國際金融管理導(dǎo)論課件

國際金融管理International

Financial

Managemeor

Multinational

Finance主講人國際經(jīng)濟(jì)貿(mào)易學(xué)院金融系蔣先玲、于瑾前九周授課結(jié)構(gòu)I

Overview

and

Background（導(dǎo)論）II

The

International

Financial

Environment（國際融資環(huán)境）III

Derivative

Securities

for

Hedging

Currency

Risk（對匯率風(fēng)險(xiǎn)套期保值的衍生工具）IV

Managing

the

Risks

of

Multinational

Operations（管理跨國經(jīng)營風(fēng)險(xiǎn)）V

Valuation

of

Multinational

Operations（跨國經(jīng)營的估值）主要參考教材（美）《國際金融》（MultinationalFinance）第三版，Kirt

C.Butler著，張成思譯注，東北財(cái)經(jīng)大學(xué)出版社，2008年；中文版：跨國財(cái)務(wù)，趙銀德等譯，機(jī)械工業(yè)出版社2005年評價制度平時成績:10%期中成績:20%期末：閉卷考試:70%Chapter

1An

Introduction

to

Multinational

Finance結(jié)構(gòu)A.

Financial

Management

of

the

MultinationalCorporationB.

The

Opportunities

of

Multinational

OperationC.

The

Challenges

of

multinational

OperationsD.

Strategic

Entry

into

International

MarketsE.

The

Goals

of

the

Multinational

Management國際金融管理的研究對象

國際金融管理是研究在國際經(jīng)濟(jì)條件下，國際企業(yè)從事跨國性生產(chǎn)經(jīng)營活動所面臨的特殊領(lǐng)域的財(cái)務(wù)管理問題，即一切國際企業(yè)在組織財(cái)務(wù)活動，處理財(cái)務(wù)關(guān)系時所遇到的特殊問題。從國際企業(yè)的角度研究企業(yè)對國際金融策略的運(yùn)用。是將所學(xué)的國際金融知識運(yùn)用于國際企業(yè)的財(cái)務(wù)管理之中。A

multinational

corporation

(MNC)

is

a

company

engaged

inproducing

and

selling

goods

or

services

in

more

than

one

couThe

ownership

of

some

MNCs

is

so

dispersed

internationallythey

are

known

as

transnational

corporations.The

transnationals

are

usually

managed

from

a

global

persprather

than

from

the

perspective

of

any

single

country.A.

Financial

Management

of

theMultinational

CorporationIf

everyone

were

homogeneous,

there’d

be

no

need

to

study

the

differences

between

business

environments.

In

fact,

everyone

is

different.Consequently,

there

is

a

continuumof

business

environments

fromvery

similar

to

very

different.The

term“multinational”

implies

“cross-border.”However,

multinationalfinancialmanagement

can

take

place

within

a

nation’s

borders,

or

evenoutside

any

nation’s

borders,

as

businesses

interact

withdifferent

cultures

or

social,

legal,

economic

or

political

environments.While

we

take

the

perspective

of

the

financial

manager

of

a

multinational

corporation,

this

framework

worksjust

as

well

for

individuals,

small

businesses,

and

government

entities.

Along

the

way,

we

provide

a

tour

of

businesses

and

business

environments

in

many

countries

around

the

world.Multinational

Business

Finance

Multinational

financial

management

is

financialmanagement

conducted

in

more

than

one

cultural,social,

economic,

or

political

environmentWe’ll

develop

a

framework

for

evaluating

theopportunities,costs

and

risks

of

operating

in

the

worlmarkets

for

goods,services,and

financial

assets

andliabilities（國際金融管理就是要評估在世界市場經(jīng)營的遇、成本和風(fēng)險(xiǎn)等）A.

Financial

Management

of

theMultinational

Corporationpurely

domestic

firms

also

often

havesignificant

international

activities:?

Import

&

export

of

products,

components

andservices?

Licensing

of

foreign

firms

to

conduct

their

forebusiness?

Exposure

to

foreign

competition

in

the

domesticmarket?

Indirect

exposure

to

international

risks

througrelationships

with

customers

and

suppliersMultinational

Business

FinanceThere

are

significant

differences

betweeninternational

and

domestic

financialmanagement:?

Cultural

issues?

Corporate

governance

issues?

Foreign

exchange

risks?

Political

Risk?

Modification

of

domestic

finance

theories?

Modification

of

domestic

financialinstrumentsA.

Financial

Management

of

theMultinational

CorporationMultinational

financial

managers

must

bfamiliar

withForeign

exchange

and

Eurocurrency

marketsDerivatives

securitiesInternational

financial

(debt

&

equity)

marketsInternational

markets

for

real

assetsInternational

portfolio

investmentB.

The

Opportunities

of

MultinatioOperationsValuation

Model

for

an

MNCDomestic

Model——Valuing

International

Cash

Flows——貼現(xiàn)現(xiàn)金流估值法在公司決策中的重要性：if

a

corporate

decision

hano

impact

on

the

firm"s

ECF

ordiscount

rate,then

the

decision

alshas

no

impact

on

the

value

ofthe

firm.Conversely,

if

a

decision

is

to

add

value,

then

the

decision

must

eitincrease

expected

cash

flows

or

decrease

the

cost

of

capital.B.

The

Opportunities

of

MultinatioOperations1.Multinational

Investment

Opportunities(跨國投資機(jī)遇）The

corporation′s

investment

objective

is

to

identify,invest,andmanage

the

set

of

assets

that

maximizes

the

value

of

the

firm

to

itstakeholders.公司的投資目標(biāo)是識別、投資，并且隨后管理資產(chǎn)使得公司股東價值最大化。Operating

cash

flows

can

be

increased

by

either

increasing

revenuesordecreasingoperatingexpenses.（經(jīng)營現(xiàn)金流量可以通過增加收入或降低營運(yùn)支出而得到增加。)Multinational

corporations

can

enhance

revenues

and

reduceoperating

expenses

in

a

number

of

ways

that

are

not

available

tolocalfirms.B.

The

Opportunities

of

MultinationalOperationsEnhancing

Revenues——Globalbranding(全球化品牌）：A

global

brand

name

can

provide

acompetitiveadvantage

over

local

competitors.（全球化品牌可以使跨國公獲得超過當(dāng)?shù)馗偁帉κ值膬?yōu)勢）Fg,McDonald′s

and

Coca-Cola

have

leveraged

their

internationally

recognbrand

names

into

marketing,production,and

distribution

efficienciesareunavailableto

local

competitors.（充分利用其全球性知名品牌優(yōu)勢來提營銷、生產(chǎn)和分銷的效率，而當(dāng)?shù)馗偁帉κ謩t無法做到這一點(diǎn)。）The

advantages

of

size(規(guī)模優(yōu)勢):MNCs

can

exploit

their

competitiveadvantages

on

a

larger

scale

and

across

a

broader

range

of

markets

andproducts

than

domestic

competitors.（跨國公司可以比國內(nèi)公司在更大的規(guī)模和更廣的市場和產(chǎn)品范圍內(nèi)利用其競爭優(yōu)勢。）Fg.

Thailandis

a

relatively

small

country

and

might

need

a

new

power

plantonly

once

every

several

years.

Rather

than

developing

the

necessaryexpertise

locally,

Thailand

can

employ

a

MNC

with

experience

and

expertin

power

generation.B.

The

Opportunities

of

MultinationalOperationsEnhancing

Revenues——Flexibility

in

marketing

and

distribution（營銷及分銷活性）：MNCs

can

more

easily

shift

sales

effortstoward

markets

willing

to

pay

higher

prices

for

theirproducts.(MNC能較容易地將營銷目標(biāo)轉(zhuǎn)向那些愿意以較高價格購買其產(chǎn)品的市場)Fg.If

Fords

Jaguar

automobile(美洲虎牌汽車)is

in

highdemand

in

the

United

States,then

Ford

can

shift

itsmarketing

and

distribution

efforts

toward

the

UnitedStates

and

away

from

regions

of

lower

demand.B.

The

Opportunities

of

MultinatioOperationsMNC具有國內(nèi)公司所不具有的增加收入或降價支出的方法：

Reducing

Operating

Costs——Low-cost

raw

materials,Low-cost

labor,Flexibility

in

global

site

selection,Flexibility

in

sourcing

and

production,Economies

of

scale,Economies

ofvertical

integration(產(chǎn)業(yè)集中效應(yīng)：當(dāng)公司制了整個供應(yīng)鏈的上下游生產(chǎn)時，便認(rèn)為公司獲得了垂直的產(chǎn)業(yè)集中效應(yīng)）B.

The

Opportunities

of

MultinationOperations2.The

Opportunities

of

Multinational

Operations（跨國經(jīng)營面臨的機(jī)遇b.Multinational

Financing

Opportunities(跨國融資機(jī)遇）金融市場的不完善可以增加跨國公司融資決策的價值，if

financial

policy

is

tincrease

firm

value,then

it

must

increase

the

firm"s

expected

cash

flowdecrease

the

discount

rate

in

a

way

that

cannot

be

replicated

by

individuinvestors.以下是跨國公司所具有的融資機(jī)遇：Financial

market

arbitrage(國際平價條件中介紹）Hedging

policy(衍生工具中介紹）MNC

cost

ofcapitalwhen

there

arecapitalflow

barriers(跨國資本成本與資中介紹）Reducing

taxes

throughmultinationaloperations(稅收與跨國公司策略中介紹

Barriers

to

the

freeflow

of

capital(國際多元化組合投資中介紹）Currency

risk

and

the

cost

of

capital(國際資產(chǎn)定價中介紹）B.

The

Opportunities

of

MultinatioOperations3.MultinationalOpportunitiesand

Firm

Value（跨國機(jī)會與公司價值）見下圖In

combination,

multinational

operations

potentially

can

both

increase

the

investment

opportunity

set

and

decrease

the

cost

of

capital.Note

that

this

slide

only

depicts

the

potential

gain

frommultinational

operations.

I

tell

the

students:“You

-

the

student

-

must

make

it

happen!”The

value

of

multinationalityAccounting,Taxation（會計(jì)、稅收差異）Financial

markets（金融市場差異）（如，在許多伊斯蘭國家，銀行業(yè)務(wù)是按照伊斯蘭圣經(jīng)的教誨進(jìn)行的，存款者不能獲得固定的利息，但可分享銀行的損益。）Corporate

governance（公司治理差異）C.

The

Challenges

of

multinationalOperationsManaging

the

Costs

and

Risks

of

MultinationalOperations(跨國經(jīng)營中成本與風(fēng)險(xiǎn)的管理）Country

risk

-

the

risk

that

the

business

environmenta

host

country

will

unexpectedly

change－Political

risk

-

the

risk

that

the

business

envirin

a

host

country

will

change

unexpectedly

due

topolitical

events－Financial

risk

-

the

risk

of

unexpected

change

infinancial

or

economic

environment

of

a

host

countryRisk

exists

whenever

actual

outcomes

candiffer

fromexpectations.The

MNC

has

exposure

to

risk

when

its

assets

or

liabilities

canchange

in

value

with

unexpected

changes

in

business

conditions.As

individuals

&

businesses

pursue

cross-border

opportunities,

they

expose

themselves

to

a

wide

variety

of

new

risks.Students

should

have

learned

the

difference

between

risk

and

risk

exposure

in

their

first

course

infinance.

Nevertheless,

it

helps

to

repeat

thisdistinction

so

that

when

they

encounter

new

risks

and

risk

exposures

they’ll

recognize

the

difference.Risk

versus

risk

exposureRisk

exists

whenever

actual

outcomes

candiffer

from

expectationsA

company

has

a

risk

exposure

when

itsvalue

can

change

with

unexpected

changes

inbusiness

conditionsD.

Strategic

Entry

into

InternatioMarketsHow

Firms

Engage

in

International

Business？International

TradeHow

the

Internet

Facilitates

InternatioTrade?Licensing(特許經(jīng)營)How

the

Internet

Facilitates

Licensing?Franchising（特許加盟）Joint

VenturesAcquisition

of

Existing

OperationsEstablishing

New

Foreign

SubsidiariesForeign

market

entryExport

entryAgents

or

distributors(foreign

or

domestic)（代理商或分商）Foreign

sales

branches

or

subsidiaries（國外銷售分公司或子公司）Contract-based

entryLicensing

or

franchising（許可協(xié)議或特許加盟協(xié)議）Investment-based

entryForeign

direct

investments（國外直接投資）Mergers

and

acquisitions（兼并與收購）Strategic

alliances

or

joint

ventures（戰(zhàn)略聯(lián)盟或合資）Export

through

agents

or

distributoExporting

relies

on

domestic

production

and

foreign

sales.Exporters

cannot

count

on

the

sympathy

of

the

host

government,

soimportbarriers

and

foreign

political

risk

canbe

high(進(jìn)口壁壘和外國政風(fēng)險(xiǎn)高)But,exporters

do

not

have

to

worry

about

barriers

to

investment

in

theforeign

market,and

productiontechnologyis

safely

keptat

home(不需擔(dān)心外國市場的投資壁壘，生產(chǎn)技術(shù)也可安全地留在國內(nèi)。)The

effective

approaches

to

market

entry

are

through(1)

an

agent

ordistributor

and

(2)

a

foreign

sales

branch

or

subsidiary.A

relatively

low-risk

mode

of

export

entry

is

to

use

a

sales

agent

ordistributor

tohandlemarketingand

distribution

in

theforeign

market銷售代理或分銷商來從事在國外市場的營銷和分銷是一種風(fēng)險(xiǎn)相對較低的出口進(jìn)入模式。)A

disadvantage

is

that

the

exporter

cedes

control

of

marketing

anddistribution

channelstothesales

agent.(出口商需向銷售代理出讓營銷銷渠道的控制權(quán))Export

through

agents

or

distribut因此，國外銷售代理商的選擇就至關(guān)重要。For

a

successful

partnership

with

the

manufacturer,

Export

agentsand

distributors

should

haveTechnical

knowledge

of

the

product（了解產(chǎn)品的技術(shù)知識）Experience,expertise,and

marketing

contacts

in

the

foreicountry（具備在國外市場營銷的經(jīng)驗(yàn)、技能以及關(guān)系）Experience

and

expertise

in

shipping,documentation,andtrade

credit（具有航運(yùn)、單證以及商業(yè)信用方面的經(jīng)驗(yàn)和專長）Reliability

and

financial

stability

（資信良好及財(cái)務(wù)狀況穩(wěn)Foreign

sales

branches/subsidiaries

Foreign

subsidiaries（子公司）

are

incorporated

in

the

host

country,whereas

foreign

branches（分公司）

are

treated

as

a

part

of

the

parent

rathethanasaseparatelegal

entity（國外子公司是東道國的獨(dú)立公司，但國外分公被視為母公司的一部分而非獨(dú)立的法律實(shí)體。）AdvantagesHigher

sales

potential（更大的銷售潛力）Retains

control

over

production,marketing,distribution（保持對生營銷和分銷的控制）Reducingthe

agency

costs（降低代理成本）DisadvantagesHigher

resource

commitment（投入更多的資源，風(fēng)險(xiǎn)更大）Slower

entry

（進(jìn)入延遲）（when

the

exporter

is

unfamiliar

with

thecultureof

the

foreign

market.)High

country

risks

and

costs（高政治風(fēng)險(xiǎn)和成本）Contract-based

entryIn

an

international

license

agreement,

a

domestic

company

(the

licencontracts

with

a

foreign

company

(the

licensee)

to

market

the

licen′s

products

in

a

foreign

country

in

return

for

royalties,fees

or

otcompensation.在國際許可協(xié)議中，一個國內(nèi)公司（許可頒發(fā)者）和一個國外公司（獲得許可者）簽訂協(xié)議，準(zhǔn)許被許可方在國外市場上營銷許可方的產(chǎn)品，并向許可方支付特許使用費(fèi)或其他。Licensing

is

a

popular

method

for

domestic

firms

to

profit

from

foreimarkets

without

the

need

to

commit

sizable

funds.(特許經(jīng)營是國內(nèi)企業(yè)無需進(jìn)行大量投資而在海外市場上獲利的一種簡便方法)著名未來學(xué)家奈斯比特?cái)嘌裕骸疤卦S經(jīng)營將成為下世紀(jì)主導(dǎo)商業(yè)模式”；.如肯特雞、百事可樂等都是通過特許經(jīng)營方式取得了巨大的成功。麥當(dāng)勞是世界上最大的餐飲集團(tuán)，開設(shè)有麥當(dāng)勞的國家和地區(qū)超過了聯(lián)合國的席位。從1955年創(chuàng)辦人雷-克羅克在美國伊利諾斯普蘭開設(shè)第一家麥當(dāng)勞至今，它在全世界已擁有28，000多家餐廳，遍及全球128個國家和地區(qū)。其中最南位于紐西蘭茵薇卡其爾，最北位于芬蘭旅游勝地羅凡尼米。在地球上，每隔15小時，就有一家麥當(dāng)勞餐館開業(yè)。在中國，麥當(dāng)勞已經(jīng)開設(shè)了400多家餐廳。Contract-based

entryAdvantagesquick

and

easy（快速和容易的進(jìn)入）low

resource

commitment（所需的資源投入少）low

cultural

costs

and

risks（低的文化成本和風(fēng)險(xiǎn)）avoids

import

and

investment

barriers（避免進(jìn)口壁壘和投資壁壘）Disadvantageslimited

fees/royalties

on

license

agreements（企業(yè)賺取的可費(fèi)用比FDI的投資利潤低）loss

of

control

over

production

technology（企業(yè)的技術(shù)可被偷走）potential

creation

of

competitors（可能失去對質(zhì)量的控制,第三國市場上產(chǎn)生潛在的競爭對手）Contract-based

entry多種許可形式：Franchise

agreement（特許加盟協(xié)議）—a

agreement

in

which

adomestic

company

licenses

its

trade

name

or

business

system

to

anindependentcompany

in

aforeignmarket.(在公共服務(wù)行業(yè)比較普遍，如賣當(dāng)勞，希爾頓酒店等）Reciprocal

marketing

agreement（互惠銷售協(xié)議）－a

agreement

inwhich

two

companies

form

a

strategic

alliance

to

co-market

eachother′s

products

in

their

home

markets.Production

rights

may

ormay

not

be

transferred.(制藥行業(yè)比較普遍，如默克Merck和杜邦Dupont公司在互補(bǔ)性細(xì)分市場上都有暢銷產(chǎn)品。）Management

contract（管理合同）—a

form

of

licensing

agreement

inwhich

a

company

licenses

its

organizational

or

managementexpertiseto

another

company.(EuroDisney

theme

park歐洲迪斯尼主題公園is

operated

by

Disney

through

a

management

contract.)Investment-based

entry

Investment-based

entry

should

come

later

in

the

product

life

cycle,usually

when

the

product

is

in

the

mature

stage

in

the

domestic

market（基于投資的進(jìn)入模式常在產(chǎn)品進(jìn)入壽命周期的后期，即成熟期才采用。）

Investment-based

entry

differs

from

exporting

in

that

production

isshifted

to

the

foreign

country,

but

ownership

and

controlare

retained

bythe

parent

corporation.

Investment-based

entry

intoforeignmarkets

can

be

accomplished

inone

of

two

ways:Foreign

direct

investment（外國直接投資）Mergers

and

acquisitions（兼并和收購）

Cross-border

mergers

and

acquisitions

are

by

far

the

most

popularmethods

of

obtainingcontroloverassetsin

another

country（跨國兼并與收購是迄今為止最普遍的獲取對外國資產(chǎn)控制權(quán)的渠道）見下圖：■美國公司進(jìn)入歐洲市場的模式選擇跨國合資公司15%跨國并購52%FDI:工廠擴(kuò)建17%FDI:新投資16%Investment-based

entryForeign

direct

investmentRelatively

slow

entryMaintains

control

over

assetsCross-border

M&ARelatively

rapid

entry,

but

possibly

at

a

high

price(acquisition

premium)Cross-border

joint

venturesMay

avoid

investment

restrictionsLess

exposure

to

country

risksPotential

loss

of

control

over

intellectual

propertyInvestment-based

entryAdvantagesPotential

for

higher

sales

（提高銷售的潛力）Potential

for

lower

costs（降低成本的潛力）Diversifies

manufacturing

base

and

matches

foreigncurrency

costs

to

revenues(多元化的生產(chǎn)基地和國外收入貨幣與成本貨幣的匹配)Avoids

import

quotas

and

tariffs（避免進(jìn)口配額和關(guān)稅）DisadvantagesHigher

resource

commitment（更多的資源投入）Higher

exit

costs（較高退出成本）Must

overcome

cultural

differences（必須克服文化差異）Must

overcome

investment

barriers（必須克服投資壁壘）Foreign

Market

Entry

Through

aStrategicAlliance

The

term

strategic

alliance

refers

to

any

collaborative

agreemthat

is

designed

to

achieve

some

strategic

goal.（戰(zhàn)略聯(lián)盟是指為了達(dá)到某些戰(zhàn)略目標(biāo)而簽署的各種合作協(xié)議）Advantages：Reducing

the

costs

and

risks

of

product

development（在那些需要進(jìn)行大量研發(fā)的產(chǎn)業(yè)部門，戰(zhàn)略聯(lián)盟可以降低產(chǎn)品的成本和風(fēng)險(xiǎn)。）

Be

used

to

penetrate

foreign

markets

in

which

the

domesticcompany

has

little

expertise

or

experience.（那些缺乏國外市場知識和經(jīng)驗(yàn)的國內(nèi)公司可以作為滲透外國市場的手段）Governance

of

the

MNC公司治理Board

of

Directors（董事會）Management（管理部門）Share-holdersDebtAssetsEquityShareholder

Wealth

MaximizationThe

SWM

model

assumes

as

a

universal

truth

that

the

stock

market

is

efficient.（這一模式假定股票市場是有效并將其視為普遍真理）An

equity

share

price

is

always

correct

because

itcaptures

all

the

expectationsof

return

and

risk

asperceived

by

investors,

quickly

incorporating

newinformation

into

the

share

price.Share

prices

are,

in

turn,

the

best

allocators

of

capitathe

macro

economy.E.The

Goals

of

the

MultinationalManagement利益相關(guān)者資本主義模式：Stakeholder

Capitalism

Model

(SCM)

In

the

non-Anglo-American

markets,

controlling

shareholders

alsstrive

to

maximize

long-term

returns

to

equity.

However,

they

are

more

constrained

by

other

powerfulstakeholders.

In

particular,

labor

unions

are

more

powerful

than

in

the

Anglo-American

markets.

In

addition,

Governments

interfere