文档介绍：国际财务管理
主要内容
IFM的特殊性
国际公司治理
国际投资资本预算
资本结构与国际融资
Why International?
We are now living in a highly globalized and integrated world economy.
Consumption
Production
Investment
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国际财务管理的特殊性
Foreign exchange risk and political risk
Market imperfections
Expanded opportunity set
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Market imperfection
Legal restrictions
Excessive transaction and transportation costs
Information asymmetry
Discriminatory taxation
…
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Implication of Market Imperfection
Restrict the extent to which investors can diversify their portfolios.
Example: Nestle corporation
Ref: Claudio Loderer and Andreas Jacobs,1995, The Nestle crash , JFE, 315-339
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比较和思考
中国的A-B股,A-H股价差现状与原因?
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Expanded Opportunity Set
Firms: locate production in any country or region of the world to maximize their performance and raise funds in any capital market where the cost of capital is the lowest. Firms can gain from greater economies of scale when their tangible and intangible assets are deployed on a global basis.
Individual investors: can benefit from investing internationally.
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2009年全球涨幅前10的市场
股票指数名称
涨幅(%)
俄罗斯RTS指数
科伦坡全部股指
阿根廷MERVAL指数
秘鲁利马综合指数
乌克兰PFTS指数
土耳其ISE全国100指数
雅加达综合指数
哈萨克斯坦证交所指数
巴西圣保罗证交所指数
中国上证综合指数