国际财务管理（英文版·原书第9版） 课件 第1章　全球化与跨国企业

ChapterOneCopyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.GlobalizationandtheMultinationalFirmOverviewWhat’sspecialabout“international”finance?GoalsforinternationalfinancialmanagementGlobalizationoftheworldeconomyMultinationalcorporationsCopyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.1-2What’sSpecialabout“International”Finance?ThreemajordimensionssetinternationalfinanceapartfromdomesticfinanceForeignexchangeriskandpoliticalrisksMarketimperfectionsExpandedopportunitysetLargelystemfromthefactthatsovereignnationshavetherighttoissuecurrencies,formulatetheirowneconomicpolicies,imposetaxes,andregulatemovementsofpeople,goodsandcapitalacrosstheirbordersCopyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.1-3ForeignexchangeriskistheriskoffacinguncertainfutureexchangeratesInadditiontobusinesses,individualsandhouseholdsmayalsobeseriouslyexposedtouncertainexchangeratesExchangeratesamongmajorcurrencies(e.g.,U.S.dollar,Japaneseyen,Britishpound,andeuro)fluctuatecontinuouslyinanunpredictablemannerExchangerateuncertaintyinfluencesallmajoreconomicfunctions,includingconsumption,production,andinvestmentWhat’sSpecialabout“International”Finance:ForeignExchangeRisk1-4Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.MonthlyPercentageChangeinJapaneseYen—U.S.DollarExchangeRate1-5Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.PoliticalriskarisesfrompotentiallossestotheparentfirmresultingfromadversepoliticaldevelopmentsinthehostcountryRangesfromunexpectedchangesintaxrulestooutrightexpropriationofassetsheldbyforeignersArisesfromthefactthatasovereigncountrycanchangethe“rulesofthegame”andtheaffectedpartiesmaynothaveeffectiverecourseEspeciallyrelevantinthosecountrieswithoutatraditionalruleoflaw1-6What’sSpecialabout“International”Finance:PoliticalRiskCopyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.Marketimperfectionsmaybedescribedasvariousfrictions,suchastransactioncostsandlegalrestrictions,thatpreventthemarketsfromfunctioningperfectlyWorldmarketsarehighlyimperfectNumerousbarriershamperthefreemovementofpeople,goods,services,andcapitalacrossnationalboundaries(e.g.,legalrestrictions,excessivetransactionandtransportationcosts,informationasymmetry,anddiscriminatorytaxation)Restricttheextenttowhichinvestorscandiversifytheirportfolios1-7What’sSpecialabout“International”Finance:MarketImperfectionsCopyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.TheExampleofNestlé’sMarketImperfectionNestléusedtoissuetwodifferentclassesofcommonstock,bearersharesandregisteredsharesForeignerswereonlyallowedtoholdbearersharesSwissresidentscouldbuyregisteredsharesThebearerstockwasmoreexpensiveOnNovember18,1988,Nestléliftedrestrictionsimposedonforeigners,allowingthemtoholdregisteredsharesaswellasbearersharesPricespreadbetweenthetwotypesnarroweddrastically1-8Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.DailyPricesofNestlé’sBearerandRegisteredShares1-9Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.FirmsmaybenefitfromanexpandedopportunitysetwhentheyventureintothearenaofglobalmarketsFirmscangainfromgreatereconomiesofscalewhentheirtangibleandintangibleassetsaredeployedonaglobalbasisTrueforcorporations,aswellasindividualinvestors“Itjustdoesn’tmakesensetoplayinonlyonecornerofthesandbox.”1-10What’sSpecialabout“International”Finance:ExpandedOpportunitySetCopyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.GoalsforInternationalFinancialManagementThefocusofthetextistoprovidetoday’sfinancialmanagerswithanunderstandingofthefundamentalconceptsandthetoolsnecessarytobeeffectiveglobalmanagersFundamentalgoalofsoundfinancialmanagementisshareholderwealthmaximization,whichmeansthefirmmakesallbusinessdecisionsandinvestmentswithaneyetowardmakingtheownersofthefirm(i.e.,shareholders)betterofffinanciallyGenerallyacceptedinAnglo-Saxoncountries,butnotaswidelyembracedinotherpartsoftheworld1-11Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.OtherStakeholdersInothercountriesshareholdersareviewedasmerelyoneamongmany“stakeholders”ofthefirm,othersbeing:EmployeesSuppliersCustomersBanksInJapan,managershavetypicallysoughttomaximizethevalueofthekeiretsu—afamilyoffirmstowhichtheindividualfirmsbelongs1-12Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.CorporateGovernanceAsshownbyaseriesofrecentcorporatescandalsatcompanieslikeEnron,WorldCom,Parmalat,andGlobalCrossing,managersmaypursuetheirownprivateinterestsattheexpenseofshareholderswhentheyarenotcloselymonitoredThis“agencyproblem”isamajorweaknessofthepubliccorporationReinforcestheimportanceofcorporategovernance,thefinancialandlegalframeworkforregulatingtherelationshipbetweenafirm’smanagementanditsshareholders1-13Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.EmergenceofGlobalizedFinancialMarketsEmergenceoftheEuroasaGlobalCurrencyEurope’sSovereignDebtCrisisof2010TradeLiberalizationandEconomicIntegrationPrivatizationGlobalFinancialCrisisof2008-2009Brexit1-14GlobalizationoftheWorldEconomy:MajorTrendsandDevelopmentsCopyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.DeregulationofforeignexchangeandcapitalmarketsFinancialinnovationsresultedintheintroductionofvariousinstruments:CurrencyfuturesandoptionsMulticurrencybondsInternationalmutualfundsCountryfundsExchange-tradedfunds(ETFs)ForeignstockindexfuturesandoptionsAdvancesincomputerandtelecommunicationstechnology1-15EmergenceofGlobalizedFinancialMarketsCopyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.EmergenceoftheEuroasaGlobalCurrencyMomentouseventinhistoryofworldfinancialsystemCurrentlymorethan300millionEuropeansin19countriesareusingthecommoncurrencyonadailybasisAustria,Belgium,Cyprus,Estonia,Finland,France,Germany,Greece,Ireland,Italy,Latvia,Lithuania,Luxembourg,Malta,theNetherlands,Portugal,Slovakia,Slovenia,andSpainTransactiondomainoftheeuromaybecomelargerthanthatoftheU.S.dollarinthefuture1-16Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.Europe’sSovereign-DebtCrisisof2010InDecember2009,thenewGreekgovernmentrevealedthatitsbudgetdeficitfortheyearwouldbe12.7%ofGDP,notthe3.7%previouslyforecastInvestorssoldoffGreekgovernmentbondsandtheratingsagenciesdowngradedthemto“junk”PanicspreadtootherweakEuropeancountries(especiallyIreland,Portugal,andSpain)andquicklyescalatedtoaEurope-widedebtcrisisRevealedaprofoundweaknessoftheeuroasthecommoncurrency;Lackoffiscaldisciplineinaeuro-zonecountrycanalwaysbecomeaEurope-widecrisis1-17Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.TheGreekDrama1-18Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.TradeLiberalizationandEconomicIntegrationPrincipalargumentforinternationaltradeisbasedonthetheoryofcomparativeadvantageItismutuallybeneficialforcountriesiftheyspecializeintheproductionofthosegoodstheycanproducemostefficientlyandtradethosegoodsamongthemPolicyimplicationisthatliberalizationofinternationaltradewillenhancethewelfareoftheworld’scitizensOvertheyears,internationaltradehasbeenliberalizedatboththeglobalandregionallevels1-19Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.GeneralAgreementonTariffsandTrade(GATT)isamultilateralagreementamongmembercountriesthathasreducedmanybarrierstotradeTheWorldTradeOrganization(WTO)hasthepowertoenforcetherulesofinternationaltradeRegionalarrangementshavealsobeeninstitutedtopromoteeconomicintegrationTheEuropeanUnion(EU),

forexample,includes28memberstatesthathaveeliminatedbarrierstothefreeflowofgoods,capital,andpeople1-20TradeLiberalizationandEconomicIntegrationContinuedCopyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.NorthAmericanFreeTradeAgreement(NAFTA)NorthAmericanFreeTradeAgreement(NAFTA)calledforphasingoutimpedimentstotradebetweenCanada,Mexico,andtheUnitedStatesovera15-yearperiodbeginningin1994InNovember2018,thethreecountriessignedanewaccord,theU.S.-Mexico-Canada-Agreement(USMCA),butthenewaccordneedstoberatifiedinthreecountriesInMexico,theratioofexporttoGDPhasincreaseddramaticallyfrom2.2%in1973to35.6%in20171-21Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.RecentFreeTradeAgreementsTrans-PacificPartnership(TPP)designedtoslashtariffsandfacilitatetradeamong11PacificRimmembercountriesSignedMarch2018U.S.withdrewfromthepactcitingPresidentTrump’s“Americafirst”philosophyAfricanContinentalFreeTradeAgreement(AfCFTA)Signedby49AfricancountriesAimstostimulateintra-Africantradeandinvestmentbyreducingtariffs,protectingintellectualpropertyrights,andloweringbarrierstomigration1-22Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.Privatization

PrivatizationistheactofacountrydivestingitselfofownershipandoperationofbusinessventuresbyturningthemovertothefreemarketsystemMaybedescribedasadenationalizationprocessandoftenviewedasameanstoanendSellingstate-ownedbusinessesbringsinhard-currencyforeignreservestothenationaltreasuryOftenseenasacureforbureaucraticinefficiencyandwasteSomeeconomistsestimateprivatizationimprovesefficiencyandreducesoperatingcostsbyasmuchas20%1-23Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.ChinesePrivatizationState-ownedenterprises(SOEs)havebeenlistedonorganizedstockexchanges,makingthemeligibleforprivateownershipChinalaunchestwostockexchangesintheearly1980sAsof2018,approximately3,600companiesarecurrentlylistedonChina’sstockexchanges“A-shares”areprimarilyreservedforChinesecitizens,whileforeignersmayinvestin“B-shares”or“H-shares”Chinesegovernmentstillretainsthemajoritystakesinmostpublicfirms1-24Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.Factorsthatdrovethefinancialcrisis:HouseholdsandfinancialinstitutionsborrowedtoomuchandtooktoomuchriskCrisiswasamplifiedandtransmittedgloballybysecuritization;financialengineersdesignedopaqueandcomplexmortgage-basedsecuritiesthatcouldbeusedforexcessiverisk-taking“Invisiblehands”offreemarketsapparentlyfailedtoself-regulateexcesses,contributingtothebankingcrisisInternationalfinancialmarketsarehighlyinterconnectedandintegrated1-25GlobalFinancialCrisisof2008—2009Copyright©2021bytheMcGraw-HillCompanies,Inc.Allrightsreserved.1-26U.S.UnemploymentRateandDowJonesIndustrialAverage(DJI