01全球化和跨国企业.pdf

Chapter 1 Globalization and the Multinational Enterprise Copyright © 2009 Pearson Prentice Hall. All rights reserved. Globalization and the Multinational Enterprise: Learning Objectives • Examine the requirements for the creation of value • Consider the basic theory, comparative advantage, and its requirements for the explanation and justification for international trade and commerce • Discover what is different about international financial management Copyright © 2009 Pearson Prentice Hall. All rights reserved. 1-2 Globalization and the Multinational Enterprise: Learning Objectives • Detail which market imperfections give rise to the multinational enterprise • Consider how globalization process moves a business from domestic focus to financial relationships and composition global in scope • Examine possible causes to the limitations to globalization in finance Copyright © 2009 Pearson Prentice Hall. All rights reserved. 1-3 MINI-CASE Porsche Changes Tack CASE Copyright © 2009 Pearson Prentice Hall. All rights reserved. 1-4 Globalization and Creating Value in the MNE • Transnational firms are those with ownership thoroughly dispersed internationally and as a result are often managed from a global perspective • Building firm value in a global business requires – An open marketplace – Strategic management – Access to capital • The firm value pyramid illustrates the concept of building firm value Copyright © 2009 Pearson Prentice Hall. All rights reserved. 1-5 Exhibit 1.1 Creating Firm Value in Global Markets Copyright © 2009 Pearson Prentice Hall. All rights reserved. 1-6 The Theory of Comparative Advantage • The theory of competitive advantage provides a basis for