国际商务International Business (Charles W.L. Hill 第七版)Chap011 The Global Capital Market.ppt

internationalbusiness7ebycharlesw l hill mcgraw hill irwincopyright 2009bythemcgraw hillcompanies inc allrightsreserved chapter11theglobalcapitalmarket introduction therapidglobalizationofcapitalmarketsfacilitatesthefreeflowofmoneyaroundtheworldtraditionally nationalcapitalmarketshavebeenseparatedbyregulatorybarrierstherefore itwasdifficultforfirmstoattractforeigncapitalmanyregulatorybarriersfellduringthe1980sand1990s allowingtheglobalcapitalmarkettoemergetoday firmscanlisttheirstockonmultipleexchanges raisefundsbyissuingequityordebttoinvestorsfromaroundtheworld andattractcapitalfrominternationalinvestors benefitsoftheglobalcapitalmarket therearemarketfunctionsthataresharedbybothdomesticandinternationalcapitalmarketshowever globalcapitalmarketsoffersomebenefitsnotfoundindomesticcapitalmarkets functionsofagenericcapitalmarket capitalmarketsbringtogetherinvestorsandborrowersinvestorsincludecorporationswithsurpluscash individuals andnon bankfinancialinstitutionsborrowersincludeindividuals companies andgovernmentsmarketsmakersarethefinancialservicecompaniesthatconnectinvestorsandborrowers eitherdirectlyorindirectlycommercialbanksareindirectmarketmakers andinvestmentbanksaredirectmarketmakerscapitalmarketloanscanbeequity stock ordebt cashloansorbonds classroomperformancesystem whichofthefollowingaremarketmakers a commercialbanksb pensionfundsc insurancecompaniesd governments functionsofagenericcapitalmarket figure11 1 themainplayersinagenericcapitalmarket attractionsoftheglobalcapitalmarket borrowersbenefitfrom theadditionalsupplyoffundsglobalcapitalmarketsprovidetheassociatedlowercostofcapital thepriceofborrowingmoneyortherateofreturnthatborrowerspayinvestors thecostofcapitalislowerininternationalmarketsbecausethepoolofinvestorsismuchlargerthaninthedomesticcapitalmarket attractionsoftheglobalcapitalmarket figure11 2 marketliquidityandthecostofcapital attractionsoftheglobalcapitalmarket investorsalsobenefitfromthewiderrangeofinvestmentopportunitiesinglobalcapitalmarketsthatallowthemtodiversifytheirportfoliosandlowertheirrisksstudiesshowthatfullydiversifiedportfoliosareonlyabout27percentasriskyasindividualstocksinternationalportfoliodiversificationisevenlessriskybecausethemovementsofstockpricesacrosscountriesarenotperfectlycorrelatedthislowcorrelationreflectsthedifferencesinnations macroeconomicpoliciesandeconomicpoliciesandhowtheirstockmarketsrespondtodifferentforces andnations restrictionsoncross bordercapitalflows attractionsoftheglobalcapitalmarket figure11 3 riskreductionthroughportfoliodiversification classroomperformancesystem comparedtodevelopednations lessdevelopednationshavea smallercapitalmarketsb moreinvestmentopportunitiesc similarcostsofcapitald greaterliquidity classroomperformancesystem whichofthefollowingisnottrueofglobalcapitalmarketsa theybenefitborrowersb theybenefitsellersc theyraisethecostofcapitald theyprovideawiderrangeofinvestmentopportunities growthoftheglobalcapitalmarket globalcapitalmarketsaregrowingatarapidpacein1990 thestockofcross borderbankloanswasjust 3 600billionby2006 thestockofcrossborderbankloanswas 17 875billiontheinternationalbondmarketshowsasimilarpatternwith 3 515billioninoutstandinginternationalbondsin1997 and 17 561billionin2006internationalequityofferingswere 18billionin1997and 377billionin2006 classroomperformancesystem in2006 thestockofcross borderbankloanswasabouta 3 600b 7 800c 17 800d 33 600 growthoftheglobalcapitalmarket twofactorsareresponsibleforthegrowthofcapitalmarkets 1 advancesininformationtechnology thegrowthofinternationalcommunicationstechnologyandadvancesindataprocessingcapabilitiesfinancialservicescompaniesnowengagein24 hour daytrading theinternationalcapitalmarketneversleepshowever thisalsomeansthatshocksthatoccurinonefinancialmarketspreadaroundtheglobeveryquickly growthoftheglobalcapitalmarket 2 deregulationbygovernments hasfacilitatedgrowthintheinternationalcapitalmarketstraditionally governmentshavelimitedtheabilityofforeigninvestorstopurchasesignificantequitypositionsindomesticcompanies andtheamountofforeigninvestmentcitizenscouldmakesincethe1980s theserestrictionshavebeenfallinginresponsetothedevelopmentoftheeurocurrencymarket andalsopressurefromfinancialservicescompaniesderegulationbeganintheunitedstates thenmovedontoothercountriesincludinggreatbritain japan andfrance classroomperformancesystem historically themosttightlyregulatedindustryhasbeena agricultureb consumerelectronicsc automotivesd financialservices growthoftheglobalcapitalmarket manycountrieshavealsodismantledcapitalcontrolsmakingiteasierforbothinwardandoutwardinvestmenttooccurthistrendhasspreadfromthedevelopedworldtotheemergingnationstheglobalcapitalmarketisexpectedtocontinuetogrow globalcapitalmarketrisks someanalystsworrythatthederegulationofcapitalmarketsandlooseningofcontrolsoncross bordercapitalflowsmakeindividualnationsmorevulnerabletothedestabilizingeffectsofspeculativecapitalflowsspeculativecapitalflowsmaybetheresultofinaccurateinformationaboutinvestmentopportunitiesifglobalcapitalmarketscontinuetogrow betterqualityinformationislikelytobeavailablefromfinancialintermediaries theeurocurrencymarket aeurocurrencyisanycurrencybankedoutsideofitscountryoforiginabouttwo thirdsofalleurocurrenciesareeurodollars dollarsbankedoutsidetheunitedstates otherimportanteurocurrenciesaretheeuro yen theeuro pound andtheeuro euro classroomperformancesystem thetermeurocurrencyreferstoa thecurrencyusedbytheeuropeanunioncountriesb anycurrencybankedoutsideitscountryoforiginc currenciespurchasedintheinternationalequitiesmarketd bondssoldoutsidetheborrower scountrythataredenominatedinthecurrencyofthecountryinwhichtheyareissued genesisandgrowthofthemarket theeurocurrencymarketbeganinthe1950swhentheeasternbloccountrieswereafraidtheunitedstatesmightseizetheirholdingsofdollarsso insteadofdepositingtheirdollarsintheunitedstates theydepositedthemineuropeadditionaldollardepositscamefromwesterneuropeancentralbanksandcompaniesthatexportedtotheunitedstatesin1957 themarketsurgedagainafterchangesinbritishlawstoday londoncontinuestobetheleadingcenteroftheeurocurrencymarket growthoftheglobalcapitalmarket inthe1960s themarketgrewonceagainwhen afterchangesinu s regulationsdiscouragedu s banksfromlendingtonon u s residents would beborrowersofdollarsoutsidetheunitedstatesturnedtotheeuromarketasasourceofdollarsthenextbigincreaseintheeurocurrencymarketcameafterthe1973 74and1979 80oilpriceincreasesopecmembersavoidedpotentialconfiscationoftheirdollarsbydepositingtheminbanksinlondon attractionsoftheeurocurrencymarket theeurocurrencymarketisattractivetodepositorsandborrowersbecauseitisnotregulatedbythegovernmentthismeansthatbankscanofferhigherinterestratesoneurocurrencydepositsthanondepositsmadeinthehomecurrencysimilarly bankscanalsochargelowerinterestratestoeurocurrencyborrowersthantothosewhoborrowthehomecurrencythespreadbetweentheeurocurrencydepositandlendingratesislessthanthespreadbetweenthedomesticdepositandlendingratesgivingeurocurrencybanksacompetitiveedgeoverdomesticbanks attractionsoftheeurocurrencymarket figure11 4 interestratespreadsindomesticandeurocurrencymarkets drawbacksoftheeurocurrencymarket theeurocurrencymarkethastwodrawbacks 1 becausetheeurocurrencymarketisunregulated paniesborrowingeurocurrenciescanbeexposedtoforeignexchangerisk theglobalbondmarket theglobalbondmarketgrewrapidlyduringthe1980sand1990sthemostcommonkindofbondisafixedratebondwhichgivesinvestorsfixedcashpayoffstherearetwotypesofinternationalbonds 1 foreignbondsaresoldoutsidetheborrower scountryandaredenominatedinthecurrencyofthecountryinwhichtheyareissued2 eurobondsareunderwrittenbyasyndicateofbanksandplacedincountriesotherthantheoneinwhosecurrencythebondisdenominated attractionsoftheeurobondmarket theeurobondmarketisattractiveforthreemainreasons 1 itlacksregulatoryinterference sincecompaniesdonothavetoadheretostrictregulations thecostofissuingbondsislower2 ithaslessstringentdisclosurerequirementsthandomesticbondmarkets itcanbecheaperandlesstimeconsumingtooffereurobondsthantoissuedollar denominatedbonds3 itismorefavorablefromataxperspective eurobondscanbesolddirectlytoforeigninvestors theglobalequitymarket thelargestequitymarketsareintheunitedstates britain andjapantoday manyinvestorsinvestinforeignequitiestodiversifytheirportfoliosinthefuture thistypeoftrendmayresultinaninternationalizationofcorporateownershipcompaniesarealsohelpingtopromotethistypeofshiftbylistingtheirstockintheequitymarketsofothernationsbyissuingstockinothercountries firmsopenthedoortoraisingcapitalintheforeignmarket andgivethefirmtheoptionofcompensatinglocalmanagersand