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M19_EITE1342_12E_IM_C19课件.pdfVIP

Chapter 19 Multinational Capital Budgeting ? Questions 19-1. Capital Budgeting Theoretical Framework. Capital budgeting for a foreign project uses the same theoretical framework as domestic capital budgeting. What are the basic steps in domestic capital budgeting? Multinational capital budgeting, like traditional domestic capital budgeting, focuses on the cash inflows and outflows associated with prospective long-term investment projects. Multinational capital budgeting techniques are used in traditional FDI analysis, such as the construction of a manufacturing plant in another country, as well as in the growing field of international mergers and acquisitions. Capital budgeting for a foreign project uses the same theoretical framework as domestic capital budgeting—with a few very important differences. The basic steps are as follows. a. Identify the initial capital invested or put at risk. b. Estimate cash flows to be derived from the project over time, including an estimate of the terminal or salvage value of the investment. c. Identify the appropriate discount rate for determining the present value of the expected cash flows. d. Apply traditional capital budgeting decision criteria such as net present value (NPV) and internal rate of return (IRR) to determine the acceptability of or priority ranking of potential projects. 19-2. Foreign Complexities. Capital budgeting for a foreign project is considerably more complex than for a domestic project. What are the factors that add complexity? Capital budgeting for a foreign project is considerably more complex than the domestic case. Several factors contribute to this greater complexity: ? Parent cash flows must be distinguished from project cash flows. Each of these two types of flows contributes to a different view of value. ? Parent cash flows often depend on the form of financing. Thus we cannot clearly separate cash flows from financing decisions, as we can in domestic capital budgeting. ? Additional cash flows gen