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1、FinancialManagementintheInternationalBusinessChapter20©McGrawHillCompanies,Inc.,2000IntroductionScopeoffinancialmanagementincludesthreesetsofrelateddecisions:Investmentdecisions,decisionsaboutwhatactivitiestofinance.Financingdecisions,decisionsabouthowtofinancethoseactivities.Moneymanagement
2、decisions,decisionsabouthowtomanagethefirm’sfinancialresourcesmostefficiently.20-1©McGrawHillCompanies,Inc.,2000InvestmentDecisionsCapitalbudgeting:quantifiesthebenefits,costsandrisksofaninvestment.Managerscanreasonablycomparedifferentinvestmentalternativeswithinandacrosscountries.Complicate
3、dprocess:Mustdistinguishbetweencashflowstoprojectandthosetoparent.Politicalandeconomicriskcanchangethevalueofaforeigninvestment.Connectionbetweencashflowstoparentandthesourceoffinancingmustberecognized.20-2©McGrawHillCompanies,Inc.,2000ProjectandParentCashFlowsProjectcashflowsmaynotreachthep
4、arent:Host-countrymayblockcash-flowrepatriation.Cashflowsmaybetaxedatanunfavorablerate.Hostgovernmentmayrequireapercentageofcashflowstobereinvestedinthehostcountry.20-3©McGrawHillCompanies,Inc.,2000AdjustingforPoliticalandEconomicRiskPoliticalrisk:Expropriation-Iranianrevolution,1979.Socialu
5、nrest-afterthebreakupofYugoslavia,companyassetswererenderedworthless.Politicalchange-mayleadtotaxandownershipchanges.20-4©McGrawHillCompanies,Inc.,2000EuromoneyMagazine’sCountryRiskRatingsAdaptedfromTable20.1intextHighestandlowestrankedcountries.Totalscore=10020-5©McGrawHillCompanies,Inc.,20
6、00FinancingDecisions(a)Sourceoffinancing:Globalcapitalmarketsforlowercostfinancing.Host-countrymayrequireprojectstobelocallyfinancedthroughdebtorequity.Limitedliquidityraisesthecostofcapital.Host-governmentmayofferlowinterestorsubsidizedloanstoattractinvestment.Impactoflocalcurrency(apprecia
7、tion/depreciation)influencescapitalandfinancingdecisions.20-6©McGrawHillCompanies,Inc.,2000FinancingDecisions(b)Financialstructure:Debt/equityratiosvarywithcountries.Taxregimes.Followlocalcapitalstructurenorms?Moreeasilyevaluatereturnonequityrelati
