国际金融课件.pptx

I Overview and Background II The International Financial Environment III Derivative Securities for Hedging Currency Risk IV Managing the Risks of Multinational Operations V Valuation and the Structure of Multinational Operations VI International Portfolio Investment and Asset Pricing;Multinational financial management is financial management conducted in more than one cultural, social, economic, or political environment We’ll develop a framework for evaluating the opportunities, costs and risks of operating in the world’s markets for goods, services, and financial assets and liabilities;Challenges facing themultinational manager;Vivé la difference;…where the art resides;Multinational financial management;The approach of the book; Value = St [E[CFt] / (1+it)t] Multinational investment policy Higher returns from existing investments New investment opportunities Multinational financial policy Reduced capital costs through access to international capital markets;Perfect financial market assumptions;Frictionless markets ensure operational efficiency Rational investors with equal access to markets and information ensure informational efficiency That is, a market in which prices reflect all relevant information Together, these promote allocational efficiency;Investment opportunities;Financing opportunities;The value of multinationality;The MNC’s additional risks;Risk versus risk exposure;Foreign market entry;Export through agents or distributors;Foreign sales branches/subsidiaries(versus agents or distributors);Contract-based entry;Investment-based entry;Investment-based entry;Investment-based entry;Governance of the MNC;Claims on corporate revenues ;Multinational corporate strategy;Chapter 2World Trade and the International Monetary System;Integration of the world’s marketsfor goods and services;U.S. merchandise trade;Integration of financial markets;The Bretton Woods Agreement;The U.S. balance of payments;The U.S. balance of payments;Exchange rate systems;