Multinational Financial Management Alan Shapiro 8th Edition J ...文档.ppt

Multinational Financial Management IFC of BNU * NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERS 3. The Foreign Equity Market (listing overseas) a. Cross listing internationally can 1.) diversify risk 2.) increase potential demand 3.) build base of global owners. Multinational Financial Management IFC of BNU * IPOs Initial public offering Global Shares ordinary shares of no-us company listed and same form in any market in the world. traded in the world. Multinational Financial Management IFC of BNU * NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERS D. Downside of Global Financial Markets -abrupt shifts in capital flows Multinational Financial Management IFC of BNU * DEVELOPMENT BANKS III. DEVELOPMENT BANKS A. General Purpose founded by governments to help finance very large infrastructure projects. Multinational Financial Management IFC of BNU * DEVELOPMENT BANKS B. Types of Development Banks 1. World Bank Group includes a. International Bank for Reconstruction and Development b. International Development Association c. International Finance Corporation Multinational Financial Management IFC of BNU * DEVELOPMENT BANKS B. Types of Development Banks (con’t) 2. Regional Development Banks finance industry, agricultural, and infrastructure projects 3. National Development Banks concentrate on a particular industry or region. Multinational Financial Management IFC of BNU * IV. PROJECT FINANCE PROJECT FINANCE frequently used mechanism to finance large-scale, long-term capital investments. Multinational Financial Management IFC of BNU * PROJECT FINANCE Key Attributes of Project Financing 1. Focus on economically separable projects 2. Lenders have recourse only to assets and cash flows of the project 3. Underlying assets are large and illiquid 4. Projects have a finite life. IFC of BNU IFC of BNU Multinational Financial Management IFC of BNU * Multinationa