Multinational Financial Management（跨国公司财务管理）ch12 National Capital Markets and International Financing.ppt

CHAPTER12,NationalCapitalMarketsandInternationalFinancing,I.CORPORATESOURCESANDUSESOFFUNDS,I.CORPORATESOURCESANDUSESOFFUNDSA.3GeneralSourcesofFunds:1.Internally-generatedcash2.Short-termexternalfunds3.Long-termexternalfundsB.FormsofSecurities1.Equity2.Debt:themostpreferredform,CORPORATESOURCESANDUSESOFFUNDS,C.DebtInstrumentsUsed1.CommercialBankLoans2.Bondsa.Publiclyissuedb.Privatelyissued,CORPORATESOURCESANDUSESOFFUNDS,D.FinancialMarketsv.FinancialIntermediaries1.Securitizationa.Definition:replacingbankloanswithsecuritiesissuedinpublicmarkets.b.Reflectsreductioninaccesscostsdueto1.)Technologicalimprovements2.)Globalization,CORPORATESOURCESANDUSESOFFUNDS,E.CorporateGovernancedifferencesexistandfallintotwogeneralcategories:1.Anglo-Saxon(AS)Model2.ContinentalEuropeanandJapanese(CEJ)Model-example:keiretsus,TheSonyKeiretsu:ASystemofInterlockingDirectors,SONY,SUPPLIERNO.1,BANKNO.1,TRANSPORTCO,BANKNO.2,SUPPLIERNO.2,CORPORATESOURCESANDUSESOFFUNDS,F.GlobalizationofFinancialMarkets-hasledto1.Globalcentercompetition:Londonv.NYv.Tokyo2.Regulatoryarbitrage,II.NATIONALCAPITALMARKETASINTERNATIONALCENTERS,A.PrincipalFunctionsofFinancialCenters1.Totransferpurchasingpower2.Toallocatefunds,betweensaversandborrowers,NATIONALCAPITALMARKETASINTERNATIONALCENTERS,B.InternationalFinancialMarket1.Mostimportant:a.Londonb.NewYorkc.Tokyo2.OtherCentersforIntermediariesa.Singaporeb.HongKongc.theBahamas,NATIONALCAPITALMARKETASINTERNATIONALCENTERS,3.Prerequisitestobeaglobalfinancialcentera.politicalstabilityb.minimalgovernmentinterventionsc.legalinfrastructured.financialinfrastructure,NATIONALCAPITALMARKETASINTERNATIONALCENTERS,C.ForeignAccesstoDomesticMarkets1.TheForeignBondMarketa.Extensionofdomesticmarketb.IovernmentsExamples:Yankeebonds,samuraibonds,NATIONALCAPITALMARKETASINTERNATIONALCENTERS,c.ThreeMajorTypesofForeignBonds1.)Fixedrate2.)Floatingrate3.)Equityrelated,NATIONALCAPITALMARKETASINTERNATIONALCENTERS,2.TheForeignBankMarketa.Extensionofdomesticmarketsb.Importantfundingsource:JapanesebanksforU.S.firms3.TheForeignEquityMarketa.Crosslistinginternationallycan1.)diversifyrisk2.)increasepotentialdemand3.)buildbaseofglobalowners.,III.DEVELOPMENTBANKS,A.GeneralPurposefoundedbygovernmentstohelpfinanceverylargeinfrastructureprojects.,DEVELOPMENTBANKS,B.TypesofDevelopmentBanks1.WorldBankGroupincludesa.InternationalBankforReconstructionandDevelopmentb.InternationalDevelopmentAssociationc.InternationalFinanceCorporation,DEVELOPMENTBANKS,B.TypesofDevelopmentBanks(cont)2.RegionalDevelo