出版說明
導讀
作者簡介
前言
致謝
術語表
*一部分 國際金融環境
*1章 跨國公司財務管理：機遇與挑戰 2
1.1 金融全球化及風險 3
1.2 全球金融市場 4
1.3 比較優勢理論 9
1.4 國際財務管理有何不同 11
1.5 市場缺陷：跨國公司存在的理論闡述 12
1.6 全球化進程 13
本章小結 17
案例研究 17
思考題 20
練習題 20
*2章 國際貨幣體繫 23
2.1 國際貨幣體繫的歷史 23
2.2 國際貨幣基金組織貨幣制度分類 28
2.3 固定彙率vs.浮動彙率 34
2.4 歐洲單一貨 36
2.5 新興市場和制度選擇 38
2.6 人民幣的全球化 42
2.7 彙率機制：未來是什麼 45
本章小結 46
案例研究 46
思考題 48
練習題 49
第3章 國際收支平衡 51
3.1 典型的國際收支交易 52
3.2 國際收支會計的基本原理 52
3.3 國際收支平衡表賬戶 54
3.4 國際收支平衡對關鍵宏觀經濟變量的影響 62
3.5 貿易平衡與彙率 64
3.6 資本流動 67
本章小結 72
案例研究 72
思考題 74
練習題 75
第4章 財務目標和公司治理 79
4.1 誰擁有企業 80
4.2 管理層的目標 83
4.3 公開交易與私有化：全球轉變 88
4.4 公司治理 90
本章小結 98
案例研究 98
思考題 103
練習題 103
*二部分 外彙理論與外彙市場
第5章 外彙市場 108
5.1 外彙市場的職能 109
5.2 外彙市場的結構 109
5.3 外彙市場交易 114
5.4 外彙市場的規模 116
5.5 外彙彙率和報價 119
本章小結 129
案例研究 129
思考題 133
練習題 133
第6章 利率平價條件 137
6.1 價格和彙率 138
6.2 利率和彙率 145
6.3 遠期彙率可作為未來即期彙率的無偏估計 153
6.4 均衡時的價格、利率和彙率 155
本章小結 156
案例研究 157
思考題 159
練習題 159
附錄6A 國際平價條件的數學入門 164
第7章 外彙衍生品及互換 168
7.1 外彙期貨 169
7.2 貨幣期權 171
7.3 期權定價和價值 179
7.4 利率風險 181
7.5 利率衍生品 183
本章小結 187
案例研究 188
思考題 189
練習題 190
第8章 外彙彙率決定 195
8.1 彙率決定：理論思路 196
8.2 貨幣市場干預 200
8.3 不均衡：新興市場的彙率 205
8.4 實際預測 212
本章小結 216
案例研究 217
思考題 219
練習題 219
第三部分 外彙交易
第9章 交易風險 224
9.1 外彙風險類型 224
9.2 為什麼要套期保值 225
9.3 交易風險管理：泰鼎公司案例 230
9.4 風險控制實務 238
本章小結 239
案例研究 240
思考題 244
練習題 244
*10章 折算風險 250
10.1 折算概覽 250
10.2 折算方法 252
10.3 泰鼎公司的折算風險 254
10.4 管理折算風險 259
本章小結 261
案例研究 261
思考題 264
練習題 265
*11章 經營風險 267
11.1 跨國公司的經營風險 267
11.2 測量經營風險：泰鼎 272
11.3 經營風險的戰略管理 277
11.4 經營風險的主動管理 279
本章小結 284
案例研究 285
思考題 287
練習題 288
第四部分 公司全球化融資
*12章 全球視角下資本成本及其易得性 292
12.1 金融全球化及其策略 292
12.2 國際投資組合理論和分散化 295
12.3 境外證券的需求：全球證券投資者的作用 301
12.4 跨國公司和本土企業資本成本比較 306
12.5 解謎：跨國公司資本成本是否比國內同行高 307
本章小結 309
案例研究 310
思考題 313
練習題 314
*13章 全球籌集股權和債務 318
13.1 設計獲取全球資本戰略 319
13.2 *優財務結構 320
13.3 *優財務結構與跨國企業 321
13.4 在全球範圍內募集股權 323
13.5 存托憑證 327
13.6 私募 333
13.7 外國上市與發行股票 334
13.8 全球債權融資 337
本章小結 342
案例研究 343
思考題 346
練習題 347
附錄13A 外國子公司的財務結構 350
*14章 跨國公司稅收管理 353
14.1 稅收原則 354
14.2 轉移定價 361
14.3 泰鼎公司的稅收管理 364
14.4 避稅港子公司和國際離岸金融中心 365
本章小結 367
案例研究 368
思考題 370
練習題 370
*15章 國際貿易融資 373
15.1 貿易關繫 373
15.2 單證體繫的好處 376
15.3 關鍵單證 378
15.4 典型貿易中的單證 383
15.5 幫助出口融資的政府計劃 385
15.6 貿易融資方案 386
15.7 福費廷：中長期融資 389
本章小結 391
案例研究 392
思考題 395
練習題 395
第五部分 國際投資決策
*16章 對外直接投資和政治風險 400
16.1 保持並轉移競爭優勢 400
16.2 OLI範式和國際化 403
16.3 投資地點的確定 404
16.4 國外投資模式 406
16.5 評估政治風險 410
16.6 公司層面特有政治風險：治理風險 412
16.7 國家層面特有風險：轉移風險 416
16.8 國家層面特有風險：文化與制度風險 419
16.9 全球層面特有風險 421
本章小結 425
案例研究 426
思考題 428
*17章 國際資本預算和跨國收購 430
17.1 國際項目預算的復雜性 431
17.2 項目視角與母公司視角的估值 432
17.3 說明性案例：西麥斯進軍印度尼西亞 433
17.4 項目融資 446
17.5 跨國兼並和跨國收購 448
本章小結 453
案例研究 454
思考題 458
練習題 459
部分練習題參考答案 463
世界貨幣表 465
Contents
Part 1 Global Financial environment 1
Chapter 1 Multinational Financial Management: Opportunities and Challenges 2
Financial Globalization and Risk 3
The Global Financial Marketplace 4
GlObal FinanCe in PraCtiCe The Trouble with Libor 5
The Theory of Comparative Advantage 9
What Is Different about International Financial Management 11
GlObal FinanCe in PraCtiCe Corporate responsibility and Corporate Sustainability 12
Market Imperfections: A Rationale for the Existence of the Multinational Firm 12
The Globalization Process 13
Summary Points 17
Mini-Case bitcoin—Cryptocurrency or Commodity 17
Questions 20
Problems 20
Internet Exercises 21
Chapter 2 the international Monetary system 23
History of the International Monetary System 23
GlObal FinanCe in PraCtiCe Hammering out an Agreement at bretton Woods 26
IMF Classification of Currency Regimes 28
GlObal FinanCe in PraCtiCe Swiss National bank Sets Minimum Exchange rate for the Franc 33
Fixed versus Flexible Exchange Rates 34
GlObal FinanCe in PraCtiCe Who is Choosing What in the Trinity/Trilemma 35
A Single Currency for Europe: The Euro 36
GlObal FinanCe in PraCtiCe The Euro and the Greek/EU Debt Crisis 37
Emerging Markets and Regime Choices 38
Globalizing the Chinese Renminbi 42
Exchange Rate Regimes: What Lies Ahead 45
Summary Points 46
Mini-Case russian ruble roulette 46
Questions 48
Problems 49
Internet Exercises 50
Chapter 3 the balance of Payments 51
Typical Balance of Payments Transactions 52
Fundamentals of BOP Accounting 52
The Accounts of the Balance of Payments 54
GlObal FinanCe in PraCtiCe The Global Current Account Surplus 56
GlObal FinanCe in PraCtiCe A Country’s Net international investment Position (NiiP) 58
BOP Impacts on Key Macroeconomic Rates 62
Trade Balances and Exchange Rates 64
Capital Mobility 67
Summary Points 72
Mini-Case Global remittances 72
Questions 74
Problems 75
Internet Exercises 78
Chapter 4 Financial Goals and Corporate Governance 79
Who Owns the Business 80
The Goal of Management 83
Publicly Traded versus Privately Held: The Global Shift 88
Corporate Governance 90
GlObal FinanCe in PraCtiCe italian Cross-Shareholding and the End of the Salatto Buono 94
GlObal FinanCe in PraCtiCe is Good Governance Good business Globally 97
Summary Points 98
Mini-Case Luxury Wars—LVMH vs. Hermès 98Questions 103
Problems 103Internet Exercises 106
Part 2 Foreign exchange theory and markets 107
Chapter 5 the Foreign exchange Market 108
Functions of the Foreign Exchange Market 109
Structure of the Foreign Exchange Market 109
GlObal FinanCe in PraCtiCe FX Market Manipulation: Fixing the Fix 112
GlObal FinanCe in PraCtiCe My First Day of Foreign Exchange Trading 113
Transactions in the Foreign Exchange Market 114
Size of the Foreign Exchange Market 116
Foreign Exchange Rates and Quotations 119
GlObal FinanCe in PraCtiCe russian Symbolism 120
Summary Points 129
Mini-Case The Venezuelan bolivar black Market 129
Questions 133
Problems 133
Internet Exercises 136
Chapter 6 international Parity Conditions 137
Prices and Exchange Rates 138
Interest Rates and Exchange Rates 145
GlObal FinanCe in PraCtiCe Hungarian Mortgages 152
Forward Rate as an Unbiased Predictor of the Future Spot Rate 153
Prices, Interest Rates, and Exchange Rates in Equilibrium 155
Summary Points 156
Mini-Case Mrs. Watanabe and the Japanese Yen Carry Trade 157
Questions 159
Problems 159
Internet Exercises 163
Appendix: An Algebraic Primer to International Parity Conditions 164
The Law of One Price 164
Purchasing Power Parity 164
Forward Rates 165
Covered Interest Arbitrage (CIA) and Interest Rate Parity (IRP) 165
Fisher Effect 166
International Fisher Effect 166
Chapter 7 Foreign Currency Derivatives and swaps 168
Foreign Currency Futures 169
Currency Options 171
GlObal FinanCe in PraCtiCe The New Zealand Kiwi, Key, and Krieger 179
Option Pricing and Valuation 179
Interest Rate Risk 181
GlObal FinanCe in PraCtiCe A Fixed-rate or Floating-rate World 182
Interest Rate Derivatives 183
Summary Points 187
Mini-Case McDonald’s Corporation’s british Pound Exposure 188
Questions 189
Problems 190
Internet Exercises 194
Chapter 8 Foreign exchange rate Determination 195
Exchange Rate Determination: The Theoretical Thread 196
Currency Market Intervention 200
GlObal FinanCe in PraCtiCe rules of Thumb for Effective intervention 204
Disequilibrium: Exchange Rates in Emerging Markets 205
GlObal FinanCe in PraCtiCe Was George Soros to blame for the Asian Crisis 207
Forecasting in Practice 212
GlObal FinanCe in PraCtiCe JPMorgan Chase Forecast of the Dollar/Euro 214
Summary Points 216
Mini-Case The Japanese Yen intervention of 2010 217
Questions 219Problems 219Internet Exercises 222
Part 3 Foreign exchange exposure 223
Chapter 9 transaction exposure 224
Types of Foreign Exchange Exposure 224Why Hedge 225
Transaction Exposure Management: The Case of Trident 230
Risk Management in Practice 238
GlObal FinanCe in PraCtiCe Hedging and the German Automobile industry 238
GlObal FinanCe in PraCtiCe The Credit Crisis and option Volatilities in 2009 239
Summary Points 239
Mini-Case banbury impex (india) 240
Questions 244
Problems 244
Internet Exercises 249
Chapter 10 translation exposure 250
Overview of Translation 250
Translation Methods 252
Trident Corporation’s Translation Exposure 254
GlObal FinanCe in PraCtiCe Foreign Subsidiary Valuation 258
Managing Translation Exposure 259
GlObal FinanCe in PraCtiCe When business Dictates Hedging results 260
Summary Points 261
Mini-Case LaJolla Engineering Services 261
Questions 264Problems 265
Internet Exercises 266
Chapter 11 Operating exposure 267
A Multinational’s Operating Exposure 267
GlObal FinanCe in PraCtiCe Expecting the Devaluation—Ford and Venezuela 271
Measuring Operating Exposure: Trident Germany 272
Strategic Management of Operating Exposure 277
GlObal FinanCe in PraCtiCe Do Fixed Exchange rates increase Corporate Currency risk in Emerging Markets 278
Proactive Management of Operating Exposure 279
Summary Points 284
Mini-Case Toyota’s European operating Exposure 285
Questions 287Problems 288Internet Exercises 290
Part 4 Financing the Global Firm 291
Chapter 12 the Global Cost and availability of Capital 292
Financial Globalization and Strategy 292
International Portfolio Theory and Diversification 295
The Demand for Foreign Securities: The Role of International Portfolio Investors 301
The Cost of Capital for MNEs Compared to Domestic Firms 306
The Riddle: Is the Cost of Capital Higher for MNEs 307
Summary Points 309Mini-Case Novo industri A/S (Novo) 310
Questions 313
Problems 314
Internet Exercises 316
Chapter 13 raising equity and Debt Globally 318
Designing a Strategy to Source Capital Globally 319
Optimal Financial Structure 320Optimal Financial Structure and the MNE 321
Raising Equity Globally 323
GlObal FinanCe in PraCtiCe The Planned Directed Equity issue of PA resources of Sweden 327
Depositary Receipts 327
Private Placement 333
Foreign Equity Listing and Issuance 334
Raising Debt Globally 337
GlObal FinanCe in PraCtiCe islamic Finance 341
Summary Points 342
Mini-Case Petrobrás of brazil and the Cost of Capital 343
Questions 346Problems 347
Internet Exercises 349
Appendix: Financial Structure of Foreign Subsidiaries 350
Local Norms 350
Financing the Foreign Subsidiary 351
Chapter 14 Multinational tax Management 353
Tax Principles 354
Transfer Pricing 361
GlObal FinanCe in PraCtiCe offshore Profits and Dividend repatriation 361
Tax Management at Trident 364
Tax-Haven Subsidiaries and International Offshore Financial Centers 365
Summary Points 367
Mini-Case Google, Taxes, and “Do No Evil” 368
Questions 370
Problems 370
Internet Exercises 372
Chapter 15 international trade Finance 373
The Trade Relationship 373
Benefits of the System 376
Key Documents 378
GlObal FinanCe in PraCtiCe Florence—The birthplace of Trade Financing 381
Documentation in a Typical Trade Transaction 383
Government Programs to Help Finance Exports 385
Trade Financing Alternatives 386
GlObal FinanCe in PraCtiCe Factoring in Practice 388
Forfaiting: Medium- and Long-Term Financing 389
Summary Points 391
Mini-Case Crosswell international and brazil 392
Questions 395
Problems 395
Internet Exercises 398
Part 5 Foreign Investment decisions 399
Chapter 16 Foreign Direct investment and Political risk 400
Sustaining and Transferring Competitive Advantage 400
The OLI Paradigm and Internationalization 403
Deciding Where to Invest 404
Modes of Foreign Investment 406
Predicting Political Risk 410
GlObal FinanCe in PraCtiCe Apache Takes a Hit from Egyptian Protests 412
Firm-Specific Political Risk: Governance Risk 412
Country-Specific Risk: Transfer Risk 416
Country-Specific Risk: Cultural and Institutional Risk 419
Global-Specific Risk 421
GlObal FinanCe in PraCtiCe Drugs, Public Policy, and the Death Penalty in 2011 422
Summary Points 425
Mini-Case Corporate Competition from the Emerging Markets 426
Questions 428
Internet Exercises 429
Chapter 17 Multinational Capital budgeting and Cross-border acquisitions 430
Complexities of Budgeting for a Foreign Project 431
Project versus Parent Valuation 432
Illustrative Case: Cemex Enters Indonesia 433
Project Financing 446
Cross-Border Mergers and Acquisitions 448
GlObal FinanCe in PraCtiCe Statoil of Norway’s Acquisition of Esso of Sweden 453
Summary Points 453
Mini-Case Elan and royalty Pharma 454
Questions 458
Problems 459
Internet Exercises 462Answers 463
ContentsCurrencies of the World 465 |
