国际财务管理与多国籍企业.pdf

《国际财务管理与多国籍企业.pdf》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、InternationalFinancialManagementLectureTopic:InternationalFinancialManagementandtheMultinationalFirm(國際財務管理與多國籍企業)09/2003ByProfessorSheng-YungYANG1OverviewnIntroductionnForeignExchangeRisksnDefinitionnEffectsonFinancialManagementofMNEsnPoliticalRisknMacroRisks(CountrySpecificRisks)n

2、MicroRisks(FirmSpecificRisks)nGoalofManagementnShareholderWealthMaximizationnCorporateWealthMaximizationnCorporateGovernancenOperationalGoalsforMNEs21OverviewnUniversalTruthvs.CulturallyDeterminedNormnMarketImperfections:RationalefortheExistenceoftheMultinationalFirm(Opportunitiesof

3、MNEsfromMarketImperfection)nWhyDoFirmsBecomeMultinational?nMarketsnRawMaterialsnProductionEfficiencynKnowledgenPoliticalSafetynMarketSeekersvs.RawMaterialSeekersnDefensiveInvestmentsnOpportunitiesofMNEsfromMarketImperfection3OverviewnTheTheoryofComparativeAdvantagenProductCycleTheor

4、ynGlobalizationoftheWorldEconomy:RecentTrendsnMultinationalFinancialManagementvs.GeneralFinancialManagementnExposuretoInternationalRisknValuationModelforanMNC42IntroductionnThiscourseisaboutinternationalfinancialmanagementwithspecialemphasisonthemultinationalfirm;whyisitimportanttoM

5、NE?nThemultinationalenterpriseorcorporation(MNEorMNC,多國籍企業)isdefinedasonethathasoperating(productionandmarketing)subsidiaries,branches,andaffiliateslocatedinforeigncountries;e.g.Intel,Nokia,WaltDisney,Nestlé,TSM,UMC,andAcerGroupetc.nPurelydomesticfirmsalsooftenhavesignificantinterna

6、tionalactivitiesincludingimportandexport,foreigncompetition,internationalrelationshipswithcustomersandthesuppliers,andforeignexchangeandcreditrisksoftradepayments5MultinationalCorporations(MNCs,多國籍企業)MultinationalCorporation(MNC)ForeignExchangeMarketsDividendRemittanceExportingInves

7、ting&Financing&Importing&FinancingProductMarketsSubsidiariesInternationalFinancialMarkets63Top10MNEsRankedbyForeignAssets(1997)1GeneralElectric(304B)UnitedStates2FordMotorCompany(275B)UnitedStates3RoyalDutch/ShellGroup(115B)Netherlands/UK4GeneralMotors(228B)UnitedStates5ExxonCorpora

8、tion(96B)UnitedStat