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ch01 An Introduction to Multinational Finance.ppt


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ch01 An Introduction to Multinational Finance.ppt
文檔介紹:
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 Finance by Kirt C. Butler
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
Chapter 1 An Introduction to Multinational Finance
Challenges facing the multinational manager
The gentle reader will never, never know what a consummate ass he can e, until he goes abroad.
Mark Twain
Vivé la difference
Cross-border differences can affect all areas of business, particularly through differences in
- Language & culture - Human resource management
- Accounting - Marketing
- Distribution - Logistics
- Financial markets - Corporate governance
- Other business conventions
(legal, accounting, taxation, regulation, etc.)
…where the art resides
The notes I handle no better than many pianists, but the pauses between the notes –
ah, that is where the art resides.
Arthur Schnabel
Multinational financial management
Multinational finance is interdisciplinary within the field of finance
Multinational financial managers must be familiar with
Foreign exchange and Eurocurrency markets
Derivatives securities
International financial (debt & equity) markets
International markets for real assets
International portfolio investment
The approach of the book
Everything should be made
as simple as possible,
but not simpler.
Albert Einstein
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
The MNC’s opportunities
Perfect financial market assumptions
Financial opportunities often involve a violation of one of these assumptions
Frictionless markets
No government intervention or taxes
No transactions, agency, or bankruptcy costs
Rational investors
Equal access to costless information
Equal access to market prices
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
Market efficiency 內容來自淘豆網www.rainearth.cn轉載請標明出處.
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  • 頁數25
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  • 上傳人中國課件站
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  • 時間2011-10-12
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