财务管理基础全套配套课件沈洪涛 ch19.ppt

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1、CHAPTER19MultinationalFinancialManagementMultinationalvs.domesticfinancialmanagementExchangeratesandtradinginforeignexchangeInternationalmoneyandcapitalmarketsWhatisamultinationalcorporation?Acorporationthatoperatesintwoormorecountries.Decisionmakingwithinthecorporationmaybecentralizedinthehom

2、ecountry,ormaybedecentralizedacrossthecountriesthecorporationdoesbusinessin.Whydofirmsexpandintoothercountries?Toseeknewmarkets.Toseekrawmaterials.Toseeknewtechnology.Toseekproductionefficiency.Toavoidpoliticalandregulatoryhurdles.Todiversify.Whatfactorsdistinguishmultinationalfinancialmanagem

3、entfromdomesticfinancialmanagement?Differentcurrencydenominations.Economicandlegalramifications.Languagedifferences.Culturaldifferences.Roleofgovernments.Politicalrisk.ConsiderthefollowingexchangeratesUS$tobuy1unitJapaneseyen0.009Australiandollar0.650Arethesecurrencypricesdirectorindirectquota

4、tions?Sincetheyarepricesofforeigncurrenciesexpressedindollars,theyaredirectquotations.Whatisanindirectquotation?ThenumberofunitsofaforeigncurrencyneededtopurchaseoneU.S.dollar,orthereciprocalofadirectquotation.Areyoumorelikelytoobservedirectorindirectquotations?Mostexchangeratesarestatedinterm

5、sofanindirectquotation.ExcepttheBritishpound,whichisusuallyintermsofadirectquotation.CalculatetheindirectquotationsforyenandAustraliandollar#ofunitsofforeigncurrencyperUS$Japaneseyen111.11Australiandollar1.5385Simplyfindtheinverseofthedirectquotations.Whatisacrossrate?Theexchangeratebetweenany

6、twocurrencies.CrossratesareactuallycalculatedonthebasisofvariouscurrenciesrelativetotheU.S.dollar.CrossratebetweenAustraliandollarandtheJapaneseyen.Crossrate=(Yen/USDollar)x(USDollar/A.Dollar)=111.11x0.650=72.22Yen/A.DollarTheinverseofthiscrossrateyields:0.0138A.Dollars/YenOrangejuiceproject:

7、SettingtheappropriatepriceAfirmcanproducealiteroforangejuiceandshipittoJapanfor$1.75perunit.Ifthefirmwantsa50%markupontheproject,whatshouldthejuicesellforinJapan?Price=(1.75)(1.50)(111.11)=291.66yenOrangejuiceproject:Determiningprofita