国际金融管理、国际性企业金融管理实务教程.ppt

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1、国际金融管理实务教程国际金融管理实务教程International Financial Management2010-2011 First Semester/UndergraduatesTextbookInternational Corporate Finance 8th Edition,2006,South-Western College Publishing,Jeff Madura Florida Atlantic UniversityReferencesKirt C.Butler(Michigan State University),Multinational Finance,Third

2、 Edition,Thomson/South-Western,2004.Alan C.Shapiro（Univ.of Southern California），），2003，Multinational Financial Management,7th Edition,WILEY.Imad A.Moosa(La Trobe University)International Finance An Analytical Approach，Second Edition,McGraw Hill，2004.CourseObjectiveThis course is designed for senior

3、level undergraduates majoring in finance after learning basic international finance course.We mainly focus on multinational finance and the practical issues in the real world.Course ObjectiveWe will learn some of the modern international financial theories,as well as some basic skills concerning wit

4、h major financial instruments.We will try to assess the risk that is specific to international transactions,and learn how to manage the exposure.We will also examine multi-capital budgeting and foreign direct investment,as well as multinational restructuring.1 International financial markets2Currenc

5、y Derivatives3 Exchange Rate Determination4International arbitrage and interest rate parity5Relationships among inflation,interest rates,and exchange rates6Multinational corporation:an overview7Forecasting exchange rates8Measuring exposure to exchange rate fluctuations9Managing transaction exposure1

6、0Managing economic exposure11Direct foreign investment12Multinational capital budgeting13Multinational restructuringOutlineMultinational Corporation:Multinational Corporation:An OverviewAn Overview1 1 ChapterChapterSouth-Western/Thomson Learning 2003Chapter ObjectivesWhat is the multinational corpor

7、ation?Goal of the MNCTheories of International BusinessInternational Business MethodsExposure to International RiskOverview of an MNCs Cash FlowsManaging for Value1.What is the multinational corporation?ParentcompanyForeignsubsidiaryIForeignsubsidiaryIIForeignsubsidiaryIII 2006 Prentice Hall8-10Basi

8、c Organizational StructuresA number of basic structures exist that permit an MNC to compete internationallyStructure must meet the need of both the local market and the home-office strategy of globalizationMost MNCs evolve through certain basic structural arrangements in international operations 200

9、6 Prentice Hall8-11Domestic Plus Foreign SubsidiaryReturn 2006 Prentice Hall8-12Global Geographic StructureReturnEastmanKodaksGlobalCustomerDesignProcter&Gambles Global Area DesignProcter&Gamble(NYSE:PG)is the worlds largest producer of household and personal products by revenue,with its products re

10、aching 4 billion people worldwide.P&Gs product line includes 23 brands across beauty,healthcare,and food,that generate over$1 billion in revenue annually,with the companys reporting net income of$13.4 billion on revenue of$79 billion in 2009 The Coca-Cola Co.(NYSE:KO)The firm sells hundreds of drink

11、 brands,including coffees,juices,sports drinks,and teas,in about 200 nations.Although it does no bottling itself,the company owns about 36%of Coca-Cola Enterprises(the largest Coke bottler in the world)and some 40%of Mexcios bottler Coca-Cola FEMSA.IBM:Global Financing IBMs offerings include end use

12、r IT leasing and financing for the acquisition of IT solutions,commercial financing that provides a suite of working capital offerings for IBM business partners and suppliers.The Companys Global Asset Recovery Services division optimizes residual value by remarketing used equipment.The Company also

13、provides International financing that provides centralized or localized financing in more than 40 countries.TheAutomobileGoesGlobal:TheGMPontiacLeMansDesign:Germany(byOpel)Brakes:France,U.S.Sheetsteel:JapanS.KoreaStampingofbodyparts:S.KoreaTires:S.KoreaEngines:1.6literS.KoreaWindshield:S.Korea2.0lit

14、erAustraliaBattery:S.KoreaFuelinjection:U.S.Wiringharness:S.KoreaFuelpump:U.S.Radio:SingaporeTransmission:Canada&U.S.Assembly:S.KoreaRearaxle:U.S.Marketing&Steering:U.S.distribution:N.AmericaSUZUKIISUZUTOYOTAIBC VehiclesLimited(U.K.)GMNew United MotorManufacturingInc.(NUMMI)Supplies small cars10%own

15、ed49%ownedSupplies small cars/trucks/parts40%investment60%owned50%owned50%ownedMakes vans in UKMakes cars in USSAAB50%ownedFIAT20%ownedCollaboration on technology and componentsFUJI20%owned;joint productionDAEWOOSupplies small carsGeneralMotorsAllianceswithCompetitors 通用汽车业务在华分布状况一览通用汽车业务在华分布状况一览通用汽

16、车破产与保护美国最大汽车生产商通用汽车公司2009年6月1日正式申请破产保护，阿尔-科赫将担任首席重组官，通用汽车重组时间将为60天至90天，新通用将获得美国政府301亿美元破产融资。通用汽车股价通用汽车股价什么是QFII？QFII(Qualified Foreign Institutional Investors)：即合格的境外机构投资者制度，是指允许合格的境外机构投资者，在一定规定和限制下汇入一定额度的外汇资金，并转换为当地货币，通过严格监管的专门帐户投资当地证券市场，其资本利得、股息等经批准后可转为外汇汇出的一种市场开放模式 什么是QDII？QDII(国内机构投资者赴海外投资资格认定制度

17、:QUALIFIED DOMESTIC INSTITUTIONAL INVESTORS,QDII)制度由香港政府部门最早提出，是在外汇管制下内地资本市场对外开放的权宜之计，以容许在资本账项目未完全开放的情况下，国内投资者往海外资本市场进行投资。2.Goal of the MNCThe commonly accepted goal of an MNC is to maximize shareholder wealth.We will focus on MNCs that are based in home country(as the United States)and that wholly

18、own their foreign subsidiaries.Constraints Interfering with the MNCs GoalAs MNC managers attempt to maximize their firms value,they may be confronted with various constraints.Environmental constraints.Regulatory constraints.Ethical constraints.Conflicts Against the MNC GoalFor corporations with shar

19、eholders who differ from their managers,a conflict of goals can exist-the agency problem.Agency costs are normally larger for MNCs than for purely domestic firms.The sheer size of the MNC.The scattering of distant subsidiaries.The culture of foreign managers.Subsidiary value versus overall MNC value

20、.Impact of Management ControlThe magnitude of agency costs can vary with the management style of the MNC.A centralized management style reduces agency costs.However,a decentralized style gives more control to those managers who are closer to the subsidiarys operations and environment.Centralized Mul

21、tinational Financial ManagementforanMNCwithtwosubsidiaries,AandBFinancialManagersofParentCapitalExpendituresatAInventoryandAccountsReceivableManagementatACashManagementatAFinancingatACapitalExpendituresatBInventoryandAccountsReceivableManagementatBCashManagementatBFinancingatBDecentralized Multinati

22、onal Financial ManagementforanMNCwithtwosubsidiaries,AandBFinancialManagersofACapitalExpendituresatAInventoryandAccountsReceivableManagementatACashManagementatAFinancingatACapitalExpendituresatBInventoryandAccountsReceivableManagementatBCashManagementatBFinancingatBFinancialManagersofBImpact of Mana

23、gement ControlSome MNCs attempt to strike a balance-they allow subsidiary managers to make the key decisions for their respective operations,but the decisions are monitored by the parents management.Impact of Management ControlElectronic networks make it easier for the parent to monitor the actions

24、and performance of foreign subsidiaries.For example,corporate intranet or internet email facilitates communication.Financial reports and other documents can be sent electronically too.Whyarefirmsmotivatedtoexpandtheirbusinessinternationally?3.Theories of International BusinessTheory of Comparative A

25、dvantageSpecialization by countries can increase production efficiency.Imperfect Markets TheoryThe markets for the various resources used in production are“imperfect.”Whyarefirmsmotivatedtoexpandtheirbusinessinternationally?Theories of International BusinessProduct Cycle TheoryAs a firm matures,it m

26、ay recognize additional opportunities outside its home country.Firmexportsproducttoaccommodateforeigndemand.Firmcreatesproducttoaccommodatelocaldemand.The International Product Life CycleFirmestablishesforeignsubsidiarytoestablishpresenceinforeigncountryandpossiblytoreducecosts.a.Firmdifferentiatesp

27、roductfromcompetitorsand/orexpandsproductlineinforeigncountry.b.Firmsforeignbusinessdeclinesasitscompetitiveadvantagesareeliminated.or4.InternationalBusiness MethodsInternational trade is a relatively conservative approach involving exporting and/or importing.The internet facilitates international t

28、rade by enabling firms to advertise and manage orders through their websites.Thereareseveralmethodsbywhichfirmscanconductinternationalbusiness.InternationalBusiness MethodsLicensing allows a firm to provide its technology in exchange for fees or some other benefits.Franchising obligates a firm to pr

29、ovide a specialized sales or service strategy,support assistance,and possibly an initial investment in the franchise in exchange for periodic fees.Franchising 特许权经营是指政府为项目的建设和经营提供特许，由民间公司或外国公司作为项目的投资者安排融资、承担风险、开发建设，并在有限的时间内经营项目以获取商业利润，最后根据协议将该项目转让给政府机构。如B-O-T（Build Operate-Transfer)方式。这种方式主要用于发展收费公路

30、、发电厂、地铁、桥梁、码头、海底隧道、供暖、供水等基础设施。InternationalBusiness MethodsFirms may also penetrate foreign markets by engaging in a joint venture(joint ownership and operation)with firms that reside in those markets.Acquisitions of existing operations in foreign countries allow firms to quickly gain control over f

31、oreign operations as well as a share of the foreign market.InternationalBusiness MethodsFirms can also penetrate foreign markets by establishing new foreign subsidiaries.In general,any method of conducting business that requires a direct investment in foreign operations is referred to as a direct fo

32、reign investment(DFI).The optimal international business method may depend on the characteristics of the MNC.5.Exposure to International Riskexchange rate movementsExchange rate fluctuations affect cash flows and foreign demand.foreign economiesEconomic conditions affect demand.political riskPolitic

33、al actions affect cash flows.InternationalbusinessusuallyincreasesanMNCsexposureto:中国铁建承建沙特铁路项目预计亏41亿元公司于2009年2月10日与沙特阿拉伯王国城乡事务部签署沙特麦加萨法至穆戈达莎轻轨合同，约定采用EPC+O&M总承包模式(即设计、采购、施工加运营、维护总承包模式)，由公司负责沙特麦加轻轨项目的设计、采购、施工、系统(包括车辆)安装调试以及从2010年11月13日起的三年运营和维护。工期要求为：2010年11月13日开通运营，达到35%运能；2011年5月完成所有调试，达到100%运能。该项目

34、合同总金额为66.50亿沙特里亚尔，约为17.7亿美元，按2010年9月30日的汇率，折合人民币120.70亿元。公司公告，按2010年9月30日的汇率折算，该项目合同预计总收入120.70亿元，合同预计总成本160.69亿元，两者相减，合同损失39.99亿元。加上财务费用1.54亿元，该项目总的亏损预计为41.53亿元。公司解释，合同预计总成本变化的主要原因是该项目采用EPC+O&M总承包模式，项目签约时只有概念设计，主要由于业主提出新的功能需求及工程量的增加，该项目在实施过程中，合同预计总成本逐步增加。到2010年6月30日，预计总成本增加到125.44亿元。MultinationalCo

35、rporation(MNC)ForeignExchangeMarketsProductMarketsSubsidiariesInternationalFinancialMarketsDividendRemittance&FinancingExporting&ImportingInvesting&FinancingThe International Financial Environment6.Overview of an MNCs Cash FlowsProfileA:MNCsfocusedonInternationalTradeU.S.BusinessesForeignImportersU.

36、S.CustomersForeignExportersU.S.-basedMNCPaymentsforproductsPaymentsforsuppliesPaymentsforexportsPaymentsforimportsOverview of an MNCs Cash FlowsProfileB:MNCsfocusedonInternationalTradeandInternationalArrangementsU.S.BusinessesForeignImportersU.S.CustomersForeignExportersForeignFirmsU.S.-basedMNCFees

37、forservicesCostsofservicesPaymentsforproductsPaymentsforsuppliesPaymentsforexportsPaymentsforimportsOverview of an MNCs Cash FlowsProfileC:MNCsfocusedonInternationalTrade,InternationalArrangements,andDirectForeignInvestmentU.S.BusinessesForeignImportersU.S.CustomersForeignExportersForeignFirmsForeig

38、nSubsidiariesU.S.-basedMNCFundsremittedFundsinvestedFeesforservicesCostsofservicesPaymentsforproductsPaymentsforsuppliesPaymentsforexportsPaymentsforimports7.Managing for ValueLike domestic projects,foreign projects involve an investment decision and a financing decision.When managers make multinati

39、onal finance decisions that maximize the overall present value of future cash flows,they maximize the firms value,and hence shareholder wealth.E(CF$,t)=expectedcashflowstobereceivedattheendofperiodtn=thenumberofperiodsintothefutureinwhichcashflowsarereceivedk=therequiredrateofreturnbyinvestorsValuat

40、ion Model for an MNCDomestic ModelE(CFj,t)=expectedcashflowsdenominatedincurrencyjtobereceivedbytheU.S.parentattheendofperiodtE(ERj,t)=expectedexchangerateatwhichcurrencyjcanbeconvertedtodollarsattheendofperiodtk=theweightedaveragecostofcapitaloftheU.S.parentcompanyValuation Model for an MNCValuing

41、International Cash FlowsValuation Model for an MNCAn MNCs financial decisions include how much business to conduct in each country and how much financing to obtain in each currency.Its financial decisions determine its exposure to the international environment.Valuation Model for an MNCImpactofNewIn

42、ternationalOpportunitiesonanMNCsValueExchangeRateRiskPoliticalRiskExposuretoForeignEconomiesInternational Financial MarketsInternational Financial Markets2 2 ChapterChapterSouth-Western/Thomson Learning 2003To describe the background and corporate use of the following international financial markets

43、:foreign exchange market,Eurocurrency market,Eurocredit market,Eurobond market,and international stock markets.Chapter Objectives1.Motives for Using International Financial MarketsThe markets for real or financial assets are prevented from complete integration by barriers such as tax differentials,t

44、ariffs,quotas,labor immobility,communication costs,cultural differences,and financial reporting differences.Yet,these barriers can also create unique opportunities for specific geographic markets that will attract foreign investors.Investors invest in foreign markets:to take advantage of favorable e

45、conomic conditions;when they expect foreign currencies to appreciate against their own;andto reap the benefits of international diversification.Motives for Using International Financial MarketsCreditors provide credit in foreign markets:to capitalize on higher foreign interest rates;when they expect

46、 foreign currencies to appreciate against their own;andto reap the benefits of international diversification.Motives for Using International Financial MarketsBorrowers borrow in foreign markets:to capitalize on lower foreign interest rates;andwhen they expect foreign currencies to depreciate against

47、 their own.Motives for Using International Financial Markets2.Foreign Exchange MarketThe foreign exchange market allows currencies to be exchanged in order to facilitate international trade or financial transactions.The system for establishing exchange rates has evolved over time.From 1876 to 1913,e

48、ach currency was convertible into gold at a specified rate,as dictated by the gold standard.Foreign Exchange MarketThis was followed by a period of instability,as World War I began and the Great Depression followed.The 1944 Bretton Woods Agreement called for fixed currency exchange rates.By 1971,the

49、 U.S.dollar appeared to be overvalued.The Smithsonian Agreement devalued the U.S.dollar and widened the boundaries for exchange rate fluctuations from 1%to 2%.Foreign Exchange MarketEven then,governments still had difficulties maintaining exchange rates within the stated boundaries.In 1973,the offic

50、ial boundaries for the more widely traded currencies were eliminated and the floating exchange rate system came into effect.3.Foreign ExchangeTransactionsThere is no specific building or location where traders exchange currencies.Trading also occurs around the clock.The market for immediate exchange