跨国财务管理：概述思维导图

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2025-05-11

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财务管理

管理理论

理论概述

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思维导图大纲

Multinational corporations (MNCs)

are defined as firms that engage in some of international business.

1-1 Managing the MNC

1-1a How Business Disciplines Are Used to Manage the MNC

whether to diseontige operations in a paficular country

whether to pursue-new business in a particular country

whether to expand Business in a particular country

how to finance expansion in a particular country

1-1b Agency Problems

The conflict of goals between managersand shareholders

Parent control of agency problems

Parent should clearly communicate the goals for eachsubsidiary to ensure managers focus on maximizing thevalue of the subsidiary.

Corporate control of agency problems

Entire management of the MNC must be focused onmaximizing shareholder wealth.

Sarbanes-0xley Act (SOX)

Establishing a centralized database ofinformation

Ensuring that all data are reported consistentlyamong subsidiaries

Implementing a system that automatically checksfor unusual discrepancies relative to norms

Speeding the process by which all departmentsand subsidiaries have access to all the data theyneed

Making executives more accountable for financialstatements

1-1c Management Styles of MNCs

1-2 Why Firms Pursue International Business

1-2a Theory ofComparative Advantage

specialization increases production efficiency.

1-2b Imperfect Markets Theory

factors of production are somewhat immobile providing incentive to seek out foreign opportunities.

1-2c Product Cycle Theory

as a firm matures, it recognizes opportunities outside itsdomestic market.

1-3 How Firms Engage in International Business

1-3a International Trade

Relatively conservative approach that can be usedby firms to:

penetrate markets (by exporting).

obtain supplies at a low cost (by importing)

Minimal risk-no capital at risk

How the Internet Facilitates International Trade

The internet facilitates international trade byallowing firms to advertise their products andaccept orders on their websites.

1-3b Licensing

Obligates a firm to provide its technology in exchange for fees or someother specified benefits.

Allows firms to use their technology in foreignmarkets without a maior investment and withouttransportation costs that result from exporting.

Major disadvantage: difficult to ensure qualitycontrol in foreign production process

1-3c Franchising

Obligates firm to provide a specialized sales orservice strategy, support assistance, and possibly aninitial investment in the franchise in exchange forperiodic fees.

Allows penetration into foreign markets without amajor investment in foreign countries.

1-3d Joint Ventures

A venture that is jointly owned and operated by twoor more firms. A firm may enter the foreign marketby engaging in a joint venture with firms that residein those markets.

Allows two firms to apply their respectivecooperative advantages in a given project.

1-3e Acquisitions of Existing Operations

Acquisitions of firms in foreign countries allowsfirms to have full control over their foreignbusinesses and to quickly obtain a large portion offoreign market share.

Subiect to the risk of large losses because of largerinvestment.

Liquidation may be difficult if the foreign subsidiar,performs poorly.

1-3f Establishment of New Foreign Subsidiaries

Firms can penetrate markets by establishing newoperations in foreign countries.

Requires a large investment.

Acquiring new as opposed to buying existing allowsoperations to be tailored exactly to thefirms needs.

May require smaller investment than buyingexisting firm.

1-4 Valuation Model for an MNC

1-4 a Domestic Model

V represents present value of expected cash flows

E(CF$,t)represents expected cash flows(期望现金流量)to be received at the end of period t

n represents the number of periods into the future inwhich cash flows are received,

k represents the required rate ofreturn(必要报酬率)by investors.

1-4b Multinational Model

CF represents the amount of cash flow denominated in aparticular foreign currency j at the end of period t,

S represents the exchange rate at which the foreigncurrency(measured in dollars per unit of the foreigncurrency)can be converted to dollars at the end of period t.

Valuation of an MNC's cash flows over multiple periods

1-4c Uncertainty Surrounding MNc Cash Flows

Exposure to international economic conditions

Ifeconomic conditions in a foreign country weaken, purchaseofproducts decline and MNC sales in that country may belower than expected.

Exposure to international political risk

A foreigngovernment may increase taxes or impose barriers on theMNC's subsidiary.

Exposure to exchange rate risk

If foreign currencies related to the MNC subsidiary weaken against the U.S. dollar, the MNC will receive a lower amount of dollar cash flows than was expected.

1-4d Summary of International Effects

1-4e How Uncertainty Affects the MNC's cost of Capital

An MNC must consider the impact of allinternational conditions so that it can determinethe resulting effect on its cash flows.

A higher level of uncertainty increases the returnon investment required by investors and theMNC's valuation decreases.

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