Modify Eun8e CH 001

Globalization & the Multinational Firm 全球化與跨國公司
Chapter One
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved.
Chapter One Outline
• What’s Special about “International” Finance? “ 國際
”金融有什麼特別之處？
• Goals for International Financial Management 國際
財務管理的目標
• Globalization of the World Economy 世界
經濟全球化
• Multinational Corporations 跨國
公司
Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved. 1-2
What’s Special about “International” Finance? “ 國際
”金融有什麼特別之處？
• Foreign Exchange Risk and Political Risks 外匯

風險和政治風險
• Market Imperfections 市場
不完善
• Expanded Opportunity Set 擴展
的機會集
What’s Special about “International” Finance: Foreign
Exchange Risk“ 國際”金融的特別之處：外匯
風險
• Foreign Exchange Risk 外匯風險
– This is risk that foreign currency profits may evaporate in local currency terms
due to unanticipated unfavorable exchange rate movements. 這是由於意外
的不利匯率變動，外幣利潤可能以當地貨幣計算蒸發的風險。
Exhibit 1.1: Monthly Percentage Change in Japanese
Yen—U.S. Dollar Exchange Rate 日元—美元匯率
的月度百分比變化
What’s Special about “International” Finance: Political
Risk“ 國際”金融的特別之處：政治風險
• Political Risk 政治風險
– Sovereign governments have the right to regulate the movement of goods,
capital, and people across their borders. These laws sometimes change in
unexpected ways. 主權政府有權監管貨物、資本和人員的跨境流動。這些
定律有時會以意想不到的方式發生變化。
Measuring Political Risk 衡量政治風險
• The host country’s political and government system. 東道國的政治和政府制度。
• Integration into the world system. 融入世界體系。
• Key economic indicators 主要經濟指標
• -- Political risk is not entirely independent of economic risk. 政治風險並非完全獨立於
經濟風險。
What’s Special about “International” Finance: Market
Imperfections“ 國際”金融的特別之處：市場不完善
• Market Imperfections 市場不完善

– Legal restrictions on the movement of goods, people, and money.
對貨物、人員和資金流動的法律限制。
– Transactions costs 交易成本
– Shipping costs 運費
– Tax arbitrage 稅收套利
What’s Special about “International” Finance: Expanded Opportunity
Set“ 國際”金融的特別之處：擴大機會集
• Expanded Opportunity Set 擴展的機會集

– It doesn’t make sense to play in only one corner of the sandbox. 只
在沙箱的一個角落玩是沒有意義的。
– A firm can locate production in any country to maximize its
performance and raise funds in any capital market where the cost
of capital is the lowest. 公司可以在任何國家 / 地區進行生產，
以最大限度地提高其業績，並在資本成本最低的任何資本市
場中籌集資金。
– True for corporations as well as individual investors. 適用於公司
和個人投資者
Goals for International Financial Management 國
際財務管理的目標
• Maximization of shareholder wealth? 股東財富最大化？
or
• Other goals? 其他目標？
Maximization of Shareholder Wealth 股東財富最大化
• Long accepted as a goal, but complications arise. 長期以

來一直被接受為目標，但出現了複雜情況。
– Who are and where are the shareholders? 股東是誰，在哪裡？
– In what currency should we maximize their wealth? 我們應該用
什麼貨幣最大化他們的財富？
Other Goals: Stakeholders 其他目標：利益攸關者
• In other countries shareholders are viewed as merely one among

many “stakeholders” of the firm including: 在其他國家，股東被視
為公司眾多「利益相關者」之一，包括：
– Employees 員工
– Suppliers 供應商
– Customers 客戶
– In Japan, managers have typically sought to maximize the value
of the keiretsu—a family of firms to which the individual firms
belongs. 在日本，管理者通常尋求最大化 keiretsu 的價
值， keiretsu 是各個公司所屬的公司家族。
•
Globalization of the World Economy: Major Trends and
Developments 世界經濟全球化：主要趨勢和發展
• Emergence of Globalized Financial Markets 全球化金融市場的出現
• Emergence of the Euro as a Global Currency 歐元作為全球貨幣的出
現
• Europe’s Sovereign Debt Crisis of 2010 2010
年歐洲主權債務危機
• Trade Liberalization and Economic Integration 貿易自由化和經濟一
體化
• Privatization 私有化
• Global Financial Crisis of 2008-2009 2008-
2009 年全球金融危機
Emergence of Globalized Financial Markets 全球化金融市場
的出現
• Deregulation of Financial Markets and Advances in Technology

金融市場的放鬆管制和技術進步
– have greatly reduced information and transaction costs, which
has led to: 大大降低了資訊和交易成本，從而導致：
• Financial Innovations, such as 金融創新，例如
– Currency futures and options 貨幣期貨和期權
– Multi-currency bonds 多幣種債券
– Cross-border stock listings 跨境股票上市
– International mutual funds 國際共同基金
Emergence of the Euro as a Global Currency 歐元作為全球貨
幣的出現
• A momentous event in the history of world financial systems. 世界金

融體系史上的重大事件
• Currently more than 300 million Europeans in 19 countries are using
the common currency on a daily basis. 目前， 19 個國家的 3 億多名
歐洲人每天都在使用這種共同貨幣。
• The “transaction domain” of the euro may become larger than the
U.S. dollar’s in the near future. 在不久的將來，歐元的“交易領域
”可能會變得大於美元。
•
Europe’s Sovereign-Debt Crisis of 2010
2010 年歐洲主權債務危機
• In December of 2009 the new Greek government revealed that its budget deficit for
the year would be 12.7% of GDP, not the 3.7% forecast. 2009 年 12 月，希臘新政
府透露，今年的預算赤字將佔 GDP 的 12.7% ，而不是預測的 3.7% 。
• Investors sold off Greek government bonds and the ratings agencies downgraded
them to “junk.” 投資者拋售了希臘政府債券，評級機構將其降級為“垃圾”。
• While Greece represents only 2.5% of euro-zone GDP, the crisis became a Europe-
wide debt crisis. 雖然希臘僅占歐元區 GDP 的 2.5% ，但這場危機變成了全歐洲
的債務危機。
• The challenge remains that fiscal indiscipline of one euro-zone country can escalate
to a Europe-wide crisis. 挑戰仍然是，一個歐元區國家的財政紀律可能會升級為
全歐洲範圍的危機。
•
The Greek Drama 希臘戲劇
• Greece paid no premium above the German rate until late fall 2009. 直到
2009 年秋末，希臘才支付高於德國利率的溢價。
• The Greek interest rate rose until the bailout package on May 9. 希臘利率
上升，直到 5 月 9 日的救助計劃。 Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved. 1-16
Trade Liberalization and Economic Integration 貿易
自由化和經濟一體化
• Over the past 50 years, international trade increased about
twice as fast as world GDP. 在過去 50 年中，國際貿易的
增長速度大約是世界 GDP 的兩倍。
• Many of the world’s governments have embraced free trade
as the surest route to prosperity for their citizenry. 世界上
許多國家的政府都把自由貿易作為本國公民實現繁榮的
最可靠途徑。
• The principal argument for international trade is based on
the theory of comparative advantage. 國際貿易的主要論點
是基於比較優勢理論。 Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved. 1-17
Liberalization of Protectionist Legislation 保護主義立法自由化
• At the global level, the World Trade Organization (WTO) has the
power to enforce the rules of international trade. 在全球一級，世界
貿易組織（世貿組織）有權執行國際貿易規則。
- To lower trade barriers around the world and to promote free trade between
developed and developing countries 降低世界各地的貿易壁壘，促進發達國家和發
展中國家之間的自由貿易
• At the regional level, the European Union (EU) and the North
American Free Trade Agreement (NAFTA) play a vital role in
dismantling trade barriers with regions. 在區域一級，歐洲聯盟（歐
盟）和北美自由貿易協定（ NAFTA ）在消除與各區域的貿易壁
壘方面發揮著至關重要的作用
Brexit 英國脫歐
• The unexpected outcome of a British referendum held on June 23,
2016. 2016 年 6 月 23 日舉行的英國公投的意外結果。
• Britons voted to leave the EU. 英國人投票決定離開歐盟。
• Likely outcome is a weakening of both the United Kingdom and the
European Union. 可能的結果是英國和歐盟的削弱。
• Brexit revealed some of the difficulties with free trade and global
economic integration. 英國脫歐揭示了自由貿易和全球經濟一體化
的一些困難。
•
– The free movement of goods, capital and people leads to economic growth, but
also leads to political opposition. 商品、資本和人員的自由流動導致經濟增
長，但也導致政治上的反對。
Privatization 私有化
• The selling of state-run enterprises to investors is also known as

“denationalization.” 將國有企業出售給投資者也被稱為「去國有
化」。
• Privatization is often seen in socialist economies in transition to
market economies. 私有化經常出現在向市場經濟轉型的社會主義
經濟體中。
• By most estimates, this increases the efficiency of the enterprise. 根
據大多數估計，這提高了企業的效率。
• It also often spurs a tremendous increase in cross-border investment.
它還經常刺激跨境投資的巨大增長。
Chinese Privatization 中國私有化
• State-owned enterprises have been listed on organized stock
exchanges. 國有企業已在有組織的證券交易所上市。
• More than 1,500 companies are currently listed on China’s
stock exchanges. 目前有 1 ， 500 多家公司在中國證券交
易所上市。
• The Chinese government still retains the majority stakes in
most public firms. 中國政府仍然保留著大多數上市公司
的多數股權。
Global Financial Crisis of 2008—2009
2008—2009 年全球金融危機
• The “Great Recession” was the most serious, synchronized economic
downturn since the Great Depression of the 1930s. “ 大衰退”是自
1930 年代大蕭條以來最嚴重、最同步的經濟衰退。
• Factors included: 因素包括：
– Excessive borrowing and risk taking by both households and banks
家庭和銀行的過度借貸和冒險
– Failure of government regulators to detect the rising risk and take
timely preventive actions 政府監管機構未能發現風險上升並及
時採取預防措施
– The interconnected and integrated nature of financial markets 金融
市場的互聯和整合性質
Exhibit 1.5: U.S. Unemployment Rate and Dow Jones Industrial
Average 美國失業率和道瓊斯工業平均指數
During the course of the crisis, the G-20 emerged as the premier forum for
discussing international economic issues and coordinating financial
regulations and macroeconomic policies 在危機期間， G-20 成為討論國際
經濟問題和協調金融監管和宏觀經濟政策的首要論壇。 Copyright © 2018 by the McGraw-Hill Companies, Inc. All rights reserved. 1-23
Multinational Corporations 跨國公司
• A multinational corporation (MNC) is a firm that has been
incorporated in one country and has production and sales operations
in other countries. 跨國公司（ MNC ）是在一個國家註冊成立並
在其他國家 / 地區擁有生產和銷售業務的公司。
• There are about 60,000 MNCs in the world. 世界上大約有 60 ， 000
家跨國公司。
• Many MNCs obtain raw materials from one nation, financial capital
from another, produce goods with labor and capital equipment in a
third country, and sell their output in various other national markets.
許多跨國公司從一個國家獲得原材料，從另一個國家獲得金融資
本，在第三個國家用工作力和資本設備生產商品，並在其他各種
國家市場出售其產品。
Exhibit 1.6: Top Nonfinancial MNCs

Modify Eun8e CH 001

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Modify Eun8e CH 001

Uploaded by

Copyright:

Available Formats

Globalization & the Multinational Firm 全球化與跨國公司

• Foreign Exchange Risk and Political Risks 外匯

• Market Imperfections 市場不完善

• Expanded Opportunity Set 擴展的機會集

• Long accepted as a goal, but complications arise. 長期以

• In other countries shareholders are viewed as merely one among

• Deregulation of Financial Markets and Advances in Technology

• A momentous event in the history of world financial systems. 世界金

• The selling of state-run enterprises to investors is also known as

You might also like