国际金融案例Case

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1、CaseBankforInternationalFinancialManagement(0)ObjectiveofInternationalFinancialManagementQuestion:StakeholderobjectivesusingUKasacase(a)'Theobjectiveoffinancialmanagementistomaximisethevalueofthefirm.'Youarerequiredtodiscusshowtheachievementofthisobjectivemightbecompromisedbytheconflictswhichm

2、ayarisebetweenthevariousstakeholdersinanorganisation.(10marks)Answer:Stakeholderobjectives(a)Ifitisagreedtomaximisethevalueofthefirm,itisnecessarytoasktwofundamentalquestions:whoisthefirm?whatdowemeanbyvalue?IntheUnitedKingdomthetraditionalviewhasbeenfortheinterestsofafirmtoequatewiththoseofth

3、ecurrentequityshareholders.Butitisnowrecognisedthatthisismuchtoonarrow.Theemployeesandlenderstoabusinesscertainlyhavealegitimateinterest,probablyalsothegovernment.JapaneseinfluencesonUKthinkingwouldaddacompany'ssuppliersandcustomersaspartofthestakeholders.Perhapsthegeneralpublicalsobelongtothe

4、list.Eachofthemembersoftheabovelisthasdifferentkeyobjectives.Forexampleemployeesmightwanttheirlabourremunerationtobelarger,whiletheshareholderswantlabourcoststobelowsothathigherprofitscanleadtohigherdividends.Shareholdersmightbeuninterestedwhetherthecompanyinvestsin'unethical'areasofbusinesssu

5、chasarmamentsorcigarettes,aslongastheirinvestmentisprofitable,whilecertainsectionsofthepublicwilldiscourageunethicalproducts.Thevalueofaninvestmentintermsoffinancialmanagementtheoryisthepresentvalueofthecashreturnsavailablefromtheinvestment.Howeverthisvariesfrominvestortoinvestordependingonper

6、sonaldiscountrate,taxposition,periodofinvestment,etc.ForexamplethevalueofashareboughttodayandexpectedtobesoldinfiveyearstimewillbethepresentvalueofthefiveyearsdividendsplusthepresentvalueoftheexpectednetCaseBankforInternationalFinancialManagement(0)ObjectiveofInternationalFinancialManagementQu

7、estion:StakeholderobjectivesusingUKasacase(a)'Theobjectiveoffinancialmanagementistomaximisethevalueofthefirm.'Youarerequiredtodiscusshowtheachievementofthisobjectivemightbecompromisedbytheconflictswhichmayarisebetweenthevariousstakehold