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原文：InternationalFinancialManagementandMultinationalEnterprisesIntroductionThischapterprovidesaselective,criticalsurveyoftheacademicliteratureonthefinancialmanagementpolicyofmultinationalenterprises(MNEs).Thefocusofmuchcurrentresearchinterestcanbecapturedintwomajorthemeswhichalsodominatethisanalysis.ThefirstisfinancialmanagementpolicyinrelationshiptotheincreasingvolatilityofrealandfinancialassetpricesintheinternationalfinancialenvironmentwithinwhichMNEsoperate.Thisdictatesonethemeofthischapter:theimpactoffinancialrisk,inparticularmarketrisk,onMNEsandanappraisalofevolvingfinancialriskmanagementpractices.Thesecondthemeisinternationalmarketsegmentation(ChoiandRajan1997).Theglobalizationofinternationalbusinessactivityhasevolvedalongwithincreasingfinancialmarketintegration,particularlyincapitalmarkets.Toalimitedextentthishasbeenaccompaniedbyincreasedharmonizationandstandardizationofbothinternationalregulatoryandaccountingpractices(Robertsetal.1998).Despitesuchtrends,theasymmetricincidenceofaccountingstandardsregulations,andtaxationhashadsignificanttacticalandstrategicfinancialmanagementimplicationsforMNEs(ChoiandLevich1990,1997;Grayetal.1995;Meeketal.1995;Oxelheimetal.1998).Weevaluatethenature,incidence,andimplicationsofsuchmarketsegmentationforselectedaspectsofMNEfinancialmanagementactivity.ItisclearfromthecontextofouranalysisthatwebelievefinancialfactorstohaveimportantimplicationsforthecomparativeadvantageofMNEslocatedindifferentjurisdictions,andalsothatfinancialmanagementplaysacriticalroleindecidinganMNE’scompetitiveprosperity.ThisbeliefissupportedbysurveysofMNEs(RawlsandSmithson1990;Marshall2000).Marshall(2000)reportstheresultsofasurveyofthe200largestMNEswhichrevealthat87percentofAsianPacific-basedMNEsstatethatforeignexchangeriskmanagementisatleastasimportantasbusinessriskmanagement.Nonetheless,todatenogenerallyacceptedtheoreticalunderpinninghasyetbeenprovideddemonstratingthatfinancialfactorsalonearebothnecessaryandsufficienttorationalizetheexistenceofMNEs,.Wefurtherdiscussthisissueinthecontextofmodesofmarketentryandparticipationinalatersection.Theremainderofthechapteriseasilysummarized.Section2discussestheenhancedimportanceofrecentincreasesinassetpricevolatility,relatingittocountryriskandinternationalinvestmentappraisal.Theclassificationandmeasurementofriskexposureisconsideredinsection3.Particularattentionisgiventorecentlydevelopedtechniquessuchasvalue-at-riskandcash-flow-at-risk.Section4isconcernedwiththemanagementoffinancialriskbyMNEs.Inparticular,adistinctionismadebetweenmanagementpoliciesdesignedprimarilytohedgerisk,andthoseintendingtoexploititspotentialtocreatecompetitiveadvantage.ThissectionalsoevaluatesempiricalstudiesofMNEriskmanagement.Section5addressesissuesrelatingtotheeffectiveimplementationofariskmanagementsystemwithinthegovernancestructureofanMNE.Brifeconcludingremarksfollowtogetherwithsomesuggestionsforfutureresearch..THENATUREOFFINANCIALRISKOuremphasisonfinancialriskandtheevolutionofMNEriskmanagementpracticeshasbeenmotivatedbyanumberoffactors,themostimportantbeingthetrendtowardincreasingglobalfinancialmarketintegration(Lessard1997)andtheenhancedvolatilityinthefinancialenvironmentwithinwhichMNEsoperate.Welaterevaluatestudieswhicharguethatthesefactorscanconfercertainadvantagestointernationalizationofafirm’sactivities.Inpreparationforthisanalysiswechroniclecertainmajorrecentdevelopmentsintheglobalfinancialenvironment,whichindicatetheincreasingimportanceofmarketriskinglobalfinancialmarkets.ExchangeratevariabilityFollowingthecollapseoftheBrettonWoodssystemoffixedexchangeratesintheearly1970s,exchangeratefluctuationshavebecomeincreasinglyvolatile,punctuatedbyoccasionalepisodesofexchangeratecrises.Between1970andmid-2000,theYen/USdollarexchangeratehasmovedfrom361to107andtheDeutschmark/USdollarratehasfallenfrom4.2to1.9.However,thedollarhasappreciatedbyabouttwo-thirdsagainststerlingoverthesameperiod.ThecrisisintheEuropeanMonetarySystem(ERM)inSeptember1992ledtosignificantfallsinthevalueofsterlingandtheItalianLira,whilethecurrenciesofThailand,Indonesia,Malaysia,thePhilippines,andSouthKorealostbetweenone-thirdandthree-quartersoftheirvalueinthesecondhalfof1997.Therehavealsobeenmajormovementsinexchangeratesfollowingshifitsinthemonetarypolicystanceofcertaingovernments,suchasthetightermonetarypolicyfollowedintheearlydaysoftheThatcheradministrationintheUK.Indeed,theaveragevolatilityofexchangerates,whichisintheregionof10-15perentperyear,issufficienttoeliminatetheaverageprofitmarginforthetypicalmultinationalcorporation.InterestratevariabilityInterestratevolatilityhassimilarlyaffectedcorporatefundingcosts,cashflows,andnetassetvaluessincetheearly1970sintheUS,andalthoughtheysubsequentlydeclined,achangeinpolicybytheFederalReservecausedasharpincreaseinboththelevelandvolatilityofratesin1979.Interestratespeakedin1981,andthenfellslowly.Since1983,therehavebeenfourmoreUSinterestratecycles.AccordingtoJorion(1996),theincreasein1994eliminatedover$1.5trilliondollarfromfixedincomeportfolios.Interestrateshavealsobecomemoreandmor