ChInernaionalFinancialManagemen國際金融管理山東大學(xué),秦風(fēng)鳴

International

FinancialManagementSchoolofEconomics/ShandongUniversity?

Spring2006LecturebyQinFengmingEmail:fmqin@TextbookbyJeffMaduraFloridaAtlanticUniversityPrerequisites

MacroeconomicTheoryorequivalent,MoneyandBanking,InternationalTradearetheformalprerequisite.However,somegraspofthetheoryanadministrativebehaviorofthecommercialbankmanagementwouldmakethecourseeasiertounderstand,andmorevaluable,forthestudents.Guestlectures

Speakerswithspecificexpertisewillguestlectureswhenappropriate.Grading

Attendanceandparticipation30%FinalExam70%by

JeffMadura

FloridaAtlanticUniversity

International

FinancialManagement7thEditionPowerPoint?Presentation

by

Yee-TienFu

NationalCheng-ChiUniversity

Taipei,TaiwanSouth-Western/ThomsonLearning?2003IntroductionofthetextMultinationalcorporations(MNCs)competingintheglobalmarketplacemustnotonlybeproperlymanagedtoapplytheircomparativeadvantagesinforeigncountries,butalsomanagetheirexposuretothevariousformsofriskastheycapitalizeontheirinternationalbusinessopportunities.Theirexposureisespeciallypronouncedindevelopingcountrieswherecurrencyvaluesandeconomiesarevolatile.Asinternationalconditionschange,sodoopportunitiesandrisk.IntroductionofthetextIngeneral,changesininternationalconditionsmakeinternationalfinancialmanagementmorechallenging.MNCsrespondbymeetingthechallengeratherthanretreating.ThoseMNCsthataremostcapableofrespondingtochangesintheinternationalfinancialenvironmentwillberewarded.ThesamecanbesaidforthestudentstodaywhomaybecomethefuturemanagersofMNCs.OrganizationofthetextThefirsttwopartsofthetextprovidedthemacroeconomicframeworkforthetext.PartI(chapter1-5)introducesthemajormarketsthatfacilitiesinternationalbusiness.PartII(chapter6-8)describesrelationshipsbetweenexchangeratesandeconomicvariables,andexplainstheforcesthatinfluencetheserelationships.OrganizationofthetextTheremainderofthetextprovidedamicroeconomicframework,withafocusonthemanagerialaspectsofinternationalfinancialmanagement.PartIII(chapter9-12)explainsthemeasurementandmanagementofexchangeraterisk.PartIV(chapter13-18)describesthemanagementoflong-termassetsandliabilitiesincludingmotivesforFDI,multinationalcapitalbudgeting,countryriskanalysis,andcapitalstructuredecisions.PartV(chapter19-21)concentratesontheMNC’smanagementofshort-termassetsandliabilities,includingtradefinancing,othershort-termfinancing,andinternationalcashmanagement.ApproachesofthetextPart-openingdiagramObjectivesemphasisNikeproblemManagingforvalueFinancialmarketsperspectiveOnlineapplicationValuationoftheMNCSummarySelftestQuestionsContinuingcaseSmallbusinessdilemmaIntegrativeproblemSupplementalcasesFouronlineprojectsMultinationalCorporation(MNC)ForeignExchangeMarketsProductMarketsSubsidiariesInternationalFinancialMarketsDividendRemittance&FinancingExporting&ImportingInvesting&FinancingPartI

TheInternationalFinancialEnvironmentMultinationalFinancialManagement:

AnOverview1

ChapterSouth-Western/ThomsonLearning?2003ChapterObjectivesToidentifythemaingoalofthemultinationalcorporation(MNC)andconflictswiththatgoal;Todescribethekeytheoriesthatjustifyinternationalbusiness;andToexplainthecommonmethodsusedtoconductinternationalbusiness.GoaloftheMNCThecommonlyacceptedgoalofanMNCistomaximizeshareholderwealth.WewillfocusonMNCsthatarebasedintheUnitedStatesandthatwhollyowntheirforeignsubsidiaries.ConflictsAgainsttheMNCGoalForcorporationswithshareholderswhodifferfromtheirmanagers,aconflictofgoalscanexist-the

agencyproblem.AgencycostsarenormallylargerforMNCsthanforpurelydomesticfirms.ThesheersizeoftheMNC.Thescatteringofdistantsubsidiaries.Thecultureofforeignmanagers.SubsidiaryvalueversusoverallMNCvalue.Im切pa做ct片o蘿f剪Ma箏na缺ge故me照nt仰C汽on足tr喚olTh漢e得ma彼gn姨it亡ud昂e梢of彼a招g(shù)e收nc抵y半co朽st載s佳ca課n屋va蠟ry坡w木it逐h雖th獲e料ma角na張ge顆me常nt搖s豎ty恰le斬o虜f真th殼e宗MN淡C.Ace文nt桌ra卵li己ze腔dma承na駛ge聾me奔nt熊s什ty嚼le孔r臘ed鎖uc征es踐a脂ge被nc女y炸co譜st奸s.爹H秋ow懼ev掩er塞,值ade肯ce習(xí)nt剪ra類li史ze柴dst滔yl捎e牧gi穿ve項(xiàng)s找mo李re桶c傘on筐tr臉ol行t冒o燃th文os脂e詞ma偶na飛ge優(yōu)rs說w扁ho揉a吼re服c勾lo糟se枕r耽to易t紀(jì)he仍s波ub熱si拿di儀ar閉y’挪s墻op銷er勉at痛io截ns植a攝nd洪e爛nv盞ir孔o(hù)n于me輝nt個.Ce靈nt樓ra跑li筆ze舉d吩Mu性lt拋in飄at符io另na祥l采Fi怠na燦nc拿ia貝l川Ma濁na牌ge杠me叮ntfo霜r鉤an搶M蹄NC配w駐it餃h胸tw視o臺su出bs貢id恨ia亦ri內(nèi)es統(tǒng),徐A竄an水d溉BFinancialManagersofParentCapitalExpendituresatAInventoryandAccountsReceivableManagementatACashManagementatAFinancingatACapitalExpendituresatBInventoryandAccountsReceivableManagementatBCashManagementatBFinancingatBDe釋ce窮nt韻ra像li道ze狡d貌Mu弄lt鎮(zhèn)in于at逃io繼na悔l底Fi或na慚nc尋ia受l江Ma弱na莊ge棕me漂ntfo牛r旺an吩M建NC煙w烏it抓h屠tw寶o領(lǐng)su及bs劉id熔ia霜ri除es序,后A爸an奇d處BFinancialManagersofACapitalExpendituresatAInventoryandAccountsReceivableManagementatACashManagementatAFinancingatACapitalExpendituresatBInventoryandAccountsReceivableManagementatBCashManagementatBFinancingatBFinancialManagersofBIm喘pa具ct端o丑f咱Ma貫na去ge包me窮nt惰C殃on宜tr胖olSo屑meMN僚Csat湯te續(xù)mp南t鍵to芹s枝tr獸ik噴e譽(yù)a劍ba剪la鑄nc俘e幅-義th糊ey棗a俯ll財(cái)ow蠻s笛ub慘si罩di筒ar疏y驅(qū)ma椒na在ge硬rs因t慶o躲ma揚(yáng)ke姻t永he亭k襯ey吳d振ec弊is街io暗ns孕f潔or副t閥he鑄ir灑r聚es蛙pe客ct密iv慮e難op診er奏at罩io疼ns水,遭bu屋t乘th千e屠de取ci肆si域on縮慧s營ar順e陡mo務(wù)ni勾to蘋re山d割by癥t齒he母p拌ar侵en釘t’抓s繁ma喚na屆ge窮me某nt體.Im塌pa霞ct歇o豎f曬Ma助na低ge鉗me視nt笛C嫌on擔(dān)tr巖olEl近ec虜tr妨on冶ic具n王et肥wo博rk焦s誤ma栽ke蔥i互t獨(dú)ea臣si累er接f琴or嬌t雷he淡p辰ar偏en關(guān)t嗽to趙m尾on榮it燦or宋t井he踢a嗽ct階io粒ns蔑a先nd摔p概er誦fo街rm杰an膀ce錢o敏f韻fo提re繭ig五n承su率bs圾id鋪ia振ri敬es歷.Fo待r房誠ex計(jì)am鍛pl類e,折c撒or次po伙ra壘te粱i貝nt詠ra贏ne盜t會or筆i翻nt橋er娛ne虜t港em倉ai翼l搜fa僑ci花li銅ta瞎te彼s芹co陜mm茫un閱ic染at瘋io拿n.簽F棗in懼an狀ci候al固r程ep焦or品ts訴a棗nd待o瞇th腥er狼d飼oc醉um司en誼ts稈c擊an竹b肉e糠se求nt塊e森le直ct蟻ro檔ni移ca藥ll孝y覺to象o.Im剪pa新ct稍o券f診Co搶rp忙or全at亮e鐘Co她nt爪ro初lVa端ri株ou冊s輛fo啦rm煌s伐of外c霞o(jì)r獸po邊ra僑te病c氧on泄tr宮ol晝c遭an恰i驅(qū)nd俱uc顆e諒ag往en依cy舟c置os化ts雜.St條oc賤k養(yǎng)co幻玉mp團(tuán)en送sa孩ti竿on殊f旗or腸b覽oa闊rd慣m羊em頂be垂rs紀(jì)a拼nd騎e固xe薪cu奶ti毅ve頸s.Th扔e弱th桐re跑at重o酬f惜a宣ho擦st敵il慰e耳ta徐ke峽ov姥er蜜.Mo略ni貿(mào)to莊ri賴ng展a瘦nd芹i嗓nt言er黑ve協(xié)nt喪io楊n裂by貼l鈴ar茶ge滔s震ha逃re容ho羨ld炭er煮s.Co爐ns癢tr池ai驚nt廟s神I載nt沃er近fe餅ri賭ng穗w定it您h汗th陷e非MN例C’標(biāo)s府Go廚alAs莖M聯(lián)NC咬m堅(jiān)an刺ag汁er必s均at湊te番mp烤t愁to惕m夜ax鉆im未iz側(cè)e勵th消ei皺r便fi戀rm輝’s洪v爬al倒ue瓶,貴th輸ey璃m道ay擁b影e獨(dú)co惠nf建ro赴nt喝ed當(dāng)w線it豪h衰va小ri惰ou搶s養(yǎng)co菠ns夏tr顫ai黨nt爬s.En匹vi疼ro巾nm喇en炊ta回l北co快ns程tr橫ai椅nt否s.Re女gu油la緞to遮ry息c趕on朱st找ra廉in見ts演.Et遲hi惜ca罪l盾co奔ns燦tr梯ai欠nt堵s.Whyarefirmsmotivatedtoexpandtheirbusinessinternationally?Th忙eo君ri連es預(yù)o駝f苗In窩te離rn勸at析io囑na銅l怠Bu思si憤ne紫ssTh竄eo脅ry磁o遞f慎Co塑mp丙ar腿at膚iv攝e載Ad玩va貍nt煤ag微eSp妹ec翠ia載li族za挽ti友on跑b芳y慘co倡un差tr蠟ie惜s焦ca溜n隔in垃cr謎ea關(guān)se帽p烏ro翼du蘭ct鋪io止n飄ef椒fi胡ci山en上cy燃.Im語pe聾rf昨ec敢t孟Ma游rk慣et吳s峰Th喘eo堡ryTh闊e姑ma旋rk木et蕩s選fo獨(dú)r思th緊e們va施ri饑ou奧s限r(nóng)e嫂so贏ur縱ce鋒s林us靈ed顆i傻n于pr翼od省uc坐ti凡on認(rèn)a刃re艱“化im地pe浴rf津ec繁t.術(shù)”Whyarefirmsmotivatedtoexpandtheirbusinessinternationally?Th薄eo約ri暈es英o劃f或In土te盡rn倉at旁io渠na塘l論Bu至si壩ne專ssPr仗od兔uc達(dá)t慣Cy化cl盯e捐Th學(xué)eo房誠ryAs腦a德f向ir競m嘩ma扔tu嘆re盯s,擾i歉t殺ma伐y桿re儉co鈴gn鐘iz蜜e票ad漏di令ti進(jìn)on夾al動o莊pp懸or縣tu悲ni耐ti遇es反o呼ut沉si呆de惡i賽ts帶h帳om矛e探co條un置tr央y.

Firmexportsproducttoaccommodateforeigndemand.

Firmcreatesproducttoaccommodatelocaldemand.Th革e籍In但te唐rn翻at筍io席na丑l雁Pr壞od找uc載t熱Li扔fe搬C牲yc取le

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ProfileB: MNCsfocusedonInternationalTradeand InternationalArrangementsU.S.BusinessesForeignImportersU.S.CustomersForeignExportersForeignFirmsU.S.-basedMNCFeesforservicesCostsofservicesPaymentsforproductsPaymentsforsuppliesPaymentsforexportsPaymentsforimportsOv撒er辜vi抗ew期o何f磁an搖M銀NC油’s今C扔as述h漢Fl施ow彈sProfileC:MNCsfocusedonInternationalTrade,InternationalArrangements,andDirectForeignInvestmentU.S.BusinessesForeignImportersU.S.CustomersForeignExportersForeignFirmsForeignSubsidiariesU.S.-basedMNCFundsremittedFundsinvestedFeesforservicesCostsofservicesPaymentsforproductsPaymentsforsuppliesPaymentsforexportsPaymentsforimportsMa獨(dú)na饅gi恢ng蓬f端or參V筋al亦ueLi護(hù)ke未d百om英es旅ti舅c覺pr柜oj管ec霧ts酬,熊fo內(nèi)re逗ig權(quán)n笨pr禿oj赤ec佳ts挽i字nv四ol飾ve棗a卡n蠻in秧ve壞st鞏me箭nt顧d妖ec斬is獲io梨n購an推d屢a蟲fi薪na油nc哭in短g粒de籍ci寄si己on誰.Wh價en胸m攤an擠ag很er鵲s天ma甚ke膏m下ul苦ti消na倘ti捉on受al貿(mào)f槐in艘an初ce左d畢ec焦is剪io雪ns他t階ha終t汗ma謹(jǐn)xi舟mi帳ze則t群he冬o極ve皂ra許ll沈p藏re偷se懇nt墊v浸al幸ue刮o陜f喜fu角tu只re賺c災(zāi)as頓h俗fl爽ow易s,賣t舅he休y具ma勁xi姐mi渡ze穿t趁he惕f交ir淘m’音s臥va扛lu拆e,挽a辨nd逝h鬧en械ce仿s襯ha莖re袍ho妹ld任er蘭w辯ea睬lt浸h.

E(CF$,t) = expectedcashflowstobereceivedattheendofperiodt n = thenumberofperiodsintothefutureinwhichcashflowsarereceived

k = therequiredrateofreturnbyinvestorsVa廟lu盾at每io殃n胡Mo冷de凱l罵fo隙r野an渠M榴NCDo來me球st剩ic腫M妥o(hù)d宜el

E(CFj,t) = expectedcashflowsdenominatedincurrencyjtobereceivedbytheU.S.parentattheendofperiodt E(ERj,t) = expectedexchangerateatwhichcurrencyjcanbeconvertedtodollarsattheendofperiodt k = theweightedaveragecostofcapitaloftheU.S.parentcompanyVa退lu隔at注io狂n篇Mo遲de專l熔fo倡r臥an精M于NCVa釋lu勒in糞g炊In孕te附rn臺at啊io坡na獲l獄Ca予sh初F團(tuán)lo阻wsVa哭lu絹at都io控n婆Mo汗de午l夜fo繡r盤an轟M掏NCAn封M趟NC王’s妄f藍(lán)in眨an摩ci言al池d研ec既is舊io遷ns旺i棕nc目lu而de駝h賓ow腹m居uc風(fēng)h封bu溫si享ne戲ss旁t箭o漿co懷nd縣uc眉t朗in棚e教ac嬌h繞co暖un話tr嚷y銅an篩d頃ho常w啟mu頭ch范f惕in玻an拘ci融ng土t獨(dú)o殖ob蝦ta脅in狹i污n惑ea悟ch就c丈ur唐re塑nc拋y.It哨s針fi盡na佛nc掛ia敵l肚de猜ci夏si薯on楊s杜de屬te碰rm盆in或e朱it滾s崇ex飛po悟su穿re館t腎o至th持e終in迷te刻rn糧at鑼io芝na傳l儲en凝vi悉ro騎nm迎en躬t.Va緣瑞lu潮at酸io紀(jì)n酷Mo回de徒l莫fo名r另an籌M異NCImpactofNewInternationalOpportunitiesonanMNC’sValueExchangeRateRiskPoliticalRiskExposuretoForeignEconomiesHo帥w塊Ch尺ap遵te熱rs燙R象el潤at侄e算to伏V業(yè)al財(cái)ua端ti廊onBackgroundonInternationalFinancialMarkets(Chapters2-5)ExchangeRateBehavior(Chapters6-8)Long-TermInvestmentandFinancingDecisions(Chapters13-18)Short-TermInvestmentandFinancingDecisions(Chapters19-21