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Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
What’s Special about “International” Finance?


市场不完全Market Imperfections 法律限制商品、人员和资本的跨国自由流动 交易成本 运输成本 税收套利 有人甚至说，跨国公司是市场不完全所带来的 礼物。
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目录

国际财务的特点 国际财务管理的目标 全球化 跨国公司
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其他目标


发生在安然、世通和环球电讯等公司的一系列 丑闻中，公司管理人员在监管不力的情况下， 以牺牲股东利益为代价追求个人利益 这些灾难使人们沉重认识到公司治理的重要性 ，也就是说，建立一种监控公司管理层和股东 之间关系的财务、法律架构。
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Other Goals

In other countries shareholders are viewed as merely one among many “stakeholders” of the firm including:
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Other Goals

在世界的其他地方，尤其是新兴转型经济体国 家，公司治理的问题可能更为严重, such as Indonesia, Korea, and Russia, where legal protection of shareholders is weak or virtually non-existing.
国际财务管理
Sixth Edition
EUN / RESNICK
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Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
全球化与跨国公司
目标:
Chapter One
1
理解学习国际财务管理的重要性.
区别国际财务管理与企业财务管理.
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Nestlé’s Foreign Ownership Restrictions
12,000 10,000 8,000 SF 6,000 4,000 2,000 0
作为全球货币欧元的诞生




A momentous event in the history of world financial systems. Currently more than 300 million Europeans in 22 countries are using the common currency on a daily basis. In January 2007, 10 more countries joined the European Union and adopt the euro. The “transaction domain” of the euro may become larger than the U.S. dollar’s in the near future.
不管其他目标是什么，假如股东财富最大化没 有考虑，其他目标长期内都不可能达到。

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世界经济全球化的主要趋势


Emergence of Globalized Financial Markets Emergence of the Euro as a Global Currency Trade Liberalization and Economic Integration Privatization
Ireland Italy Finland Austria
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Value of the Euro in U.S. Dollars
January 1999 to Dec 2004
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股东财富最大化

在澳大利亚、加拿大、英国特别是美国等英语 语系国家，,股东财富最大化被普遍接受为财 务管理里的的最终目标。 Who are and where are the shareholders? In what currency should we maximize their wealth?

外汇风险Foreign Eisk that foreign currency profits may evaporate in dollar terms due to unanticipated unfavorable exchange rate movements. 举个例子，假如 $1 = ¥ 100 ，你以每股¥ 10,000购买 了10股丰田公司的，共花了$1000。 一年后，你的投资增加了10%，值¥ 110,000 但是，此时的汇率如果是 $1 = ¥ 120，按照美元计 算，该项投资实际上发生了亏损。
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Euro Area
1999.11 Countries participating in the euro:



Portugal Spain France Germany Belgium Luxembourg The Netherlands
Foreigners were only allowed to buy bearer shares. Swiss citizens could buy registered shares. The bearer stock was more expensive.

On November 18, 1988, 雀巢公司取消了对国外 投资者的限制，允许他们持有记名股票和不记 名股票。
Bearer share
Registered share
11
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20
31
9
18
24
Source: Financial Times, November 26, 1988 p.1. Adapted with permission. Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
The Example of Nestlé’s Market Imperfection

声明公布后，两种股票的价差迅速变小。

This implies that there was a major transfer of wealth from foreign shareholders to Swiss shareholders.
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What’s Special about “International” Finance?



政治风险 主权国家有权控制他们境内商品、资本、人员的流 动. 法律有时候会发生不可预期的变动。 比如，安然公司在印度的投资，俄罗斯最大的石油 公司尤科斯的垮台。


不记名股票的国外投资者遭受了政治风险。 雀巢案例表明了解市场不完全和政治风险的危 险性都很重要。
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What’s Special about “International” Finance?
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市场机会的增加 It doesn’t make sense to play in only one corner of the sandbox. True for corporations as well as individual investors.
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