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1、Chapter14Chapter14CountryandPoliticalRiskOnMay1,2007,whichisatraditionaldayforcelebratingsocialistcauses,VenezuelanPresidentHugoChavezannouncedthatoperatingcontrolofVenezuelanoilfieldswouldtransferfrominternationaloilcompanies,suchasExxonMobilandConocoPhillip
2、softheUnitedStates,France’sTotal,Norway’sStatoil,andBritain’sBP,toVenezuela’sgovernment-ownedoilcompany,PetroleosdeVenezuelaS.A.(PDVSA).Thisactionwasarealizationofpoliticalrisk,whichistheriskthatagovernmentactionwillnegativelyaffectacompany’scashflows.Initsmo
3、stextremeform,governmentsseizepropertywithoutcompensatingtheownersinatotalexpropriation(ornationalization).Venezuelaofferedsomecompensation,butExxonMobilandConocoPhillipsrejectedthetermsandfiledcompensationclaimswiththeWorldBank’sarbitrationpanel.Theoutcomeis
4、stilluncertain.Countryriskisabroaderconceptthatencompassesboththepotentiallyadverseeffectsofacountry’spoliticalenvironmentanditseconomicandfinancialenvironment.Understand-ingcountryriskandpoliticalriskisanimportantaspectofinternationalcapitalbudgetingandmanag
5、ingoperationsinothercountries,especiallydevelopingcountries.Thischapterdiscussestheserisksandexamineshowtheycanbemeasured.Italsoex-plainswhichrisksarediversifiableandwhicharenot.Finally,itexploreshowmultinationals,suchastheinternationaloilcompanies,managether
6、isks.14.1COUNTRYRISKVERSUSPOLITICALRISKThissectionexploresthegeneraldifferencesbetweencountryriskandpoliticalrisk.Webeginwiththebroaderconceptofcountryrisk.CountryRiskCountryriskincludestheadversepoliticalandeconomicrisksofoperatinginacountry.Forexample,arece
7、ssioninacountrythatreducestherevenuesofexporterstothatnationisarealizationofcountryrisk.Laborstrikesbyacountry’sdockworkers,truckers,andtran-sitworkersthatdisruptproductionanddistributionofproducts,thusloweringprofits,alsoqualifyascountryrisks.Clashesbetweenr
8、ivalethnicorreligiousgroupsthatpreventpeopleinacountryfromshoppingcanalsobeconsideredcountryrisks.Countryriskalsoaffectsinvestorswhobuyemergingmarketsecuritiesandthebanksthatlendtocountri
