跨国财务管理概述.pptVIP

5.4 Privatization  The selling off state-run enterprises to investors is also known as “Denationalization”. Often seen in socialist economies in transition to market economies. By most estimates this increases the efficiency of the enterprise. Often spurs a tremendous increase in cross-border investment. * p10 * Many MNCs obtain raw materials from one nation, financial capital from another, produce goods with labor and capital equipment in a third country and sell their output in various other national markets. Indeed, some MNCs have operations in dozens of different countries. MNCs obtain financing from major money centers around the world in many different currencies to finance their operations. Global operations force the treasurer’s office to establish international banking relationships, to place short-term funds in several currency denominations, and to effectively manage foreign exchange risk. * Many MNCs obtain raw materials from one nation, financial capital from another, produce goods with labor and capital equipment in a third country and sell their output in various other national markets. Indeed, some MNCs have operations in dozens of different countries. MNCs obtain financing from major money centers around the world in many different currencies to finance their operations. Global operations force the treasurer’s office to establish international banking relationships, to place short-term funds in several currency denominations, and to effectively manage foreign exchange risk. * 5.3 Trade Liberalization and Economic Integration Over the past 50 years, international trade increased nearly three times as fast as world GDP. Even the once-protectionist and inward-looking countries are now increasingly pursuing free-market and open-economy policies because of the gains from international trade. 5.3 Trade Liberalization and Economic Integration The General Agreement on Tariffs and Trade (GATT) a multilateral agreement among member countries has reduc