国际商务定义英文版.doc

The foreign exchange market is a market for converting the currency of one country into that of another country.The exchange rate is the rate at which one currency is converted into another.Two main functions of the foreign exchange market:1、is used to convert the currency of one country into the currency of another2、provide some insurance against foreign exchange risk (the adverse consequences of unpredictable changes in exchange rates)Spot Exchange Rate 即期汇率:The rate at which a foreign exchange dealer converts one currency into another currency on a particular day.Forward Exchange Rate 远期汇率:Two parties agree to exchange currency and execute the deal at some specific date in the future.Currency Swap 掉期（货币互换）:The simultaneous purchase and sale of a given amount of foreign exchange for two different value ernational monetary system: Refers to the institutional arrangements that govern exchange rates. currency speculation：the short-term movement of funds from one currency to another in the hopes of profiting from shifts in exchange ratesA floating exchange rate system 浮动汇率 exists when a country allows the foreign exchange market to determine the relative value of a currency.A pegged exchange rate system 钉住汇率 exists when a country fixes the value of its currency relative to a reference currency.A dirty float 管理浮动 exists when a country tries to hold the value of its currency within some range of a reference currency such as the U.S. dollar.A fixed exchange rate system 固定汇率 exists when countries fix their currencies against each other at some mutually agreed on exchange rate.Investors include corporations with surplus cash, individuals, and non-bank financial institutions.Borrowers include individuals, companies, and governments.Markets makers are the financial service companies that connect investors and borrowers, either directly or indirectly.Capital market loans can be equity (stock) or debt ( cash loans or bonds). Equity (stock) Loans 股权融资 An equity loan is made when a corporation sells stock to investors. (dividends, stock price) Debt ( cash loans or bonds) Loans 债券融资 A debt loan requires the corporation to repay a predetermined portion of the loan amount (the sum of the principal plus the specified interest) at regular intervals regardless of how much profit it is making.A Eurocurrency欧洲货币 is any currency banked outside of its country of origin. About two-thirds of all Eurocurrencies are Eurodollars (dollars banked outside the United States).Foreign bonds外国债券 are sold outside the borrowers country and are denominated in the currency of the country in which they are issued.Eurobonds欧洲债券 are underwritten by a syndicate of banks（国际银团）and placed in countries other than the one in whose currency the bond is denominated.A firms strategy refers to the actions that managers take to attain the goals of the firm.一个企业的战略可定义为管理人员为达到企业的目标而采取的行动。Profitability can be defined as the rate of return the firm makes on its invested capital.盈利能力可以被定义为公司投资资本收益率。Profit growth is the percentage increase in net profits over time.A firms operations can be thought of a value chain composed of a series of distinct value creation activities, including production, marketing, materials management, R&D, human resources, information systems, and the firm infrastructure.公司的运营可以被看作一系列诸如生产，营销和销售，原材料管理，研发，信息系统以及企业基础结构等。primary activities (R&D, production, marketing and sales, customer service)基本的活动 包括研发，生产，销售和营销，和顾客服务。support activities (information systems, logistics, human resources and infrastructure)支持性活动 包括信息系统，物流，人力资源和基础设施。The experience curve refers to the systematic reductions in production costs that have been observed to occur over the life of a product.经验曲线指的是在产品生命周期内所观察到的生产成本有规律的下降。Learning effects are cost savings that come from learning by doing.学习效率指的是成本的节省源于在实践中学习。Economies of scale refer to the reductions in unit cost achieved by producing a large volume of a product.经济规模指通过大量生产实现产品单位成本的下降。Organizational architecture refers to the totality of a firms organization.Organizational Structure: the formal division of the organization into subunits the location of decision-making responsibilities within that structure (centralized versus decentralized) the establishment of integrating mechanisms to coordinate the activities of subunits including cross-functional teams or pan-regional committeesControl systems控制系统 are the metrics度量 used to measure performance of subunits and make judgments about how well managers are running those subunits.Incentives are the devices used to reward appropriate managerial 管理的behavior.Processes流程 are the manner in which decisions are made and work is performed within the organization.Organizational culture 组织文化refers to the norms and value systems that are shared among the employees of an organization.People refers to not just the employees of the organization, but also the strategy used to recruit, compensate, and retain those individuals and the type of people they are in terms of their skills, values, and orientation.When firms expand internationally, they often group all of their international activities into an international division国际分部.Worldwide area structure世界范围的地区结构 - tends to be adopted by undiversified产品多样化程度低 firms whose domestic structures are based on functions Worldwide product divisional structure世界范围的产品分布结构 - tends to be adopted by diversified产品多样化的 firms that have domestic product division.The global matrix structure全球矩阵结构 is an attempt to minimize the limitations of the worldwide area structure and the worldwide product divisional structure.Personal control：个人控制 controlled by personal contact with subordinates下属.Bureaucratic controls行政组织控制: control through a system of rules and producers that directs the actions of subunits子单位.Output controls产出控制: involve setting goals for subunits to achieve and expressing those goals in terms of relatively objective performance metrics such as profitability, productivity, growth, market share, and quality.Cultural controls文化控制: exist when employees “buy into” the norms and value systems of the firm.Incentives奖励机制 are the devices used to reward behavior performance ambiguity绩效模糊: exists when the causes of a subunits poor performance are not clearProcesses流程 refer to the manner in which decisions are made and work is performed.Firms pursuing a localization strategy本土化战略 focus on local responsiveness地区调试. They do not have a high need for integrating mechanisms. Performance ambiguity and the cost of control tends to be low. The worldwide area structure(1) is common.Firms pursuing an international strategy国际战略 create value by transferring core competencies from home to foreign subsidiaries国外子公司. The need for control is moderate. The need for integrating mechanisms is moderate. Performance ambiguity is relatively low and so is the cost of control. The worldwide product division structure(2) is common.Firms pursuing a global standardization strategy全球标准化战略 focus on the realization of location and experience curve economies（经验曲线经济）. Headquarters maintains control over most decisions. The need for integrating mechanisms is high. Strong organizational cultures are encouraged. The worldwide product division(2) is common.Firms pursuing a transnational strategy跨国战略 focus on simultaneously attaining location and experience curve economies, local responsiveness, and global learning. Some decisions are centralized and others are decentralized. The need for coordination is high. An array陈列 of formal and informal integrating mechanism are used. The cost of control is high. A strong culture is encouraged. Matrix structures(3) are common.Two Topics:The decision of which foreign markets to enter, when to enter them, and on what scale;The choice of entry mode.The choice of foreign markets will depend on their long run profit potential. Favorable markets are politically stable developed and developing nations with free market systems and relatively low inflation rates and private sector debt.Markets are also more attractive when the product is not widely available and satisfies an unmet need. (create value for a foreign market) Once attractive markets are identified, the firm must consider the timing of entry(进入时机).First mover advantages(第一进入者优势) are the advantages associated with entering a market early.First mover disadvantages(第一进入者劣势)are disadvantages associated with entering a foreign market before other international businesses.pioneering costs(开拓成本)- arise when the foreign business system is so different from that in a firms home market that the firm must devote considerable time, effort and expense to learning the rules of the game. Regulation changes in host countries.Firms that enter a market on a significant scale make a strategic commitment to the market (the decision has a long term impact and is difficult to reverse).Exporting(出口) is a common first step in the international expansion process for many manufacturing firms.In a turnkey project(交钥匙工程), the contractor agrees to handle every detail of the project for a foreign client, including the training of operating personnel. A licensing agreement(技术授权协议) is an arrangement whereby a licensor grants the rights to intangible property to another entity (the licensee) for a specified time period, and in return, the licensor receives a royalty fee from the licensee.Intangible property includes patents, inventions, formulas, processes, designs, copyrights, and trademarks.One way of reducing this risk is through the use of cross-licensing agreements where a firm might license intangible property to a foreign partner, but requests that the foreign partner license some of its valuable know-how to the firm in addition to a royalty payment.Fuji Xerox model: licensor and licensee are tied together by a JV, which aligns the interests of both parties. Franchising(特许经营) is basically a specialized form of licensing in which the franchisor not only sells intangible property to the franchisee, but also insists that the franchisee agree to abide by strict rules as to how it does business. Franchising is used primarily by service firms.A joint venture(合资企业) is the establishment of a firm that is jointly owned by two or more otherwise independent firms. Most joint ventures are 50:50 partnerships.In a wholly owned subsidiary(全资子公司), the firm owns 100 percent of the stock. technological know-how技术诀窍 licensing and joint venture wholly owned subsidiary management know-how管理诀窍 combination of franchising & subsidiaries subsidiaries wholly owned & JV (more acceptable)Firms can establish a wholly owned subsidiary in a country by:Using a Greenfield strategy - building a subsidiary from the ground upUsing an acquisition strategy Strategic alliances(战略联盟) refer to cooperative agreements between potential or actual competitors.Strategic alliances range from formal joint ventures to short-term contractual agreements.The number of strategic alliances has exploded in recent decades.A letter of credit(信用证) is issued by a bank at the request of an importer and states the bank will pay a specified sum of money to a beneficiary, normally the exporter, on presentation of particular, specified documents.The main advantage of the letter of credit is that both parties to the transaction are likely to trust a reputable bank even if they do not trust each other.A draft(汇票), also called a bill of exchange, is the instrument normally used in international commerce for payment.A draft is simply an order written by an exporter instructing an importer, or an importers agent, to pay a