全美顶级MBA教材《跨国公司财务管理》（权威工商管理教材）（第十一到第十五章）.pptVIP

下载本文档

5
0
约2.01万字
约 96页
2018-01-15 发布于浙江
举报
版权申诉

全美顶级MBA教材《跨国公司财务管理》（权威工商管理教材）（第十一到第十五章）.ppt

1、本文档共96页，可阅读全部内容。
2、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。
3、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
5、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
6、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
7、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
8、VIP文档为合作方或网友上传，每下载1次，网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档

全美顶级MBA教材《跨国公司财务管理》（权威工商管理教材）（第十一到第十五章）

U.S. $ Stock Returns:Sample Solution DISCOUNT RATES FOR FOREIGNPROJECTS B. Key Issues in Estimating Foreign Project Betas -find firms publicly traded that share similar risk characteristics -use the average beta as a proxy DISCOUNT RATES FOR FOREIGNPROJECTS where ρim = the correlation between returns on the project i σm = standard deviation of returns on project i σm = the standard deviation of returns on the market portfolio DISCOUNT RATES FOR FOREIGNPROJECTS 1. Three Issues: a. Should proxies be U.S. or local companies? b. Which is the relevant base portfolio to use? c. Should the market risk premium be based on U.S. or local market? DISCOUNT RATES FOR FOREIGNPROJECTS 2. Proxy Companies a. Most desirable to use local firms b. Alternative: find a proxy industry in the local market DISCOUNT RATES FOR FOREIGNPROJECTS 3. Relevant Base (Market) Portfolio a. If capital markets are globally integrated, choose world mkt. b. If not, domestic portfolio is best 4. Relevant Market Risk Premium a. Use the U.S. portfolio b. Foreign project: should have no higher than domestic risk and cost of capital. DISCOUNT RATES FOR FOREIGNPROJECTS IV. ESTABLISHING A WORLDWIDE CAPITAL STRUCTURE A. MNC Advantage uses more debt due to diversification B. What is proper capital structure? 1. Borrowing in local currency helps to reduce exchange rate risk 2. Allow subsidiary to exceed parent capitalization norm if local mkt. has lower costs. CHAPTER 15 Examining International Portfolio Investing Why Invest Internationally? What are the advantages of international investment? THE BENEFITS OF INTERNATIONAL EQUITY INVESTING I. THE BENEFITS OF INTERNATIONAL EQUITY INVESTING A. Advantages 1. Offers more opportunities than a purely domestic portfolio 2. Attractive investments overseas 3. Impact on efficient portfolio with diversif