisriskthatforeigncurrencyprofitsmayevaporateindollartermsduetounanticipatedunfavorableexchangeratemovements.–Suppose$1=¥100andyoubuy10sharesofToyotaat¥10,000pershare.Oneyearlatertheinvestmentisworthtenpercentmoreinyen:¥110,000.–But,iftheyenhasdepreciatedto$1=¥120,yourinvestmenthasactuallylostmoneyindollarterms.1-7例如：波音公司与法国航空公司签订了一份出售一架波音737飞机的合约。法航1年后将支付2000万欧元。目前的即期汇率是1.05美元/欧元，1年后的远期汇率是1.10美元/欧元。美国年利率为6%，法国为5%。波音公司非常关注美元兑欧元汇率的变化，希望对外汇风险套期保值。（1）考虑两种套期保值的方案：用远期合约卖出未来的欧元收入，或从里昂信贷公司借入应收回的欧元数。你会选择哪一种？为什么？请写出计算过程。（2）如果其他条件相同，远期汇率为多少时两种方案没有区别。1-8What’sSpecialabout“International”Finance?PoliticalRisk–Sovereigngovernmentshavetherighttoregulatethemovementofgoods,capital,andpeopleacrosstheirborders.Theselawssometimeschangeinunexpectedways.1-9MarketImperfections–Legalrestrictionsonthemovementofgoods,people,andmoney–Transactionscosts–Shippingcosts–TaxarbitrageWhat’sSpecialabout“International”Finance?1-10TheExampleofNestlé’sMarketImperfectionNestléusedtoissuetwodifferentclassesofcommonstockbearersharesandregisteredshares.–Foreignerswereonlyallowedtobuybearershares.–Swisscitizenscouldbuyregisteredshares.–Thebearerstockwasmoreexpensive.OnNovember18,1988,Nestléliftedrestrictionsimposedonforeigners,allowingthemtoholdregisteredsharesaswellasbearershares.1-11Nestlé’sForeignOwnershipRestrictions12,00010,0008,0006,0004,0002,000011203191824Source:FinancialTimes,November26,1988p.1.Adaptedwithpermission.SFBearershareRegisteredshare1-12TheExampleofNestlé’sMarketImperfectionFollowingthis,thepricespreadbetweenthetwotypesofsharesnarroweddramatically.–ThisimpliesthattherewasamajortransferofwealthfromforeignshareholderstoSwissshareholders.ForeignersholdingNestlébearershareswereexposedtopoliticalriskinacountrythatiswidelyviewedasahavenfromsuchrisk.TheNestléepisodeillustratesboththeimportanceofconsideringmarketimperfectionsandtheperilofpoliticalrisk.1-13ExpandedOpportunitySet–Itdoesn’tmakesensetoplayinonlyonecornerofthesandbox.–Trueforcorporationsaswellasindividualinvestors.What’sSpecialabout“International”Finance?1-14Thefocusofthetextistoequipthereaderwiththe“intellectualtoolbox”ofaneffectiveglobalmanager—butwhatgoalshouldthiseffectiveglobalmanagerbeworkingtoward?Maximizationofshareholderwealth?orOthergoals?GoalsforInternationalFinancialManagement1-15MaximizeShareholderWealthLongacceptedasagoalintheAnglo-Saxoncountries,butcomplicationsarise.–Whoareandwherearetheshareholders?–Inwhatcurrencyshouldwemaximizetheirwealth?1-16OtherGoalsInothercountriesshareholdersareviewedasmerelyoneamongmany“stakeholders”ofthefirmincluding:–Employees–Suppliers–CustomersInJapan,managershavetypicallysoughttomaximizethevalueofthekeiretsu—afamilyoffirmstowhichtheindividualfirmsbelongs.1-17OtherGoalsAsshownbyaseriesofrecentcorporatescandalsatcompanieslikeEnron,WorldCom,andGlobalCrossing,managersmaypursuetheirownprivateinterestsattheexpenseofshareholderswhentheyarenotcloselymonitored.Thesecalamitieshavepainfullyreinforcedtheimportanceofcorporategovernance,i.e.,thefinancialandlegalframeworkforregulatingtherelationshipbetweenafirm’smanagementanditsshareholders.1-18OtherGoalsThesetypesofissuescanbemuchmoreseriousinmanyotherpartsoftheworld,especiallyemergingandtransitionaleconomies,suchasIndonesia,Korea,andRussia,wherelegalprotectionofshareholdersisweakorvirtuallynon-existing.Nomatterwhattheothergoals,theycannotbeachievedinthelongtermifthemaximizationofshareholderwealthisnotgivendueconsideration.1-19GlobalizationoftheWorldEconomy:MajorTrendsandDevelopmentsEmergenceofGlobalizedFinancialMarketsEmergenceoftheEuroasaGlobalCurrencyEurope’sSovereignDebtCrisisof2010TradeLiberalizationandEconomicIntegrationPrivatizationGlobalFinancialCrisisof2008-20091-20DeregulationofFinancialMarketscoupledwithAdvancesinTechnology–havegreatlyreducedinformationandtransactioncosts,whichhasledto:FinancialInnovations,suchas–Currencyfuturesandoptions–Multi-currencybonds–Cross-borderstocklistings–InternationalmutualfundsEmergenceofGlobalizedFinancialMarkets1-21EmergenceoftheEuroasaGlobalCurrencyAmomentouseventinthehistoryofworldfinancialsystems.Currentlymorethan300millionEuropeansin16countriesareusingthecommoncurrencyonadailybasis.InMay2004,10morecountriesjoinedtheEuropeanUnion.The“transactiondomai