國際財(cái)務(wù)管理-Chapter 1_第1頁
國際財(cái)務(wù)管理-Chapter 1_第2頁
國際財(cái)務(wù)管理-Chapter 1_第3頁
全文預(yù)覽已結(jié)束

下載本文檔

版權(quán)說明：本文檔由用戶提供并上傳，收益歸屬內(nèi)容提供方，若內(nèi)容存在侵權(quán)，請(qǐng)進(jìn)行舉報(bào)或認(rèn)領(lǐng)

文檔簡介

Chapter1ManagingFinanceinForeignSubsidiaries:AnOverview

Learningobjectives（教學(xué)目的）

Afterstudyingthischapter,studentsshouldbeableto:

IdentifythemaingoaloftheMNCandpotentialconflictswiththatgoal.

Describethekeytheoriesthatjustifyinternationalbusiness.

Explainthecommonmethodsusedtoconductinternationalbusiness.

Thearrangementofthischapter (教學(xué)安排)（3課時(shí)）

Importantanddifficultpoints(教學(xué)重、難點(diǎn))

Importantpoints:

themaingoaloftheMNC

thekeytheoriesofinternationalbusiness

Difficultpoints:

1) cost-benefitevaluationforpurelydomesticfirmsversusMNCs

Thecontentofthischapter(教學(xué)內(nèi)容)GoaloftheMNC

ThecommonlyacceptedgoalofanMNCistomaximizeshareholderwealth.

FinancialmanagersthroughouttheMNChaveasinglegoalofmaximizingthevalueoftheentireMNC.

ConflictswiththeMNCGoal

Subsidiarymanagersmaybetemptedtomakedecisionsthatmaximizethevaluesoftheirrespectivesubsidiaries.

ImpactofManagementControl

ThemagnitudeofagencycostscanvarywiththemanagementstyleoftheMNC.

Acentralizedmanagementstylereducesagencycosts.

Adecentralizedstylegivesmorecontroltothosemanagerswhoareclosertothesubsidiary’soperationsandenvironment.

TheoriesofInternationalBusiness

TheoryofComparativeAdvantage

Whenacountryspecializesinsomeproducts,itmaynotproduceotherproducts,sotradebetweencountriesisessential.Thisistheargumentmadebytheclassicaltheoryofcomparativeadvantage.Specializationbycountriescanincreaseproductionefficiency.

ImperfectMarketsTheory

Themarketsforthevariousresourcesusedinproductionare“imperfect.”Therealworldsuffersfromimperfectmarketconditionswherefactorsofproductionaresomewhatimmobile.Therearecostsandoftenrestrictionsrelatedtothetransferoflaborandotherresourcesusedforproduction.

Theremayalsoberestrictionsontransferringfundsandotherresourcesamongcountries.

ProductCycleTheory

Accordingtothistheory,firmsbecomeestablishedinthehomemarketasaresultofsomeperceivedadvantageoverexistingcompetitors.Afirmislikelytoestablishitselffirstinitshomecountrybecauseinformationaboutmarketsandcompetitionismorereadilyavailableathome.Asa firm matures, it may recognize additional opportunitiesoutside its home country.(Theinternationalproductlifecycleontransparency10)

InternationalBusinessMethods

Internationaltradeinvolvesexportingand/orimporting.

Licensingallowsafirmtoprovideitstechnologyinexchangeforfeesorsomeotherbenefits.

Franchisingobligatesafirm toprovideaspecializedsalesorservicestrategy,supportassistance,andpossiblyaninitialinvestment,inexchangeforperiodicfees.

Firmsmayalsopenetrateforeignmarketsbyengaginginajointventure(jointownershipandoperation)withfirmsthatresideinthosemarkets.

Acquisitionsofexistingoperationsinforeigncountriesallowfirmstoquicklygaincontroloverforeignoperationsaswellasashareoftheforeignmarket.

Firmscanalsopenetrateforeignmarketsbyestablishingnewforeignsubsidiaries.

InternationalOpportunities

Investmentopportunities

¤ ThemarginalreturnsonMNCprojectsareabovethoseofpurelydomesticfirmssinceMNCshaveexpandedopportunitysetsofpossibleprojectsfromwhichtoselect.

Financingopportunities

¤ MNCscanobtaincapitalfundingatalowercostduetotheirlargeropportunitysetoffundingsourcesaroundtheworld.

OpportunitiesinEurope

¤ theSingleEuropeanActof1987

¤ theremovaloftheBerlinWallin1989

¤ theinceptionoftheeuroin1999

¤ theexpansionoftheEuropeanUnion

OpportunitiesinLatinAmerica

¤ theNorthAmericanFreeTradeAgreement(NAFTA)of1993

¤ theremovalofinvestmentrestrictions

OpportunitiesinAsia

¤ theremovalofinvestmentrestrictions

¤

溫馨提示

  • 1. 本站所有資源如無特殊說明，都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請(qǐng)下載最新的WinRAR軟件解壓。
  • 2. 本站的文檔不包含任何第三方提供的附件圖紙等，如果需要附件，請(qǐng)聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
  • 3. 本站RAR壓縮包中若帶圖紙，網(wǎng)頁內(nèi)容里面會(huì)有圖紙預(yù)覽，若沒有圖紙預(yù)覽就沒有圖紙。
  • 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
  • 5. 人人文庫網(wǎng)僅提供信息存儲(chǔ)空間，僅對(duì)用戶上傳內(nèi)容的表現(xiàn)方式做保護(hù)處理，對(duì)用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯，并不能對(duì)任何下載內(nèi)容負(fù)責(zé)。
  • 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容，請(qǐng)與我們聯(lián)系，我們立即糾正。
  • 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時(shí)也不承擔(dān)用戶因使用這些下載資源對(duì)自己和他人造成任何形式的傷害或損失。

評(píng)論

0/150

提交評(píng)論