Multinational Financial Management必看课件资料.ppt

Multinational Financial Management必看课件资料.ppt

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CHAPTER 15 Multinational Financial Management Factors that make multinational financial management different Exchange rates and trading International monetary system International financial markets Specific features of multinational financial management A multinational corporation is one that operates in two or more countries. At one time, most multinationals produced and sold in just a few countries. Today, many multinationals have world-wide production and sales. To seek new markets. To seek new supplies of raw materials. To gain new technologies. To gain production efficiencies. To avoid political and regulatory obstacles. To reduce risk by diversification. Currency differences Economic and legal differences Language differences Cultural differences Government roles Political risk Are these currency prices direct or indirect quotations? Since they are prices of foreign currencies expressed in U.S. dollars, they are direct quotations (dollars per currency). An indirect quotation gives the amount of a foreign currency required to buy one U.S. dollar (currency per dollar). Note than an indirect quotation is the reciprocal of a direct quotation. A cross rate is the exchange rate between any two currencies not involving U.S. dollars. In practice, cross rates are usually calculated from direct or indirect rates. That is, on the basis of U.S. dollar exchange rates. Cross rate = x = 1.25 x 0.1000 = 0.125 euros/krona. Cross rate = x = 10.00 x 0.8000 = 8.00 kronas/euro. The two cross rates are reciprocals of one another. They can be calculated by dividing either the direct or indirect quotations. Target price = ($1.75)(1.50)=$2.625 Spanish price = ($2.625)(1.25 euros/$) = € 3.28. 2.0 euros (8.0 kronas/euro) = 16 kronas. 20 - 16 = 4.0 kronas profit. Dollar profit = 4.0 kronas(0.1000 dollars per krona) = $0.40. Exchange rate risk is the risk that the value of a cash flow in one curren

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