跨国财务管理基础 英文版PDF电子书下载

CHAPTER 1 INTRODUCTION:MULTINATIONAL ENTERPRISE AND MULTINATIONAL FINANCIAL MANAGEMENT 2

1.1 The Rise of the Multinational Corporation 2

1.2 The Internationalization of Business and Finance 10

1.3 Multinational Financial Management:Theory and Practice 16

1.4 Outline of This Book 22

Questions 24

APPENDIX 1A:THE ORIGINS AND CONSEQUENCES OF INTERNATIONAL TRADE 24

PART Ⅰ ENVIRONMENT OF INTERNATIONAL FINANCIAL MANAGEMENT 32

CHAPTER 2 THE DETERMINATION OF EXCHANGE RATES 32

2.1 Setting the Equilibrium Spot Exchange Rate 33

2.2 Expectations and the Asset-Market Model of Exchange Rates 37

2.3 Fundamentals of Central Bank Intervention 52

Questions 58

Problems 61

Bibliography 62

CHAPTER 3 THE INTERNATIONAL MONETARY SYSTEM 64

3.1 Alternative Exchange Rate Systems 65

3.2 A Brief History of the International Monetary System 68

3.3 The European Monetary System and Monetary Union 79

3.4 Emerging Market Currency Crises 89

3.5 Summary and Conclusions 91

Questions 92

Problems 93

Bibliography 94

CHAPTER 4 THE BALANCE OF PAYMENTS AND INTERNATIONAL ECONOMIC LINKAGES 95

4.1 Balance-of-Payments Categories 96

4.2 The International Flow of Goods,Services,and Capital 101

4.3 Coping with the Current-Account Deficit 106

4.4 Summary and Conclusions 115

Questions 117

Problems 118

Bibliography 120

CHAPTER 5 COUNTRY RISK ANALYSIS 121

5.1 Measuring Political Risk 122

5.2 Economic and Political Factors Underlying Country Risk 127

5.3 Country Risk Analysis in International Banking 138

Questions 142

5.4 Summary and Conclusions 142

Problems 143

Bibliography 145

CHAPTER 6 THE FOREIGN EXCHANGE MARKET 146

6.1 Organization of the Foreign Exchange Market 147

6.2 The Spot Market 152

6.3 The Forward Market 160

6.4 Summary and Conclusions 164

Questions 165

Problems 165

Bibliography 167

CHAPTER 7 CURRENCY FUTURES AND OPTIONS MARKETS 168

7.1 Futures Contracts 169

7.2 Currency Options 174

7.3 Reading Currency Futures and Options Prices 189

7.4 Summary and Conclusions 191

Questions 192

Problems 193

Bibliography 194

CHAPTER 8 PARITY CONDITIONS IN INTERNATIONAL FINANCE AND CURRENCY FORECASTING 196

8.1 Arbitrage and the Law of One Price 197

8.2 Purchasing Power Parity 199

8.3 The Fisher Effect 206

8.4 The International Fisher Effect 213

8.5 Interest Rate Parity Theory 217

8.6 The Relationship Between the Forward Rate and the Future Spot Rate 222

8.7 Currency Forecasting 225

8.8 Summary and Conclusions 231

Questions 233

Problems 235

Bibliography 237

Part Ⅰ Case Studies 238

Case Ⅰ.1:Oil Levies:The Economic Implications 238

Case Ⅰ.2:President Carter Lectures the Foreign Exchange Markets 238

Case Ⅰ.3:Rescuing the Indonesian Rupiah with a Currency Board 239

Case Ⅰ.4:Brazil Fights a Real Battle 243

PART Ⅱ FOREIGN EXCHANGE RISK MANAGEMENT 251

CHAPTER 9 MEASURING ACCOUNTING EXPOSURE 251

9.1 Alternative Measures of Foreign Exchange Exposure 252

9.2 Alternative Currency Translation Methods 253

9.3 Statement of Financial Accounting Standards No.8 255

9.4 Statement of Financial Accounting Standards No.52 257

9.5 Transaction Exposure 262

9.6 Accounting Practice and Economic Reality 262

9.7 Summary and Conclusions 265

Questions 265

Problems 265

Bibliography 266

CHAPTER 10 MANAGING ACCOUNTING EXPOSURE 268

10.1 Designing a Hedging Strategy 269

10.2 Managing Transaction Exposure 276

10.3 Managing Translation Exposure 291

10.4 Illustration:Managing Transaction Exposure for the Toronto BlueJays 293

10.5 Summary and Conclusions 294

Questions 295

Problems 296

Bibliography 299

CHAPTER 11 MEASURING AND MANAGING ECONOMIC EXPOSURE 300

11.1 Foreign Exchange Risk and Economic Exposure 301

11.2 The Economic Consequences of Exchange Rate Changes 304

11.3 Identifying Economic Exposure 308

11.4 Calculating Economic Exposure 310

11.5 Managing Operating Exposure 315

11.6 Illustration:Avon Is Calling in Asia 325

11.7 Summary and Conclusions 326

Questions 327

Problems 328

Bibliography 331

Part Ⅱ Case Studies 333

Case Ⅱ.1:Rolls-Royce Limited 333

Case Ⅱ.2:The Mexican Peso 333

PART Ⅲ FINANCING FOREIGN OPERATIONS 335

CHAPTER 12 INTERNATIONAL FINANCING AND INTERNATIONAL FINANCIAL MARKETS 335

12.1 Corporate Sources and Uses of Funds 336

12.2 National Capital Markets as International Financial Centers 342

12.3 The Euromarkets 355

12.4 Development Banks 373

Questions 374

12.5 Project Finance 376

12.6 Summary and Conclusions 377

Problems 379

Bibliography 380

CHAPTER 13 SPECIAL FINANCING AND INTEREST RATE RISK MANAGEMENT VEHICLES 381

13.1 Interest Rate and Currency Swaps 382

13.2 Interest Rate Forwards and Futures 389

13.3 Valuing Low-Cost Financing Opportunities 392

13.4 Summary and Conclusions 396

Questions 397

Problems 397

14.3 Discount Rates for Foreign Investments 399

Bibliography 399

CHAPTER 14 THE COST OF CAPITAL FOR FOREIGN INVESTMENTS 400

14.1 The Cost of Equity Capital 401

14.2 The Weighted Cost of Capital for Foreign Projects 402

14.4 The Cost of Debt Capital 412

14.5 Establishing a Worldwide Capital Structure 414

14.6 Summary and Conclusions 422

Questions 423

Problems 425

Bibliography 425

Case Ⅲ.1:Plano Cruzado 427

Case Ⅲ.2:Multinational Manufacturing,Inc. 427

Part Ⅲ Case Studies 427

PART Ⅳ FOREIGN INVESTMENT ANALYSIS 431

CHAPTER 15 INTERNATIONAL PORTFOLIO INVESTMENT 431

15.1 The Benefits of International Equity Investing 432

15.2 International Bond Investing 445

15.3 Optimal International Asset Allocation 446

15.4 Measuring the Total Return from Foreign Portfolio Investing 447

15.5 Measuring Exchange Risk on Foreign Securities 448

15.6 Summary and Conclusions 450

Questions 450

Problems 451

Bibliography 453

CHAPTER 16 CORPORATE STRATEGY AND FOREIGN DIRECT INVESTMENT 455

16.1 The Process of Overseas Expansion 456

16.2 Theory of the Multinational Corporation 458

16.3 The Strategy of Multinational Enterprise 460

16.4 Designing a Global Expansion Strategy 469

16.4 Summary and Conclusions 472

Questions 473

Problems 474

Bibliography 475

CHAPTER 17 CAPITAL BUDGETING FOR THE MULTINATIONAL CORPORATION 477

17.1 Basics of Capital Budgeting 478

17.2 Issues in Foreign Investment Analysis 484

17.3 Foreign Project Appraisal:The Case of International Diesel Corporation 487

17.4 Political Risk Analysis 496

17.5 Growth Options and Project Evaluation 498

17.6 Summary and Conclusions 502

Questions 502

Problems 503

Bibliography 504

APPENDIX 17A:MANAGING POLITICAL RISK 505

Part Ⅳ Case Studies 509

Case Ⅳ.1:The International Machine Corporation 509

Case Ⅳ.2:Euro Disneyland 510

PART Ⅴ MULTINATIONAL WORKING CAPITAL MANAGEMENT 517

CHAPTER 18 FINANCING FOREIGN TRADE 517

18.1 Payment Terms in International Trade 518

18.2 Documents in International Trade 526

18.3 Financing Techniques in International Trade 528

18.4 Government Sources of Export Financing and Credit Insurance 532

18.5 Countertrade 537

18.6 Summary and Conclusions 540

Questions 541

Problems 542

Bibliography 543

CHAPTER 19 CURRENT ASSET MANAGEMENT AND SHORT-TERM FINANCING 544

19.1 International Cash Management 545

19.2 Accounts Receivable Management 558

19.3 Inventory Management 560

19.4 Short-term Financing 562

19.5 Summary and Conclusions 572

Problems 573

Questions 573

Bibliography 575

CHAPTER 20 MANAGING THE MULTINATIONAL FINANCIAL SYSTEM 577

20.1 The Value of the Multinational Financial System 578

20.2 Intercompany Fund Flow Mechanisms:Costs and Benefits 581

20.3 Designing a Global Remittance Policy 598

20.4 Summary and Conclusions 602

Questions 603

Problems 603

Bibliography 605

GLOSSARY 607

INDEX 623