InternationalFinancialManagement幻灯片.pptVIP

International Financial Management;Chapter Outline;Growing Interdependency;One U.S. Dollar to the British Pound and Euro;International Sales of Selected U.S. Companies;The Multinational Corporation: Nature and Environment;The Multinational Corporation: Nature and Environment (cont’d);The Multinational Corporation: Nature and Environment (cont’d);Factors Influencing Exchange Rates;Exchange Rated to the Dollar;Spot Rates and Forward Rates;Cross Rates – Key Currency Cross Rates as of February 21, 2006;Managing Foreign Exchange Risk ;Translation Exposure;Transaction Exposure;Other Forms of Protection against Foreign Exchange Risk;Foreign Investment Decisions;Risk Reduction from International Diversification;Foreign Investment Decisions (cont’d);Guarding Against Political Risk;Financing International Business Operations;Financing International Business Operations (cont’d);Funding of Transactions;Funding of Transactions (cont’d);Some Unsettled Issues in International Finance;;Chapter 5 - Outline LT 5-1;What is Leverage? LT 5-2;Table 5-2Volume-cost-profit analysis: Leveraged firm;PPT 5-1;Break-Even Analysis;Break-Even Analysis (cont’d);Table 5-3Volume-cost-profit analysis: Conservative firm;Cash Break-Even Analysis;PPT 5-3;Operating Leverage LT 5-3; 0 $(60,000) $(12,000) 20,000 (36,000) (4,000) 40,000 (12,000) 4,000 60,000 12,000 12,000 80,000 36,000 20,000 100,000 60,000 28,000 ;Limitations of Analysis;PPT 5-6;Financial Leverage LT 5-4;1. EBIT (0) Earnings before interest and taxes (EBIT) 0 0 — Interest (I) $(12,000.) $ (4,000.) Earnings before taxes (EBT) (12,000.) (4,000.) — Taxes (T) * (6,000.) (2,000.) Earnings aftertaxes(EAT) $ (6,000.) $ (2,000.) Shares 8,000 24,000 Earnings per share (EPS) $ (0.75) $ (0.08) 2. EBIT ($12,000) Earnings before interest and taxes (EBIT) $12,000 $12,000 — Interest (I) 12,000 4,000 Earnings before taxes (EBT) 0 8,000 — Taxes