马杜拉国际财务管理第一章
1148521941509第一章---国际财务管理导论
第一章国际财务管理导论[授课题目]（章节）一、企业的国际化进程二、国际财务管理的目标和内容三、国际财务管理的组织[学习目的及要求]重点掌握国际企业产生和发展的基础和经济条件以及国际企业在当今世界经济中所处的地位；理解价值链的经济含义及其对国际企业经营特征的影响；理解国际财务管理的特殊内容及其特点。
[重点与难点]（1）国际企业产生的路经及其经营特点；（2）国际财务管理概念、内容。
[教学方法与时间分配]本章以课堂教学为主本章预计占用4学时[教学过程]1、企业的国际化进程1.1 企业国际化的历史沿革1.1.1 国际贸易早在17世纪，伴随产业革命产生的国内和国际分工，一些国家的企业就己经产生了以商品贸易为主的国际经营活动。
国际贸易这类商业活动由来己久，只是到了17世纪以后才有真正意义上的国际贸易出现。
18世纪——19世纪时期的国际贸易特点是：其一，贸易的地域已经发展到世界上的大部分国家和地区；其二，在时间上，商品的交换已经不是间断的，而成为资本主义再生产中的一个环节；其三，在资本主义的生产方式上，一切产品都是商品，相当大的一批商品参加国际贸易；其四，19世纪70年代，国际金本位制形成，标志着世界市场的形成。
当代国际贸易的发展：世界贸易总额1800年1900年增长倍数1950年增长倍数14亿美元201亿美元13倍1141亿美元4．6倍全世界出口贸易总额1950年为603亿美元，1973年为5740亿美元，23年里增长8.5倍,1995年为40885亿美元,比1973年又增长6.1倍。
国际贸易品种日益增多，国际服务贸易和技术贸易发展很快。
国际贸易是谋求出口产品给特定的国家，或是从国外厂家进口设备、技术，这种企业的国际经营风险较小，利润也薄。
1.1.2 19世纪中叶，西方企业的海外活动重心逐渐由贸易转向资本输出。
初期是间接投资占主导地位（购买外国公债）以及不是以拥有控股权的股票投资。
也有一些发达国家的大型企业通过对外直接投资，在海外设立分支机构和子公司。
第一章国际财务管理概览
中外跨国公司比较
• 中国50强 • 世界50强
第一章国际财务管理概览
经济全球化的动因
• 贸易和投资的自由化 • 产品、技术标准的全球化 • 经济体制的趋同 • 信息技术革命的推动
第一章国际财务管理概览
2001年全球跨国投资急剧下降
第一章国际财务管理概览
中国企业的境外上市
• 2002年，中国公司海外投资达24亿美元，而2002 年之前，累计对外投资只有70多亿美元，很显然， 中国资本走出去的步伐在加快。
第一章国际财务管理概览
中国企业的对外投资
• 2003年1-7月，经我部批准或备案设立的境 外非金融类中资企业263家，中方协议投资 额7.5亿美元。分别比上年同期增长55%、 28%.其中，境外加工贸易企业33家，中方 协议投资额1.03亿美元。
• 截至2003年7月底，经我部批准或备案设立 的境外中资企业共计7222家，中方投资额 100.9亿美元。
第一章国际财务管理概览
第一章国际财务管理概览
§2国际财务管理
• 概念：对国际企业的涉外经济活动进行的 财务管理。
• 特征：
– 财务管理 – 国际企业的财务管理 – 国际企业涉外经济活动
第一章国际财务管理概览
– 国际政治 – 国内政治
• 汇率风险
– 亚洲金融危机 – 南美金融危机
国际风险
第一章国际财务管理概览
国际财务管理特点
• 新的环境因素 • 新的风险来源 • 新的经济机会
– 上述特点实际上是在国际经营机遇与风险的基 础上添加了环境因素。
第一章国际财务管理概览
§5国际财务管理组织模式
• 基本组织模式 – 集权模式：财务管理决策权集中在公司总部， 国外分支机构按公司总部制定的财务政策和财 务决策进行具体的财务管理活动。 – 分权模式：通过财务决策权在总部与国外分支 机构之间的合理配置，实现公司财务管理活动 协调进行的财务管理模式。
国际财务管理英文版第版马杜拉答案Chapter
Chapter 3International Financial Markets Lecture OutlineMotives for Using International Financial Markets Motives for Investing in Foreign MarketsMotives for Providing Credit in Foreign MarketsMotives for Borrowing in Foreign MarketsForeign Exchange MarketHistory of Foreign ExchangeForeign Exchange TransactionsExchange QuotationsForeignInterpretingCurrency Futures and Options MarketsInternational Money MarketOrigins and DevelopmentStandardizing Global Bank RegulationsInternational Credit MarketSyndicated LoansInternational Bond MarketEurobond MarketDevelopment of Other Bond MarketsComparing Interest Rates Among CurrenciesInternational Stock MarketsIssuance of Foreign Stock in the U.S.Issuance of Stock in Foreign MarketsComparison of International Financial MarketsHow Financial Markets Affect an MNC’s ValueChapter ThemeThis chapter identifies and discusses the various international financial markets used by MNCs. These markets facilitate day-to-day operations of MNCs, including foreign exchange transactions, investing in foreign markets, and borrowing in foreign markets.Topics to Stimulate Class Discussion1. Why do international financial markets exist?2. How do banks serve international financial markets?3. Which international financial markets are most important to a firm that consistently needsshort-term funds? What about a firm that needs long-term funds?Critical debateShould firms that go public engage in international offerings?Proposition Yes. When a firm issues shares to the public for the first time in an initial public offering (IPO), it is naturally concerned about whether it can place all of its shares at a reasonable price. It will be able to issue its shares at a higher price by attracting more investors. It will increase its demand by spreading the shares across countries. The higher the price at which it can issue shares, the lower is its cost of using equity capital. It can also establish a global name by spreading shares across countries.Opposing view No. If a firm spreads its shares across different countries at the time of the IPO, there will be less publicly traded shares in the home country. Thus, it will not have as much liquidity in the secondary market. Investors desire shares that they can easily sell in the secondary market, which means that they require that the shares have liquidity. To the extent that a firm reduces its liquidity in the home country by spreading its share across countries, it may not attract sufficient home demand for the shares. Thus, its efforts to create global name recognition may reduce its name recognition in the home country.With whom do you agree? State your reasons. Use InfoTrac or some other search engine to learn more about this issue. Which argument do you support? Offer your own opinion on this issue.ANSWER: The key is that students recognize the tradeoff involved. A firm that engages in a relatively small IPO will have limited liquidity even when all of the stock is issued in the home country. Thus, it should not consider issuing stock internationally. However, firms with larger stock offerings may be in a position to issue a portion of their shares outside the home country. They should not spread the stocks across several countries, but perhaps should target one or two countries where they conduct substantial business. They want to ensure sufficient liquidity in each of the foreign countries where they sell shares.Stock Markets are inefficientPropositionI cannot believe that if the value of the euro in terms of, say, the British pound increases three days in a row, on the fourth day there is still a 50:50 chance that it will go up or down in value. I think that most investors will see a trend and will buy, therefore the price is morelikely to go up. Also, if the forward market predicts a rise in value, on average, surely it is going to rise in value. In other words, currency prices are predictable. And finally, if it were so unpredictable and therefore unprofitable to the speculator, how is it that there is such a vast sum of money being traded every day for speculative purposes – there is no smoke without fire.The simple answer is that if that is what you believe, buy currencies that have viewOpposingincreased three days in a row and on average you should make a profit, buy currencies where the forward market shows an increase in value. The fact is that there are a lot of investors with just your sort of views. The market traders know all about such beliefs and will price the currency so that such easy profit (their loss) cannot be made. Look at past currency rates for yourself, check all fourth day changes after three days of rises, any difference is going to be not enough to cover transaction costs or trading expenses and the slight inaccuracy in your figures which are likely to be closing day mid point of the bid/ask spread. No, all currency movements are related to information and no-one knows if tomorrows news will be better or worse than expected.With whom do you agree? Could there be undiscovered patterns? Could some movements not be related to information? Could some private news be leaking out?ANSWER: Clearly there are no obvious patterns. Discussion on the impossibility of obvious patterns is worth emphasizing. However, does market inefficiency necessarily involve patterns, could market manipulation be occasional. There is worrying evidence from share price movements that there is unusual movement before announcements on many occasions, so the ideathat traders do not occasionally collude and move the price without supporting economic evidence is not an unreasonable view. Proof is however difficult as we have to separate anticipation from prior knowledge, the lucky speculator from the speculator who was in the know.Answers to End of Chapter Questions1. Motives for Investing in Foreign Money Markets. Explain why an MNC may invest fundsin a financial market outside its own country.ANSWER: The MNC may be able to earn a higher interest rate on funds invested in a financial market outside of its own country. In addition, the exchange rate of the currency involved may be expected to appreciate.2. Motives for Providing Credit in Foreign Markets. Explain why some financial institutionsprefer to provide credit in financial markets outside their own country.ANSWER: Financial institutions may believe that they can earn a higher return by providing credit in foreign financial markets if interest rate levels are higher and if the economic conditions are strong so that the risk of default on credit provided is low. The institutions may also want to diversity their credit so that they are not too exposed to the economic conditions in any single country.3. Exchange Rate Effects on Investing. Explain how the appreciation of the Australian dollaragainst the euro would affect the return to a French firm that invested in an Australian money market security.ANSWER: If the Australian dollar appreciates over the investment period, this implies that the French firm purchased the Australian dollars to make its investment at a lower exchange rate than the rate at which it will convert A$ to euros when the investment period is over.Thus, it benefits from the appreciation. Its return will be higher as a result of this appreciation.4. Exchange Rate Effects on Borrowing. Explain how the appreciation of the Japanese yenagainst the UK pound would affect the return to a UK firm that borrowed Japanese yen and used the proceeds for a UK project.ANSWER: If the Japanese yen appreciates over the borrowing period, this implies that the UK firm converted yen to pounds at a lower exchange rate than the rate at which it paid for yen at the time it would repay the loan. Thus, it is adversely affected by the appreciation. Its cost of borrowing will be higher as a result of this appreciation.5. Bank Services. List some of the important characteristics of bank foreign exchange servicesthat MNCs should consider.ANSWER: The important characteristics are (1) competitiveness of the quote, (2) the firm’s relationship with the bank, (3) speed of execution, (4) advice about current market conditions, and (5) forecasting advice.6. Bid/ask Spread. Delay Bank’s bid price for US dollars is £0.53 and its ask price is £0.55.What is the bid/ask percentage spread?ANSWER: (£0.55– £0.53)/£0.55 = .036 or 3.6%7. Bid/ask Spread. Compute the bid/ask percentage spread for Mexican peso in which the askrate is 20.6 New peso to the dollar and the bid rate is 21.5 New peso to the dollar.ANSWER: direct rates are 1/20.6 = $0.485:1 peso as the ask rate and 1/21.5 = $0.465:1 peso as the bid rate so the spread is[($0.485 – $0.465)/$0.485] = .041, or 4.1%. Note that the spread is fro the Mexiccan peso not the dollar.8. Forward Contract. The Wolfpack ltd is a UK exporter that invoices its exports to the UnitedStates in dollars. If it expects that the dollar will appreciate against the pound in the future, should it hedge its exports with a forward contract? Explain..ANSWER: The forward contract can hedge future receivables or payables in foreign currencies to insulate the firm against exchange rate risk. Yet, in this case, the Wolfpack Corporation should not hedge because it would benefit from appreciation of the dollar when it converts the dollars to pounds.9. Euro. Explain the foreign exchange situation for countries that use the euro when theyengage in international trade among themselves.ANSWER: There is no foreign exchange. Euros are used as the medium of exchange.10. Indirect Exchange Rate. If the direct exchange rate of the euro is worth £0.685, what is theindirect rate of the euro? That is, what is the value of a pound in euros?ANSWER: 1/0.685 = 1.46 euros.11. Cross Exchange Rate. Assume Poland’s currency (the zloty) is worth £0.17 and theJapanese yen is worth £0.005. What is the cross (implied) rate of the zloty with respect to yen?ANSWER: £0.17/£0.005 = 34 zloty:1 yen12. Syndicated Loans. Explain how syndicated loans are used in international markets.ANSWER: A large MNC may want to obtain a large loan that no single bank wants to accommodate by itself. Thus, a bank may create a syndicate whereby several other banks also participate in the loan.13. Loan Rates. Explain the process used by banks in the Eurocredit market to determine the rateto charge on loans.ANSWER: Banks set the loan rate based on the prevailing LIBOR, and allow the loan rate to float (change every 6 months) in accordance with changes in LIBOR.14. International Markets. What is the function of the international money market? Brieflydescribe the reasons for the development and growth of the European money market. Explain how the international money, credit, and bond markets differ from one another.ANSWER: The function of the international money market is to efficiently facilitate the flow of international funds from firms or governments with excess funds to those in need of funds.Growth of the European money market was largely due to (1) regulations in the U.S. that limited foreign lending by U.S. banks; and (2) regulated ceilings placed on interest rates of dollar deposits in the U.S. that encouraged deposits to be placed in the Eurocurrency market where ceilings were nonexistent.The international money market focuses on short-term deposits and loans, while the international credit market is used to tap medium-term loans, and the international bond market is used to obtain long-term funds (by issuing long-term bonds).15. Evolution of Floating Rates. Briefly describe the historical developments that led to floatingexchange rates as of 1973.ANSWER: Country governments had difficulty in maintaining fixed exchange rates. In 1971, the bands were widened. Yet, the difficulty of controlling exchange rates even within these wider bands continued. As of 1973, the bands were eliminated so that rates could respond to market forces without limits (although governments still did intervene periodically).16. International Diversification. Explain how the Asian crisis would have affected the returnsto a UK. firm investing in the Asian stock markets as a means of international diversification.[See the chapter appendix.]ANSWER: The returns to the UK firm would have been reduced substantially as a result of the Asian crisis because of both declines in the Asian stock markets and because of currency depreciation. For example, the Indonesian stock market declined by about 27% from June 1997 to June 1998. Furthermore, the Indonesian rupiah declined against the U.S. dollar by 84%.17.Eurocredit Loans.a.With regard to Eurocredit loans, who are the borrowers?b. Why would a bank desire to participate in syndicated Eurocredit loans?c. What is LIBOR and how is it used in the Eurocredit market?ANSWER:a. Large corporations and some government agencies commonly request Eurocredit loans.b. With a Eurocredit loan, no single bank would be totally exposed to the risk that theborrower may fail to repay the loan. The risk is spread among all lending banks within the syndicate.c. LIBOR (London interbank offer rate) is the rate of interest at which banks in Europe lendto each other. It is used as a base from which loan rates on other loans are determined in the Eurocredit market.18. Foreign Exchange. You just came back from Canada, where the Canadian dollar was worth£0.43. You still have C$200 from your trip and could exchange them for pounds at the airport, but the airport foreign exchange desk will only buy them for £0.40. Next week, you will be going to Mexico and will need pesos. The airport foreign exchange desk will sell you pesos for £0.055 per peso. You met a tourist at the airport who is from Mexico and is on his way to Canada. He is willing to buy your C$200 for 1500 New Pesos. Should you accept the offer or cash the Canadian dollars in at the airport? Explain.ANSWER: Exchange with the tourist. If you exchange the C$ for pesos at the foreign exchange desk, the C$200 is multiplied by £0.40 and then divided by £0.055 ie a ratio of £0.40/0.055 = 7.27 pesos to the C$. The total pesos would be 200 x 7.27 = 1454 pesos, a little less than is being offered by the tourist.19. Foreign Stock Markets. Explain why firms may issue stock in foreign markets. Why mightMNCs issue more stock in Europe since the conversion to a single currency in 1999?ANSWER: Firms may issue stock in foreign markets when they are concerned that their home market may be unable to absorb the entire issue. In addition, these firms may have foreign currency inflows in the foreign country that can be used to pay dividends on foreign-issued stock. They may also desire to enhance their global image. Since the euro can be used in several countries, firms may need a large amount of euros if they are expanding across Europe.20. Stock Market Integration. Bullet plc a UK firm, is planning to issue new shares on theLondon Stock Exchange this month. The only decision still to be made is the specific day on which the shares will be issued. Why do you think Bullet monitors results of the Tokyo stock market every morning?ANSWER: The UK stock market prices sometimes follow Japanese market prices. Thus, the firm would possibly be able to issue its stock at a higher price in the UK if it can use the Japanese market as an indicator of what will happen in the UK market. However, this indicator will not always be accurate.Advanced Questions21. Effects of September 11. Why do you think the terrorist attack on the U.S. was expected tocause a decline in U.S. interest rates? Given the expectations for a potential decline in U.S.interest rates and stock prices, how were capital flows between the U.S. and other countries likely affected?ANSWER: The attack was expected to cause a weaker economy, which would result in lower U.S. interest rates. Given the lower interest rates, and the weak stock prices, the amount of funds invested by foreign investors in U.S. securities would be reduced.22. International Financial Markets. Carrefour the French Supermarket chain has established retail outlets worldwide. These outlets are massive and contain products purchased locally as well as imports. As Carrefour generates earnings beyond what it needs abroad, it may remit those earnings back to France. Carrefour is likely to build additional outlets especially in China.a. Explain how the Carrefour outlets in China would use the spot market in foreign exchange.ANSWER:The Carrefour stores in China need other currencies to buy products from other countries, and must convert the Chinese currency (yuan) into the other currencies in the spot market to purchase these products. They also could use the spot market to convert excess earnings denominated in yuan into euros, which would be remitted to the French parent.b. Explain how Carrefour might utilize the international money markets when it isestablishing other Carrefour stores in Asia.ANSWER: Carrefour may need to maintain some deposits in the Eurocurrency market that can be used (when needed) to support the growth of Carrefour stores in various foreign markets. When some Carrefour stores in foreign markets need funds, they borrow from banks in the Eurocurrency market. Thus, the Eurocurrency market serves as a deposit or lending source for Carrefour and other MNCs on a short-term basis. (Eurocurrency refers to international currencies, most likely the dollar, not just the euro!)c. Explain how Carrefour could use the international bond market to finance theestablishment of new outlets in foreign markets.ANSWER: Carrefour could issue bonds in the Eurobond market to generate funds needed to establish new outlets. The bonds may be denominated in the currency that is needed; then, once the stores are established, some of the cash flows generated by those stores could be used to pay interest on the bonds.23.Interest Rates. Why do interest rates vary among countries? Why are interest rates normallysimilar for those European countries that use the euro as their currency? Offer a reason why the government interest rate of one country could be slightly higher than that of the government interest rate of another country, even though the euro is the currency used in both countries.ANSWER: Interest rates in each country are based on the supply of funds and demand for funds for a given currency. However, the supply and demand conditions for the euro are dictated by all participating countries in aggregate, and do not vary among participating countries. Yet, the government interest rate in one country that uses the euro could be slightly higher than others that use the euro if it is subject to default risk. The higher interest rate would reflect a risk premium.Blades plc Case Study。
国际财务管理杰夫马杜拉中文版
国际财务管理杰夫马杜拉中文版一、国际财务管理的概念与重要性国际财务管理（International Financial Management，简称IFM）是指企业在跨国经营过程中，对资金、成本、利润等财务要素进行有效管理和优化配置的过程。
国际财务管理在全球化经济背景下显得尤为重要，它有助于企业降低成本、提高效益、实现资源优化配置，从而提升全球竞争力。
二、国际财务管理的主要挑战与风险1.汇率波动：不同国家的货币汇率波动给企业带来不确定性和风险。
2.跨国税收制度：各国税收政策和法规差异较大，企业需合理规划税收策略。
3.跨国资本运作：涉及多个国家和地区的资本流动，需要熟悉各国金融市场和监管政策。
4.文化差异：不同国家的商业文化和消费习惯差异，影响企业在国际市场的运营。
5.政治风险：政治稳定性和政策变动对企业跨国经营带来不确定性和潜在风险。
三、国际财务管理的策略与方法1.外汇风险管理：采用远期合约、期权等金融工具进行外汇风险对冲。
2.税收筹划：合理利用国际税收条约、税收优惠政策等降低税收负担。
3.跨国资本运作：通过跨国并购、合资、直接投资等手段实现企业全球化战略。
4.财务报表整合：统一会计制度和报表格式，提高企业财务信息披露的透明度。
5.企业文化建设：加强跨文化沟通与培训，提升员工的国际化素质。
四、我国企业国际财务管理的现状与建议1.现状：我国企业国际化程度逐渐提高，但国际财务管理能力相对薄弱。
2.建议：加强国际财务管理培训，提高企业国际化经营水平；借助政策支持，拓展国际市场。
五、未来国际财务管理的发展趋势1.信息技术应用：大数据、云计算等新兴技术在国际财务管理领域的广泛应用。
2.环保与可持续发展：企业需关注环境保护和可持续发展，提高国际财务管理水平。
3.金融创新：金融衍生品、互联网金融等创新产品在国际财务管理中的作用日益凸显。
4.全球化治理：国际财务管理需适应全球化治理体系的变化，如国际财务报告准则的不断完善。
第一章 国际财务管理导论wxw
附：2002年国外资产排名前40位 的跨国公司（节选）
排名 1 3 5 6 7 11 17 20 公司 通用电气 福特汽车 通用汽车 壳牌集团 丰田汽车 大众汽车 西门子 本田 国家 美国 美国 美国 英国/荷兰 日本 德国 德国 日本 主要业务 电气设备 汽车 汽车 炼油 汽车 汽车 电器 汽车 7
利润
产品组合市场分额 新产品 产品组合 市场分额
15
国际财务管理的内容
• 国际财务管理的主要内容
– 国际融资管理 – 国际投资管理 – 国际营运资金管理
16
国际财务管理的内容
• 国际财务管理的特殊内容
– 外汇市场及汇率预测 – 外汇风险的管理 – 国际转移价格 – 国际纳税筹划 – 国际结算 – 国际财务报告与财务分析
4
一、企业的国际化进程
• 国际企业
– 指任何超出本国国界进行采购、生产、 销售、研发等经营活动的公司，如进 出口公司（外贸公司）、跨国公司。 – 跨国公司是国际企业发展的较高阶段。
5
企业的国际化进程
• 跨国公司（MNC）
– 跨国公司是指在一个国家组织成立并 在若干其他国家从事经营的企业。该 企业有一个反映企业全球经营战略的 中央决策体系，企业内的各个实体分 享资源、信息并分担责任。 – 通常被认为是最具代表性的国际企业。
21
课外作业2
• 选择一家你感兴趣的跨国公司，利用相 关网站搜索它的如下信息：
– 该公司的全称、总部所在地及主要业务。 – 该公司上一年度销售的地理分布和收入情况 （在各地区的销售收入金额、所占百分比）。 – 它上一年度的财务情况（总资产、总负债、 资产负债率；主营业务收入、主营业务利润、 净利润、总资产报酬率、净资产报酬率）。
第一章 国际财务管理
学习基本要求
掌握国际财务的基本概念、内容、特点等基本理论 在汇率理论的基础上，掌握各类风险产生的原因及其计量方 法；熟悉掌握各种外汇风险的管理方法 了解国际企业的融资渠道和方式，掌握融资币种、融资方式 以及资本结构等决策方法 掌握对外直接投资财务分析的方法，了解国际企业的证券投 资的种类和特征，掌握跨国资本预算的影响因素及其编制方 法 掌握国际企业营运资本的存量和流量的各种管理方法 掌握国际企业避税的一般方法，了解国际反避税 了解影响国际转移价格的因素以及制订方法，掌握不同转移 价格对国际企业财务的影响（资金转移、利润及其业绩（即总 体价值最大），但子公司的财务经理做出的 决策可能会使子公司的价值最大，但不符合 整个跨国公司的利益最大化的目标。因此产 生了整体目标和分部目标的冲突，实质是因 为股东（母公司）与经理（子公司）之间的 委托代理矛盾。
2、跨国公司代理成本高于国内公司
（1）跨国公司对分散在各地的子公司的经理 很难监督，存在较多的代理问题 （2）不同文化下形成的子公司也许不会服从 统一的目标 （3）跨国公司规模越大往往委托代理问题越 多，特别是衍生层级较多的企业（总—— 子——孙——重孙）
汇率变动风险
大多数国际贸易的付款方式需要以一种货币兑换另一种货币。 因为汇率一直在波动，用来付款的现金流出因此相应变化。 所以，即使供应商的价格没有变，用了购买国外商品的公司 本国货币的数量也会改变。 汇率波动也可以影响国外对一个公司产品的需求。当本国货 币坚挺时，用这种货币结算的产品对国外客户来说变贵了， 这样会引起需求量的下降和由此而来的现金流入的减少。 对于那些在国外有子公司的跨国公司来说，汇率变化影响了 子公司汇给母公司的现金流量价值。当母公司的本国货币坚 挺时，子公司的汇款只会兑换成较少的本国货币。对这些跨 国公司而言，汇率波动也影响了合并财务报表。
国际财务管理第1章
02
添加标题
03
添加标题
04
添加标题
05
添加标题
06
添加标题
07
添加标题
什么是国际财务管理 国际财务管理(International financial management)，也叫国际理财，是国际企业从事跨国性生产经营活动所面临新的财务管理问题，是研究企业在国际市场中如何对其资金运营活动及其财务关系所进行的管理，它是财务管理在国际领域中的延伸和发展。 国际财务管理学或曰国际理财学是财务管理学的组成部分和新领域，其内容涉及到与“国际金融”、“ 国际投资”、“ 国际会计”、“ 国际税收”、国际法规等学科的相互交叉，所以也是边缘性学科。
三、跨国企业的思维方式
大企业有大企业的思维方式，那就是进行良性竞争，不打价格战，立足长远战略。基于此，百年艾欧史密斯选择了也许是最适合自己的经营方式。不断的技术创新和近乎完美的质量要求，是企业取得长期生存的基础，在中国仍不应是例外。在他们眼里，庞大的中国市场需要时间去精耕细作，路遥知马力，时间会证明艾欧史密斯产品的无可比拟。艾欧史密斯不断地强化内部管理，在内部管理，在内部树立起相互尊重、持续发展的理念，将会使自己真正赢得长久发展的强大竞争力 .
案例分析:百年跨国公司中国生存
A.O.史密斯公司是一家有着128年历史的美国公司，热水器生产有60年历史，位列美国制造业500强。在20世纪50年代即成为全美热水器行业最大制造商之一。1998年，A.O.史密斯公司来到中国，在南京成立了艾欧史密斯热水器(中国)有限公司。在中国入世的几小时内，艾欧史密斯向中国公司增资1.6亿元，使其总资本达到了5.6亿元。对他们而言，这个神秘未知的国度有太多的东西需要理解和学习。在东西方文化的激烈碰撞下，他们小心翼翼地开始了新的跋涉。面对一个陌生而且特别神秘的国度，艾欧史密斯有自信的理由：他们能做全世界最好的热水器，有上百年历史的品牌，而追求美好幸福的生活质量应该是全人类的共同愿望，中国人应该也会追求“最好的产品”。
国际财务管理杰夫马杜拉中文版
国际财务管理杰夫马杜拉中文版摘要：一、引言二、国际财务管理的概念与重要性三、国际财务管理的核心内容1.外汇风险管理2.国际投资决策3.国际筹资决策4.跨国经营与并购四、国际财务管理在我国的现状与发展趋势五、结论正文：【引言】随着全球化的不断深入，国际财务管理在我国企业中的地位日益重要。
本文将详细介绍国际财务管理的概念、重要性以及核心内容，并对我国国际财务管理的现状与发展趋势进行分析。
【国际财务管理的概念与重要性】国际财务管理是指企业在跨国经营过程中，对资金的筹集、运用、管理和回收进行有效决策的过程。
它涉及到企业的资金流动、外汇风险管理、投资决策、筹资决策等多个方面。
国际财务管理对于提高企业的国际竞争力、实现资源优化配置以及降低经营风险具有重要意义。
【国际财务管理的核心内容】1.外汇风险管理：外汇风险管理是国际财务管理的重要环节，主要包括对汇率风险、利率风险和通货膨胀风险的预测、评估和控制。
2.国际投资决策：企业在进行国际投资时，需要对投资项目进行充分的调查和分析，以实现投资回报的最大化。
3.国际筹资决策：企业在跨国经营过程中，需要根据自身的资金需求和风险承受能力，选择合适的筹资方式。
4.跨国经营与并购：跨国经营与并购是企业进行国际拓展的重要手段，企业需要对目标公司进行全面的评估，以确保并购的成功。
【国际财务管理在我国的现状与发展趋势】当前，我国企业在进行国际财务管理时，普遍面临着风险意识不足、管理手段落后、人才短缺等问题。
为应对这些问题，我国政府和企业需要加大对外汇风险管理、国际投资决策、国际筹资决策等方面的研究和实践力度，培养一批具有国际视野和专业素养的国际财务管理人才。
【结论】总之，国际财务管理在企业跨国经营过程中发挥着重要作用。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Chapter Objectives:
Chapter One
1
MANAGEMENT
•Understand why it is important to study international finance.
1-14 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
McGraw-Hill/Irwin
Multinational Corporations
A firm that has incorporated on one country and has production and sales operations in other countries. There are about 60,000 MNCs in the world. Many MNCs obtain raw materials from one nation, financial capital from another, produce goods with labor and capital equipment in a third country and sell their output in various other national markets.
1-13 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
McGraw-Hill/Irwin
Privatization
The selling off state-run enterprises to investors is also known as “Denationalization”. Often seen in socialist economies in transition to market economies. By most estimates this increases the efficiency of the enterprise. Often spurs a tremendous increase in cross-border investment.
The risk that foreign currency profits may evaporate in dollar terms due to unanticipated unfavorable exchange rate movements.
Political Risk
Sovereign governments have the right to regulate the movement of goods, capital, and people across their borders. These laws sometimes change in unexpected ways.
McGraw-Hill/Irwin
1-12
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
Liberalization of Protectionist Legislation
The General Agreement on Tariffs and Trade (GATT) a multilateral agreement among member countries has reduced many barriers to trade. The World Trade Organization has the power to enforce the rules of international trade. The North American Free Trade Agreement (NAFTA) calls for phasing out impediments to trade between Canada, Mexico and the United States over a 15-year period.
McGraw-Hill/Irwin
1-2
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
What’s Special about “International” Finance?
Foreign Exchange Risk
McGraw-Hill/Irwin
1-1
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
What’s Special about “International” Finance?
Foreign Exchange Risk Political Risk Market Imperfections Expanded Opportunity Set
1-3 Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
McGraw-Hill/Irwin
What’s Special about “International” Finance?
Market Imperfections Legal restrictions on movement of goods, people, and money Transactions costs Shipping costs Tax arbitrage
McGraw-Hill/Irwin
1-10
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
Emergence of Globalized Financial Markets
Deregulation of Financial Markets coupled with Advances in Technology have greatly reduced information and transactions costs, which has led to: Financial Innovations, such as
•Distinguish international finance from domestic finance.
Second Edition
EUN / RESNICK
Chapter One Outline
What’s Special about “International” Finance? Goals for International Financial Management Globalization of the World Economy Multinational Corporations Organization of the Text Summary
McGraw-Hill/ © 2001 by The McGraw-Hill Companies, Inc. All rights
Goals for International Financial Management
The focus of the text is to equip the reader with the “intellectual toolbox” of an effective global manager—but what goal should this effective global manager be working toward? Maximization of shareholder wealth? or Other Goals?
McGraw-Hill/Irwin
1-4
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
What’s Special about “International” Finance?
Expanded Opportunity Set It doesn’t make sense to play in only one corner of the sandbox. True for corporations as well as individual investors.
McGraw-Hill/Irwin
1-7
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
Other Goals
In other countries shareholders are viewed as merely one among many “stakeholders” of the firm including:
McGraw-Hill/Irwin
1-6
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
Maximize Shareholder Wealth
Long accepted as a goal in the Anglo-Saxon countries, but complications arise. Who are and where are the shareholders? In what currency should we maximize their wealth?