财务管理基础 第13版 教学课件Chap021_PPT.ppt

《财务管理基础 第13版 教学课件Chap021_PPT.ppt》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、InternationalFinancialManagement21ChapterOutlineThemultinationalcorporationEffectofexchangeratesHedgingandreductionofforeignexchangeriskEvaluatingpoliticalriskinforeigninvestmentsWaysoffinancinginternationaloperations2GrowingInterdependencyIntegratednatureofcapitalmarketsPossibl

2、edeclinesbeyondtheexpectedeconomicimpactofaneventCurrencymarketsImpacttradebetweennationsaffectingsalesandearningsofinternationalcompaniesTheadventoftheeuroImpactonearningsofU.S.companiesdoingsignificantbusinessinEurope3OneU.S.DollartotheBritishPoundandEuro4InternationalSaleso

3、fSelectedU.S.Companies5TheMultinationalCorporation:NatureandEnvironmentAfirmdoingbusinessacrossitsnationalbordersCantakeonvariousformsExporterLicensingAgreementJointVentureFullyOwnedForeignSubsidiary6TheMultinationalCorporation:NatureandEnvironment(cont’d)ExporterLeastriskymeth

4、odReapbenefitsofforeigndemandNolong-terminvestmentcommitmentrequiredLicensingAgreementsLicensegrantedtoanindependent,localmanufacturerReturnsincludelicensingfeeorroyaltyEffectiveexportingtechnology7TheMultinationalCorporation:NatureandEnvironment(cont’d)JointVentureEstablishedw

5、ithalocalforeignfirmMostconduciveenvironment-legal,political,andeconomicFullyownedforeignsubsidiaryHigherrisksandcomplexitiesofoperationLowersportfolioriskoftheparentcorporationMoreprofitablethandomesticfirmsDecisivefactorinshapingthepatternoftrade,investment,andtheflowoftechnol

6、ogy8FactorsInfluencingExchangeRatesThecurrenciesofmajortradingpartnersoftheUnitedStatesaretradedinfreemarketsExchangerateisdeterminedbythesupplyof,anddemandfor,thosecurrenciesThisactivityissubjecttointerventionbymanycountries’centralbanks9ExchangeRatedtotheDollar10OtherFactorsIn

7、fluencingExchangeRatesInflation:Purchasingpowerparitytheory:ExchangeratesvaryinverselywiththeirrespectivepurchasingpowersProvidesthesameorsimilarpurchasingpowerineachcountryInterestrates:Interestrateparitytheory:Theinterplaybetweeninterestratedifferentialsandexchangerates11Othe

8、rFactorsInfluencingExchangeRates(cont’d)Balanc