国际财务管理第六版中文版第一章

Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-0国际财务管理EUN/RESNICKSixthEditionCopyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-1目标:理解学习国际财务管理的重要性.区别国际财务管理与企业财务管理.1ChapterOne全球化与跨国公司Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-2国际财务的特点国际财务管理的目标全球化跨国公司目录Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-3国际财务特点外汇风险政治风险市场的不完全市场机会的增加Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-4What’sSpecialabout“International”Finance?外汇风险ForeignExchangeRiskTheriskthatforeigncurrencyprofitsmayevaporateindollartermsduetounanticipatedunfavorableexchangeratemovements.举个例子，假如$1=¥100，你以每股¥10,000购买了10股丰田公司的，共花了$1000。一年后，你的投资增加了10%，值¥110,000但是，此时的汇率如果是$1=¥120，按照美元计算，该项投资实际上发生了亏损。Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-5What’sSpecialabout“International”Finance?政治风险主权国家有权控制他们境内商品、资本、人员的流动.法律有时候会发生不可预期的变动。比如，安然公司在印度的投资，俄罗斯最大的石油公司尤科斯的垮台。Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-6市场不完全MarketImperfections法律限制商品、人员和资本的跨国自由流动交易成本运输成本税收套利有人甚至说，跨国公司是市场不完全所带来的礼物。What’sSpecialabout“International”Finance?Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-7雀巢公司市场不完全的例子雀巢公司过去曾发行了两种不同的普通股bearersharesandregisteredshares.Foreignerswereonlyallowedtobuybearershares.Swisscitizenscouldbuyregisteredshares.Thebearerstockwasmoreexpensive.OnNovember18,1988,雀巢公司取消了对国外投资者的限制，允许他们持有记名股票和不记名股票。Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-8Nestlé’sForeignOwnershipRestrictions12,00010,0008,0006,0004,0002,000011203191824Source:FinancialTimes,November26,1988p.1.Adaptedwithpermission.SFBearershareRegisteredshareCopyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-9TheExampleofNestlé’sMarketImperfection声明公布后，两种股票的价差迅速变小。ThisimpliesthattherewasamajortransferofwealthfromforeignshareholderstoSwissshareholders.不记名股票的国外投资者遭受了政治风险。雀巢案例表明了解市场不完全和政治风险的危险性都很重要。Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-10市场机会的增加Itdoesn’tmakesensetoplayinonlyonecornerofthesandbox.Trueforcorporationsaswellasindividualinvestors.What’sSpecialabout“International”Finance?Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-11本书的重点在于使读者具备全球管理人员的知识储备。—butwhatgoalshouldthiseffectiveglobalmanagerbeworkingtoward?Maximizationofshareholderwealth?orOtherGoals?国际财务管理的目标Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-12股东财富最大化在澳大利亚、加拿大、英国特别是美国等英语语系国家，,股东财富最大化被普遍接受为财务管理里的的最终目标。Whoareandwherearetheshareholders?Inwhatcurrencyshouldwemaximizetheirwealth?Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-13OtherGoalsInothercountriesshareholdersareviewedasmerelyoneamongmany“stakeholders”ofthefirmincluding:EmployeesSuppliersCustomersInJapan,managershavetypicallysoughttomaximizethevalueofthekeiretsu—afamilyoffirmstowhichtheindividualfirmsbelongs.Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-14其他目标发生在安然、世通和环球电讯等公司的一系列丑闻中，公司管理人员在监管不力的情况下，以牺牲股东利益为代价追求个人利益这些灾难使人们沉重认识到公司治理的重要性，也就是说，建立一种监控公司管理层和股东之间关系的财务、法律架构。Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-15OtherGoals在世界的其他地方，尤其是新兴转型经济体国家，公司治理的问题可能更为严重,suchasIndonesia,Korea,andRussia,wherelegalprotectionofshareholdersisweakorvirtuallynon-existing.不管其他目标是什么，假如股东财富最大化没有考虑，其他目标长期内都不可能达到。Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-16世界经济全球化的主要趋势EmergenceofGlobalizedFinancialMarketsEmergenceoftheEuroasaGlobalCurrencyTradeLiberalizationandEconomicIntegrationPrivatizationCopyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-17金融市场管制解除加上，技术进步减少了信息不对称和交易成本。引起:金融工具创新,suchasCurrencyfuturesandoptionsMulti-currencybondsCross-borderstocklistingsInternationalmutualfunds金融市场全球化的兴起Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-18作为全球货币欧元的诞生Amomentouseventinthehistoryofworldfinancialsystems.Currentlymorethan300millionEuropeansin22countriesareusingthecommoncurrencyonadailybasis.InJanuary2007,10morecountriesjoinedtheEuropeanUnionandadopttheeuro.The“transactiondomain”oftheeuromaybecomelargerthantheU.S.dollar’sinthenearfuture.Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-19EuroAreaPortugalSpainFranceGermanyBelgiumLuxembourgTheNetherlands1999.11Countriesparticipatingintheeuro:IrelandItalyFinlandAustriaCopyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-20ValueoftheEuroinU.S.DollarsJanuary1999toDec2004Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-21经济一体化在过去的50多年里，国际贸易增长速度是GDP增长速度的2倍，许多国家放弃了重商主义观点，转而拥抱自由贸易政策作为繁荣经济最可靠路线。Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-22保护贸易立法的自由化TheGeneralAgreementonTariffsandTrade(GATT)amultilateralagreementamongmembercountrieshasreducedmanybarrierstotrade.TheWorldTradeOrganizationhasthepowertoenforcetherulesofinternationaltrade.OnJanuary1,2005进口纺织品配额制度取消。Thisisaneventofhistoricproportions.Copyright©2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1-23NAFTATheNorthAmericanFreeTradeAgreement(NAFTA)callsforphasing