ChInernaionalFinancialManagemen国际金融管理山东大学,秦风鸣

International

FinancialManagementSchoolofEconomics/ShandongUniversity©

Spring2006LecturebyQinFengmingEmail:fmqin@TextbookbyJeffMaduraFloridaAtlanticUniversityPrerequisites

MacroeconomicTheoryorequivalent,MoneyandBanking,InternationalTradearetheformalprerequisite.However,somegraspofthetheoryanadministrativebehaviorofthecommercialbankmanagementwouldmakethecourseeasiertounderstand,andmorevaluable,forthestudents.Guestlectures

Speakerswithspecificexpertisewillguestlectureswhenappropriate.Grading

Attendanceandparticipation30%FinalExam70%by

JeffMadura

FloridaAtlanticUniversity

International

FinancialManagement7thEditionPowerPoint®Presentation

by

Yee-TienFu

NationalCheng-ChiUniversity

Taipei,TaiwanSouth-Western/ThomsonLearning©2003IntroductionofthetextMultinationalcorporations(MNCs)competingintheglobalmarketplacemustnotonlybeproperlymanagedtoapplytheircomparativeadvantagesinforeigncountries,butalsomanagetheirexposuretothevariousformsofriskastheycapitalizeontheirinternationalbusinessopportunities.Theirexposureisespeciallypronouncedindevelopingcountrieswherecurrencyvaluesandeconomiesarevolatile.Asinternationalconditionschange,sodoopportunitiesandrisk.IntroductionofthetextIngeneral,changesininternationalconditionsmakeinternationalfinancialmanagementmorechallenging.MNCsrespondbymeetingthechallengeratherthanretreating.ThoseMNCsthataremostcapableofrespondingtochangesintheinternationalfinancialenvironmentwillberewarded.ThesamecanbesaidforthestudentstodaywhomaybecomethefuturemanagersofMNCs.OrganizationofthetextThefirsttwopartsofthetextprovidedthemacroeconomicframeworkforthetext.PartI(chapter1-5)introducesthemajormarketsthatfacilitiesinternationalbusiness.PartII(chapter6-8)describesrelationshipsbetweenexchangeratesandeconomicvariables,andexplainstheforcesthatinfluencetheserelationships.OrganizationofthetextTheremainderofthetextprovidedamicroeconomicframework,withafocusonthemanagerialaspectsofinternationalfinancialmanagement.PartIII(chapter9-12)explainsthemeasurementandmanagementofexchangeraterisk.PartIV(chapter13-18)describesthemanagementoflong-termassetsandliabilitiesincludingmotivesforFDI,multinationalcapitalbudgeting,countryriskanalysis,andcapitalstructuredecisions.PartV(chapter19-21)concentratesontheMNC’smanagementofshort-termassetsandliabilities,includingtradefinancing,othershort-termfinancing,andinternationalcashmanagement.ApproachesofthetextPart-openingdiagramObjectivesemphasisNikeproblemManagingforvalueFinancialmarketsperspectiveOnlineapplicationValuationoftheMNCSummarySelftestQuestionsContinuingcaseSmallbusinessdilemmaIntegrativeproblemSupplementalcasesFouronlineprojectsMultinationalCorporation(MNC)ForeignExchangeMarketsProductMarketsSubsidiariesInternationalFinancialMarketsDividendRemittance&FinancingExporting&ImportingInvesting&FinancingPartI

TheInternationalFinancialEnvironmentMultinationalFinancialManagement:

AnOverview1

ChapterSouth-Western/ThomsonLearning©2003ChapterObjectivesToidentifythemaingoalofthemultinationalcorporation(MNC)andconflictswiththatgoal;Todescribethekeytheoriesthatjustifyinternationalbusiness;andToexplainthecommonmethodsusedtoconductinternationalbusiness.GoaloftheMNCThecommonlyacceptedgoalofanMNCistomaximizeshareholderwealth.WewillfocusonMNCsthatarebasedintheUnitedStatesandthatwhollyowntheirforeignsubsidiaries.ConflictsAgainsttheMNCGoalForcorporationswithshareholderswhodifferfromtheirmanagers,aconflictofgoalscanexist-the

agencyproblem.AgencycostsarenormallylargerforMNCsthanforpurelydomesticfirms.ThesheersizeoftheMNC.Thescatteringofdistantsubsidiaries.Thecultureofforeignmanagers.SubsidiaryvalueversusoverallMNCvalue.Im切pa做ct片o萝f剪Ma筝na缺ge故me照nt仰C汽on足tr唤olTh汉e得ma彼gn姨it亡ud昂e梢of彼a招ge收nc抵y半co朽st载s佳ca课n屋va蜡ry坡w木it逐h虽th获e料ma角na张ge颗me常nt摇s竖ty恰le斩o虏f真th壳e宗MN淡C.Ace文nt桌ra卵li己ze腔dma承na驶ge聋me奔nt熊s什ty嚼le孔r腊ed锁uc征es践a脂ge被nc女y炸co谱st奸s.爹H秋ow惧ev掩er塞,值ade肯ce习nt剪ra类li史ze柴dst滔yl捎e牧gi穿ve项s找mo李re桶c伞on筐tr脸ol行t冒o燃th文os脂e词ma偶na飞ge优rs说w扁ho揉a吼re服c勾lo糟se枕r耽to易t纪he仍s波ub热si拿di仪ar闭y’挪s墙op销er勉at痛io截ns植a摄nd洪e烂nv盏ir孔on于me辉nt个.Ce灵nt楼ra跑li笔ze举d吩Mu性lt抛in飘at符io另na祥l采Fi怠na灿nc拿ia贝l川Ma浊na牌ge杠me叮ntfo霜r钩an抢M蹄NC配w驻it饺h胸tw视o台su出bs贡id恨ia亦ri内es统,徐A窜an水d溉BFinancialManagersofParentCapitalExpendituresatAInventoryandAccountsReceivableManagementatACashManagementatAFinancingatACapitalExpendituresatBInventoryandAccountsReceivableManagementatBCashManagementatBFinancingatBDe释ce穷nt韵ra像li道ze狡d貌Mu弄lt镇in于at逃io继na悔l底Fi或na惭nc寻ia受l江Ma弱na庄ge棕me漂ntfo牛r旺an吩M建NC烟w乌it抓h屠tw宝o领su及bs刘id熔ia霜ri除es序,后A爸an奇d处BFinancialManagersofACapitalExpendituresatAInventoryandAccountsReceivableManagementatACashManagementatAFinancingatACapitalExpendituresatBInventoryandAccountsReceivableManagementatBCashManagementatBFinancingatBFinancialManagersofBIm喘pa具ct端o丑f咱Ma贯na去ge包me穷nt惰C殃on宜tr胖olSo屑meMN僚Csat汤te续mp南t键to芹s枝tr兽ik喷e誉a剑ba剪la铸nc俘e幅-义th糊ey枣a俯ll财ow蛮s笛ub惨si罩di筒ar疏y驱ma椒na在ge硬rs因t庆o躲ma扬ke姻t永he亭k衬ey吴d振ec弊is街io暗ns孕f洁or副t阀he铸ir洒r聚es蛙pe客ct密iv虑e难op诊er奏at罩io疼ns水,遭bu屋t乘th千e屠de取ci肆si域on缩慧s营ar顺e陡mo务ni勾to苹re山d割by症t齿he母p拌ar侵en钉t’抓s繁ma唤na届ge穷me某nt体.Im塌pa霞ct歇o竖f晒Ma助na低ge钳me视nt笛C嫌on担tr岩olEl近ec虏tr妨on冶ic具n王et肥wo博rk焦s误ma栽ke葱i互t独ea臣si累er接f琴or娇t雷he淡p辰ar偏en关t嗽to赵m尾on荣it灿or宋t井he踢a嗽ct阶io粒ns蔑a先nd摔p概er诵fo街rm杰an膀ce钱o敏f韵fo提re茧ig五n承su率bs圾id铺ia振ri敬es历.Fo待r房诚ex计am锻pl类e,折c撒or次po伙ra垒te粱i贝nt咏ra赢ne盗t会or笔i翻nt桥er娱ne虏t港em仓ai翼l搜fa侨ci花li铜ta瞎te彼s芹co陕mm茫un阅ic染at疯io拿n.签F枣in惧an状ci候al固r程ep焦or品ts诉a枣nd待o眯th腥er狼d饲oc醉um司en谊ts秆c击an竹b肉e糠se求nt块e森le直ct蚁ro档ni移ca药ll孝y觉to象o.Im剪pa新ct稍o券f诊Co抢rp忙or全at亮e钟Co她nt爪ro初lVa端ri株ou册s辆fo啦rm煌s伐of外c霞or兽po边ra侨te病c氧on泄tr宫ol昼c遭an恰i驱nd俱uc颗e谅ag往en依cy舟c置os化ts杂.St条oc贱k养co幻玉mp团en送sa孩ti竿on殊f旗or肠b览oa阔rd惯m羊em顶be垂rs纪a拼nd骑e固xe薪cu奶ti毅ve颈s.Th扔e弱th桐re跑at重o酬f惜a宣ho擦st敌il慰e耳ta徐ke峡ov姥er蜜.Mo略ni贸to庄ri赖ng展a瘦nd芹i嗓nt言er黑ve协nt丧io杨n裂by贴l铃ar茶ge滔s震ha逃re容ho羡ld炭er煮s.Co炉ns痒tr池ai惊nt庙s神I载nt沃er近fe饼ri赌ng穗w定it您h汗th陷e非MN例C’标s府Go厨alAs茎M联NC咬m坚an刺ag汁er必s均at凑te番mp烤t愁to惕m夜ax钻im未iz侧e励th消ei皱r便fi恋rm辉’s洪v爬al倒ue瓶,贵th输ey璃m道ay拥b影e独co惠nf建ro赴nt喝ed当w线it豪h衰va小ri惰ou抢s养co菠ns夏tr颤ai党nt爬s.En匹vi疼ro巾nm喇en炊ta回l北co快ns程tr横ai椅nt否s.Re女gu油la缎to遮ry息c赶on朱st找ra廉in见ts演.Et迟hi惜ca罪l盾co奔ns灿tr梯ai欠nt堵s.Whyarefirmsmotivatedtoexpandtheirbusinessinternationally?Th忙eo君ri连es预o驼f苗In窝te离rn劝at析io嘱na铜l怠Bu思si愤ne紫ssTh窜eo胁ry磁o递f慎Co塑mp丙ar腿at肤iv摄e载Ad玩va狸nt煤ag微eSp妹ec翠ia载li族za挽ti友on跑b芳y惨co倡un差tr蜡ie惜s焦ca溜n隔in垃cr谜ea关se帽p乌ro翼du兰ct铺io止n飘ef椒fi胡ci山en上cy燃.Im语pe聋rf昨ec敢t孟Ma游rk惯et吴s峰Th喘eo堡ryTh阔e姑ma旋rk木et荡s选fo独r思th紧e们va施ri饥ou奥s限re嫂so赢ur纵ce锋s林us灵ed颗i傻n于pr翼od省uc坐ti凡on认a刃re艰“化im地pe浴rf津ec繁t.术”Whyarefirmsmotivatedtoexpandtheirbusinessinternationally?Th薄eo约ri晕es英o划f或In土te尽rn仓at旁io渠na塘l论Bu至si坝ne专ssPr仗od兔uc达t惯Cy化cl盯e捐Th学eo房诚ryAs脑a德f向ir竞m哗ma扔tu叹re盯s,扰i歉t杀ma伐y杆re俭co铃gn钟iz蜜e票ad漏di令ti进on夹al动o庄pp悬or县tu悲ni耐ti遇es反o呼ut沉si呆de恶i赛ts带h帐om矛e探co条un置tr央y.

Firmexportsproducttoaccommodateforeigndemand.

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ProfileB: MNCsfocusedonInternationalTradeand InternationalArrangementsU.S.BusinessesForeignImportersU.S.CustomersForeignExportersForeignFirmsU.S.-basedMNCFeesforservicesCostsofservicesPaymentsforproductsPaymentsforsuppliesPaymentsforexportsPaymentsforimportsOv撒er辜vi抗ew期o何f磁an摇M银NC油’s今C扔as述h汉Fl施ow弹sProfileC:MNCsfocusedonInternationalTrade,InternationalArrangements,andDirectForeignInvestmentU.S.BusinessesForeignImportersU.S.CustomersForeignExportersForeignFirmsForeignSubsidiariesU.S.-basedMNCFundsremittedFundsinvestedFeesforservicesCostsofservicesPaymentsforproductsPaymentsforsuppliesPaymentsforexportsPaymentsforimportsMa独na馒gi恢ng蓬f端or参V筋al亦ueLi护ke未d百om英es旅ti舅c觉pr柜oj管ec雾ts酬,熊fo内re逗ig权n笨pr秃oj赤ec佳ts挽i字nv四ol饰ve枣a卡n蛮in秧ve坏st巩me箭nt顾d妖ec斩is获io梨n购an推d屡a虫fi薪na油nc哭in短g粒de籍ci寄si己on谁.Wh价en胸m摊an挤ag很er鹊s天ma甚ke膏m下ul苦ti消na倘ti捉on受al贸f槐in艘an初ce左d毕ec焦is剪io雪ns他t阶ha终t汗ma谨xi舟mi帐ze则t群he冬o极ve皂ra许ll沈p藏re偷se恳nt垫v浸al幸ue刮o陕f喜fu角tu只re赚c灾as顿h俗fl爽ow易s,卖t舅he休y具ma劲xi姐mi渡ze穿t趁he惕f交ir淘m’音s卧va扛lu拆e,挽a辨nd逝h闹en械ce仿s衬ha茎re袍ho妹ld任er兰w辩ea睬lt浸h.

E(CF$,t) = expectedcashflowstobereceivedattheendofperiodt n = thenumberofperiodsintothefutureinwhichcashflowsarereceived

k = therequiredrateofreturnbyinvestorsVa庙lu盾at每io殃n胡Mo冷de凯l骂fo隙r野an渠M榴NCDo来me球st剩ic肿M妥od宜el

E(CFj,t) = expectedcashflowsdenominatedincurrencyjtobereceivedbytheU.S.parentattheendofperiodt E(ERj,t) = expectedexchangerateatwhichcurrencyjcanbeconvertedtodollarsattheendofperiodt k = theweightedaveragecostofcapitaloftheU.S.parentcompanyVa退lu隔at注io狂n篇Mo迟de专l熔fo倡r卧an精M于NCVa释lu勒in粪g炊In孕te附rn台at啊io坡na获l狱Ca予sh初F团lo阻wsVa哭lu绢at都io控n婆Mo汗de午l夜fo绣r盘an轰M掏NCAn封M趟NC王’s妄f蓝in眨an摩ci言al池d研ec既is旧io迁ns旺i棕nc目lu而de驼h宾ow腹m居uc风h封bu温si享ne戏ss旁t箭o浆co怀nd县uc眉t朗in棚e教ac娇h绕co暖un话tr嚷y铜an筛d顷ho常w启mu头ch范f惕in玻an拘ci融ng土t独o殖ob虾ta胁in狭i污n惑ea悟ch就c丈ur唐re塑nc抛y.It哨s针fi尽na佛nc挂ia敌l肚de猜ci夏si薯on杨s杜de属te碰rm盆in或e朱it滚s崇ex飞po悟su穿re馆t肾o至th持e终in迷te刻rn粮at锣io芝na传l储en凝vi悉ro骑nm迎en躬t.Va缘瑞lu潮at酸io纪n酷Mo回de徒l莫fo名r另an筹M异NCImpactofNewInternationalOpportunitiesonanMNC’sValueExchangeRateRiskPoliticalRiskExposuretoForeignEconomiesHo帅w块Ch尺ap遵te热rs烫R象el润at侄e算to伏V业al财ua端ti廊onBackgroundonInternationalFinancialMarkets(Chapters2-5)ExchangeRateBehavior(Chapters6-8)Long-TermInvestmentandFinancingDecisions(Chapters13-18)Short-TermInvestmentandFinancingDecisions(Chapters19-21