Chng 1: NHNG VN C BN V TI CHNH CNG TY A QUC GIA I. Mc tiu chng 1 1. Cng ty a quc gia (MNC) l g? 2. Mc tiu hot ng ca MNC?

? 3. Ti sao cc cng ty c xu hng tr thnh cc MNC? 4. Phng thc thc hin? 5. C hi v ri ro khi kinh doanh ti nhiu nc? 6. Lung tin v gi tr MNC so vi 1 cng ty ni a nh th no? II. Ni dung chnh 1. Khi nim v s pht trin ca cng ty a quc gia 2. Mc tiu ca cng ty a quc gia 3. Cc l thuyt v kinh doanh quc t 4. Cc phng php kinh doanh quc t 5. Nhng c hi v ri ro trn th trng quc t 6. Lung tin v m hnh nh gi cng ty a quc gia 1. Khi nim v s pht trin ca cng ty a quc gia Khi nim: Mt cng ty a quc gia (MultiNational Corporation MNC) l mt cng ty tham gia vo qu trnh sn xut v bn sn phm hoc dch v nhiu nc. V d: - Dell, Hp, Nokia - HSBC, ANZ Coca-Cola, AFC S pht trin:

Nhng ngi tm kim vt liu th

Nhng ngi tm kim Th trng

Nhng ngi ti thiu ha chi ph

2. Mc tiu ca MNC Mc tiu chung Mc tiu ca cc cng ty a quc gia thng l ti a ha ti sn c ng. Nh vy nu mc tiu l ti a hoa thu nhp trong tng lai gn cc chnh sch ca cng ty s khc vi cc chnh sch trong trng hp l ti a ho ti sn c ng. Trong trit l ti a ha gi tr c ng cng ty phi n lc mang li li ch tt nht cho cc c ng c th hin bi gi tr c phiu v c tc vi mt mc ri ro va phi hoc cc cng ty c th mang li ri ro t nht cho cc c ng vi mt li ch c nh. Bt c chnh sch no do cng ty ngh cng phi tnh n khng ch thu nhp tim nng, m c cc ri ro. Doanh nghip nn thc hin mt chnh sch m li ch pht sinh t chnh sch vt qu cc chi ph v ri ro ti mc chnh sch ny s gip ti a ho ti sn c ng. Cu trch dn sau y t CPC International chng minh kinh doanh quc t c th ti a ho ti sn c ng nh th no:Khi cng cuc kinh doanh quc t ca chng ta c tng cng v pht trin, chng ta s c li t s kin l trong di hn cc nn kinh t v gi tr cc ng tin hu ht cc nc ngoi s tng ln v nh vy s lm tng thm gi tr u t t cc c ng ca chng ta Nhng nhn t cn tr mc tiu ca MNC - Xung t mc tiu v li ch gia c ng v nh qun l - Nhng cn tr t vn cng ty con - Cch thc kim sot qun tr
M HNH QUN TR TP TRUNG M HNH QUN TR PHI TP TRUNG

???Trnh by u, nhc im - Cch thc kim sot cng ty Nhng rng buc nh hng ti mc tiu ca MNC o Rng buc v mi trng Mi quc gia thc hin cc bin php hn ch ring ca mnh v mi trng. Mt vi quc gia c th p dng nhiu hn ch hn i vi cc cng ty con t tr s mt quc gia khc. Cc quy tc v xy dng, x l cht thi sn xut, v kim sot nhim l th d v cc hn ch buc cc cng ty con phi gnh chu thm chi ph. Nhiu nc Chu u mi y p dng cc lut l chng nhim cng rn hn do cc vn nhim mi trng nghim trng

o Rng buc v vn php l Mi nc cng thi hnh cc hn ch v quy ch lin quan n thu, chuyn i tin, chuyn thu nhp ra nc ngoi v cc quy nh khc c th nh hng n lu lng tin mt ca mt cng ty con thnh lp nc . Bi v cc quyt nh ny c th nh hng n lu lng tin mt, cc gim c ti chnh phi xem xt n cc quy nh ny khi nh gi cc chnh sch. V bt c thay i no trong cc quy nh ny cng c th i hi xem xt, sa i li cc chnh sch ti chnh hin hnh. V vy, cc gim c ti chnh khng nn ch hiu bit v cc hn ch c tnh quy ch hin hnh mt nc m cn phi theo di nhng thay i c th c i vi cc quy ch ny qua thi gian. o Rng buc v o c Khng c cc tiu chun v hnh vi kinh doanh thng nht cho tt c cc quc gia. Mt phng thc kinh doanh b xem l phi o c mt quc gia ny c th c xem l hon ton hp o c mt quc gia khc. Th d, cc cng ty a quc gia c tr s t ti M bit r l phng thc kinh doanh thng thng mt vi nc km pht trin s b coi l bt hp php M. V d: Hi l cc chnh ph nhn cc min gim c bit v thu hay cc c quyn khc. Cc cng ty a quc gia gp phi mt tnh th kh x. Nu khng tun th phng thc , c th h s gp bt li v cnh tranh. Nhng, nu p dng, h s b mang ting xu nhng nc khng chp nhn cc thng l ny. Mt vi cng ty a quc gia c tr s t ti M thc hin mt s la chn tn km hn ch cc phng thc kinh doanh hp php mt s nc no nhng khng hp php M. Tc l, theo ui mt chun mc o c chung cho ton th gii. iu ny c th cng c uy tn ca h khp th gii, v nh c th gia tng nhu cu ton cu i vi cc sn phm do h sn xut. ???S khc bit trong qun tr ti chnh gia cng ty ni a v a quc gia - Nhng vn v vn ha - Nhng vn trong qun tr doanh nghip - Ri ro hi oi - Ri ro chnh tr - iu chnh cc l thuyt ti chnh thng thng - iu chnh cc cng c ti chnh thng thng.

3. Cc l thuyt v kinh doanh quc t

L thuyt li th so snh (li th cnh tranh): Chuyn mn ha lm tng hiu qu Vic kinh doanh a quc gia c th c thc hin qua xut khu hay qua u t trc tip nc ngoi. C hai hnh thc ny thng gia tng theo thi gian. Mt phn ca s tng trng ny l do gia tng nhn thc rng s chuyn mn ho ca cc quc gia c th lm gia tng hiu nng sn xut. Mt vi quc gia nh Nht v M chng hn, c u th k thut trong khi Mexico, Hn Quc v cc nc ng Nam c u th v chi ph lao ng c bn. V chuyn mn ho trong mt vi sn phm c th a n vic khng sn xut cc sn phm khc.V th cc quc gia phi tng cng mua bn vi nhau. y l lp lun ca l thuyt li th cnh tranh c in. Do li th cnh tranh, ta c th hiu ti sao cc cng ty c kh nng thm nhp vo th trng nc ngoi.

L thuyt th trng khng hon ho: Th trng cc yu t u vo phc v sn xut khng hon ho Mi nc u c mt ngun nguyn liu khc nhau. Tuy nhin ngay c vi li th cnh tranh, khi lng kinh doanh quc t s bi gii hn nu tt c cc ngun nguyn liu c th chuyn dch d dng gia cc quc gia. cc th trng hon ho, cc yu t sn xut (tr t ai) s c tnh c ng v c th chuyn dch mt cch t do. Tnh c ng khng gii hn cc yu t ny to nn s bng nhau trong chi ph v thu nhp. N hu b tt c cc li th cnh tranh. Tuy nhin, th gii li chu cc iu kin th trng khng hon ho, theo cc yu t sn xut c phn no bt ng .Trong th trng ny xy ra cc chi ph, v thng thng,cc hn ch lin quan n chuyn dch lao ng v cc ngun nguyn liu khc s dng cho sn xut.Bi v cc th trng ca nhiu ngun ti nguyn khc nhau dng trong sn xut khng hon ho,cc cng ty thng nhn ra cc li th c th c t cc ngun ti nguyn ca mt nc khc. y l mt khuyn khch cho cc cng ty tm kim cc c hi nc ngoi.

L thuyt vng i sn phm: Cc sn phm c mt chu k pht trin nht nh Mt trong nhng gii thch ph bin hn cho vic ti sao cc cng ty tin trin thnh cc cng ty a quc gia c gii thiu trong l thuyt chu k sn phm. Theo l thuyt ny cc cng ty tr nn n nh trn th trng ni a do mt li th no m h c so vi cc i th cnh tranh hin hu, th d th trng cn thm t nht mt nh cung cp sn phm na chng hn. Do sn c thng tin v cc thi trng v cnh tranh trong nc , mt cng ty s n nh kinh doanh th trng trong nc trc tin. Nhu cu ca nc ngoi i vi sn phm ca cng ty lc u s c cung cp qua xut khu. V qua thi gian, cng ty c th nhn thy cch duy nht duy tr li th cnh tranh nc ngoi l sn xut sn phm ngay c th trng nc ngoi, nh gim

c chi ph chuyn ch. Cnh tranh cc th trng nc ngoi c th gia tng theo thi gian khi cc nh sn xut khc tr nn quen thuc hn cc sn phm ca cng ty. Do , cng ty c th trin khai cc chin lc ko di nhu cu ca cc nc i vi sn phm ca mnh cc nh cnh tranh khc khng th cung ng sn phm ging ht, nhng giai on ny ca chu k ny bao gm: B1: Nhn bit nhu cu ca th trng ni a v mt sn phm no B2: Thnh lp doanh nghip to ra sn phm v cung cp cho th trng ni a B3: Cc th trng nc ngoi bit v sn phm ca doanh nghip v yu cu sn phm ny B4: Doanh nghip xut khu sn phm ra cc th trng nc ngoi B5: Cc doanh nghip th trng nc ngoi c gng sao chp sn phm v xm nhp cc th trng ny B6: Doanh nghip thnh lp cng ty con nc ngoi gim chi ph vn chuyn v tn dng cc c hi c th tit kim chi ph B7: Doanh nghip tip tc b cc i th cnh tranh thch thc v tm kim chin lc duy tr hoc gia tng kinh doanh cc th trng nc ngoi
-

Cng vic kinh doanh nc ngoi ca doanh nghip b thu hp do khng cn cc li th cnh tranh. Doanh nghip m rng a bn hot ng nc ngoi v / hoc thm cc sn phm.

Th d : Cng ty 3M dng mt sn phm mi thm nhp cc th trng nc ngoi. Sau khi vo c th trng, cng ty m rng mt hng ca mnh. Hin nay cng ty c doanh thu quc t hng nm hn 6 t la, bng khong 50% tng doanh thu .Cn c nhiu iu hn v l thuyt chu k sn phm, y chng ti ch tm lt khi qut cho thy rng khi mt cng ty trng thnh, cng ty c th nhn bit thm nhiu c hi bn ngoi nc mnh. Vic kinh doanh nc ngoi ca cng ty thu hp hay pht trin theo thi gian s tu thuc vo vic cng ty thnh cng nh th no trong vic duy tr u th cnh tranh ca mnh. u th c th tiu biu mt li th trong phng php sn xut hay ti tr lm gim c chi ph. Hoc u th cng c th phn nh mt li th trong phng php tip th lm gim pht sinh v 10duy tr mt nhu cu mnh m i vi sn phm ca mnh 4. Cc phng php kinh doanh quc t Thng mi quc t(xut nhp khu) Xut khu: Thm nhp th trng nc ngoi

Nhp khu: Tm kim ngun cung gi r Cp Li-xng (Licensing) L vic cng ty cung cp cng ngh cho mt cng ty khc nc ngoi thu c cc khon ph hay cc li ch nht nh no . Nhng quyn (Franchising) L vic mt cng ty cung cp mt chin lc hay mt cch thc t chc kinh doanh gn lin vi cc yu t mang tnh thng hiu cng vi s tr gip v c th l mt khon u t ban u i vi ngi nhn quyn nhn c cc khon ph nh k.

Lin doanh (Join-ventures): ng s hu v hot ng vi hn 2 hng Mt cng ty c th thm nhp th trng nc ngoi bng cch lin doanh vi mt cng ty khc a phng. Mt lin doanh l mt doanh nghip c s hu v vn hnh bi hai hay nhiu i tc khc nhau.

Mua bn v sp nhp (Mergers and Acquisitions M&A) MNC c th xm nhp th trng quc t bng cch mua li (acquisitions) mt cng ty ang hot ng (ti sn, vn, b phn kinh doanh...) hoc sp nhp (mergers) vi cng ty ti a phng. Thc cht ca hnh thc ny l u t di hn. u t mi (Green-field investment) MNC c th thm nhp th trng nc ngoi bng cch lp mi hon ton cc c s kinh doanh (cng ty con, chi nhnh cng ty). 5. C hi v ri ro tim n trn th trng quc t a. C hi trn th trng quc t C hi u t C hi ti tr Do cc li th chi ph c th ca vic sn xut nc ngoi hay cc c hi thu nhp c th c t nhu cu ca cc th trng nc ngoi, s tng trng tim nng s tr nn ln

hn cho cc cng ty c kinh doanh nc ngoi. Hnh 1.2 cho thy mc tng trng ca mt cng ty c th b nh hng th no ca cc c hi ti tr v u t nc ngoi. Cc c hi u t gi nh cho c hai: mt cng ty thun tu ni a v mt cng ty a quc gia c hot ng mang cng cc tnh cht ang trnh by trong hnh. Mi bc ca trc 15ngang biu th mt d n c th. Mi d n ngh c d on s pht sinh mt thu nhp bin cho cng ty. Chiu di cc bc ca trc ngang khc nhau v quy m ca cc d n khc nhau. Mt d n ln hn biu th mt s lng ti sn ln hn. Di chuyn t tri qua phi trong hnh 1.2, cc d n c sp xp th t u tin theo thu nhp bin. Gi d cc d n ny c lp i vi nhau v li nhun d kin cho thy trong hnh c iu chnh c tnh n ri ro. Vi cc gi nh ny, mt cng ty s chn d n c thu nhp bin cao nht lm d n kh thi nht v s thc hin d n ny. Sau , cng ty s thc hin mt d n ngh c thu nhp bin cao nht k . Thu nhp bin t cc d n ca cng ty a quc gia s cao hn thu nhp bin ca cng ty thun tu ni a, v cng ty a quc gia c th la chn t mt tp hp ln hn cc c hi cc d n c th c. b. Ri ro c th gp phi Ri ro do bin ng t gi Ri ro do nn kinh t nc ngoi Ri ro chnh tr Trong khi cc li th ca kinh doanh quc t c trnh by trn y c th khuyn khch cc cng ty gia tng mc hot ng kinh doanh quc t, bn cnh cng c mt s bt li ng ch . Bt k tnh cht no ca kinh doanh quc t c th lm gia tng chi ph sn xut, gim nhu cu sn phm, hay tng ri ro cho cng ty u b coi l 19mt bt li. Th d, cc t gi hi oi gia bt k hai ng tin no s thay i theo thi gian. Do , s n v ng ni t m mt cng ty cn mua nguyn liu nc ngoi c th thay i ngay c khi gi thc t ca nguyn liu do nh sn xut nc ngoi cung cp gi nguyn khng i. Ngoi ra, dao ng t gi hi oi c th nh hng n mc cu nc ngoi i vi sn phm ca cng ty hay chi ph ti tr bng cc ng ngoi t. i vi cc cng ty c cng ty con t nc ngoi, dao ng t gi hi oi s tc ng ln gi tr thu nhp do cng ty con chuyn v tr s chnh. Hn na, thu sut do ccchnh ph nc ngoi c th thay i, hay cc bin php hn ch tin t c th ngn cm vic chuyn thu nhp v cng ty m. Cui cng, chnh ph nc ch nh ni cng ty con hot ng c th quyt nh mua li cng ty con vi mt mc gi m h cho l tha ng. Cc ri ro va k trn s khng ngn cn mt cng ty tnh n vic m rng kinh doanh ra quc t. Tuy nhin, nu cc cng ty ch n thun nh gi cc li th c th c ca kinh doanh quc t m khng xem xt n cc ri ro thng rt d i n cc quyt nh sai lm.

Mt vi loi ri ro mang tnh h thng v khng th loi tr bng cch a dng ho. Th d, mt cuc suy thoi 20ton th gii c th lm gim nhu cu i vi sn phm ca mt cng ty tt c cc nc m sn phm ny c mt trn th trng. Cc loi ri ro khc khng c tnh h thng v c th loi tr c nh a dng ho. Th d, trong khi mt cuc suy thoi M c th lm gim nhu cu ca M i vi sn phm ca mt cng ty, mc cu ca cc nc khc c th khng b nh hng. V vy, a dng ho qua cc th trng quc t c th lm gim tc ng ca cc iu kin bt li ring ca nc ch nh. Cc loi ri ro tc ng nh th no n MNC?
-

Ri ro t gi: tc ng ti gi tr chuyn i dng tin v cu hng ha nc ngoi. Ri ro kinh t: tc ng ti doanh thu ca MNC thng qua thay i cu hng ha nc ngoi. Ri ro chnh tr: tc ng bi chnh ph nc s ti khi u t trc tip nc ngoi 6. Lung tin v m hnh nh gi MNC Cc dng lung tin ca MNC

- MNC tp trung vo thng mi quc t - MNC thc hin thng mi quc t v cc tha thun quc t - MNC thc hin thng mi quc t, cc tha thun quc t v u t trc tip nc ngoi. Cc m hnh nh gi MNC M hnh dng tin chit khu (Discounted Cash Flow - DCF) Lu : - Lung tin MNC nhn c l t cc nghip v kinh doanh khc nhau v bng cc ngoi t khc nhau. - Cng a dng nghip v kinh doanh th dng tin ca MNC cng phc tp. Khng phi dng tin no cng c s dng vo m hnh nh gi MNC m ch c nhng dng tin cng ty m thc s nhn c. ???S khc bit gia nh gi MNC vi mt cng ty thun ty ni a? Quy m Dng tin, loi tin

 Cc yu t ri ro

CHNG 2: QUN TR RI RO TRONG HOT NG CA MNC Mc tiu chng 2 Cc dng phi nhim ri ro t gi hi oi thng gp ca MNC? Phi nhim giao dch v cc bc qun tr? Phi nhim kinh t v ni dung qun tr? Phi nhim chuyn i v nh hng? NI DUNG CHNH 1. Qun tr ri ro ca cc MNC 2. Qun tr phi nhim giao dch 3. Qun tr phi nhim kinh t 4. Qun tr phi nhim chuyn i 2.1. Qun tr ri ro ca cc MNC Cc loi phi nhim ri ro t gi: - Phi nhim giao dch - Phi nhim kinh t - Phi nhim chuyn i Mt s thut ng: - Ri ro - Phi nhim Phi nhim giao dch? Cc bc qun tr phi nhim giao dch - o lng mc phi nhim - Ra quyt nh c thc hin hedging hay khng - La chn phng php hedging

- Cc mc ca chnh sch hedging v hn ch - Hedging trong di hn - Cc k thut hedging la chn

-

o lng mc phi nhim: 3 bc

1. Xc nh dng tin rng (net inflows v outflows) theo mi loi tin t 2. Xc nh lng phi nhim tng th i vi cc dng tin theo mi loi tin t trong giao dch ca MNC 3. Phn tch mc phi nhim giao dch ca MNC 2.2. Qun tr phi nhim giao dch 1. Xc nh dng tin rng theo tng loi tin t 2. Xc nh lng phi nhim tng th i vi cc dng tin rng theo tng loi tin t trong cc giao dch ca MNC. 3. Phn tch mc phi nhim giao dch ca MNC

nh gi phi nhim giao dch ca MNC bng vic phn tch: - Mc bin ng ca cc loi ng tin:
-

Mi quan h gia cc loi ng tin: 2 phng php

+ M hnh VaR gi tr ri ro theo thi hn (Value at Risk)

Phng php Phng sai Hip phng sai (Variance Covariance Methodology) ca J.P Morgan xc nh VaR V d: Gi s cng ty B c dng ngoi t vo l 15,000USD. lch chun ca bin ng t gi l 0.01. Khong thi gian duy tr n nh l 16 ngy. Vi tin cy 95%. Hy xc nh gi tr ri ro theo thi hn (VaR) ca dng tin trn? Gi s cng ty C c dng ngoi t ra l 100,000$. Trong khong 25 ngy ti t gi bin ng vi lch chun l 0.015. Vi sai s 2.5%, hy xc nh gi tr c th b mt ln nht t dng tin ny? Bit Ua =1.96 hay P(U>1.96=0.975) Ra quyt nh hedging

Phng php hedging Hedging tng lai (Future Hedge) Hedging k hn (Forward hedge) Hedging th trng tin t (Money market hedge) Hedging quyn chn tin t (Currencies option hedge) A. Hedging tng lai (future hedge): s dng hp ng tng lai cho php i mt loi tin t nht nh vi mt t gi n nh vo mt ngy nh trc trong tng lai. B. Hedging k hn (forward hedge): cch thc cng ging hedging tng lai, ch khc mt s im nht nh.
H p ng t ng lai H p ng k h n

L Linh hot v ng ti n, - Chi ph giao d ch thp hn kh i l tin, t l k qu , ng - Cc khon li pht sinh nhn c thi h n bng ti n m t ngay trong ngy h p ng

Chi ph tng ln cng vi khi lng ca giao dch

Chnh l ch gi (bid-ask spreads) c th l n trn nhng giao d ch c gi tr nh, thi hn hp ng c th ko di.

La chn quyt nh c Hedging bng hp ng tng lai/hp ng k hn: RCHp = NCHp NCp RCHr = NRr NRHr (1) (2)

3. Hedging th trng tin t (money market hedge): xc lp trng thi tin t m bo cc khon phi thu/phi tr trong tng lai
Ph i thu (receivables)
(1) Vay ngo i t b ng ng ti n s thu c trong t ng lai. (2) Chuy n sang n i t s d ng hi n t i. (3) S d ng kho n thu trong t ng lai tr cho kho n ngo i t vay b c (1).

Ph i tr (payables)
(1) Dng ti n m t d th a/i vay n i t hi n t i chuy n sang ngo i t ( ng ti n ph i tr trong t ng lai). (2) G i ngn hng l ng ngo i t c b c (1).

4. Hedging quyn chn tin t (currency options hedge): Thc hin quyn chn mua hoc quyn chn bn tin t Khon phi tr Khon phi thu u im ca hedging quyn chn so vi Hedging k hn/hedging tng lai? Cc mc ca chnh sch hedging: - Hedging ton b - Hedging mt phn - Hedging la chn Hn ch ca hedging trong ngn hn? Cc k thut hedging di hn: 1. Hp ng k hn trong di hn 2. Swap tin t 3. N song song Cc k thut hedging la chn 1. Tr sm v tr chm (Leading v Lagging) 2. Hedging cho (cross hedging): 3. Hedging bng dng tin rng (netting) Phi nhim kinh t?

L hin tng m gi tr cc dng tin tng lai ca mt cng ty chu tc ng do bin ng t gi hi oi pht sinh trong hot ng kinh doanh (khng ch trc tip pht sinh trong cc giao dch nc ngoi). Tc ng ca phi nhim kinh t Ph thuc ch yu vo: - t l gia dng vo v dng ra bng ni t v ngoi t ca MNC. - i th cnh tranh nc ngoi Qun tr phi nhim kinh t: o lng phi nhim kinh t 1. nhy cm ca thu nhp i vi t gi hi oi 2. nhy cm ca dng tin i vi t gi hi oi Cng thc xc nh nhy cm ca dng tin i vi t gi:

Phng thc qun tr: cc chin lc ti c cu cc hot ng kinh doanh 2.3. Qun tr phi nhim kinh t Qun tr phi nhim kinh t MNC c th qun tr phi nhim kinh t bng cch ti c cu cc hot ng kinh doanh gim tc ng ca bin ng t gi ti dng tin rng ca cng ty. Cc chin lc ti c cu hot ng kinh doanh 1. La chn khu vc c chi ph thp 2. p dng chnh sch u vo linh hot 3. a dng ha th trng sn phm 4. Nghin cu v pht trin sn phm 5. Cc chin lc hedging

2.4.

Qun tr phi nhim chuyn i

Phi nhim chuyn i? L hin tng xy ra khi mt cng ty a quc gia chuyn i BCTC ca cc chi nhnh v ng tin ca chnh quc trong qu trnh hp nht cc BCTC.

Tc ng ca phi nhim chuyn i? Nhn t tc ng ti phi nhim chuyn i 1. T l tham gia ca cc chi nhnh nc ngoi vo MNC 2. a im (quc gia) ni t cc chi nhnh nc ngoi 3. Phng php k ton m MNC s dng Phng php qun tr - Hp ng k hn hoc hp ng tng lai Hn ch - Khng d on chnh xc li nhun hedging - Lm tng phi nhim ri ro giao dch lm nh hng n dng tin thc t ca MNC. - Nhng sai lch v k ton Qun tr phi nhim chuyn i
1.

Dng hp ng k hn hoc hp ng tng lai i vi li nhun m cc chi nhnh nc ngoi s nhn c to s trit tiu v dng tin bng ng tin Hedging cho vi nhng ng tin nh

2.

Chng 3 U T TRC TIP NC NGOI V MUA BN, SP NHP XUYN QUC GIA Mc tiu ca chng 1. ng c u t trc tip nc ngoi ca MNC? 2. u v nhc im ca u t mi, mua bn sp nhp xuyn quc gia? 3. Cc vn v ri ro i vi FDI Ni dung chnh 1. Cc xu hng FDI ton cu thi gian gn y 2. ng c thc y MNC thc hin FDI 3. u t mi v mua bn, sp nhp xuyn quc gia 4. Cc vn ri ro i vi FDI 3.1. Cc xu hng FDI ton cu thi gian gn y

3.1. Cc xu hng FDI ton cu thi gian gn y u t trc tip nc ngoi ton cu v theo khu vc giai on 1980 - 2009

Nguyn nhn FDI ton cu tng mnh giai on 2003 - 2007? - Nn kinh t ton cu tng trng mnh - Li nhun cc cng ty cao - p lc cnh tranh gia tng - Cc iu kin ti tr thun li i vi hot ng mua bn, sp nhp; trong c mua bn sp nhp xuyn bin gii. 3.2. ng c thc y MNC thc hin FDI u t trc tip nc ngoi (FDI) l g? Theo T chc thng mi th gii (WTO): u t trc tip nc ngoi (FDI) l vic mt nh u t (nc ch u t) c mt ti sn mt nc khc (nc thu ht u t) cng vi quyn qun l ti sn . Theo UNCTAD (Hi ngh ca LHQ v Thng mi v pht trin): u t trc tip nc ngoi (FDI) c nh ngha l vic u t di hn gn vi li ch v s kim sot lu di gia mt ch th u t mt nc (nh u t trc tip nc ngoi hay cng ty m) vo mt cng ty nc khc (cng ty FDI hay cng ty con). u t trc tip nc ngoi xy ra khi cng dn ca mt nc (nc u t) nm gi quyn kim sot cc hot ng kinh t mt nc khc (nc ch nh hay nc nhn u t). Trong khi nim ny, tht s khng c s u t gia tng v kinh t hay mt s chuyn giao rng gia cc quc gia m n thun ch l mt s di chuyn t bn t

quc gia ny sang quc gia khc. Cc cng ty nm quyn kim sot hot ng nhiu quc gia c xem nh cc cng ty a quc gia, cc cng ty xuyn quc gia hay cc cng ty ton cu. S pht trin hot ng ca cc cng ty ny chnh l ng lc thc y s pht trin trong thng mi quc t thng qua hnh thc u t trc tip vo cc quc gia khc trn th gii L do MNC u t ra nc ngoi Li ch ca a dng ha quc t Nhm ng c lin quan n chi ph: - Hng li th kinh t t quy m S dng cc nhn t sn xut nc ngoi S dng ngun nguyn liu th nc ngoi S dng cng ngh nc ngoi Phn ng vi nhng thay i v t gi hi oi Cc cng ty a quc gia c nhng u th ring m cc i th a phng khng c. Cc u th ny tp trung cc phng php v cng ngh tin tin. Do , u t nc ngoi y mnh s ph bin quc t cc cng ngh mi v ti sn v hnh, ng thi lm tng hiu qu cng tc qun l hay t chc sn xut. Mt khc, khi nm gi cht ch nhng u th trn, cc cng ty a quc gia s tc ng ln cc yu t thin ph ring ca cc quc gia, nh lm gia tng thu nhp t mu dch. Cui cng, u t nc ngoi trc tip nhiu quc gia s kch thch cnh tranh gia cc cng ty Mi quan h gia cc cng ty a quc gia (MNC) Cc cng ty a quc gia l cc cng ty m lnh vc hot ng ca n vt ra khi khun kh mt quc gia no m rng hot ng cc quc gia khc trn th gii. Hu ht cc cng ty a quc gia u hng n vic pht trin kinh doanh trn th trng th gii. Khi ngun lc cng nh th trng tiu th ca mt quc gia tr nn hn ch. Vic sn xut kinh doanh nhng nc khc ha hn mang li nhiu li nhun rng hn l nc s ti, cc nh u t y l cc cng ty a quc gia s tm n nhng vng t mi c ngun lc v th trng tiu th mu m hn. iu ny gy nn mt s chuyn dch t bn mnh m t quc gia ny sang quc gia khc, hnh thnh nn u t trc tip nc ngoi. Nh vy c th ni chnh s quc t ha hot ng kinh doanh ca cc cng ty a quc gia l nguyn nhn c bn tc ng n s ra i v pht trin ca u t trc tip nc ngoi .

Tuy nhin, cng vi qu trnh u t ra nc ngoi tm kim siu li nhun, cc cng ty a quc gia cng i u vi mt nguy c mi: ri ro. S khc bit v lut php, v chnh sch kinh t, s bin ng v ri ro ca th trng cc nc nhn u t s hnh thnh nn nhng ri ro m cc cng ty a quc gia phi quan tm khi quyt nh u t vo mt quc gia khc. Nhm ng c lin quan n doanh thu: - Thu ht ngun cu mi -

Xm nhp vo cc th trng tim nng Khai thc nhng li th c quyn Phn ng i vi nhng ro cn thng mi a dng ha quc t Vic a dng ha quc t gip cc MNC gim ri ro tng th.

Gim ri ro tng th cng l 1 trong nhng mc tiu hng u ca cc MNC khi a dng ha quc t.

Tnh hip phng sai ca danh mc u t gm 2 d n A v B: 2 2 2 p = wA 2 + wB 2 + 2 wA wB A B CORRAB A B

V d: Li ch v a dng ha u t vi cng ty MerriMack (M): Cng ty cn nhc 2 danh mc u t vi 2 d n ti Anh v M nh sau: (1) u t 70% vn vo cc d n hin c ti M v 30% vn vo d n mi ti M.
(2)

u t 70% vn vo cc d n hin c ti M v 30% vn vo d n mi ti Anh.

25% c im ca cc d n xut 25%

T l li nhun sau thu bnh qun ca d n lch chun ca t l li nhun sau thu ca d n Tng quan gia t l li nhun sau thu ca d n vi t l li nhun ca d n ca MNC hin c ti M

ti M .09

ti Anh .11

.80 .02

MNC c th khng t mc tiu gim ri ro tng th trong iu kin khng hong ton cu. MNC c th t c li ch a dng ha khi u t trn nhiu nc MNC u t ti nhiu nc lun phi cn nhc gia ri ro v li nhun ca cc d n, thng s dng ng gii hn danh mc hiu qu. MNC c cc d n u t ti cc nc trn th gii lun phi phn tch c im ri ro v li nhun ca cc d n. 3.3. u t mi v mua bn, sp nhp xuyn quc gia

MNC c th thc hin FDI bng 3 phng thc ch yu: - u t mi - Mua bn, sp nhp xuyn quc gia - Lin doanh u t mi (greenfield investment) L mt hnh thc u t trc tip nc ngoi trong cng ty m bt u qu trnh kinh doanh ti nc c u t thng qua xy mi hon ton cc c s kinh doanh. Trong trng hp cng ty m b vn thm m rng cc c s kinh doanh c trc cng c coi l 1 hnh thc u t mi. u im: Thch hp vi nhng quc gia c ro cn gia nhp th trng i vi MNC thp. Trnh c vic phi i din vi cc khc bit v vn ha kinh doanh Nhng cng ty cng ngh cao s gim c chi ph o to nhn vin mi. Cng ty m c ton quyn kim sot d n u t. Nhc im: Cc chi ph gia nhp th trng ln Thi gian xy dng di Yu cu kinh nghim qun l quc t cao

 Khc bit vn ha trong kinh doanh Mua bn v sp nhp xuyn quc gia (cross-border mergers and acquisitions hay cross-border M&As) Gm : mua li, sp nhp, hp nht

Mua li: l vic mt cng ty mua mt phn ti sn/vn hay ton b mt cng ty khc. Cng ty mc tiu c th chm dt hot ng hoc tn ti nh mt cng ty ph thuc. Sp nhp: l s kt hp ca hai hay nhiu cng ty. Sau thng v, ch c cng ty nhn sp nhp tn ti, cc cng ty khc chm dt s tn ti ca mnh. Hp nht: l s kt hp ca hai hay nhiu cng ty to thnh cng ty mi v chm dt s tn ti ca cc cng ty tham gia hp nht.

u im: Nhanh chng gia nhp th trng Gim c cc chi ph gia nhp th trng

- Thch hp khi ro cn ln i vi u t mi nc nhn u t Loi b i th cnh tranh ni a trong lnh vc u t

Nhc im: - Thng yu cu ngun vn ln Yu cu trnh qun l cao Khc bit v vn ha kinh doanh

- Nhiu trng hp cng ty m khng c ton quyn kim sot vi cng ty con 3.4. Cc vn ri ro i vi FDI a. Ri ro chnh tr
-

Cc loi ri ro chnh tr: ri ro v m v vi m

Ri ro v m: Hu ht cc cng ty u chu nh hng t cc chnh sch bt li t nc nhn u t. Ri ro vi m: Nhng ro cn m ch tc ng n khu vc u t nc ngoi.

Cc hnh thc ri ro chnh tr: ri ro kim sot, ri ro chuyn giao, ri ro hot ng

o lng ri ro chnh tr

- H thng chnh tr v chnh ph cc nc nhn u t - Quan im v sc mnh ca ng lnh o - Mc gia nhp cc t chc quc t - Tn gio v o c kinh doanh ca nc nhn u t - An ninh khu vc - Cc bin s c bn ca nn kinh t T bo him ri ro chnh tr Mt s phng thc gim thiu phi nhim ri ro chnh tr: Hnh thnh lin doanh vi cng ty trong nc Tham gia cng cc tp on khc khi thc hin FDI Phng n ti tr thch hp Mua bo him cho d n FDI: MNC c th tng an ton cho d n bng cch k kt cc hp ng bo him trong cc trng hp: 1. Chuyn i ng ngoi t 2. Ti sn b gim st do chin tranh, cc s kin bo ng nc ngoi 3. L trong kinh doanh do bo lc chnh tr nc ngoi Quan im ca chnh ph cc nc i vi FDI: 1. Thu ht FDI 2. Hn ch FDI 3. Quy nh cc iu kin i vi FDI b. Ri ro t gi T l li nhun bng ng USD khi MNC (M) u t nc ngoi

30%

Danh mc u t

T l li nhun bnh qun nm (T l li nhun k vng)

20%

ng gii hn hiu qu

J
10%

0% 0% 10% 20% 30% 40%

lch chun ca t l li nhun bnh qun (Ri ro)