文档介绍：昂Solutions for安 Internationa昂l Corporate F碍inance
Chapter 1 2
Chapter 2 4
Chapter 3 6
Chapter 4 8
Chapter 5 12
C: The p艾roduct cycle 安theory sugges哀ts that at so扒me point in t霸ime, the firm稗 will attempt班 to霸 巴capitalize on百 its perceive靶d advantages 靶in markets ot百her than wher败e it was init般ially establi搬shed.
八10. Valuation伴 of Wal-Mart’按s Internation盎al Business. 安In addition t氨o all of its 佰stores in the隘 ., Wal-Ma昂rt has 11 sto肮res in Argent拌ina, 24 store俺s in Brazil, 氨214 stores in昂 Canada, 29 s背tores in Chin艾a, 92 stores 奥in Germany, 1靶5 stores in S搬outh Korea, 6吧11 stores in 岸Mexico, and 2傲61 stores in 班the 肮Consider the 敖value of Wal-皑Mart as being柏 composed of 背two parts, a . part (du隘e to business吧 in the .)*** and a non-. part (due 蔼to business i板n other count疤ries). Explai肮n how to dete凹rmine the pre叭sent value (i板n dollars) of傲 the non- part assumin懊g that you ha半d access to a拔ll the detail哀s of Wal-Mart奥 businesses o艾utside the .
唉ANSWER: The n癌on-. part 败can be measur百ed as the pre佰sent value of埃 future dolla颁r cash flows懊 捌resulting fro笆m the non-. Based on rec盎ent earnings 罢data for each爸 store and ap邦plying捌 an expected g八rowth rate, y芭ou can estima颁te the remitt坝ed earnings t皑hat will come摆 from each co***untry扮 扮in each year 捌in the future邦. You can con矮vert those ca扮sh flows to d绊ollars using 班a forecasted 按exchange扮 把rate per year哎. Determine t***he present va班lue of cash f扮lows of all s袄tores within 拌one country. 败Then柏 敖repeat the pr艾ocess for other Then add up 安all the prese岸nt values tha佰t you estimat盎ed to芭 白derive a cons跋olidated pres绊ent value of 百all non-. 班subsidiaries.
拌15. Internati半onal Joint Ve爸nture. Anheus伴er-Busch, the翱 producer of 敖Budweiser and伴 other beers,败 has隘 安recently expa拌nded into 瓣Japan爸 by engaging 板in a joint ve疤nture with Ki埃rin Brewery, 跋the largest吧 巴brewery in Japan邦. The joint v拔enture enable艾s Anheuser-Bu板sch to have i耙ts beer distr疤