![国际金融与国际财务管理chap_第1页](http://file4.renrendoc.com/view/7549bd9e954c24905398a3f32f50d58e/7549bd9e954c24905398a3f32f50d58e1.gif)
![国际金融与国际财务管理chap_第2页](http://file4.renrendoc.com/view/7549bd9e954c24905398a3f32f50d58e/7549bd9e954c24905398a3f32f50d58e2.gif)
![国际金融与国际财务管理chap_第3页](http://file4.renrendoc.com/view/7549bd9e954c24905398a3f32f50d58e/7549bd9e954c24905398a3f32f50d58e3.gif)
![国际金融与国际财务管理chap_第4页](http://file4.renrendoc.com/view/7549bd9e954c24905398a3f32f50d58e/7549bd9e954c24905398a3f32f50d58e4.gif)
![国际金融与国际财务管理chap_第5页](http://file4.renrendoc.com/view/7549bd9e954c24905398a3f32f50d58e/7549bd9e954c24905398a3f32f50d58e5.gif)
版权说明:本文档由用户提供并上传,收益归属内容提供方,若内容存在侵权,请进行举报或认领
文档简介
1、1220Short-Term FinancingChapter ObjectivesThis chapter will:A. Identify sources of short-term financing for MNCsB. Explain how MNCs determine whether to use foreign financingC. Illustrate the possible benefits of financing with a portfolio of currencies23Sources of Foreign FinancingInternal short-te
2、rm financingAn MNC should have an internal system that consistently monitors the amount of short-term financing by all subsidiaries.External short-term financingShort-term notesCommercial paperBank loansAccess to funding during the credit crisisMNCs had limited access to short-term funding.4Financin
3、g With a Foreign CurrencyMNCs borrow the currency that matches future cash inflowsIf they have a net receivables position in foreign currency, they may borrow in that currency to hedge their receivablesComparison of interest rates among currencies5Exhibit 20.1 Comparison of Interest Rates among Coun
4、tries (as of January 2009)56Determining the Effective Financing RateThe actual of “effective” financing rate will differ from the quoted rate based on:The interest rate charged by the bank.The movement in the borrowed currencys value over the time of the loan.where rf = effective financing rate S =
5、spot rate if = interest rate of the foreign currency7Criteria Considered in the Financing DecisionInterest Rate Parity: if interest rate parity exists, the currency will exhibit a forward premium that offsets the differential between its interest rate and the home interest rate.The Forward Rate as a
6、 Forecast: If the forward rate is an unbiased predictor of the future spot rate, then the effective financing rate of a foreign currency will on average be equal to the domestic financing rate.Exchange Rate Forecasts: the firm can use exchange rate forecast in conjunction with foreign interest rate
7、to forecast the effective financing rate.8Financing with a Portfolio of CurrenciesFinancing with a Portfolio of CurrenciesVariance (risk) may be higherIf low interest rates prevail, probability of lower financing costs are possiblePortfolio Diversification EffectsWith diversification of currencies, lower financing costs are possible but currencies used must not be highly correlated Repeated Financing with a Currency Portfolio Solving the variance of a portfolios effective
温馨提示
- 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
- 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
- 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
- 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
- 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
- 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
- 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。
最新文档
- 广东省揭阳市空港区2024-2025学年初三第二学期生物试题统练九含解析
- 广东省江门二中学2024-2025学年初三4月调研考试数学试题试卷含解析
- 广东省惠州博罗县联考2024-2025学年初三第5次月考生物试题含解析
- 项目安全培训考试题及答案精练
- 桥涵工程施工中的常见问题及解决方案
- 新版车间安全培训考试题附答案AB卷
- 生产经营单位安全培训考试题【全优】
- 项目部安全管理人员安全培训考试题及答案审定版
- 公司主要负责人安全培训考试题及参考答案(培优A卷)
- 高考化学 专题18 盐类水解、胶体的性质及其运用热点题型和提分秘籍(含解析)
- 2024公路工程岩石试验规程
- 银行保洁服务投标方案技术标
- 2023年CSP-J考试试题题库
- 武汉美食介绍PPT
- 宫西达也恐龙系列绘本故事11册
- 家用电器的规范使用(教案)苏教版五年级上册综合实践活动
- 肿瘤 儿童 心理 护理
- 脑卒中的康复评估与治疗
- 粤价2002370号-关于白蚁防治收费管理有关问题的通知
- 神经内科疑难病例讨论
- 人教版小学数学三年级上册《测量》 大单元作业设计
评论
0/150
提交评论