跨国投资管理概述.pptVIP

第八章 跨国投资管理（ Foreign Direct Investment）;第七章 国际企业现金管理International Cash Management;1. The Management of International Cash Balances;Operating and Cash Cycles;Techniques to Optimize Cash Flows;The effective rate for foreign investments rf = ( 1 + if ) ( 1 + ef ) – 1 where if = the quoted interest rate on the investment ef = the % D in the spot rate If the foreign currency depreciates over the investment period, the effective yield will be less than the quoted rate.;第七章 跨国投资管理（ Foreign Direct Investment）;Long-Term Asset and Liability Management;第一节 跨国投资概述Introduction;一、间接投资与直接投资;2、直接投资（Direct Investment）;商务部、国家统计局、国家外汇管理局《2008年度中国对外直接投资统计公报》;《2009年度中国对外直接投资统计公报》 ;最受跨国公司青睐的前十大投资国;1-10月，对华投资前十位国家/地区（以实际投入外资金额计）依次为：香港（510.08亿美元）、台湾省（56.85亿美元）、新加坡（44.36亿美元）、日本（34.59亿美元）、美国（31.36亿美元）、韩国（20.69亿美元）、英国（13.53亿美元）、法国（9.33亿美元）、荷兰（8.7亿美元）和德国（7.78亿美元），前十位国家/地区实际投入外资金额占全国实际使用外资金额的 89.91%。;二、跨国公司向海外扩张的直接动机;国际直接投资的益处;Motives for DFI;Cost-Related Motives Fully benefit from economies of scale, especially for firms that utilize much machinery. Use cheaper foreign factors of production. Use foreign raw materials, especially if the MNC plans to sell the finished product back to the consumers in that country. Use foreign technology. React to exchange rate movements, such as when the foreign currency appears to be undervalued. DFI can also help reduce the MNC’s exposure to exchange rate fluctuations. Diversify sales/production internationally. ;Why Do Firms Invest Overseas?;1、Trade Barriers;2、Labour Market Imperfections;Labour Market Imperfections;3、Intangible Assets;4、Vertical Integration;5、Product Life Cycle;Product Life Cycle;6、Shareholder Diversification;三、企业开拓国外市场的方式;How to Invest Abroad: Modes of Foreign Investment;Licensing is a popular method for domestic firms to profit from foreign markets without the need to commit sizeable funds However, there are disadvantages which include: License fees are lower than FDI profits Possible loss of quality control E