《最新multinational financial management（跨国公司财务）ch01 introduction(共21张ppt课件).pptx》由会员分享，可在线阅读，更多相关《最新multinational financial management（跨国公司财务）ch01 introduction(共21张ppt课件).pptx（21页珍藏版）》请在taowenge.com淘文阁网|工程机械CAD图纸|机械工程制图|CAD装配图下载|SolidWorks_CaTia_CAD_UG_PROE_设计图分享下载上搜索。
1、Multinational Financial Management Alan Shapiro8th Edition J.Wiley & SonsPower Points byJoseph F. Greco, Ph.D.California State University, Fullerton第一页，共二十一页。CHAPTER 1Introduction第二页，共二十一页。PART 1 THE RISE OF THE MULTINATIONAL CORPORATIONI. The MNC: A Definitiona company with production and distribut
2、ion facilities in more than one country. with a parent company located in the home country at least five or six foreign subsidiaries3第三页，共二十一页。THE RISE OF THE MULTINATIONAL CORPORATIONA. Forces Changing Global MarketsMassive deregulationCollapse of communismPrivatizations of state-owned industriesRe
3、volution in information technologyWave of M&AEmergence of free market policies in Third World NationsCountless nations accepting the standards of free market capitalism4第四页，共二十一页。THE RISE OF THE MULTINATIONAL CORPORATIONThe Rise of China as a Global Competitorthe most dramatic change in the internat
4、ional economy over the last decadethe number one destination for foreign direct investment (FDI)Note: FDI is the acquisition abroad of companies, property, or physical assets 5第五页，共二十一页。THE RISE OF THE MULTINATIONAL CORPORATIONB. Who is the Prime Transmitter of Competitive Forces in the Global Econo
5、my: The MNC emphasizes group performance such asGlobal coordinated allocation of resources Market entry strategyOwnership of foreign operationsProduction, marketing and financial activities6第六页，共二十一页。THE RISE OF THE MULTINATIONAL CORPORATIONC. The MNCs EvolutionReasons to Go Global:1. More raw mater
6、ials2. New markets3. Minimize costs of production7第七页，共二十一页。THE RISE OF THE MULTINATIONAL CORPORATIONRAW MATERIAL SEEKERSexploit markets in other countrieshistorically first to appearmodern-day counterpartsBritish PetroleumExxon8第八页，共二十一页。THE RISE OF THE MULTINATIONAL CORPORATIONMARKET SEEKERSProduc
7、e and sell in foreign marketsHave heavy foreign direct investorsRepresented today by firms such as:IBMMacDonaldsNestleLevi Strauss9第九页，共二十一页。THE RISE OF THE MULTINATIONAL CORPORATIONCOST MINIMIZERSseek lower-cost production abroadTheir motive: to remain cost competitiveRepresented today by firms suc
8、h as:Texas InstrumentsIntelSeagate Technology10第十页，共二十一页。THE RISE OF THE MULTINATIONAL CORPORATIOND. What is the MNC? From a Behavioral Viewits a state of mind committed to globallyproducing,undertaking investment,marketing, andfinancing.11第十一页，共二十一页。THE RISE OF THE MULTINATIONAL CORPORATIONE. THE G
9、LOBAL MANAGER:1. Understands political and economic differences;2. Searches for most cost- effective suppliers;3. Evaluates changes on value of the firm.12第十二页，共二十一页。Part II INTERNATIONALIZATION OF BUSINESS AND FINANCEI.GlobalizationII. Political and Labor UnionConcernsIII.Consequences of Global Com
10、petition:The acceleration of the global economy13第十三页，共二十一页。PART III. MULTINATIONAL FINANCIAL MANAGEMENT: THEORY AND PRACTICEI. The MNCs PoliciesA. Main Objective of MNC: Maximize shareholder wealthB. Other Objectives Reflect Its Ability to Link:via affiliate transfer mechanisms14第十四页，共二十一页。MFM: THE
11、ORY AND PRACTICEC. Mode of Transfer:Reflects freedom to select a variety of financial channels.D. Timing Flexibility:Most MNC have some flexibility in timing of fund flows.E. ValueThe ability to avoid national taxes has led to controversy.15第十五页，共二十一页。MFM: THEORY AND PRACTICEII. FUNCTIONS OF FINANCI
12、AL MANAGEMENTA. Two Basic Functions:1. Financing2. Investing16第十六页，共二十一页。MFM: THEORY AND PRACTICEB. Additional Factors Facing the MNC Executive1. Political risk2. Economic risk17第十七页，共二十一页。MFM: THEORY AND PRACTICEIII. THEORETICAL FOUNDATIONSA. Useful Concepts from Financial Economics:1. Arbitrage2.
13、Market Efficiency3. Capital Asset Pricing18第十八页，共二十一页。MFM: THEORY AND PRACTICEB. Importance of Total Risk1. Adverse Impactlower sales and higher costs2. Justifies hedging activities of MNC3. Diversification reduces risk19第十九页，共二十一页。MFM: THEORY AND PRACTICEIV. THE GLOBAL FINANCIAL MARKET PLACEA. Inte
14、r-linkage by ComputersB. Market Acts as A GlobalReferendum Process Where :Currencies may rise or fall20第二十页，共二十一页。内容(nirng)总结Multinational Financial Management Alan Shapiro8th Edition J.Wiley & Sons。Wave of M&A。I.Globalization。III.Consequences of Global Competition:。Maximize shareholder wealth。1. Arbitrage。20第二十一页，共二十一页。