国际商务电子教案Chap020.docVIP

International Business: Competing in the Global Marketplace Fifth Edition Chapter 20 PAGE PAGE 285 20 20 Financial Management in International Business Learning objectives Discuss how political and economic risk complicate capital budgeting decisions in multinationals differences in the accounting policies of different countries. Show how the capital structure of firms differs across the different countries. Explore what this means for how a firm should structure the capitalization of its subsidiaries in different countries. Suggest how firms can adjust their international management of money to increase efficiency. Minimize expenses and move money across borders. Consider alternatives for managing and minimizing foreign risk. This chapter deals with financial management in the international business. It illustrates how investment decisions, financing decisions, and money management decisions are complicated by the fact that different countries have different currencies, different tax regimes, different levels of political and economic risk, and so on. Financial managers must account for all of these factors when deciding which activities to finance, how best to finance those activities, how best to manage the firm’s financial resources, and how best to protect the firm from political and economic risks (including foreign exchange risk). Good financial management can be a source of competitive advantage by lowering the cost of activities or enhancing the value of activities of a firm. WebeSource HYPERLINK /france/en/263.html /france/en/263.html HYPERLINK http://newsweaver.co.uk/bnainternational/e_article000223325.cfm http://newsweaver.co.uk/bnainternational/e_article000223325.cfm OUTLINE OF CHAPTER 20: FINANCIAL MANAGEMENT IN INTERNATIONAL BUSINESS Opening Case: Global Treasury Management at Procter Gamble Investment Decisions Capital Budgeting/ Project and Parent Cash Flows/ Adjusting for Polit