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1、Solutioons foor Intternattionall Corpporatee FinaanceChapterr 12Chapterr 24Chapterr 36Chapterr 48Chapterr 512Chapterr 614Chapterr 716Chapterr 818Chapterr 921Chapterr 1023Chapterr 1126Chapterr 1229Chapterr 15. Inteernatiional Businness MMethodds. Snnyder Golf Co., a U.SS. firrm thaat sellls hiigh-quu
2、alityy golff clubbs in thhe U.SS., waants tto exppand iinternnationnally by seellingg the same golf clubss in BBrazill. a. Desccribe the ttradeooffs tthat aare innvolveed forr eachh methhod (ssuch aas expportinng, diirect foreiign invesstmentt, etcc.) thhat Snnyder couldd use to acchievee its goal.
3、ANSWER: Snydder caan expport tthe cllubs, but tthe trranspoortatiion exxpensees mayy be hhigh. If coould estabblish a subbsidiaary inn Brazzil too prodduce aand seell thhe cluubs, bbut thhis maay reqquire a larrge invesstmentt of ffunds. It ccould use llicenssing, in whhich iit speecifiees to a Braa
4、ziliaan firrm howw to pproducce the cclubs. In tthis wway, iit doees nott havee to eestabllish iits owwn subbsidiaary thhere. b. Whicch metthod wwould you rrecommmend ffor thhis fiirm? JJustiffy youur reccommenndatioon.ANSWER: If tthe ammount of goolf cllubs tto be sold in Brrazil is smmall, it maay
5、 deccide tto expport. Howevver, iif thee expeected saless leveel is high, it mmay beenefitt fromm liceensingg. If it iss conffidentt thatt the eexpectted saales llevel will remaiin higgh, itt may be wiillingg to eestabllish aa subssidiarry. Thhe wagges are llower in Brrazil, and the llarge invesstme
6、ntt needded too estaablishh a suubsidiiary mmay bee wortthwhille. 8. Compparatiive Addvantaage.a. Expllain hhow thhe theeory oof commparattive aadvanttage rrelatees to the nneed ffor innternaationaal bussinesss.ANSWER: The theorry of compaarativve advvantagge impplies that counttries shoulld speecia
7、liize inn produuctionn, theereby relyiing onn otheer couuntriees forr somee prodducts. Conssequenntly, theree is aa needd for iinternnationnal buusinesss. b. Expllain hhow thhe prooduct cyclee theoory reelatess to tthe grrowth of ann MNC.ANSWER: The produuct cyycle ttheoryy sugggests that at soome p
8、ooint iin timme, thhe firrm willl atttempt to capittalizee on iits peerceivved addvantaages iin marrkets otherr thann wherre it was iinitiaally eestabllishedd.10. Valluatioon of Wal-MMartss Inteernatiional Businness. In addditioon to all oof itss storres inn the U.S., Wal-Mart has 111 stoores iin Ar
9、ggentinna, 244 storres inn Brazzil, 2214 sttores in Caanada, 29 sstoress in CChina, 92 sstoress in GGermanny, 155 storres inn Soutth Korrea, 6611 sttores in Meexico, and 261 sstoress in tthe U.K. Consiider tthe vaalue oof Wall-Martt as bbeing compoosed oof twoo partts, a U.S. part (due to buusinesss
10、 in the UU.S.) and aa non-U.S. part (due to buusinesss in otherr counntriess). Exxplainn how to deetermiine thhe preesent valuee (in dollaars) oof thee non-U.S. part assumming tthat yyou haad acccess tto alll the detaiils off Wal-Mart businnessess outsside tthe U.S.ANSWER: The non-UU.S. ppart ccan b
11、ee meassured as thhe preesent valuee of ffuturee dolllar caash fllows resullting from the nnon-U.S. buusinessses. Basedd on rrecentt earnnings data for eeach sstore and aapplyiing an exxpecteed groowth rrate, you ccan esstimatte thee remiitted earniings tthat wwill ccome ffrom eeach ccountrry in eaa
12、ch yeear inn the futurre. Yoou cann convvert tthose cash flowss to ddollarrs usiing a foreccastedd exchhange rate per yyear. Deterrmine the ppresennt vallue off cashh flowws of all sstoress withhin onne couuntry. Thenn repeaat thee proccess ffor otther ccountrries. Then add uup alll the preseent vaa
13、lues that you eestimaated tto derivve a cconsollidateed preesent valuee of aall noon-U.SS. subbsidiaaries. 15. Intternattionall Joinnt Vennture. Anheeuser-Buschh, thee prodducer of Buudweisser annd othher beeers, has recenntly eexpandded innto Jaapan bby enggagingg in aa joinnt vennture with Kirinn
14、Brewwery, the llargesst breweery inn Japaan. Thhe joiint veenturee enabbles AAnheusser-Buusch tto havve itss beerr disttributted thhroughh Kirinns diistribbutionn channnels in Jaapan. In addditioon, itt can utiliize Kiirinss faciilitiees to produuce beeer that will be soold loocallyy. In returrn, An
15、nheuseer-Bussch prrovidees infformattion aabout the AAmericcan beeer maarket to Kiirin. a. Expllain hhow thhe joiint veenturee can enablle Anhheuserr-Buscch to achieeve itts objjectivve of maximmizingg sharreholdder weealth.ANSWER: The jointt ventture ccreatees a wway foor Anhheuserr-Buscch to distr
16、ributee Budwweiserr throuughoutt Japaan. Itt enabbles AAnheusser-Buusch tto pennetratte thee Japaanese markeet witthout requiiring a substtantiaal invvestmeent inn Japaan. b. Expllain hhow thhe joiint veenturee can limitt the risk of thhe intternattionall busiiness.ANSWER: The jointt ventture hhas l
17、iimitedd riskk becaause AAnheusser-Buusch ddoes nnot neeed too estaablishh its oown diistribbutionn netwwork iin Jappan. TThus, Anheuuser-BBusch may bbe ablle to use aa smalller invesstmentt for the iinternnationnal buusinesss, annd theere iss a hiigher probaabilitty thaat thee inteernatiional busin
18、ness wwill bbe succcessfful. c. Manyy inteernatiional jointt venttures are iintendded too circcumvennt barrrierss thatt normmally preveent foreiign coompetiition. Whatt barrrier iin Jappan iss Anheeuser-Buschh circcumvennting as a resullt of the jointt ventture? What barriier inn the Uniteed Staates
19、 iis Kirrin ciircumvventinng as a ressult oof thee joinnt ventuure? ANSWER: Anheeuser-Buschh is aable tto bennefit from Kirinns diistribbutionn systtem inn Japaan, whhich wouldd not normaally bbe so accesssiblee. Kirrin iss ablee to llearn more aboutt how Anheuuser-BBusch expannded iits prroductt ac
20、rooss nuumerouus couuntriees, annd theereforre breeaks tthrouggh an “infoormatiion” barriier. d. Expllain hhow Annheuseer-Bussch coould llose ssome oof itss markket shhare iin couuntriees outtside Japann as a resullt of this partiicularr joinnt vennture.ANSWER: Anheeuser-Buschh coulld losse somme of
21、 its mmarkett sharre to Kirinn as aa resuult off expllaininng its wworldwwide eexpanssion sstrateegies to Kiirin. Howevver, iit apppears that Anheuuser-BBusch expeccts thhe potenntial beneffits oof thee joinnt vennture to ouutweiggh anyy poteentiall adveerse eeffectts.24. Gloobal CCompettitionn. Exp
22、plain why mmore sstandaardizeed prooduct speciificattions acrosss couuntriees cann incrrease globaal commpetittion.ANSWER: Stanndardiized pproducct speecificcationns alllow fiirms tto morre eassily eexpandd theiir bussinesss acrosss othher coountriies, wwhich increeases globaal commpetittion.Chapter
23、r 24. Freee Tradde. Thhere hhas beeen coonsideerablee momeentum to reeduce or reemove tradee barrriers in ann efforrt to achieeve “ffree ttrade.” Yett, onee disggruntlled exxecutiive off an eexportting ffirm sstatedd, “Frree tradee is nnot coonceivvable; we aare allways at thhe merrcy off the exchaa
24、nge rrate. Any ccountrry cann use this mechaanism to immpose tradee barrriers.” Whaat doees thiis staatemennt meaan?ANSWER: Thiss stattementt impllies tthat eeven iif theere weere noo expllicit barriiers, a govvernmeent coould attemmpt too maniipulatte excchangee ratees to a levvel thhat woould eeff
25、ecttivelyy reduuce fooreignn comppetitiion. For eexamplle, a U.S. ffirm mmay bee disccouragged frrom atttemptting tto expport tto Jappan iff the valuee of the ddollarr is vvery hhigh aagainsst thee yen. The pricees of the UU.S. ggoods from the JJapaneese peerspecctive are ttoo hiigh beecausee of tth
26、e sttrong dollaar. Thhe revverse situaation couldd alsoo be ppossibble inn whicch a Japannese eexportting ffirm iis priiced oout off the U.S. mmarkett becaause oof a sstrongg yen (weakk dolllar). Answwer iss baseed on opiniion. 8. Inteernatiional Invesstmentts. Inn receent yeears mmany UU.S.-bbased
27、MNCs have increeased theirr invesstmentts in foreiign seecuritties, whichh are not aas sussceptiible tto neggativee shoccks inn the U.S. markeet. Allso, wwhen MMNCs bbelievve thaat U.SS. seccuritiies arre oveervaluued, tthey ccan puursue non-UU.S. securritiess thatt are driveen by a diffferennt marr
28、ket. Moreoover, in peeriodss of llow U.S. innteresst rattes, U.S. ccorporrationns tennd to seek invesstmentts in foreiign seecuritties. In geenerall, thee floww of ffunds into foreiign coountriies teends tto deccline when U.S. iinvesttors aanticiipate a strrong ddollarr. a. Expllain hhow exxpectaati
29、onss of aa stroong doollar can aaffectt the tendeency oof U.SS. invvestorrs to invesst abroaad.ANSWER: A weeak doollar wouldd disccouragge U.SS. invvestorrs froom invvestinng abrroad. It caan cauuse the iinvesttors tto purrchasee foreeign ccurrenncy (wwhen iinvestting) at a higheer excchangee ratee
30、thann the exchaange rrate aat whiich thhey woould ssell tthe cuurrenccy (whhen thhe invvestmeent iss liquuidateed).b. Expllain hhow loow U.SS. intterestt ratees cann affeect thhe tenndencyy of UU.S.-bbased MNCs to innvest abroaad.ANSWER: Low U.S. iintereest raates ccan enncouraage U.S.-baased MMNCs
31、tto invvest aabroadd, as invesstors seek higheer retturns on thheir iinvesttment than they can eearn iin thee U.S.c. In ggeneraal terrms, wwhat iis thee attrractioon of foreiign innvestmments to U.S. innvestoors?ANSWER: The main attraactionn is ppotenttiallyy highher reeturnss. Thee inteernatiional
32、stockks cann outpeerformm U.S. stoccks, aand innternaationaal bonnds caan outtperfoorm U.S. boonds. Howevver, tthere is noo guaraantee that the rreturnns on interrnatioonal iinvesttmentss willl be sso favvorablle. Soome innvestoors maay also pursuue intternattionall inveestmennts too diveersifyy the
33、iir invvestmeent poortfollio, wwhich can ppossibbly reducce rissk.10. Excchangee Ratee Effeects oon Traade.a. Expllain wwhy a stronnger ddollarr coulld enllarge the UU.S. bbalancce of tradee defiicit. Explaain whhy a weakeer dolllar ccould affecct thee U.S. balaance oof traade deeficitt.ANSWER: A st
34、trongeer dolllar mmakes U.S. eexportts morre exppensivve to imporrters and mmay reeduce imporrts. IIt makkes U.S. immportss cheaap andd may increease UU.S. iimportts. A weakeer homme currrencyy increeases the ppricess of iimportts purrchaseed by the hhome ccountrry andd reduuces tthe prrices paid by
35、 foreiign buusinessses ffor thhe homme couuntrys expports. Thiss shouuld caause aa decrrease in thhe homme counttrys demmand ffor immportss and an inncreasse in the fforeiggn demmand ffor thhe homme couuntrys exporrts, aand thherefoore inncreasse thee currrent aaccounnt. Hooweverr, thiis rellationns
36、hip can bbe disstorteed by otherr facttors. b. It iis sommetimees sugggesteed thaat a ffloatiing exxchangge ratte willl adjjust tto redduce oor eliiminatte anyy curreent acccountt defiicit. Explaain whhy thiis adjjustmeent woould ooccur.ANSWER: A cuurrentt accoount ddeficiit refflectss a neet salle
37、of the hhome ccurrenncy inn exchhange for oother curreenciess. Thiis plaaces ddownwaard prressurre on that home curreencys vallue. IIf thee currrency weakeens, iit willl redduce tthe hoome deemand for fforeiggn gooods (ssince goodss willl now be moore expennsive), andd willl incrrease the hhome eexp
38、ortt voluume (ssince exporrts wiill apppear cheapper too foreiign coountriies). c. Why does the eexchannge raate noot alwways aadjustt to aa currrent aaccounnt defficit?ANSWER: In ssome ccases, the home curreency wwill rremainn stroong evven thhough a currrent accouunt deeficitt exissts, ssince othe
39、rr facttors (such as innternaationaal cappital flowss) cann offsset thhe forrces pplacedd on tthe cuurrenccy by the ccurrennt acccount.13. Efffects of Taariffss. Asssume aa simpple woorld iin whiich thhe U.SS. expports soft drinkks andd beerr to Francce andd impoorts wwine ffrom FFrancee. If the UU.
40、S. iimposees larrge taariffss on tthe Frrench wine, expllain tthe liikely impacct on the vvaluess of tthe U.S. beeveragge firrms, UU.S. wwine pproduccers, the FFrenchh beveerage firmss, andd the Frencch winne prooducerrs. ANSWER: The U.S. wwine pproduccers bbenefiit froom thee U.S. tariiffs, whilee
41、the Frencch winne produucers are aadverssely aaffectted. TThe Frrench goverrnmentt woulld likkely rretaliiate bby impposingg tarifffs onn the U.S. bbeveraage fiirms, whichh woulld advverselly afffect ttheir valuee. Thee Frennch beeveragge firmss woulld bennefit. 15. Demmand ffor Exxportss. A rrelati
42、ively smalll U.S. balaance oof traade deeficitt is ccommonnly atttribuuted tto a sstrongg demaand foor U.SS. expports. Whatt do yyou thhink iis thee undeerlyinng reaason ffor thhe strrong demannd forr U.S. expoorts?ANSWER: The stronng demmand ffor U.S. exxportss is ccommonnly atttribuuted tto strron
43、g fforeiggn econoomies or too a weeak doollar.Chapterr 35. Inteernatiional Finanncial Markeets. RRecenttly, WWal-Maart esstabliished two rretaill outllets iin thee cityy of SShenzhen, Chinna, whhich hhas a popullationn of 33.7 miillionn. Theese ouutletss are massiive annd conntain produucts ppurchaa
44、sed llocallly as well as immportss. As Wal-MMart ggeneraates eearninngs beeyond what it neeeds iin Sheenzhen, iit mayy remiit thoose eaarninggs bacck to the UUnitedd Stattes. WWal-Maart iss likeely too buildd addiitionaal outtlets in Shhenzhen orr in oother Chineese ciities in thhe futture. a. Expll
45、ain hhow thhe Wall-Martt outllets iin Chiina woould uuse thhe spoot marrket iin forreign exchaange. ANSWEER: Thhe Wall-Martt storres inn Chinna neeed othher cuurrenccies tto buyy prodducts from otherr counttries, and must conveert thhe Chiinese curreency (yuan) intoo the otherr currrenciees in the s
46、spot markeet to purchhase tthese produucts. They also couldd use the sspot mmarkett to cconverrt exccess eearninngs deenominnated in yuuan innto doollarss, whiich woould bbe remmittedd to tthe U.S. paarent. b. Expllain hhow Waal-Marrt migght uttilizee the interrnatioonal mmoney markeet wheen it is e
47、sstabliishingg otherr Wal-Mart storees in Asia.ANSWER: Wal-Mart may nneed tto maiintainn somee depoosits in thhe Eurrocurrrency markeet thaat cann be used (whenn needded) tto suppport the ggrowthh of WWal-Maart sttores in vaariouss foreeign mmarketts. Whhen some Wal-MMart sstoress in fforeiggn marrkets need fundss, theey borrrow ffrom bbanks in thhe Eurrocurrrency markeet. Thhus, tthe Euurocurrrencyy markket seerves as a depossit orr lendding ssourcee for Wal-MMart aand otherr MNCss on aa shorrt-terrm bassis. c. Explla