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1、INTERNATIONALINVESTMENTDefinitionConnotationTypeInternationalinvestmentinternationalinvestment,foreigninvestment,oroverseasinvestmenteconomicbehaviormultinationalcorporation/investmentsubjects↓monetarycapital/industrycapital→valueadding↑crossborderfl
2、owing&operationsDefinitionConnotationa)formsofcapitalphysicalcapital--machineryequipments&merchandisesetc.intangibleasset--goodwill,patent,trademark,copyright&franchise经销权financialaaset--bond,stock,mutualfunds,option,derivativesecurities.Connotationb
3、)subjectofficial&unofficialorganizationsmultinationalcorporationsmultinationalfinancialoganizations&individualinvestorsc)atransnationaloperationactivityofcapital≠internationaltrade&internationalcreditTypea)timelong-terminvestmetshort-terminvestmentb)
4、managementrightFDI--foreigndirectinvestmentFII--foreignindirectinvestmentc)sourceofcapitalpublicinvestmentindividualinvestmentdirectinvestmentintoproductionbuyingacompany/expandingoperationreasonscheaperwagesspecialinvestmentprivileges(eg:taxexemptio
5、n)FDIFII↑apassiveinvestment(eg:stocks,bonds)FDIFDItype:inwardforeigndirectinvestmentoutwardforeigndirectinvestmentoneexampleofinternationalfactormovementsCASE:TheVAMbetweenMengniuDairy&MorganStanleyVAMMengniuDairyMorganStanleyVAM对赌协议ValuationAdjustme
6、ntMechanismanagreement→uncertainsituationtwosubjects:acquire/investor收购方granter/financier出让方pre-arrangedsituationappearinginvestor√arightotherwisefinancier√arightakindofoptionsMorganStanley摩根斯坦利AmericanmultinationalfinancialservicescorporationMorganS
7、tanleyBuildingMidtownManhattanNewYorkCity42countries>1,300offices&60,000employeesUS$304billionsinassetsaffiliates→securitiesproducts&services→corporations,goverments,financialinstitutions&individuals3businesssegments:InstitutionalSecurities,GlobalWea
8、lthManagementGroup&AssetManagementInthiscase:Financier:MengniuDairyInvestor:MorganStanley&othertwoInternationalInvestmentOrganizationsSignedTime:2003MainContent:2003～2006if,compoundgrowthrate<50%Mengniu→MorganStanleyetc.7800thousandsharesonthecontrar
