国际金融（原书第12版）教学课件作者大卫.艾特曼（DavidEiteman）阿瑟.斯通西M18_EITE1342_12E_IM_C18课件.pdfVIP

Chapter 18 Foreign Direct Investment Theory and Political Risk ? Questions 18-1. Evolving into Multinationalism. As a firm evolves from a purely domestic into a true multinational enterprise, it must consider (a) its competitive advantages, (b) its production location, (c) the type of control it wants to have over any foreign operations, and (d) how much monetary capital to invest abroad. Explain how each of these considerations is important to the success of foreign operations. If a firm lacks sufficient competitive advantage to compete effectively in its home market, it is unlikely to have sufficient advantages of any type to be successful in a foreign market. This is because the competitive advantages of the home market must be enduring, transferable, and sufficiently powerful to enable the firm to overcome the assorted difficulties of operating in a foreign environment. Foreign operations must be located where market imperfections are such that the firm can take advantage of its competitive advantages to the degree necessary to earn a risk-adjusted rate of return above the firm’s cost of capital. The firm must decide upon the degree of control it will need over the foreign operation, recognizing that greater control usually involves both greater risk and a greater investment. Viewing a spectrum of degrees of control, licensing and management contracts provide a low level of control (along with a low level of financial investment); joint ventures necessitate a somewhat higher level of control; and greenfield direct investments and/or acquisition of an existing foreign firm require the highest degree of control (along with a higher level of financial investment). The spectrum of investment approaches (licensing, management contracts, joint ventures, and direct investment) require in that order ever-increasing investment of more monetary capital. The firm must decide if the benefits of greater investment (presumably greater profits, plus possibly acquiring market s