跨国公司财务管理讲义

跨国公司财务管理艾伦.C.夏皮罗(AlanC.Shapiro)著赵锡军编审顾苏秦译校PARTIENVIRONMENTOFINTERNATIONALFINANCIALMANAGEMENTCHAPTER1INTRODUCTION:MULTINATIONALENTERPRISEANDMULTINATIONALFINANCIALMANAGEMENTLearningObjectives●Tounderstandthenatureandbenefitsofglobalization●Toexplainwhymultinationalcorporationsarethekeyplayersininternationaleconomiccompetitiontoday●Toclassifythethreehistoricaltypesofmultinationalcorporation(MNC)andexplaintheirmotivationsforinternationalexpansion●ToexplainwhymanagersofMNCsneedtoexploitrapidlychangingglobaleconomicconditionsandwhypoliticalpolicymakersmustalsobeconcernedwiththesamechangingconditionsLearningObjectives●Toidentifytheadvantagesofbeingmultinational,includingthebenefitsofinternationaldiversification●Todescribethegeneralimportanceoffinancialeconomicstomultinationalfinancialmanagementandtheparticularimportanceoftheconceptsofarbitrage,marketefficiency,capitalassetpricing,andtotalrisk●TocharacterizetheglobalfinancialmarketplaceandexplainwhyMNCmanagersmustbealerttocapitalmarketimperfectionsandasymmetriesintaxregulations1.1THERISEOFTHEMULTINATIONALCORPORATIONAmultinationalcorporation(MNC)isacompanyengagedinproducingandsellinggoodsorservicesinmorethanonecountry.AbrieftaxonomyoftheMNCanditsevolutionRaw-MaterialsSeekers.Raw-materialsseekersweretheearliestmultinationals,thevillainsofinternationalbusiness.MarketSeekers.Themarketseekeristhearchetypeofthemodernmultinationalfirmthatgoesoverseastoproduceandsellinforeignmarkets.CostMinimizers.Thesefirmsseekoutandinvestinlowercostproductionsitesoverseas(forexample,HongKong,Taiwan,andIreland)toremaincost-competitivebothathomeandabroad.1.1THERISEOFTHEMULTINATIONALCORPORATIONthetruemultinationalcorporationischaracterizedmorebyitsstateofmindthanbythesizeandworldwidedispersionofitsassets.theessentialelementthatdistinguishesthetruemultinationalisitscommitmenttoseekingout,undertaking,andintegratingmanufacturing,marketing,R&D,andfinancingopportunitiesonaglobal,notdomestic,basis.Inaworldinwhichchangeistheruleandnottheexception,thekeytointernationalcompetitivenessistheabilityofmanagementtoadjusttochangeandvolatilityataneverfasterrate.Newglobalmanagerisneeded.1.2THEINTERNATIONALIZATIONOFBUSINESSANDFINANCETheexistenceofglobalcompetitionandglobalmarketsforgoods,services,andcapitalisafundamentaleconomicrealitythathasalteredthebehaviorofcompaniesandgovernmentsworldwide.Politiciansandlaborleaders,unlikecorporateleaders,usuallytakeamoreparochialviewofglobalization.Internationaleconomicintegrationreducesthefreedomofgovernmentstodeterminetheirowneconomicpolicy.Thestressescausedbyglobalcompetitionhavestirredupprotectionistsandgivenrisetonewconcernsabouttheconsequencesoffreetrade.TheU.S.–Canadatradeagreement;theNorthAmericanFreeTradeAgreement(NAFTA),1.3MULTINATIONALFINANCIALMANAGEMENT:THEORYANDPRACTICEThemainobjectiveofmultinationalfinancialmanagementistomaximizeshareholderwealthasmeasuredbyshareprice.Shareholdersarethelegalownersofthefirmandmanagementhasafiduciaryobligationtoactintheirbestinterests.Financialmanagementistraditionallyseparatedintotwobasicfunctions:theacquisitionoffunds(financingdecision)andtheinvestmentofthosefunds(investmentdecision).Therisksofmultinationalmanagementincludeexchangeandinflationrisks;internationaldifferencesintaxrates;multiplemoneymarkets,oftenwithlimitedaccess;currencycontrols;andpoliticalrisks,suchassuddenorcreepingexpropriation.ThemostadvantageofMNCistheinternationaldiversificationofmarketsandproductionsites.1.3MULTINATIONALFINANCIALMANAGEMENT:THEORYANDPRACTICESomeconceptsoffinancialeconomics:ArbitrageMarketefficiencyCapitalAssetPricingRiskclassification1.4OUTLINEOFTHEBOOKThisbookisdividedintofiveparts.PartI:EnvironmentofInternationalFinancialManagementPartII:ForeignExchangeRiskManagementPartIII:FinancingtheMultinationalCorporationPartIV:ForeignInvestmentAnalysisPartV:MultinationalWorkingCapitalManagementPARTIENVIRONMENTOFINTERNATIONALFINANCIALMANAGEMENTCHAPTER2THEFUNDAMENTALOFINTERNATIONALFINANCELearningObjectives●Toexplaintheconceptofanequilibriumexchangerate●Toidentifythebasicfactorsaffectingexchangeratesinafloatingexchangeratesystem●Tocalculatetheamountofcurrencyappreciationordepreciationassociatedwithagivenexchangeratechange●Todistinguishbetweenafreefloat,amanagedfloat,atarget-zonearrangement,andafixed-ratesystemofexchangeratedetermination●Todistinguishbetweenthecurrentaccount,thefinancialaccount,andtheofficialreservesaccountanddescribethelinksamongtheseaccounts2.1SETTINGTHEEQUILIBRIUMSPOTEXCHANGERATEExchangeratescanbeforspotorforwarddelivery.Aspotrateisthepriceatwhichcurrenciesaretradedforimmediatedelivery,orintwodaysintheinterbankmarket.Aforwardrateisthepriceatwhichforeignexchangeisquotedfordeliveryataspecifiedfuturedate.Theexchangeratesaremarket-clearingpricesthatequilibratesuppliesanddemandsintheforeignexchangemarket.2.1SETTINGTHEEQUILIBRIUMSPOTEXCHANGERATEFactorsthatAffecttheEquilibriumExchangeRate:Asthesupplyanddemandschedulesforacurrencychangeovertime,theequilibriumexchangewillalsochange.RelativeInflationR