ch12INTERNATIONAL FINANCING AND NATIONAL CAPITAL MARKETS(跨国公司财务管理Joseph F. Greco)概要1.pptVIP

Multinational Financial Management Alan Shapiro7th Edition J.Wiley Sons Power Points by Joseph F. Greco, Ph.D. California State University, Fullerton CHAPTER 12 INTERNATIONAL FINANCING AND NATIONAL CAPITAL MARKETS INTERNATIONAL FINANCING AND NATIONAL CAPITAL MARKETS CHAPTER OVERVIEW: I. CORPORATE SOURCES AND USES OF FUNDS II. NATIONAL CAPITAL MARKETS AS INTERNATIONAL FINANCIAL CENTERS III. DEVELOPMENT BANKS IV. PROJECT FINANCE I. CORPORATE SOURCES AND USES OF FUNDS I. CORPORATE SOURCES OF FUNDS A. 3 General Sources of Funds: 1. Internally-generated cash 2. Short-term external funds 3. Long-term external funds B. Forms of Securities 1. Equity 2. Debt: the most preferred form CORPORATE SOURCES AND USES OF FUNDS C. Debt Instruments Used 1. Commercial Bank Loans 2. Bonds a. Publicly issued b. Privately issued CORPORATE SOURCES AND USES OF FUNDS D. Financial Markets v. Financial Intermediaries 1. Securitization a. Definition: replacing bank loans with securities issued in public markets. CORPORATE SOURCES AND USES OF FUNDS b. Reflects reduction in access costs due to 1.) Technological improvements 2.) Globalization CORPORATE SOURCES AND USES OF FUNDS E . Corporate Governance differences exist and fall into two general categories: 1. Anglo-Saxon (AS) Model 2. Continental European and Japanese (CEJ) Model - example: keiretsus CORPORATE SOURCES AND USES OF FUNDS F. Globalization of Financial Markets -has led to 1. Global center competition 2. Regulatory arbitrage II. NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERS  II. NATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERS A. Principal Functions of Financial Centers -between savers and borrowers 1. To transfer purchasing power 2. To allocate funds NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERS B. International Financial Market 1. Development of most important: a. London b. New York