跨国公司财务管理.ppt

跨国公司财务管理,艾伦.C.夏皮罗(AlanC.Shapiro)著赵锡军编审顾苏秦译校,PARTIENVIRONMENTOFINTERNATIONALFINANCIALMANAGEMENT,CHAPTER1INTRODUCTION:MULTINATIONALENTERPRISEANDMULTINATIONALFINANCIALMANAGEMENT,LearningObjectives,TounderstandthenatureandbenefitsofglobalizationToexplainwhymultinationalcorporationsarethekeyplayersininternationaleconomiccompetitiontodayToclassifythethreehistoricaltypesofmultinationalcorporation(MNC)andexplaintheirmotivationsforinternationalexpansionToexplainwhymanagersofMNCsneedtoexploitrapidlychangingglobaleconomicconditionsandwhypoliticalpolicymakersmustalsobeconcernedwiththesamechangingconditions,LearningObjectives,Toidentifytheadvantagesofbeingmultinational,includingthebenefitsofinternationaldiversificationTodescribethegeneralimportanceoffinancialeconomicstomultinationalfinancialmanagementandtheparticularimportanceoftheconceptsofarbitrage,marketefficiency,capitalassetpricing,andtotalriskTocharacterizetheglobalfinancialmarketplaceandexplainwhyMNCmanagersmustbealerttocapitalmarketimperfectionsandasymmetriesintaxregulations,1.1THERISEOFTHEMULTINATIONALCORPORATION,Amultinationalcorporation(MNC)isacompanyengagedinproducingandsellinggoodsorservicesinmorethanonecountry.AbrieftaxonomyoftheMNCanditsevolutionRaw-MaterialsSeekers.Raw-materialsseekersweretheearliestmultinationals,thevillainsofinternationalbusiness.MarketSeekers.Themarketseekeristhearchetypeofthemodernmultinationalfirmthatgoesoverseastoproduceandsellinforeignmarkets.CostMinimizers.Thesefirmsseekoutandinvestinlowercostproductionsitesoverseas(forexample,HongKong,Taiwan,andIreland)toremaincost-competitivebothathomeandabroad.,1.1THERISEOFTHEMULTINATIONALCORPORATION,thetruemultinationalcorporationischaracterizedmorebyitsstateofmindthanbythesizeandworldwidedispersionofitsassets.theessentialelementthatdistinguishesthetruemultinationalisitscommitmenttoseekingout,undertaking,andintegratingmanufacturing,marketing,RtheNorthAmericanFreeTradeAgreement(NAFTA),1.3MULTINATIONALFINANCIALMANAGEMENT:THEORYANDPRACTICE,Themainobjectiveofmultinationalfinancialmanagementistomaximizeshareholderwealthasmeasuredbyshareprice.Shareholdersarethelegalownersofthefirmandmanagementhasafiduciaryobligationtoactintheirbestinterests.Financialmanagementistraditionallyseparatedintotwobasicfunctions:theacquisitionoffunds(financingdecision)andtheinvestmentofthosefunds(investmentdecision).Therisksofmultinationalmanagementincludeexchangeandinflationrisks;internationaldifferencesintaxrates;multiplemoneymarkets,oftenwithlimitedaccess;currencycontrols;andpoliticalrisks,suchassuddenorcreepingexpropriation.ThemostadvantageofMNCistheinternationaldiversificationofmarketsandproductionsites.,1.3MULTINATIONALFINANCIALMANAGEMENT:THEORYANDPRACTICE,Someconceptsoffinancialeconomics:ArbitrageMarketefficiencyCapitalAssetPricingRiskclassification,1.4OUTLINEOFTHEBOOK,Thisbookisdividedintofiveparts.PartI:EnvironmentofInternationalFinancialManagementPartII:ForeignExchangeRiskManagementPartIII:FinancingtheMultinationalCorporationPartIV:ForeignInvestmentAnalysisPartV:MultinationalWorkingCapitalManagement,PARTIENVIRONMENTOFINTERNATIONALFINANCIALMANAGEMENT,CHAPTER2THEFUNDAMENTALOFINTERNATIONALFINANCE,LearningObjectives,ToexplaintheconceptofanequilibriumexchangerateToidentifythebasicfactorsaffectingexchangeratesinafloatingexchangeratesystemTocalculatetheamountofcurrencyappreciationordepreciationassociatedwithagivenexchangeratechangeTodistinguishbetweenafreefloat,amanagedfloat,atarget-zonearrangement,andafixed-ratesystemofexchangeratedeterminationTodistinguishbetweenthecurrentaccount,thefinancialaccount,andtheofficialreservesaccountanddescribethelinksamongtheseaccounts,2.1SETTINGTHEEQUILIBRIUMSPOTEXCHANGERATE,Exchangeratescanbeforspotorforwarddelivery.Aspotrateisthepriceatwhichcurrenciesaretradedforimmediatedelivery,orintwodaysintheinterbankmarket.Aforwardrateisthepriceatwhichforeignexchangeisquotedfordeliveryataspecifiedfuturedate.Theexchangeratesaremarket-clearingpricesthatequilibratesuppliesanddemandsintheforeignexchangemarket.,2.1SETTINGTHEEQUILIBRIUMSPOTEXCHANGERATE,FactorsthatAffecttheEquilibriumExchangeRate:Asthesupplyanddemandschedulesforacurrencychangeovertime,theequilibriumexchangewillalsochange.RelativeInflationRatesRelativeInterestRatesRelativeEconomicGrowthRatesPoliticalandEconomicRiskExpectationandAssetMarketmodelCalculatingExchangeRateChange,2.2ALTERNATIVEEXCHANGERATESYSTEMS,Theinternationalmonetarysystemrefersprimarilytothesetofpolicies,institutions,practices,regulations,andmechanismsthatdeterminetherateatwhichonecurrencyisexchangedforanother.Thissectionconsidersfivemarketmechanismsforestablishingexchangerates:freefloatmanagedfloattarget-zonearrangementfixed-ratesystemthecurrenthybridsystem.,2.3BALANCE-OF-PAYMENTCATEGORIES,Thebalanceofpaymentisanaccountingstatementthatsummarizesalltheeconomictransactionsbetweenresidentsofthehomecountryandtheresidentsofallothercountries.Currencyinflowsarerecordedascredits,andoutflowsarerecordedasdebits.Therearethreeprincipalbalance-of-paymentscategories:1.Currentaccount2.Capitalaccount3.FinancialaccountFormostcountries,onlythecurrentandfinancialaccountsaresignificant.,PARTIENVIRONMENTOFINTERNATIONALFINANCIALMANAGEMENT,CHAPTER3COUNTRYRISKANALYSIS,LearningObjectives,TodefinewhatcountryriskmeansfromthestandpointofanMNCTodescribethesocial,cultural,political,andeconomicfactorsthataffectthegenerallevelofriskinacountryandidentifykeyindicatorsofcountryriskandeconomichealthTodescribewhatwecanlearnabouteconomicdevelopmentfromthecontrastingexperiencesofavarietyofcountriesTodescribetheeconomicandpoliticalfactorsthatdetermineacountrysabilityandwillingnesstorepayitsforeigndebts,3.1MEASURINGPOLITICALRISK,Expropriationisthemostobviousandextremeformofpoliticalrisk,.Thereareothersignificantpoliticalrisks,includingcurrencyortradecontrols,changesintaxorlaborlaws,regulatoryrestrictions,andrequirementsforadditionallocalproduction.FactorsinpoliticalriskforecastingmodelPoliticalStabilityEconomicFactorsSubjectiveFactorsPoliticalRiskandUncertainPropertyRightsAusefulindicatorofthedegreeofpoliticalriskistheseriousnessofcapitalflight.,3.2ECONOMICANDPOLITICALFACTORSUNDERLYINGCOUNTRYRISK,keyfactorsthatdeterminetheeconomicperformanceofacountryanditsdegreeofriskFiscalIrresponsibilityMonetaryInstabilityControlledExchangeRateSystemWastefulGovernmentSpendingResourceBaseCountryRiskandAdjustmenttoExternalShocksKeyIndicatorsofCountryRiskandEconomicHealth,3.3COUNTRYRISKANALYSISININTERNATIONALBANKING,Fromabanksstandpoint,countryriskisthepossibilitythatborrowersinacountrywillbeunableorunwillingtoserviceorrepaytheirdebtstoforeignlendersinatimelymanner.WhatultimatelydeterminesanationsabilitytorepayforeignloansisthatnationsabilitytogenerateU.S.dollarsandotherhardcurrencies.TheGovernmentsCost/BenefitCalculusLessonsfromtheInternationalDebtCrisis,PARTIIFOREIGNEXCHANGERISKMANAGEMENT,CHAPTER4MEASURINGANDMANAGINGTRANSLATIONANDTRANSACTIONEXPOSURE,LearningObjectives,Todefinetranslationandtransactionexposureandoperatingexposure,distinguishthem.TodescribethefourprincipalcurrencytranslationmethodsavailableandtocalculatetranslationexposureusingthesedifferentmethodsToidentifythebasichedgingstrategyandtechniquesusedbyfirmstomanagetheircurrencytransactionandtranslationrisksTodescribethecostsandbenefitassociatedwithusingthedifferenthedgingtechniquesTodescribeandassesstheeconomicsoundnessofthevariouscorporatehedgingobjectives,4.1ALTERNATIVEMEASURESOFFOREIGNEXCHANGEEXPOSURE,Thethreebasictypesofexposurearetranslationexposure,transactionexposure,andoperatingexposure.Transactionexposureandoperatingexposurecombinetoformeconomicexposure.Translationexposure,alsoknownasaccountingexposure,arisesfromtheneed,forpurposesofreportingandconsolidation,toconvertthefinancialstatementsofforeignoperationsfromthelocalcurrencies(LC)involvedtothehomecurrency(HC).Transactionexposureresultsfromtransactionsthatgiverisetoknown,contractuallybindingfutureforeign-currency-denominatedcashinflowsoroutflows.Operatingexposuremeasurestheextenttowhichcurrencyfluctuationscanalteracompanysfutureoperatingcashflows,thatis,itsfuturerevenuesandcosts.,4.2ALTERNATIVECURRENCYTRANSLATIONMETHODS,Companieswithinternationaloperationswillhaveforeign-currency-denominatedassetsandliabilities,revenues,andexpenses.ThefinancialstatementsofanMNCsoverseassubsidiariesmustbetranslatedfromlocalcurrencytohomecurrencybeforeconsolidationwiththeparentsfinancialstatements.Fourprincipaltranslationmethodsareavailable:thecurrent/noncurrentmethod,themonetary/nonmonetarymethod,thetemporalmethod,andthecurrentratemethod.Inpractice,therearealsovariationsofeachmethod.,4.2ALTERNATIVECURRENCYTRANSLATIONMETHODS,Current/Noncurrentmethodalltheforeignsubsidiaryscurrentassetsandliabilitiesaretranslatedintohomecurrencyatthecurrentexchangerate.Eachnoncurrentassetorliabilityistranslatedatitshistoricalexchangeratethatis,attherateineffectatthetimetheassetwasacquiredortheliabilitywasincurred.Theincomestatementistranslatedattheaverageexchangerateoftheperiod,exceptforthoserevenuesandexpenseitemsassociatedwithnoncurrentassetsorlibilities.,4.2ALTERNATIVECURRENCYTRANSLATIONMETHODS,Monetary/NonmonetaryMethodMonetaryitems(forexample,cash,accountspayableandreceivable,andlong-termdebt)aretranslatedatthecurrentrate;nonmonetaryitems(forexample,inventory,fixedassets,andlong-terminvestments)aretranslatedathistoricalrates.Incomestatementitemsaretranslatedattheaverageexchangerateduringtheperiod,exceptforrevenueandexpenseitemsrelatedtononmonetaryassetsandliabilities.,4.2ALTERNATIVECURRENCYTRANSLATIONMETHODS,TemporalMethodUnderthetemporalmethod,inventoryisnormallytranslatedatthehistoricalrate,hetemporalmethod,itisbasedontheunderlyingapproachtoevaluatingcost(historicalversusmarket).Incomestatementitemsnormallyaretranslatedatanaveragerateforthereportingperiod.CurrentRateMethodThecurrentratemethodisthesimplest:Allbalancesheetandincomeitemsaretranslatedatthecurrentrate.,4.4DESIGNINGAHEDGINGSTRATEGY,Hedgingaparticularcurrencyexposuremeansestablishinganoffsettingcurrencypositionsoastolockinadollar(homecurrency)valueforthecurrencyexposureandtherebyeliminatetheriskposedbycurrencyfluctuations.Theusefulnessofaparticularhedgingstrategydependsonbothacceptabilityandquality.TheobjectivesinmanagementbahaviorMinimizetranslationexposure;Minimizeearningsfluctuationsowingtoexchangeratechanges;Minimizetransactionexposure;Minimizeeconomicexposure;Minimizeforeignexchangeriskmanagementcosts;Avoidsurprises,4.4DESIGNINGAHEDGINGSTRATEGY,CostsandBenefitsofStandardHedgingTechniquesExposureNettingExposurenettinginvolvesoffsettingexposuresinonecurrencywithexposuresinthesameoranothercurrency,whereexchangeratesareexpectedtomoveinawaysuchthatlosses(gains)onthefirstexposedpositionwillbeoffsetbygains(losses)onthesecondcurrencyexposure.AccountingforHedgingandFASB133,4.5MANAGINGTRANSLATIONEXPOSURE,Firmshavethreeavailablemethodsformanagingtheirtranslationexposure:(1)adjustingfundflows,(2)enteringintoforwardcontracts,and(3)exposurenetting.Fundsadjustmentinvolvesalteringeithertheamountsorthecurrencies(orboth)oftheplannedcashflowsoftheparentoritssubsidiariestoreducethefirmslocalcurrencyaccountingexposure.EvaluatingAlternativeHedgingMechanismsOrdinarily,theselectionofafunds-adjustmentstrategycannotproceedbyevaluatingeachpossibletechniqueseparatelywithoutriskingsuboptimization.,4.6MANAGINGTRANSACTIONEXPOSURE,VarioustechniquesformanagingtransactionexposureForwardMarketHedgeMoney-MarketHedgeRiskshiftingPricingDecisionExposurenettingCurrencyRiskSharingCurrencyCollarsCross-HedgingForeignCurrencyOptions,PARTIIFOREIGNEXCHANGERISKMANAGEMENT,CHAPTER5MEASURINGANDMANAGINGECONOMICEXPOSURE,LearningObjectives,TodefineeconomicexposureandexchangeriskanddistinguishbetweenthetwoTodefineoperatingexposureanddistinguishbetweenitandtransactionexposureToidentifythebasicfactorsthatdeterminetheforeignexchangeriskfacedbyaparticularcompanyorprojectTodescribethemarketing,production,andfinancialstrategiesthatareappropriateforcopingwiththeeconomicconsequencesofexchangeratechangesToexplainhowcompaniescandevelopcontingencyplanstocopewithexchangeriskandtheconsequencesoftheirabilitytorapidlyrespondtocurrencychangesToidentifytheroleofthefinancialexecutiveinfacilitatingtheoperationofanintegratedexchangeriskmanagementprogram,5.1FOREIGNEXCHANGERISKANDECONOMICEXPOSURE,Themostimportantaspectofforeignexchangeriskmanagementistoincorporatecurrencychangeexpectationsintoallbasiccorporatedecisions.Economicexposurecanbeseparatedintotwocomponents:transactionexposureandoperatingexposure.Theexchangeratechangesthatgiverisetooperatingexposurearerealexchangeratechanges.Therealexchangerateisdefinedasthenominalexchangerateadjustedforchangesintherelativepurchasingpowerofeachcurrencysincesomebaseperiod.,5.2THEECONOMICCONSEQUENCESOFEXCHANGERATECHANGES,Transactionexposurearisesoutofthevarioustypesoftransactionsthatrequiresettlementinaforeigncurrency.Thegreateracompanysflexibilitytosubstitutebetweenhome-countryandforeign-countryinputsorproduction,thelessexchangeriskthecompanywillface.Themajorconclusionisthatthesectoroftheeconomyinwhichafirmoperates(export,import-competing,orpurelydomestic),thesourcesofthefirmsinputs(imports,domestictradedornontradedgoods),andfluctuationsintherealexchangeratearefarmoreimportantindelineatingthefirmstrueeconomicexposurethanisanyaccountingdefinition.,5.3IDENTIFYINGECONOMICEXPOSURE,AspenSkiingCompanyPetrleosMexicanosToyotaMotorCompany,5.4CALCULATINGECONOMICEXPOSURE,SpectrumManufacturingABexampleSpectrumsAccountingExposureSpectrumsEconomicExposureScenario1:AllVariablesRemaintheSame.Scenario2:KronaSalesPricesandAllCostsRise;VolumeRemainstheSame.Scenario3:PartialIncreasesinPrices,Costs,andVolume.,5.6MANAGINGOPERATINGEXPOSURE,Becausecurrencyriskaffectsallfacetsofacompanysoperations,itshouldnotbetheconcernoffinancialmanagersalone.MarketingManagementofExchangeRiskMarketSelectionPricingStrategyProductStrategyProductionManagementofExchangeRiskInputMixShiftingProductionAmongPlantsPlantLocationRaisingProductivityPlanningforExchangeRateChangesFinancialManagementofExchangeRisk,PARTIIIFINANCINGTHEMULTINATIONALCORPORATION,CHAPTER6INTERNATIONALFINANCINGANDNATIONALCAPITALMARKETS,LearningObjectives,TodescribetrendsanddifferencesincorporatefinancingpatternsaroundtheworldTodefinesecuritizationandexplaintheforcesthatunderlieitandhowithasaffectedthefinancingpoliciesofMNCsToexplainwhybanklendingisonthedeclineworldwideandhowbankshaverespondedtotheirlossofmarketshareToexplainwhatismeantbytheglobalizationoffinancialmarketsandidentifythefactorsthathaveaffectedtheprocessofglobalizationTodescribetheexternalmediumandlong-termfinancingoptionsavailabletothemultinationalcorporationToidentifythefunctionsandconsequencesoffinancialmarketsTodescribethelinksbetweennationalandinternationalcapitalmarketsTodescribethetypesandrolesofdevelopmentbanks,6.1CORPORATESOURCESANDUSESOFFUNDS,Firmshavethreegeneralsourcesoffundsavailable:internallygeneratedcash,short-termexternalfunds,andlong-termexternalfunds.FinancialMarketsversusFinancialIntermediariesBankborrowingvssellsecuritiesFinancialSystemsandCorporateGovernanceeffectivecorporategovernancerequiresthateveryoneinvolvedingoverningthecompanymustbeassignedacarefullychosenroleandtheymustbeprovidedwithresponsibility,authority,andaccountability,alltobedonewiththeparamountobjectiveofcreatingshareholdervalue.Thedifferenceinfinancialsystemshasrealconsequencesforfinancialstructures.GlobalizationofFinancialMarkets,6.2NATIONALCAPITALMARKETSASINTERNATIONALFINANCIALCENTERS,Theprincipalfunctionsofafinancialmarketanditsintermediariesaretomobilizesavingsandtoallocatethosefundsamongpotentialusersonthebasisofexpectedrisk-adjustedreturns.InternationalFinancialMarketsForeignaccesstodomesticMarketsTheforeignbondmarketTheforeignbankmarketTheforeignequitymarketGlobalizationoffinancialmarketshasitsdownside,6.3DEVELOPMENTBANK,Tohelpprovidethehugefinancialresourcesrequiredtopromotethedevelopmentofeconomicallybackwardareas,theUnitedStatesandothercountrieshaveestablishedavarietyofdevelopmentbanks,whoselendingisdirectedtoinvestmentsthatmightnototherwisebefundedbyprivatecapital.Therearethreetypesofdevelopmentbanks:theWorldBankGroup,regionaldevelopmentbanks,andnationaldevelopmentbanks.Private-SectorAlternatives,PARTIIIFINANCINGTHEMULTINATIONALCORPORATION,CHAPTER7THEEUROMARKETS,LearningObjectives,TodescribetheEurocurrencyandEurobondmarketsandexplainwhytheyexistTodescribethecharacteristicsandpricingofEurocurrencyloans,Eurobonds,Euronotes,andEuro-commercialpaperToexplainthelinksbetweentheEuromarketsandtheirdomesticcounterparts,7.1THEEUROCURRENCYMARKET,AEurocurrencyisadollarorotherfreelyconvertiblecurrencydepositedinabankoutsideitscountryoforigin.U.S.dollarsondepositinLondonbecomeEurodollars.TheEurocurrencymarketthenconsistsofthosebankscalledEurobanksthatacceptdepositsandmakeloansinforeigncurrencies.ModernOriginsofEurocurrencyThecreationofEurodollarEurocurrencyLoans,7.1THEEUROCURRENCYMARKET,RelationshipBetweenDomesticandEurocurrencyMoneyMarketsThepresenceofarbitrageactivitiesensuresacloserelationshipbetweeninterestratesinnationalandinternational(Eurocurrency)moneymarkets.InterestDifferentialsEurocurrencySpreadsEuromarketTrend,7.2EUROBONDS,Unlikedomesticbondmarkets,however,theEurobondmarketisalmostentirelyfreeofofficialregulationandisinsteadself-regulatedbytheAssociationofInternationalBondDealers.BorrowersintheEurobondmarketaretypicallywellknownandhaveimpeccablecreditratings.LinksBetweentheDomesticandEurobondMarketsPlacementCurrencyDenominationInterestratesEurobondRetirementRatings,7.2EUROBONDS,RationalforExistenceofEurobondMarketEurobondsversusEurocurrencyLoansCostofborrowingMaturitySizeofissueFlexibilitySpeed,7.3NOTEISSUANCEFACILITIESANDEURONOTES,Thenoteissuancefacility(NIF)allowsborrowerstoissuetheirownshort-termEuronotes,whicharethenplacedordistributedbythefinancialinstitutionsprovidingtheNIF.NoteIssuanceFacilitiesversusEurobondsDrawdownflexibilityTimingflexibilityChoiceofmaturitiesEuro-Medium-TermNotesEuro-CommercialPaperTheAsiac