Chap001尤恩_国际财务管理_英文第五版ppt.pptxVIP

Chapter OneGlobalization and the Multinational FirmChapter One OutlineWhat’s Special about “International” Finance?Goals for International Financial ManagementGlobalization of the World EconomyMultinational CorporationsOrganization of the TextSummarywhy we study this courseWe are now living in a highly globalized and integrated world economy.Globalization of the World EconomyConsumption globalizationProduction globalization Emergence of Globalized Financial MarketsYour opinion: trend of Globalization?讨论：在你的身边有哪些事情，哪些现象让你感受到了你生活在一个全球化的时代。What’s Special about “International” Finance?Foreign Exchange RiskPolitical RiskMarket ImperfectionsExpanded Opportunity SetWhat’s Special about “International” Finance?Foreign Exchange RiskThis is risk that foreign currency profits may evaporate in dollar terms due to unanticipated unfavorable exchange rate movements.Suppose $1 = ￥100 and you buy 10 shares of Toyota at ￥10,000 per share. One year later the investment is worth ten percent more in yen: ￥110,000. But, if the yen has depreciated to $1 = ￥120, your investment has actually lost money in dollar terms.例如：波音公司与法国航空公司签订了一份出售一架波音737飞机的合约。法航1年后将支付2000万欧元。目前的即期汇率是1.05美元/欧元，1年后的远期汇率是1.10美元/欧元。美国年利率为6%，法国为5%。波音公司非常关注美元兑欧元汇率的变化，希望对外汇风险套期保值。（1）考虑两种套期保值的方案：用远期合约卖出未来的欧元收入，或从里昂信贷公司借入应收回的欧元数。你会选择哪一种？为什么？请写出计算过程。（2）如果其他条件相同，远期汇率为多少时两种方案没有区别。What’s Special about “International” Finance?Political RiskSovereign governments have the right to regulate the movement of goods, capital, and people across their borders. These laws sometimes change in unexpected ways.What’s Special about “International” Finance?Market ImperfectionsLegal restrictions on the movement of goods, people, and moneyTransactions costsShipping costsTax arbitrageThe Example of Nestlé’s Market ImperfectionNestlé used to issue two different classes of common stock bearer shares and registered shares.Foreigners were only allowed to buy bearer shares.Swiss citizens could buy registered shares.The bearer stock was more expensive