国际金融管理导论课件

国际金融管理International

Financial

Managemeor

Multinational

Finance主讲人国际经济贸易学院金融系蒋先玲、于瑾前九周授课结构I

Overview

and

Background（导论）II

The

International

Financial

Environment（国际融资环境）III

Derivative

Securities

for

Hedging

Currency

Risk（对汇率风险套期保值的衍生工具）IV

Managing

the

Risks

of

Multinational

Operations（管理跨国经营风险）V

Valuation

of

Multinational

Operations（跨国经营的估值）主要参考教材（美）《国际金融》（MultinationalFinance）第三版，Kirt

C.Butler著，张成思译注，东北财经大学出版社，2008年；中文版：跨国财务，赵银德等译，机械工业出版社2005年评价制度平时成绩:10%期中成绩:20%期末：闭卷考试:70%Chapter

1An

Introduction

to

Multinational

Finance结构A.

Financial

Management

of

the

MultinationalCorporationB.

The

Opportunities

of

Multinational

OperationC.

The

Challenges

of

multinational

OperationsD.

Strategic

Entry

into

International

MarketsE.

The

Goals

of

the

Multinational

Management国际金融管理的研究对象

国际金融管理是研究在国际经济条件下，国际企业从事跨国性生产经营活动所面临的特殊领域的财务管理问题，即一切国际企业在组织财务活动，处理财务关系时所遇到的特殊问题。从国际企业的角度研究企业对国际金融策略的运用。是将所学的国际金融知识运用于国际企业的财务管理之中。A

multinational

corporation

(MNC)

is

a

company

engaged

inproducing

and

selling

goods

or

services

in

more

than

one

couThe

ownership

of

some

MNCs

is

so

dispersed

internationallythey

are

known

as

transnational

corporations.The

transnationals

are

usually

managed

from

a

global

persprather

than

from

the

perspective

of

any

single

country.A.

Financial

Management

of

theMultinational

CorporationIf

everyone

were

homogeneous,

there’d

be

no

need

to

study

the

differences

between

business

environments.

In

fact,

everyone

is

different.Consequently,

there

is

a

continuumof

business

environments

fromvery

similar

to

very

different.The

term“multinational”

implies

“cross-border.”However,

multinationalfinancialmanagement

can

take

place

within

a

nation’s

borders,

or

evenoutside

any

nation’s

borders,

as

businesses

interact

withdifferent

cultures

or

social,

legal,

economic

or

political

environments.While

we

take

the

perspective

of

the

financial

manager

of

a

multinational

corporation,

this

framework

worksjust

as

well

for

individuals,

small

businesses,

and

government

entities.

Along

the

way,

we

provide

a

tour

of

businesses

and

business

environments

in

many

countries

around

the

world.Multinational

Business

Finance

Multinational

financial

management

is

financialmanagement

conducted

in

more

than

one

cultural,social,

economic,

or

political

environmentWe’ll

develop

a

framework

for

evaluating

theopportunities,costs

and

risks

of

operating

in

the

worlmarkets

for

goods,services,and

financial

assets

andliabilities（国际金融管理就是要评估在世界市场经营的遇、成本和风险等）A.

Financial

Management

of

theMultinational

Corporationpurely

domestic

firms

also

often

havesignificant

international

activities:❏

Import

&

export

of

products,

components

andservices❏

Licensing

of

foreign

firms

to

conduct

their

forebusiness❏

Exposure

to

foreign

competition

in

the

domesticmarket❏

Indirect

exposure

to

international

risks

througrelationships

with

customers

and

suppliersMultinational

Business

FinanceThere

are

significant

differences

betweeninternational

and

domestic

financialmanagement:❏

Cultural

issues❏

Corporate

governance

issues❏

Foreign

exchange

risks❏

Political

Risk❏

Modification

of

domestic

finance

theories❏

Modification

of

domestic

financialinstrumentsA.

Financial

Management

of

theMultinational

CorporationMultinational

financial

managers

must

bfamiliar

withForeign

exchange

and

Eurocurrency

marketsDerivatives

securitiesInternational

financial

(debt

&

equity)

marketsInternational

markets

for

real

assetsInternational

portfolio

investmentB.

The

Opportunities

of

MultinatioOperationsValuation

Model

for

an

MNCDomestic

Model——Valuing

International

Cash

Flows——贴现现金流估值法在公司决策中的重要性：if

a

corporate

decision

hano

impact

on

the

firm"s

ECF

ordiscount

rate,then

the

decision

alshas

no

impact

on

the

value

ofthe

firm.Conversely,

if

a

decision

is

to

add

value,

then

the

decision

must

eitincrease

expected

cash

flows

or

decrease

the

cost

of

capital.B.

The

Opportunities

of

MultinatioOperations1.Multinational

Investment

Opportunities(跨国投资机遇）The

corporation´s

investment

objective

is

to

identify,invest,andmanage

the

set

of

assets

that

maximizes

the

value

of

the

firm

to

itstakeholders.公司的投资目标是识别、投资，并且随后管理资产使得公司股东价值最大化。Operating

cash

flows

can

be

increased

by

either

increasing

revenuesordecreasingoperatingexpenses.（经营现金流量可以通过增加收入或降低营运支出而得到增加。)Multinational

corporations

can

enhance

revenues

and

reduceoperating

expenses

in

a

number

of

ways

that

are

not

available

tolocalfirms.B.

The

Opportunities

of

MultinationalOperationsEnhancing

Revenues——Globalbranding(全球化品牌）：A

global

brand

name

can

provide

acompetitiveadvantage

over

local

competitors.（全球化品牌可以使跨国公获得超过当地竞争对手的优势）Fg,McDonald´s

and

Coca-Cola

have

leveraged

their

internationally

recognbrand

names

into

marketing,production,and

distribution

efficienciesareunavailableto

local

competitors.（充分利用其全球性知名品牌优势来提营销、生产和分销的效率，而当地竞争对手则无法做到这一点。）The

advantages

of

size(规模优势):MNCs

can

exploit

their

competitiveadvantages

on

a

larger

scale

and

across

a

broader

range

of

markets

andproducts

than

domestic

competitors.（跨国公司可以比国内公司在更大的规模和更广的市场和产品范围内利用其竞争优势。）Fg.

Thailandis

a

relatively

small

country

and

might

need

a

new

power

plantonly

once

every

several

years.

Rather

than

developing

the

necessaryexpertise

locally,

Thailand

can

employ

a

MNC

with

experience

and

expertin

power

generation.B.

The

Opportunities

of

MultinationalOperationsEnhancing

Revenues——Flexibility

in

marketing

and

distribution（营销及分销活性）：MNCs

can

more

easily

shift

sales

effortstoward

markets

willing

to

pay

higher

prices

for

theirproducts.(MNC能较容易地将营销目标转向那些愿意以较高价格购买其产品的市场)Fg.If

Fords

Jaguar

automobile(美洲虎牌汽车)is

in

highdemand

in

the

United

States,then

Ford

can

shift

itsmarketing

and

distribution

efforts

toward

the

UnitedStates

and

away

from

regions

of

lower

demand.B.

The

Opportunities

of

MultinatioOperationsMNC具有国内公司所不具有的增加收入或降价支出的方法：

Reducing

Operating

Costs——Low-cost

raw

materials,Low-cost

labor,Flexibility

in

global

site

selection,Flexibility

in

sourcing

and

production,Economies

of

scale,Economies

ofvertical

integration(产业集中效应：当公司制了整个供应链的上下游生产时，便认为公司获得了垂直的产业集中效应）B.

The

Opportunities

of

MultinationOperations2.The

Opportunities

of

Multinational

Operations（跨国经营面临的机遇b.Multinational

Financing

Opportunities(跨国融资机遇）金融市场的不完善可以增加跨国公司融资决策的价值，if

financial

policy

is

tincrease

firm

value,then

it

must

increase

the

firm"s

expected

cash

flowdecrease

the

discount

rate

in

a

way

that

cannot

be

replicated

by

individuinvestors.以下是跨国公司所具有的融资机遇：Financial

market

arbitrage(国际平价条件中介绍）Hedging

policy(衍生工具中介绍）MNC

cost

ofcapitalwhen

there

arecapitalflow

barriers(跨国资本成本与资中介绍）Reducing

taxes

throughmultinationaloperations(税收与跨国公司策略中介绍

Barriers

to

the

freeflow

of

capital(国际多元化组合投资中介绍）Currency

risk

and

the

cost

of

capital(国际资产定价中介绍）B.

The

Opportunities

of

MultinatioOperations3.MultinationalOpportunitiesand

Firm

Value（跨国机会与公司价值）见下图In

combination,

multinational

operations

potentially

can

both

increase

the

investment

opportunity

set

and

decrease

the

cost

of

capital.Note

that

this

slide

only

depicts

the

potential

gain

frommultinational

operations.

I

tell

the

students:“You

-

the

student

-

must

make

it

happen!”The

value

of

multinationalityAccounting,Taxation（会计、税收差异）Financial

markets（金融市场差异）（如，在许多伊斯兰国家，银行业务是按照伊斯兰圣经的教诲进行的，存款者不能获得固定的利息，但可分享银行的损益。）Corporate

governance（公司治理差异）C.

The

Challenges

of

multinationalOperationsManaging

the

Costs

and

Risks

of

MultinationalOperations(跨国经营中成本与风险的管理）Country

risk

-

the

risk

that

the

business

environmenta

host

country

will

unexpectedly

change－Political

risk

-

the

risk

that

the

business

envirin

a

host

country

will

change

unexpectedly

due

topolitical

events－Financial

risk

-

the

risk

of

unexpected

change

infinancial

or

economic

environment

of

a

host

countryRisk

exists

whenever

actual

outcomes

candiffer

fromexpectations.The

MNC

has

exposure

to

risk

when

its

assets

or

liabilities

canchange

in

value

with

unexpected

changes

in

business

conditions.As

individuals

&

businesses

pursue

cross-border

opportunities,

they

expose

themselves

to

a

wide

variety

of

new

risks.Students

should

have

learned

the

difference

between

risk

and

risk

exposure

in

their

first

course

infinance.

Nevertheless,

it

helps

to

repeat

thisdistinction

so

that

when

they

encounter

new

risks

and

risk

exposures

they’ll

recognize

the

difference.Risk

versus

risk

exposureRisk

exists

whenever

actual

outcomes

candiffer

from

expectationsA

company

has

a

risk

exposure

when

itsvalue

can

change

with

unexpected

changes

inbusiness

conditionsD.

Strategic

Entry

into

InternatioMarketsHow

Firms

Engage

in

International

Business？International

TradeHow

the

Internet

Facilitates

InternatioTrade?Licensing(特许经营)How

the

Internet

Facilitates

Licensing?Franchising（特许加盟）Joint

VenturesAcquisition

of

Existing

OperationsEstablishing

New

Foreign

SubsidiariesForeign

market

entryExport

entryAgents

or

distributors(foreign

or

domestic)（代理商或分商）Foreign

sales

branches

or

subsidiaries（国外销售分公司或子公司）Contract-based

entryLicensing

or

franchising（许可协议或特许加盟协议）Investment-based

entryForeign

direct

investments（国外直接投资）Mergers

and

acquisitions（兼并与收购）Strategic

alliances

or

joint

ventures（战略联盟或合资）Export

through

agents

or

distributoExporting

relies

on

domestic

production

and

foreign

sales.Exporters

cannot

count

on

the

sympathy

of

the

host

government,

soimportbarriers

and

foreign

political

risk

canbe

high(进口壁垒和外国政风险高)But,exporters

do

not

have

to

worry

about

barriers

to

investment

in

theforeign

market,and

productiontechnologyis

safely

keptat

home(不需担心外国市场的投资壁垒，生产技术也可安全地留在国内。)The

effective

approaches

to

market

entry

are

through(1)

an

agent

ordistributor

and

(2)

a

foreign

sales

branch

or

subsidiary.A

relatively

low-risk

mode

of

export

entry

is

to

use

a

sales

agent

ordistributor

tohandlemarketingand

distribution

in

theforeign

market销售代理或分销商来从事在国外市场的营销和分销是一种风险相对较低的出口进入模式。)A

disadvantage

is

that

the

exporter

cedes

control

of

marketing

anddistribution

channelstothesales

agent.(出口商需向销售代理出让营销销渠道的控制权)Export

through

agents

or

distribut因此，国外销售代理商的选择就至关重要。For

a

successful

partnership

with

the

manufacturer,

Export

agentsand

distributors

should

haveTechnical

knowledge

of

the

product（了解产品的技术知识）Experience,expertise,and

marketing

contacts

in

the

foreicountry（具备在国外市场营销的经验、技能以及关系）Experience

and

expertise

in

shipping,documentation,andtrade

credit（具有航运、单证以及商业信用方面的经验和专长）Reliability

and

financial

stability

（资信良好及财务状况稳Foreign

sales

branches/subsidiaries

Foreign

subsidiaries（子公司）

are

incorporated

in

the

host

country,whereas

foreign

branches（分公司）

are

treated

as

a

part

of

the

parent

rathethanasaseparatelegal

entity（国外子公司是东道国的独立公司，但国外分公被视为母公司的一部分而非独立的法律实体。）AdvantagesHigher

sales

potential（更大的销售潜力）Retains

control

over

production,marketing,distribution（保持对生营销和分销的控制）Reducingthe

agency

costs（降低代理成本）DisadvantagesHigher

resource

commitment（投入更多的资源，风险更大）Slower

entry

（进入延迟）（when

the

exporter

is

unfamiliar

with

thecultureof

the

foreign

market.)High

country

risks

and

costs（高政治风险和成本）Contract-based

entryIn

an

international

license

agreement,

a

domestic

company

(the

licencontracts

with

a

foreign

company

(the

licensee)

to

market

the

licen´s

products

in

a

foreign

country

in

return

for

royalties,fees

or

otcompensation.在国际许可协议中，一个国内公司（许可颁发者）和一个国外公司（获得许可者）签订协议，准许被许可方在国外市场上营销许可方的产品，并向许可方支付特许使用费或其他。Licensing

is

a

popular

method

for

domestic

firms

to

profit

from

foreimarkets

without

the

need

to

commit

sizable

funds.(特许经营是国内企业无需进行大量投资而在海外市场上获利的一种简便方法)著名未来学家奈斯比特断言：“特许经营将成为下世纪主导商业模式”；.如肯特鸡、百事可乐等都是通过特许经营方式取得了巨大的成功。麦当劳是世界上最大的餐饮集团，开设有麦当劳的国家和地区超过了联合国的席位。从1955年创办人雷-克罗克在美国伊利诺斯普兰开设第一家麦当劳至今，它在全世界已拥有28，000多家餐厅，遍及全球128个国家和地区。其中最南位于纽西兰茵薇卡其尔，最北位于芬兰旅游胜地罗凡尼米。在地球上，每隔15小时，就有一家麦当劳餐馆开业。在中国，麦当劳已经开设了400多家餐厅。Contract-based

entryAdvantagesquick

and

easy（快速和容易的进入）low

resource

commitment（所需的资源投入少）low

cultural

costs

and

risks（低的文化成本和风险）avoids

import

and

investment

barriers（避免进口壁垒和投资壁垒）Disadvantageslimited

fees/royalties

on

license

agreements（企业赚取的可费用比FDI的投资利润低）loss

of

control

over

production

technology（企业的技术可被偷走）potential

creation

of

competitors（可能失去对质量的控制,第三国市场上产生潜在的竞争对手）Contract-based

entry多种许可形式：Franchise

agreement（特许加盟协议）—a

agreement

in

which

adomestic

company

licenses

its

trade

name

or

business

system

to

anindependentcompany

in

aforeignmarket.(在公共服务行业比较普遍，如卖当劳，希尔顿酒店等）Reciprocal

marketing

agreement（互惠销售协议）－a

agreement

inwhich

two

companies

form

a

strategic

alliance

to

co-market

eachother´s

products

in

their

home

markets.Production

rights

may

ormay

not

be

transferred.(制药行业比较普遍，如默克Merck和杜邦Dupont公司在互补性细分市场上都有畅销产品。）Management

contract（管理合同）—a

form

of

licensing

agreement

inwhich

a

company

licenses

its

organizational

or

managementexpertiseto

another

company.(EuroDisney

theme

park欧洲迪斯尼主题公园is

operated

by

Disney

through

a

management

contract.)Investment-based

entry

Investment-based

entry

should

come

later

in

the

product

life

cycle,usually

when

the

product

is

in

the

mature

stage

in

the

domestic

market（基于投资的进入模式常在产品进入寿命周期的后期，即成熟期才采用。）

Investment-based

entry

differs

from

exporting

in

that

production

isshifted

to

the

foreign

country,

but

ownership

and

controlare

retained

bythe

parent

corporation.

Investment-based

entry

intoforeignmarkets

can

be

accomplished

inone

of

two

ways:Foreign

direct

investment（外国直接投资）Mergers

and

acquisitions（兼并和收购）

Cross-border

mergers

and

acquisitions

are

by

far

the

most

popularmethods

of

obtainingcontroloverassetsin

another

country（跨国兼并与收购是迄今为止最普遍的获取对外国资产控制权的渠道）见下图：■美国公司进入欧洲市场的模式选择跨国合资公司15%跨国并购52%FDI:工厂扩建17%FDI:新投资16%Investment-based

entryForeign

direct

investmentRelatively

slow

entryMaintains

control

over

assetsCross-border

M&ARelatively

rapid

entry,

but

possibly

at

a

high

price(acquisition

premium)Cross-border

joint

venturesMay

avoid

investment

restrictionsLess

exposure

to

country

risksPotential

loss

of

control

over

intellectual

propertyInvestment-based

entryAdvantagesPotential

for

higher

sales

（提高销售的潜力）Potential

for

lower

costs（降低成本的潜力）Diversifies

manufacturing

base

and

matches

foreigncurrency

costs

to

revenues(多元化的生产基地和国外收入货币与成本货币的匹配)Avoids

import

quotas

and

tariffs（避免进口配额和关税）DisadvantagesHigher

resource

commitment（更多的资源投入）Higher

exit

costs（较高退出成本）Must

overcome

cultural

differences（必须克服文化差异）Must

overcome

investment

barriers（必须克服投资壁垒）Foreign

Market

Entry

Through

aStrategicAlliance

The

term

strategic

alliance

refers

to

any

collaborative

agreemthat

is

designed

to

achieve

some

strategic

goal.（战略联盟是指为了达到某些战略目标而签署的各种合作协议）Advantages：Reducing

the

costs

and

risks

of

product

development（在那些需要进行大量研发的产业部门，战略联盟可以降低产品的成本和风险。）

Be

used

to

penetrate

foreign

markets

in

which

the

domesticcompany

has

little

expertise

or

experience.（那些缺乏国外市场知识和经验的国内公司可以作为渗透外国市场的手段）Governance

of

the

MNC公司治理Board

of

Directors（董事会）Management（管理部门）Share-holdersDebtAssetsEquityShareholder

Wealth

MaximizationThe

SWM

model

assumes

as

a

universal

truth

that

the

stock

market

is

efficient.（这一模式假定股票市场是有效并将其视为普遍真理）An

equity

share

price

is

always

correct

because

itcaptures

all

the

expectationsof

return

and

risk

asperceived

by

investors,

quickly

incorporating

newinformation

into

the

share

price.Share

prices

are,

in

turn,

the

best

allocators

of

capitathe

macro

economy.E.The

Goals

of

the

MultinationalManagement利益相关者资本主义模式：Stakeholder

Capitalism

Model

(SCM)

In

the

non-Anglo-American

markets,

controlling

shareholders

alsstrive

to

maximize

long-term

returns

to

equity.

However,

they

are

more

constrained

by

other

powerfulstakeholders.

In

particular,

labor

unions

are

more

powerful

than

in

the

Anglo-American

markets.

In

addition,

Governments

interfere