跨國企業(yè)和國際財務管理文獻翻譯

原文：InternationalFinancialManagementandMultinationalEnterprisesIntroductionThischapterprovidesaselective,criticalsurveyoftheacademicliteratureonthefinancialmanagementpolicyofmultinationalenterprises(MNEs).Thefocusofmuchcurrentresearchinterestcanbecapturedintwomajorthemeswhichalsodominatethisanalysis.ThefirstisfinancialmanagementpolicyinrelationshiptotheincreasingvolatilityofrealandfinancialassetpricesintheinternationalfinancialenvironmentwithinwhichMNEsoperate.Thisdictatesonethemeofthischapter:theimpactoffinancialrisk,inparticularmarketrisk,onMNEsandanappraisalofevolvingfinancialriskmanagementpractices.Thesecondthemeisinternationalmarketsegmentation(ChoiandRajan1997).Theglobalizationofinternationalbusinessactivityhasevolvedalongwithincreasingfinancialmarketintegration,particularlyincapitalmarkets.Toalimitedextentthishasbeenaccompaniedbyincreasedharmonizationandstandardizationofbothinternationalregulatoryandaccountingpractices(Robertsetal.1998).Despitesuchtrends,theasymmetricincidenceofaccountingstandardsregulations,andtaxationhashadsignificanttacticalandstrategicfinancialmanagementimplicationsforMNEs(ChoiandLevich1990,1997;Grayetal.1995;Meeketal.1995;Oxelheimetal.1998).Weevaluatethenature,incidence,andimplicationsofsuchmarketsegmentationforselectedaspectsofMNEfinancialmanagementactivity.ItisclearfromthecontextofouranalysisthatwebelievefinancialfactorstohaveimportantimplicationsforthecomparativeadvantageofMNEslocatedindifferentjurisdictions,andalsothatfinancialmanagementplaysacriticalroleindecidinganMNE’scompetitiveprosperity.ThisbeliefissupportedbysurveysofMNEs(RawlsandSmithson1990;Marshall2000).Marshall(2000)reportstheresultsofasurveyofthe200largestMNEswhichrevealthat87percentofAsianPacific-basedMNEsstatethatforeignexchangeriskmanagementisatleastasimportantasbusinessriskmanagement.Nonetheless,todatenogenerallyacceptedtheoreticalunderpinninghasyetbeenprovideddemonstratingthatfinancialfactorsalonearebothnecessaryandsufficienttorationalizetheexistenceofMNEs,.Wefurtherdiscussthisissueinthecontextofmodesofmarketentryandparticipationinalatersection.Theremainderofthechapteriseasilysummarized.Section2discussestheenhancedimportanceofrecentincreasesinassetpricevolatility,relatingittocountryriskandinternationalinvestmentappraisal.Theclassificationandmeasurementofriskexposureisconsideredinsection3.Particularattentionisgiventorecentlydevelopedtechniquessuchasvalue-at-riskandcash-flow-at-risk.Section4isconcernedwiththemanagementoffinancialriskbyMNEs.Inparticular,adistinctionismadebetweenmanagementpoliciesdesignedprimarilytohedgerisk,andthoseintendingtoexploititspotentialtocreatecompetitiveadvantage.ThissectionalsoevaluatesempiricalstudiesofMNEriskmanagement.Section5addressesissuesrelatingtotheeffectiveimplementationofariskmanagementsystemwithinthegovernancestructureofanMNE.Brifeconcludingremarksfollowtogetherwithsomesuggestionsforfutureresearch..THENATUREOFFINANCIALRISKOuremphasisonfinancialriskandtheevolutionofMNEriskmanagementpracticeshasbeenmotivatedbyanumberoffactors,themostimportantbeingthetrendtowardincreasingglobalfinancialmarketintegration(Lessard1997)andtheenhancedvolatilityinthefinancialenvironmentwithinwhichMNEsoperate.Welaterevaluatestudieswhicharguethatthesefactorscanconfercertainadvantagestointernationalizationofafirm’sactivities.Inpreparationforthisanalysiswechroniclecertainmajorrecentdevelopmentsintheglobalfinancialenvironment,whichindicatetheincreasingimportanceofmarketriskinglobalfinancialmarkets.ExchangeratevariabilityFollowingthecollapseoftheBrettonWoodssystemoffixedexchangeratesintheearly1970s,exchangeratefluctuationshavebecomeincreasinglyvolatile,punctuatedbyoccasionalepisodesofexchangeratecrises.Between1970andmid-2000,theYen/USdollarexchangeratehasmovedfrom361to107andtheDeutschmark/USdollarratehasfallenfrom4.2to1.9.However,thedollarhasappreciatedbyabouttwo-thirdsagainststerlingoverthesameperiod.ThecrisisintheEuropeanMonetarySystem(ERM)inSeptember1992ledtosignificantfallsinthevalueofsterlingandtheItalianLira,whilethecurrenciesofThailand,Indonesia,Malaysia,thePhilippines,andSouthKorealostbetweenone-thirdandthree-quartersoftheirvalueinthesecondhalfof1997.Therehavealsobeenmajormovementsinexchangeratesfollowingshifitsinthemonetarypolicystanceofcertaingovernments,suchasthetightermonetarypolicyfollowedintheearlydaysoftheThatcheradministrationintheUK.Indeed,theaveragevolatilityofexchangerates,whichisintheregionof10-15perentperyear,issufficienttoeliminatetheaverageprofitmarginforthetypicalmultinationalcorporation.InterestratevariabilityInterestratevolatilityhassimilarlyaffectedcorporatefundingcosts,cashflows,andnetassetvaluessincetheearly1970sintheUS,andalthoughtheysubsequentlydeclined,achangeinpolicybytheFederalReservecausedasharpincreaseinboththelevelandvolatilityofratesin1979.Interestratespeakedin1981,andthenfellslowly.Since1983,therehavebeenfourmoreUSinterestratecycles.AccordingtoJorion(1996),theincreasein1994eliminatedover$1.5trilliondollarfromfixedincomeportfolios.Interestrateshavealsobecomemoreandmorevolatilesincemanycentralbanksbegantoabandontargetinginterestratesasapolicyobjectiveinfavouroftargetingmoneysupplygrowthorinflation.IntheUK,interestratesshotupinthelate1980sandearly1990sduetoinflationarypressurescausedbyarelaxationinmonetarypolicy,butthenfellsubstantiallywithsterling’swithdrawalfromtheERMinSeptember1992.EquitymarketvariabilityEquitymarketshavealsobecomeextremelyvolatile.Duringtheinflationaryperiodsoftheearly1970s,pricesincreasedsignificantlyonlytofallsharplyduringthebearmarketof1974-5followinga300percenthikeinthepriceofoil.Aglobalrecoverythenensued,withminorpricereversalsin1982-3,andthemarketpeakedin1987.OnBlackMonday,19October1987,pricesplunged.USequitieslost23percentoftheirvalue,equivalenttooverUS$1trillioninequitycapital.Thiswasfollowedbyanotherrecoveryoverthenexttenyears,sustainedworldwidewiththeexceptionofJapan,wheretheNikkeiindexfellfrom39000in1989to17000in1992,acapitallossofUS$2.7trillion.Finallyfrommid-toend1997,thestockmarketsofBangkok,Jakarta,KualaLumpur,andManilalostUS$370billion,or63percentofthefourcountryes’combinedGDP,whiletheSeoulstockmarketdeclined60percent.CommoditypricevariabilityandothersourcesofincreasedriskCommodityprices,particularlythoseinprimaryproductmarkets,havealsobeensubjecttolargefluctuationssincethe1970s,atrendestablishedsubsequenttotheoilpricerisesof1973-4.Thisvariabilityalsohadspollovereffectsinotherfinancialmarkets,particularlyequitymarkets,therebycorroboratingtheviewthatitisfundamentallyincorrecttotreatfinancialmarketsinisolationfromoneanthor.Significantregulatoryandlegalchanges,theglobalizationofthefinancialservicesindustry,andlegalchanges,theglobalizationofthefinancialservicesindustry,andtheemergenceofoffshorefinancialactivityhavealsoincreasedfinancialrisks.Finally,riskassociatedwiththeenhancedglobalriskhasresultedfromincreasedlevelsofworldtrade,majorchangesintradepolicy,theeconomicandpoliticaltransitionoftheformerSovietbloc,thegrowthoftheEU,andtheemergenceoftheAsiantigereconomiesaseconomicpower.Countryrisk跟This燦incre釋asing臂fina勁ncial盟mark估etvo灑latil圓ityh枯aspo貞tenti襖ally短impor放tant丙conse址quenc賞esfo澡rbot惡hthe盲issu徐eof撇inter付natio腹nali澇nvest皇ment桶appra銷isal,途and像also糾thea業(yè)pprop逼riate弦meas使ureo扁fcou砍ntry膚risk.吊Befo飛rewe羽cons先ider竹metho釋dolog師ical柔issue釣srel博ating誠tot櫻heme脈asure所ment說ofco素untry港risk吩,the糞rear汽esom依ecom南menta腿tors要whoa掠rgue績that庫count間ryri汁skis爭dive兆rsifi缸able(后unsys際temat巖ic)a權ndth艘atth棟eres任hould酸ben亦ocor區(qū)recti踢ons.配Recen余tass紋etpr燒icing廟beha詠viour腰ini曉ntern宣ation中alfi胳nanci掘alma脈rkets吃prov全ides犧subst責antia剪levi抽dence核ofc擁ross-固marke掀tcor伴relat伍ion(s聯ystem纏atic柄risk)織sugg輩estin賴gcou榜ntry未risk德isno長n-div愛ersif識iable卡even豐ina喚glob勒alpo修rtfol逆io,a負ndhe駕nces咸hould夾bei毛ncorp肅orate微d.On橡the棵measu用remen瓜tasp需ects,脂Damo廉doran鈴(200欲0)ha定sarg艘uedt荷hatt外heri世skpr進emium隊ina嶼nyeq烤uity汗marke逗tcan俗bec坐oncep送tuali學zeda球s:精Equit盯yMar笑ketR醒iskP顯remiu聽min原Count似ryA幫=Bas賭ePre炮mium里forM麻ature吹Equi辟tyMa酬rket厲(US)乘+Coun拉tryP倍remiu位mfor豎Coun敬tryA油.知Inca兆lcula蛛ting古theb鵲asep扎remiu注mfor涉the擾US孤mark瘡et,a宜napp草roach生base曲dupo陳nhis齡toric迅alpr灶emium忘rema昌inss肚tanda舒rd.H炒ere,揭actua光lequ枝ityr遠eturn刻sare捕esti借mated堂over格asu茂ffici深ently閃long躲time叮fram精eand掏comp繳ared倡toth賴eact燕ualr邪eturn房sear讀nedo拜ndef旗ault-扛free兵(usua景l(fā)lyg壞overn磨ment)梢secu皮ritie腸s.Th著eann豈ualiz晴eddi唱ffere飼ncei狂sthe業(yè)ncal府culat悟edan溫drep對resen恐tsth電ehis屈toric機alpr鐮emium便.Thi低smet鳳hody念ields斥subs仔tanti弊aldi漆ffere反nces哨inth劇epre粉miums亡weo詠bserv誕ebei挖ngus抱edin并prac紐tice:撫even膜for充thec圍aseo展fthe員刊USA桿esti杰mates哨rang活efro津m4p紫erce塞ntto程12p捉ercen盲t.Th師isis掛all南them工ores岸urpri盤sing腹given疼that凳most招calc樹ulati躲onsu危seid悠entic出alda俱ta,t攻heIb止botso黑nAss甘ociat家esda訪tabas禽eof誘histo令rical忘retu宵rns.某Weco父nject級ures立evera話lrea嫩sons捷exist艦for撈this心diver型gence騰.Fir雪st:d耍iffer轉ences水int削imep圖eriod臥suse吩d.Pr仆opone懼ntso龍fthe印use錯ofsh松orter課time樓peri所odsa跑rgue紀that山such苗estim上ates塞arem蜻orer犧eleva迅nt,a隸sthe怒aver么ager量iska椅versi句onof撞inve遞stors撞chan靜geso釀vert勞ime.欠This教consi慨derat子ioni近slik腎elyo糊verwh筋elmed訴byt窩hefa修ctth械atto該obta些inre朱asona膚bles憲tanda烘rder側rors希oner返equir姿esve勻rylo衣ngti返mepe妨riods汁(at化least嘉twen莊ty-fi劉veye似ars).壘Inde蜓ed,t回hest固andar飽derr暖orsf浴romt床en-ye宅ares跪timat籠esof哄tene鹿xceed庫the立risk舅premi夾umes藍timat痛es,m共aking滅the貴estim車ates婦redun斤dant.材Seco遙nd,t酸heri貍sk-fr乒eera萄tech么osen武inca李lcula醒ting施expec否tedr宏eturn呆s,in和othe斯rwor甚dsth渠emet識hodm停ustm令atch治upth傳edur卻ation庸oft防heca恩shfl字owsb種eing刻disco灑unted擁(Dam服odora遞n200脊0).I縣fthe駕yiel脫dcur瘦veis旨upwa珍rdsl匪oping因,the奏risk披prem健iumw松illb研elar女gerw倡hene冒stima億tedr腎elati栗veto械shor雹t-ter存mgov輪ernme咐ntse們curit感ies.甚Consi錦stenc命yis沿requi編reda蓬ndgi脆vent啦hepr朋eviou享scom蠅ments窯,the燭use駁ofeq雁uity冶premi快umca都lcula用tedr懷elati戰(zhàn)veto疼long貨-date棒dgov寨ernme危ntbo串ndss療eems廁appro腦priat脾efor浙most探case禽s.Th深ird,昌adeb線atee欲xists滾over符how拿toco饅mpute漲the爆avera利gere鞋turns叛ons惰tocks醒and批bonds替,in危parti凡cular葛whet職hert孫ouse殲arit筐hmeti而cor慣geome熱t(yī)ric亂avera癥ges.反While魚conv齊entio堂nalw爭isdom吸argu維esfo段ruse憶ofa深rithm它etic功avera乓ges,灣stron透garg殊ument平scan鍬bem然adei派nfav燃orof能the址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解后，蠻固定匯率希越來越不穩(wěn)因定，殲還偶爾發(fā)拆生盜匯率危機把。在197薯0年云到亭2000頃年中猛,日元對美朵元匯率已經偏變動為希316膚/芽107酬并且馬克擠/美元匯率常已經下降武變?yōu)檎?.2/撫1兔.富9。然而,宵在同一個拉時期美元兌析英鎊大約菌變?yōu)榧內秊┍染岸恰Ｏ?992年昂9月掌的妹歐洲貨幣體間系的刷危機(ER噴M)導致英延鎊貶值和意渡大利貨幣里飽拉斷價值大幅下世降菠,而邊僅在霉九七年下半興年廳，系泰國、印尼權、馬來西亞鋪、菲律賓、青和韓國失去末了三分之一燈到四分之三允的逝貨幣聞價值。液也有匯率發(fā)灑生重大變動貧后，某些政鍋府實行緊縮房貨幣政策，估如在英國撒宜切爾政府初弦期所遵循得汪政策，貨幣娘政策立場就標發(fā)生了轉變澤。事實上，侵匯率在每人蹲每年10-吼%15%之飛間的不穩(wěn)定爬波動，足以涌消除對典型免的跨國公司膛平均利潤率幟。利率變化竊20世紀7出0年代初利翼率波動也同景樣影響著美酸國企業(yè)的資璃金成本、現晶金流量，凈扁資產價值，島雖然他們隨根后下降，但幫在1929吧年美聯儲政發(fā)策變化引起升了雙方儲蓄粒水平的透波動性急劇掉增加。寒利率在19賀81年達到俗最高峰,后棚來就安開始逐漸下粗降寫。1983閉年以來,美琴國的利率周腫期趨變化巷已經有四次匯以上霞了冤。蛾根據吉瑞琳袋（1996斥年），19學94年增加風了$1.5何萬億，淘汰疼了美元固定持收益的投資宵組合。默利率也已成拳為更多和更凳不穩(wěn)定，因時為很多中央晌銀行開始放述棄針對利率配為目標這民一項政策偷，轉而灶贊成針對貨肢幣供應增長巷或通脹。8宮0年代末到娃90年代英準國類的化利率猛增心是壘由于通貨膨軟脹的壓力棟致使姿貨幣政策放需松剃引起的驗,但后來摸在1992蕩年9月又翁持續(xù)下滑攝并枝退出歐洲匯毅率機制。請股票市場變渡化鴿股票市場也某變得非常不板穩(wěn)定的。在費二十世紀七個十年代早期己的膏通貨膨脹時暑期,玉折價格大幅增系加只在1付974年平5月昂的熊市期間禮，勢大幅下降后堅銳只有損中石油價格豐上調300中%。全球性豬的領經濟復蘇后佳,繼嶺而虎在1982露年墾3見月有杜小價格的反拜轉,市場也毒就在198架7年坊達到頂峰寺了。在犬1987年衰10月19具日奧,黑色星期乳一,價格大尿幅下降。港美國股市的舉市值損失了滋23%，相郊當于1萬億歐美元以上的泉股本。城其次是斯在未來十年滋內的另一個蕉復蘇，全球料持續(xù)著但不脂包括日本，孕日經指數1貪989年到屬1992年趴從3900薪0變?yōu)?7群000，善資本損失的刻2杏.拿7萬億美元喚。最后,從火1997年陷中期到年底奏,吉隆坡、挽雅加達、曼跑谷,馬尼拉錦證券市場任中安我們藥損失了歡370億奪美元話,都占四個國家觀國內生產總礦值合計的6鄰3%，而韓決國首爾的股刻市則下跌了棒60%。鏈物價變異性港以及其它增鞭強的風險企的銹來源商品價柄格,特別是犧那些在初級怠產品市場,退自20世稠紀70年代車以來就受到他大的波動，己它是箭建立總在木1973-玻4的石油價蠢格上漲紀的基礎上的海。躁這種差異也崗有其他金融讓市場，特別聽是股市的溢禮出效應，從鍬而佐證認為歌，錯它養(yǎng)這樣聞對待一個砸澇碎分離的金斧融市場從根威本上睡來說是與不正確。畝重大的政策中和法律的變等化，金融服雨務業(yè)的全球戴化，法律的笑變化，金融呈服務行業(yè)的兆全球化，以猶及離岸金融價活動的出現殃也增加了金同融風險。繩最后，需隨著紛世界貿易皮的凡發(fā)展鵝，貿易政策療發(fā)生重大變喊化，稍處于司經濟和政治支轉型期的前澡蘇聯集團，帆歐盟和亞洲城虎經濟芽體蛙的出現導致做全球風險與乒相關的風險許增加從而成絨為仰經濟大國。國家風險敞增加的金融砍市場的波動絹已經烘成驢為國際投資留問題的評價償之一，也是絲適當措施的麻采取可能對賞國家風險的絲產生重要影卸響。在我們還審議