跨国公司财务管理讲义

《跨国公司财务管理讲义》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、CHAPTER1INTRODUCTION:MULTINATIONALENTERPRISEANDMULTINATIONALFINANCIALMANAGEMENTLearningObjectives：●Tounderstandthenatureandbenefitsofglobalization●Toexplainwhymultinationalcorporationsarethekeyplayersininternationaleconomiccompetitiontoday●Toclassifythethreehistoricaltypesofmultinational

2、corporation(MNC)andexplaintheirmotivationsforinternationalexpansion●ToexplainwhymanagersofMNCsneedtoexploitrapidlychangingglobaleconomicconditionsandwhypoliticalpolicymakersmustalsobeconcernedwiththesamechangingconditions●Toidentifytheadvantagesofbeingmultinational,includingthebenefitsof

3、internationaldiversification●Todescribethegeneralimportanceoffinancialeconomicstomultinationalfinancialmanagementandtheparticularimportanceoftheconceptsofarbitrage,marketefficiency,capitalassetpricing,andtotalrisk●TocharacterizetheglobalfinancialmarketplaceandexplainwhyMNCmanagersmustbea

4、lerttocapitalmarketimperfectionsandasymmetriesintaxregulations1.1THERISEOFTHEMULTINATIONALCORPORATION1.1.1Amultinationalcorporation(MNC)isacompanyengagedinproducingandsellinggoodsorservicesinmorethanonecountry.1.1.2AbrieftaxonomyoftheMNCanditsevolutionRaw-MaterialsSeekers.Raw-materialsse

5、ekersweretheearliestmultinationals,thevillainsofinternationalbusiness.MarketSeekers.Themarketseekeristhearchetypeofthemodernmultinationalfirmthatgoesoverseastoproduceandsellinforeignmarkets.CostMinimizers.Thesefirmsseekoutandinvestinlowercostproductionsitesoverseas(forexample,HongKong,Ta

6、iwan,andIreland)toremaincost-competitivebothathomeandabroad.1.1.3thetruemultinationalcorporationischaracterizedmorebyitsstateofmindthanbythesizeandworldwidedispersionofitsassets.1.1.4theessentialelementthatdistinguishesthetruemultinationalisitscommitmenttoseekingout,undertaking,andintegr

7、atingmanufacturing,marketing,R&D,andfinancingopportunitiesonaglobal,notdomestic,basis.1.1.5Inaworldinwhichchangeistheruleandnottheexception,thekeytointernationalcompetitivenessistheabilityofmanagementtoadjusttochangeandvolatilityataneverfasterrate.1.1.6Newglobalmanagerisn