国际财务管理：三十五年以来发生了什么变化.pdf

International Business Review 13 (2004) 155–180 /locate/ibusrev International financial management: 35 years later—what has changed? Lee Remmers Department of Finance, INSEAD, Boulevard de Constance, 77305 Fontainebleau, France Abstract International financial management, essentially an extension of corporate finance to a glo- bal context has undergone an extraordinary metamorphosis since the mid-1960’s. From a relatively stable and predictable economic environment at that time, the forces of inflation, technological innovation, and deregulation led to new and volatile markets and a plethora of financial instruments. Many of these developments would not have been possible without the academic research in this subject which went from mainly descriptive and anecdotal to analytical. Arguably the most important theoretical developments in finance took place since then: the capital asset pricin gmodel [CAPM], option pricin gmodels, and the recognition of agency costs as a potential conflict of interest between management and shareholders of a firm. These are still areas of disagreement: the cost of capital for a company with global markets and investors needs more study; managin gcurrency, interest rate, and other risks in a complex international organization is still a work in progress. On balance, the case can be made that the changes seen over more than three decades have been positive. # 2003 Elsevier Ltd. All rights reserved. Keywords: Financial environment; International financial management; Capital investment; Cost of capital; Foreign cash flows; Risk management; Currency forecastin 1. Background It was more than 35 years ago that Michael Brooke and I began to look at