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1、Multinational Financial Management（跨国公司财务管理）ch16 Foreign Direct Investment and Corporate StrategyTHE THEORY OF THE MULTINATIONAL CORPORATIONI.THE THEORY OF THE MULTINATIONAL CORPORATIONA.The MNC as an Oligopolist:Why FDI?1.When is FDI justified?2.Internalization3.Market Integrationa.Verticalb.Horizo
2、ntalTHE THEORY OF THE MULTINATIONAL CORPORATION B.Financial Market Imperfections1.Hypothesis2.Diversification Effect of the MNCTHE STRATEGY OF THE MNCII.THE STRATEGY OF THE MNCA.Three strategies:1.The Innovation-based MNCTHE STRATEGY OF THE MNCStrategies(cont)2.The Mature MNCa.the importance of econ
3、omies of scale andb.economies of scopeDESIGNING A GLOBAL EXPANSION STRATEGYIII.DESIGNING A GLOBAL EXPANSION STRATEGY5 Necessary Elements DESIGNING A GLOBAL EXPANSION STRATEGYA.5 Necessary Elements 1.Awareness of profitable investments-building competitive advantage2.Selecting a mode of entry-evaluate systematically3.Adjusting the Effectiveness of the Entry Mode-continual auditing4.Using appropriate evaluation criteria5.Estimating the longevity of competitive advantage:a.Develop competitive strength transferable overseas.b.Not easily duplicated