INTERNATIONAL INVESTMENT.ppt

1、INTERNATIONAL INVESTMENT,Definition Connotation Type,International investment,international investment , foreign investment , or overseas investment economic behavior multinational corporation / investment subjects monetary capital /industry capital value adding cross border flowing & operations,Def

2、inition,Connotation,a)forms of capital physical capital - machinery equipments & merchandises etc. intangible asset - goodwill , patent , trademark , copyright & franchise 经销权 financial aaset - bond , stock , mutual funds , option , derivative securities.,Connotation,b) subject official & unofficial

3、 organizations multinational corporations multinational financial oganizations & individual investors c) a transnational operation activity of capital international trade & international credit,Type,a) time long-term investmet short-term investment b) management right FDI - foreign direct investment

4、 FII - foreign indirect investment c) source of capital public investment individual investment,direct investment into production buying a company / expanding operation reasons cheaper wages special investment privileges (eg: tax exemption) FDI FII a passive investment(eg: stocks , bonds),FDI,FDI,ty

5、pe : inward foreign direct investment outward foreign direct investment one example of international factor movements,CASE : The VAM between Mengniu Dairy & Morgan Stanley,VAM,Mengniu Dairy,Morgan Stanley,VAM 对赌协议,Valuation Adjustment Mechanism an agreement uncertain situation two subjects: acquire/

6、investor 收购方 granter/financier 出让方 pre-arranged situation appearing investor a right,otherwise financier a right,a kind of options,Morgan Stanley 摩根斯坦利,American multinational financial services corporation Morgan Stanley Building Midtown Manhattan New York City 42 countries 1,300 offices & 60,000 em

7、ployees US$304 billions in assets affiliatessecurities products & services corporations,goverments, financial institutions&individuals 3 business segments: Institutional Securities , Global Wealth Management Group& Asset Management,In this case:,Financier: Mengniu Dairy Investor: Morgan Stanley & ot

8、her two International Investment Organizations Signed Time: 2003,Main Content: 20032006 if, compound growth rate50% Mengniu Morgan Stanley etc. 7800 thousand shares,on the contrary , Morgan Stanley etc. Mengniu same shares,In this case:,Results: Its done. Mengniu billions of shares in April, 2005, exploits of M. ￥ rapidly,Win -