跨国企业和国际财务管理文献翻译.pdfVIP

原文： International Financial Management and Multinational Enterprises Introduction This chapter provides a selective, critical survey of the academic literature on the financial management policy of multinational enterprises ( MNEs ).The focus of much current research interest can be captured in two major themes which also dominate this analysis. The first is financial management policy in relationship to the increasing volatility of real and financial asset prices in the international financial environment within which MNEs operate. This dictates one theme of this chapter: the impact of financial risk, in particular market risk, on MNEs and an appraisal of evolving financial risk management practices. The second theme is international market segmentation (Choi and Rajan1997).The globalization of international business activity has evolved along with increasing financial market integration, particularly in capital markets. To a limited extent this has been accompanied by increased harmonization and standardization of both international regulatory and accounting practices (Roberts et .Despite such trends, the asymmetric incidence of accounting standards regulations, and taxation has had significant tactical and strategic financial management implications for MNEs (Choi and Levich1990, 1997; Gray et ;Meek et ;Oxelheim et .We evaluate the nature, incidence, and implications of such market segmentation for selected aspects of MNE financial management activity. It is clear from the context of our analysis that we believe financial factors to have important implications for the comparative advantage of MNEs located in different jurisdictions, and also that financial management plays a critical role in deciding an MNE competitive prosperity. This belief is supported by surveys of MNEs (Rawls and Smithson 1990;Marshall 2000).Marshall(2000) reports the results of a survey of the 200 largest MNEs which reveal that 87 per cent of As