(国际财务管理与多国籍企业)

109/2003ByProfessorSheng-YungYANG1InternationalFinancialManagementLectureTopic:InternationalFinancialManagementandtheMultinationalFirm(國際財務管理與多國籍企業)2OverviewnIntroductionnForeignExchangeRisksnDefinitionnEffectsonFinancialManagementofMNEsnPoliticalRisknMacroRisks(CountrySpecificRisks)nMicroRisks(FirmSpecificRisks)nGoalofManagementnShareholderWealthMaximizationnCorporateWealthMaximizationnCorporateGovernancenOperationalGoalsforMNEs23OverviewnUniversalTruthvs.CulturallyDeterminedNormnMarketImperfections:RationalefortheExistenceoftheMultinationalFirm(OpportunitiesofMNEsfromMarketImperfection)nWhyDoFirmsBecomeMultinational?nMarketsnRawMaterialsnProductionEfficiencynKnowledgenPoliticalSafetynMarketSeekersvs.RawMaterialSeekersnDefensiveInvestmentsnOpportunitiesofMNEsfromMarketImperfection4OverviewnTheTheoryofComparativeAdvantagenProductCycleTheorynGlobalizationoftheWorldEconomy:RecentTrendsnMultinationalFinancialManagementvs.GeneralFinancialManagementnExposuretoInternationalRisknValuationModelforanMNC35IntroductionnThiscourseisaboutinternationalfinancialmanagementwithspecialemphasisonthemultinationalfirm;whyisitimportanttoMNE?nThemultinationalenterpriseorcorporation(MNEorMNC,多國籍企業)isdefinedasonethathasoperating(productionandmarketing)subsidiaries,branches,andaffiliateslocatedinforeigncountries;e.g.Intel,Nokia,WaltDisney,Nestlé,TSM,UMC,andAcerGroupetc.nPurelydomesticfirmsalsooftenhavesignificantinternationalactivitiesincludingimportandexport,foreigncompetition,internationalrelationshipswithcustomersandthesuppliers,andforeignexchangeandcreditrisksoftradepayments6MultinationalCorporations(MNCs,多國籍企業)MultinationalCorporation(MNC)ForeignExchangeMarketsExporting&ImportingDividendRemittance&FinancingInvesting&FinancingProductMarketsSubsidiariesInternationalFinancialMarkets47Top10MNEsRankedbyForeignAssets(1997)GermanyDaimler-BenzAG(76B)10SwitzerlandNestléSA(38B)9GermanyVolkswagenGroup(57B)8UnitedStatesIBM(82B)7JapanToyota(105B)6UnitedStatesExxonCorporation(96B)5UnitedStatesGeneralMotors(228B)4Netherlands/UKRoyalDutch/ShellGroup(115B)3UnitedStatesFordMotorCompany(275B)2UnitedStatesGeneralElectric(304B)18UniqueRisksFacedbyMNEs:ForeignExchangeRisksandPoliticalRisksnThenormaldomesticapproachtothecostofcapital,sourcingdebtandequity,capitalbudgeting,workingcapitalmanagement,investment,taxation,andcreditanalysis,andfinancialinstrumentsetc.needstobemodifiedtoaccommodateforeigncomplexityandrisknForeignExchangeRisk(匯率風險):Theriskthatforeigncurrencyprofitsmayevaporateindollar(domestic)termsduetounanticipatedunfavorableexchangeratemovements;investorsthereforerequireaforeignexchangeriskpremiumwhenvaluingtheequityanddebtofMNEs;howitaffectsthecostofcapital?59UniqueRisksFacedbyMNEs:ForeignExchangeRisksandPoliticalRisksnPoliticalRisk(政治風險):Sovereigngovernmentshavetherighttoregulatethemovementofgoods,capital,andpeopleacrosstheirborders;theselawssometimeschangeinunexpectedwaysnSee,Exhibit1.1,fortheMicro-Macrodecompositionofpoliticalrisks(needthepoliticalriskpremium)nMostcontemporarypoliticalriskforMNEsisfirm-specificandaffectsoperationsratherthanownershipnForecastingpoliticalriskandfindingstrategiestoreduceitsimpactaremajorconcernsoftopmanagementofMNEs10Exhibit1.1:Micro-MacroDecompositionofPoliticalRisk611AnalysisofPoliticalRisksnMacroRisksnExpropriation(無償徵收):isdefinedasofficialgovernmentseizureofprivatepropertynEthnicStrife(種族紛爭):e.g.the911attackofUS,tensionbetweenethnicandreligiousgroupsinAsianMicroRisksnGoalConflict(經營目標的衝突):theriskarisesfromaconflictbetweentheobjectivesofgovernments(forcitizens)andprivatefirms(forstakeholders)nCorruption(貪污與賄賂):TransparencyInternational(TI)publishesmonthlynewsletteroncorruptionininternationalbusinesstransactions;theindiceshelpfirmsdeterminepoliticalriskpremium12TransparencyInternational’sCorruptionPerceptionsIndexfor20021Finland9.70.48.9-10.09.5-9.923Ireland6.90.95.5-8.16.4-7.42Denmark9.50.38.9-9.99.3-9.724Botswana6.41.55.3-8.95.6-7.62NewZealand9.50.28.9-9.69.3-9.625France6.30.94.8-7.85.9-6.84Iceland9.40.48.8-10.09.2-9.725Portugal6.31.05.5-8.05.8-6.95Singapore9.30.28.9-9.69.2-9.427Slovenia6.01.44.7-8.95.3-6.95Sweden9.30.28.9-9.69.2-9.428Namibia5.72.23.6-8.94.3-7.37Canada9.00.28.7-9.38.9-9.229Estonia5.60.65.2-6.65.4-6.07Luxembourg9.00.58.5-9.98.7-9.529Taiwan5.60.83.9-6.65.2-6.07Netherlands9.00.38.5-9.38.8-9.131Italy5.21.13.4-7.24.6-5.710UnitedKingdom8.70.57.8-9.48.4-8.932Uruguay5.10.74.2-6.14.6-5.611Australia8.61.06.1-9.38.0-9.033Hungary4.90.54.0-5.64.6-5.212Norway8.50.96.9-9.38.0-8.933Malaysia4.90.63.6-5.74.6-5.212Switzerland8.50.96.8-9.47.9-8.933Trinidad&Tobago4.91.53.6-6.93.8-5.914HongKong8.20.86.6-9.47.8-8.636Belarus4.81.33.3-5.83.3-5.415Austria7.80.57.2-8.77.6-8.136Lithuania4.81.93.4-7.63.7-5.916USA7.70.85.5-8.77.2-8.036SouthAfrica4.80.53.9-5.54.5-5.017Chile7.50.95.6-8.87.0-7.936Tunisia4.80.83.6-5.64.1-5.318Germany7.31.05.0-8.16.7-7.740CostaRica4.50.93.6-5.94.0-5.118Israel7.30.95.2-8.06.7-7.740Jordan4.50.73.6-5.24.0-4.920Belgium7.10.95.5-8.76.6-7.640Mauritius4.50.83.5-5.54.0-4.920Japan7.10.95.5-7.96