公司财务教材新讲义(英文版).pptVIP

CORPORATE FINANCE LING-NAN OUYANG PROFESSOR OF FINANCE INSTITUTE OF CONTEMPORARY FINANCE SHANGHAI JIAO TONG UNIVERSITY Valuing International Cash Flows M ? [ E ( Cj,t ) × E ( Ej,t ) ] N j=1 PV = ? t=1 ( 1 + r )t E ( Cj,t ) = expected cash flows denominated in currency j to be received by parent in period t. E ( Ej,t ) = expected exchange rate at which currency j can be converted to RMB at the end of period t. r = weighted average cost of capital of parent. M = number of currencies. N