跨国财务管理16章

1Part5FinancialmanagementofMNCSChapter16ForeignDirectInvestmentandCross-borderAcquisitionsChapter17InternationalCapitalStructureandtheCostofCapitalChapter18InternationalCapitalBudgetingChapter19MultinationalCashManagementChapter21InternationalTaxEnvironment2Chapter16ForeignDirectInvestmentandCross-borderAcquisitionsChapterObjective:ThischapterdiscussesvariousissuesassociatedwithforeigndirectinvestmentsbyMNCs,whichplayakeyroleinshapingthenatureoftheemergingglobaleconomy.3Chapter16ForeignDirectInvestmentandCross-borderAcquisitionsChapteroutlines:GlobalTrendsinFDIWhyDoFirmsInvestOverseas?Cross-BorderAcquisitionsPoliticalRiskandFDI4KeywordsFDIflowsFDIstocksGreenfieldinvestmentCross-bordermergersandacquisitionsIntangibleassetsProductlife-cycletheory无形资产跨国并购绿地投资对外直接投资流量对外直接投资存量产品生命周期理论51.GlobalTrendsinFDIFirmsbecomemultinationalwhentheyundertakeforeigndirectinvestments（FDI).FDIisinvestmentinaforeigncountrythatgivestheMNCameasureofcontrol.61.1TwotypesofFDIGreenfieldInvestmentFDIofteninvolvestheestablishmentofnewproductionfacilitiesinforeigncountriessuchasHonda’sOhioplant.Cross-BorderAcquisitionFDImayalsoinvolvemergersandacquisitionsofexistingforeignbusinesses.AnexampleisprovidedbyFord,whichrecentlyacquiredeffectivecontrolofMazda,aJapanesecarmanufacturer,aswellasJaguar,aBritishautomobilecompany.71.2FDIflowsandFDIstocksTheFDIoutflowin2006was$1215.8billion.TheFDIinflowin2006was$1305.9billion.FDIstocksaretheaccumulationofpreviousFDIflows,whichwas$12474.3billionin2006.9.3425.0261.7458.1423.721.383.9217.3218.0626.2612.7611.586.3110.984.5434.087.6479.8832.225.8637.623.852.5849.3820.236.1268.9142.82020406080100120140160AustraliaChinaGermanyJapanNetherlandsSwedenUnitedKingdomInflowsOutflowsAverageAnnualFDI(inBillionsUSD)2002-200616-891.3China’sFDIflowsItisnoteworthythatFDIflowsintoChinahavedramaticallyincreasedinrecentyears.Theamountofinflowincreasedfrom$3.5billionin1990to$69.5billionin2006,ChinahademergedasthethirdmostimportantcountryforFDIMNCsmighthavebeenluredtoinvestinChinanotonlybylowerlaborandmaterialcostbutalsobydesiretopreempttheentryofrivalintoChina’spotentiallyhugemarket.TradeBarriersImperfectLaborMarketsIntangibleAssetsVerticalIntegrationProductLifeCycleShareholderDiversificationService111.1TradeBarriersGovernmentsmayimposetariffs,quotas,andotherrestrictionsonthefreeflowofgoods,servicesandpeople.Sometimes,governmentsmayevenimposecompletebanstotheinternationaltradeofcertainproducts.122.1TradeBarriersFacingbarrierstoexportitsproductstoforeignmarkets,afirmmaydecidetomoveproductiontoforeigncountriesasameansofcircumventingthetradebarriers.AclassicalexampleisHonda.SincethecarsproducedinOhiowouldnotbesubjecttoU.S.tariffsandquotas,HondacouldcircumventthesebarriersbyestablishingproductionfacilitiesintheU.S..132.2LaborMarketImperfectionsAmongallfactormarkets,thelabormarketistheleastperfect.Ifthereexistrestrictionsontheflowofworkersacrossborders,thenlaborservicescanbeunderpricedrelativetoproductivity.TherecentsurgeinvestmentinChinacanbeattributable,inpart,tothehighlyproductive,low-costworkforcesinChina.刘植荣：世界工资研究报告LaborCostsaroundtheGlobe(2006)CountryAverageHourlyCost($)CountryAverageHourlyCost($)Germany$34.21Japan$20.2Belgium$31.85Spain$18.83Sweden$31.8Korea$14.72UK$27.1Israel$12.98Australia$26.14Taiwan$6.43Canada$25.74HongKong$5.78Italy$25.07Brazil$4.91France$24.9Mexico$2.75US$23.82Philippines$1.07China$0.6716-14152.3IntangibleAssetsMNCsoftenenjoycomparativeadvantagesduetospecialintangibleassetstheyposses.Examplesincludetechnological,managerial,andmarketingknow-how,superiorR&Dcapabilities,andbrandnames.Sincethepropertyrightsinintangibleassetsaredifficulttoestablishandprotect,especiallyinforeigncountrieswherelegalrecoursemaynotbereadilyavailable.Coca-Colahasaveryvaluableassetinitscloselyguarded“secretformula”.Toprotectthatsecretformula,Coca-ColahaschosenFDIoverlicensing.162.4VerticalIntegrationMNCsmayundertakeFDIincountrieswhereinputsareavailableinordertosecurethesupplyofinputsatastableprice.Verticalintegrationmaybebackwardorforward:Backward:involveanindustryabroadthatproducesinputsforMNCs,e.g.afurnituremakerbuyingaloggingcompany.Forward:involveanindustryabroadthatsellaMNC’soutputs,e.g.aU.S.automakerbuyingaJapaneseautodealership.172.5ProductLifeCycleNewproduct:U.S.firmsdevelopnewproducts,suchascomputers,televisionsandmass-producedcars,andfirstmarketedinthedomesticmarket,andthenmarketsexpandoverseas.Maturingproduct:FDItakesplacewhenproductreachesmaturityandcostbecomesanimportantconsiderationfortheMNC.Standardizedproduct:importedfromoverseas.182.5ProductLifeCycleQuantityQuantityTheU.S.LessadvancedcountriesproductionNewproductMaturingproductStandardizedproductNewproductMaturingproductStandardizedproductexportsimportsproductionimportsexports192.5ProductLifeCycleItshouldbenotedthattheProductLi