ch01An Introduction to Multinational Finance(跨国公司,Kirt C. Butler)概要1.pptVIP

I Overview and Background II The International Financial Environment III Derivative Securities for Hedging Currency Risk IV Managing the Risks of Multinational Operations V Valuation and the Structure of Multinational Operations VI International Portfolio Investment and Asset Pricing Multinational financial management is financial management conducted in more than one cultural, social, economic, or political environment We’ll develop a framework for evaluating the opportunities, costs and risks of operating in the world’s markets for goods, services, and financial assets and liabilities Challenges facing themultinational manager The gentle reader will never, never know what a consummate ass he can become, until he goes abroad. Mark Twain Vivé la difference Cross-border differences can affect all areas of business, particularly through differences in - Language culture - Human resource management - Accounting - Marketing - Distribution - Logistics - Financial markets - Corporate governance - Other business conventions (legal, accounting, taxation, regulation, etc.) …where the art resides The notes I handle no better than many pianists, but the pauses between the notes – ah, that is where the art resides.  Arthur Schnabel Multinational financial management Multinational finance is interdisciplinary within the field of finance Multinational financial managers must be familiar with Foreign exchange and Eurocurrency markets Derivatives securities International financial (debt equity) markets International markets for real assets International portfolio investment The approach of the book Everything should be made as simple as possible, but not simpler. Albert Einstein The MNC’s opportunities Value = St [E[CFt] / (1+it)t] Multinational investment policy Higher returns from existing investments New investment opportunities Multinational financial policy Reduced capital costs through access to international capital markets Perfect financi