Chap001尤恩_国际财务管理_英文第五版ppt.ppt

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1、GlobalizationandtheMultinationalFirmChapterOneWhat’sSpecialabout“International”Finance?GoalsforInternationalFinancialManagementGlobalizationoftheWorldEconomyMultinationalCorporationsOrganizationoftheTextSummaryChapterOneOutlinewhywestudythiscourseWearenowlivinginahighlyglobalizedandin

2、tegratedworldeconomy.GlobalizationoftheWorldEconomyConsumptionglobalizationProductionglobalizationEmergenceofGlobalizedFinancialMarketsYouropinion:trendofGlobalization?讨论：在你的身边有哪些事情，哪些现象让你感受到了你生活在一个全球化的时代。What’sSpecialabout“International”Finance?ForeignExchangeRiskPoliticalRiskMarketI

3、mperfectionsExpandedOpportunitySetWhat’sSpecialabout“International”Finance?ForeignExchangeRiskThisisriskthatforeigncurrencyprofitsmayevaporateindollartermsduetounanticipatedunfavorableexchangeratemovements.Suppose$1=¥100andyoubuy10sharesofToyotaat¥10,000pershare.Oneyearlatertheinvestm

4、entisworthtenpercentmoreinyen:¥110,000.But,iftheyenhasdepreciatedto$1=¥120,yourinvestmenthasactuallylostmoneyindollarterms.例如：波音公司与法国航空公司签订了一份出售一架波音737飞机的合约。法航1年后将支付2000万欧元。目前的即期汇率是1.05美元/欧元，1年后的远期汇率是1.10美元/欧元。美国年利率为6%，法国为5%。波音公司非常关注美元兑欧元汇率的变化，希望对外汇风险套期保值。（1）考虑两种套期保值的方案：用远期合约卖出未来的欧元收入，

5、或从里昂信贷公司借入应收回的欧元数。你会选择哪一种？为什么？请写出计算过程。（2）如果其他条件相同，远期汇率为多少时两种方案没有区别。What’sSpecialabout“International”Finance?PoliticalRiskSovereigngovernmentshavetherighttoregulatethemovementofgoods,capital,andpeopleacrosstheirborders.Theselawssometimeschangeinunexpectedways.MarketImperfectionsLegalre

6、strictionsonthemovementofgoods,people,andmoneyTransactionscostsShippingcostsTaxarbitrageWhat’sSpecialabout“International”Finance?TheExampleofNestlé’sMarketImperfectionNestléusedtoissuetwodifferentclassesofcommonstockbearersharesandregisteredshares.Foreignerswereonlyallowedtobuybearers

7、hares.Swisscitizenscouldbuyregisteredshares.Thebearerstockwasmoreexpensive.OnNovember18,1988,Nestléliftedrestrictionsimposedonforeigners,allowingthemtoholdregisteredsharesaswellasbearershares.Nestlé’sForeignOwnershipRestrictions12,00010,0008,0006,0004,0002,000011203191824Source:Finan