跨国公司财务PPT 第1章_全球化与跨国企业

INTERNATIONALFINANCIALMANAGEMENTEUN/[e-mail]答疑时间：星期二（下午）星期五（2-3节）主讲教师:王小平OUTLINEOF《INTERNATIONALFINANCIALMANAGEMENT》ReferenceBooks1.吴丛生.国际财务管理.北京大学出版社.2.毛付根.跨国公司财务管理.东北财经大学出版社3.国际金融学，陈彪如，西南财经大学出版社，2000.4.国际财务管理，刘亚秋，三民书局，2000.5．（美）巴特勒著；赵银德等译.《跨国财务》（原书第3版）.北京：机械工业出版社，2005.9Whatistherealworld?EconomyPoliticksCultureLawTech……Whydoweneedtostudyinternationalfinancialmanagement?ChapterObjectives:Understandwhyitisimportanttostudyinternationalfinance.Distinguishinternationalfinancefromdomesticfinance.1ChapterOneGlobalizationandtheMultinationalFirm1-5ChapterOneOutline1.1What’sSpecialabout“International”Finance?1.2GoalsforInternationalFinancialManagement1.3GlobalizationoftheWorldEconomy1.4MultinationalCorporations1-61.1What’sSpecialabout“International”Finance?1.1.1ForeignExchangeandPoliticalRisk1.1.2MarketImperfections1.1.3ExpandedOpportunitySet1-71.1What’sSpecialabout“International”Finance?1.1.1ForeignExchangeRiskTheriskthatforeigncurrencyprofitsmayevaporateindollartermsduetounanticipatedunfavorableexchangeratemovements.E.g.-------Suppose$1=¥100andyoubuy10sharesofToyotaat¥10,000pershare.--------Oneyearlatertheinvestmentisworthtenpercentmoreinyen:¥110,000--------But,iftheyenhasdepreciatedto$1=¥120,yourinvestmenthasactuallylostmoneyindollarterms.1-81.1What’sSpecialabout“International”Finance?1.1.1PoliticalRiskSovereigngovernmentshavetherighttoregulatethemovementofgoods,capital,andpeopleacrosstheirborders.Theselawssometimeschangeinunexpectedways.Sovereigngovernmentschangethe“rulesofthegame”Beawareofsuchriskinthecountrywithoutatraditionoftheruleoflaw1-91.1What’sSpecialabout“International”Finance?1.1.2MarketImperfectionsLegalrestrictionsonthemovementofgoods,people,andmoneyTransactionscostsShippingcostsTaxarbitrage1-10TheExampleofNestlé’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.1-131.1What’sSpecialabout“International”Finance?1.1..3ExpandedOpportunitySetItdoesn’tmakesensetoplayinonlyonecornerofthesandbox.Trueforcorporationsaswellasindividualinvestors.1-141.2GoalsforInternationalFinancialManagementThefocusofthetextistoequipthereaderwiththe“intellectualtoolbox”ofaneffectiveglobalmanager—butwhatgoalshouldthiseffectiveglobalmanagerbeworkingtoward?1.2.1Maximizationofshareholderwealth?1.2.2OtherGoals?1-151.2.1MaximizeShareholderWealthLongacceptedasagoalintheAnglo-Saxoncountries,butcomplicationsarise.Whoareandwherearetheshareholders?Inwhatcurrencyshouldwemaximizetheirwealth?1-161.2.2OtherGoalsInothercountriesshareholdersareviewedasmerelyoneamongmany“stakeholders”ofthefirmincluding:EmployeesSuppliersCustomersInJapan,managershavetypicallysoughttomaximizethevalueofthekeiretsu—afamilyoffirmstowhichtheindividualfirmsbelongs.1-171.2.2OtherGoalsAsshownbyaseriesofrecentcorporatescandalsatcompanieslikeEnron,WorldCom,andGlobalCrossing,managersmaypursuetheirownprivateinterestsattheexpenseofshareholderswhentheyarenotcloselymonitored.Thesecalamitieshavepainfullyreinforcedtheimportanceofcorporategovernancei.e.thefinancialandlegalframeworkforregulatingtherelationshipbetweenafirm’smanagementanditsshareholders.1-181.2.2OtherGoalsThesetypesofissuescanbemuchmoreseriousinmanyotherpartsoftheworld,especiallyemergingandtransitionaleconomies,suchasIndonesia,Korea,andRussia,wherelegalprotectionofshareholdersisweakorvirtuallynon-existing.Nomatterwhattheothergoals,theycannotbeachievedinthelongtermifthemaximizationofshareholderwealthisnotgivendueconsideration.1-191.3GlobalizationoftheWorldEconomy:MajorTrends1.3.1EmergenceofGlobalizedFinancialMarkets1.3.2EmergenceoftheEuroasaGlobalCurrency1.3.3TradeLiberalizationandEconomicIntegration1.3.4Privatization1-201.3.1EmergenceofGlobalizedFinancialMarketsDeregulationofFinancialMarketscoupledwithAdvancesinTechnologyhavegreatlyreducedinformationandtransactionscosts,whichhasledto:FinancialInnovations,suchasCurrencyfuturesandoptionsMulti-currencybondsCross-borderstocklistingsInternationalmutualfunds1-211.3.2EmergenceoftheEuroasaGlobalCurrencyAmomentouseventinthehistoryofworldfinancialsystems.Currentlymorethan300millionEuropeansin15countriesareusingthecommoncurrencyonadai