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1、CHAPTER31InternationalCorporateFinanceRelativelyfewlargecompaniesoperateinasingleavoidingthetax.Thegoaloftheactwastoencouragecountry,andcompaniesbasedintheUnitedStatesarecompaniestomoveresourcesfromforeignoperationsnoexception.In2005,multinationalcompaniesbasedtotheUnitedStates.Econom
2、istsestimatedthatthetotalintheUnitedStatesreceivedasignificanttaxbreakwithamountrepatriatedcouldreachasmuchas$300billion.thepassageoftheAmericanJobsCreationAct.TheactPharmaceuticalgiantPfizer,forexample,wasexpectedallowedmultinationalcompaniestoreturnor“repatriate”torepatriateasmuchas$3
3、8billion,andJohnson&profitsearnedoverseaspriorto2003backtotheUnitedJohnsonsaiditwouldbringhome$11billion.Ofcourse,Statesatataxrateofonly5.25percent.Previously,taxesareonlyoneoftheintricaciesinvolvedinglobalthetaxratesonrepatriatedprofitswereashighasoperations.Inthischapter,weexplorether
4、olesplayed35percent,whichencouragedcompaniestoinvestbycurrenciesandexchangerates,alongwithanumberprofitsfromforeignoperationsinothercountries,therebyofotherkeytopicsininternationalfinance.Corporationswithsignificantforeignoperationsareoftencalledinternationalcorpora-tionsormultinationals
5、.Suchcorporationsmustconsidermanyfinancialfactorsthatdonotdirectlyaffectpurelydomesticfirms.Theseincludeforeignexchangerates,differinginterestratesfromcountrytocountry,complexaccountingmethodsforforeignoperations,foreigntaxrates,andforeigngovernmentintervention.Thebasicprinciplesofcorpo
6、ratefinancestillapplytointernationalcorporations;likedo-mesticcompanies,thesefirmsseektoinvestinprojectsthatcreatemorevaluefortheshare-holdersthantheycostandtoarrangefinancingthatraisescashatthelowestpossiblecost.Inotherwords,thenetpresentvalueprincipleholdsforbothforeignanddomesticopera
7、tions,althoughitisusuallymorecomplicatedtoapplytheNPVruletoforeigninvestments.Oneofthemostsignificantcomplicationsofinternationalfinanceisforeignexchange.Theforeignexchangemarketsprovideimportantinformationandopportunitiesforanin-ternationalcorporationwhenitundertakescapitalbudgetingand
8、financ
