CiNii 図書 - Multinational financial management

As more businesses in today's economy are moving towards a global reach, it is essential for finance students to understand how the fundamentals of corporate finance relate to multinational firms. Shapiro's Multinational Financial Management 9th Edition provides that conceptual framework within which key financial decisions of a multinational firm can be analyzed. The author's comprehensive approach is to treat international financial management as a natural extension of the principles learned in the first course in financial management. The book builds its coverage of international finance on the framework of valuation established by domestic corporate finance. It can be used in courses in International Financial Management and International Finance at the upper-level undergraduate or MBA level.

PREFACE III Part I Environment of International Financial Management 1 1 INTRODUCTION: MULTINATIONAL ENTERPRISE AND MULTINATIONAL FINANCIAL MANAGEMENT 2 Learning Objectives 2 Key Terms 2 1.1 The Rise of the Multinational Corporation 4 1.2 The Internationalization of Business and Finance 26 1.3 Multinational Financial Management: Theory and Practice 42 1.4 Outline of the Book 49 Questions 51 Web Resources 51 Web Exercises 52 Appendix 1A: The Origins and Consequences of International Trade 53 The Gains from Trade 53 Specialized Factors of Production 54 Monetary Prices and Exchange Rates 55 Tariffs 55 Questions 56 2 THE DETERMINATION OF EXCHANGE RATES 57 Learning Objectives 57 Key Terms 57 2.1 Setting the Equilibrium Spot Exchange Rate 58 2.2 Expectations and the Asset Market Model of Exchange Rates 65 2.3 The Fundamentals of Central Bank Intervention 82 2.4 The Equilibrium Approach to Exchange Rates 91 2.5 Summary and Conclusions 95 Questions 95 Problems 97 Web Resources 97 Web Exercises 98 Bibliography 98 3 THE INTERNATIONAL MONETARY SYSTEM 99 Learning Objectives 99 Key Terms 99 3.1 Alternative Exchange Rate Systems 100 3.2 A Brief History of the International Monetary System 105 3.3 The European Monetary System and Monetary Union 121 3.4 Emerging Market Currency Crises 135 3.5 Summary and Conclusions 138 Questions 139 Problems 140 Web Resources 141 Web Exercises 141 Bibliography 141 4 PARITY CONDITIONS IN INTERNATIONAL FINANCE AND CURRENCY FORECASTING 142 Learning Objectives 142 Key Terms 142 4.1 Arbitrage and the Law of One Price 143 4.2 Purchasing Power Parity 147 4.3 The Fisher Effect 158 4.4 The International Fisher Effect 166 4.5 Interest Rate Parity Theory 169 4.6 The Relationship Between the Forward Rate and the Future Spot Rate 175 4.7 Currency Forecasting 179 4.8 Summary and Conclusions 186 Questions 188 Problems 189 Web Resources 190 Web Exercises 191 Bibliography 191 5 THE BALANCE OF PAYMENTS AND INTERNATIONAL ECONOMIC LINKAGES 193 Learning Objectives 193 Key Terms 193 5.1 Balance-of-Payments Categories 194 5.2 The International Flow of Goods, Services, and Capital 200 5.3 Coping With the Current-Account Deficit 211 5.4 Summary and Conclusions 222 Questions 223 Problems 224 Web Resources 225 Web Exercises 225 6 COUNTRY RISK ANALYSIS 226 Learning Objectives 226 Key Terms 226 6.1 Measuring Political Risk 227 6.2 Economic and Political Factors Underlying Country Risk 239 6.3 Country Risk Analysis in International Banking 256 6.4 Summary and Conclusions 260 Questions 260 Problems 261 Web Resources 262 Web Exercises 262 Bibliography 262 Part II Foreign Exchange and Derivatives Markets 263 7 THE FOREIGN EXCHANGE MARKET 264 Learning Objectives 264 Key Terms 264 7.1 Organization of The Foreign Exchange Market 265 7.2 The Spot Market 273 7.3 The Forward Market 283 7.4 Summary and Conclusions 289 Questions 289 Problems 290 Web Resources 290 Web Exercises 291 Bibliography 291 8 CURRENCY FUTURES AND OPTIONS MARKETS 292 Learning Objectives 292 Key Terms 292 8.1 Futures Contracts 293 8.2 Currency Options 299 8.4 Summary and Conclusions 320 Questions 320 Problems 320 Web Resources 321 Web Exercises 322 Bibliography 322 Appendix 8A: Option Pricing Using Black-Scholes 322 Implied Volatilities 323 Shortcomings of the Black-Scholes Option Pricing Model 324 Problems 325 Appendix 8B: Put-Call Option Interest Rate Parity 325 Problems 327 9 SWAPS AND INTEREST RATE DERIVATIVES 328 Learning Objectives 328 Key Terms 328 9.1 Interest Rate and Currency Swaps 329 9.2 Interest Rate Forwards and Futures 342 9.3 Structured Notes 346 9.4 Summary and Conclusions 349 Questions 350 Problems 350 Web Resources 351 Web Exercises 352 Bibliography 352 Part III Foreign Exchange Risk Management 353 10 MEASURING AND MANAGING TRANSLATION AND TRANSACTION EXPOSURE 354 Learning Objectives 354 Key Terms 354 10.1 Alternative Measures of Foreign Exchange Exposure 355 10.2 Alternative Currency Translation Methods 357 10.3 Transaction Exposure 359 10.4 Designing a Hedging Strategy 362 10.5 Managing Translation Exposure 372 10.6 Managing Transaction Exposure 374 10.7 Summary and Conclusions 393 Questions 394 Problems 395 Web Resources 397 Web Exercises 398 Bibliography 398 Appendix 10A: Statement of Financial Accounting Standards No. 52 398 Application of FASB No. 52 401 11 MEASURING AND MANAGING ECONOMIC EXPOSURE 403 Learning Objectives 403 Key Terms 403 11.1 Foreign Exchange Risk and Economic Exposure 404 11.2 The Economic Consequences of Exchange Rate Changes 412 11.3 Identifying Economic Exposure 417 11.4 Calculating Economic Exposure 420 11.5 An Operational Measure of Exchange Risk 425 11.6 Managing Operating Exposure 427 11.7 Summary and Conclusions 444 Questions 444 Problems 445 Web Resources 447 Web Exercises 447 Bibliography 448 Part IV Financing the Multinational Corporation 449 12 INTERNATIONAL FINANCING AND NATIONAL CAPITAL MARKETS 450 Learning Objectives 450 Key Terms 450 12.1 Corporate Sources and Uses of Funds 451 12.2 National Capital Markets as International Financial Centers 459 12.3 Development Banks 477 12.4 Project Finance 482 12.5 Summary and Conclusions 483 Questions 484 Problems 484 Web Resources 484 Web Exercises 485 Bibliography 485 13 THE EUROMARKETS 486 Learning Objectives 486 Key Terms 486 13.1 The Eurocurrency Market 486 13.2 Eurobonds 494 13.3 Note Issuance Facilities and Euronotes 502 13.4 Euro-Commercial Paper 506 13.5 The Asiacurrency Market 508 13.6 Summary and Conclusions 509 Questions 509 Problems 509 Web Resources 510 Web Exercises 510 Bibliography 510 14 THE COST OF CAPITAL FOR FOREIGN INVESTMENTS 511 Learning Objectives 511 Key Terms 511 14.1 The Cost of Equity Capital 512 14.2 The Weighted Average Cost of Capital for Foreign Projects 513 14.3 Discount Rates for Foreign Investments 515 14.4 The Cost of Debt Capital 526 14.5 Establishing a Worldwide Capital Structure 528 14.6 Valuing Low-Cost Financing Opportunities 535 14.7 Summary and Conclusions 541 Questions 542 Problems 543 Web Resources 544 Web Exercises 544 Bibliography 544 Part V Foreign Investment Analysis 547 15 INTERNATIONAL PORTFOLIO INVESTMENT 548 Learning Objectives 548 Key Terms 548 15.1 The Risks and Benefits of International Equity Investing 549 15.2 International Bond Investing 569 15.3 Optimal International Asset Allocation 569 15.4 Measuring the Total Return from Foreign Portfolio Investing 570 15.5 Measuring Exchange Risk on Foreign Securities 572 15.6 Summary and Conclusions 574 Questions 574 Problems 575 Web Resources 576 Web Exercises 576 Bibliography 577 16 CORPORATE STRATEGY AND FOREIGN DIRECT INVESTMENT 578 Learning Objectives 578 Key Terms 578 Product and Factor Market Imperfections 579 Financial Market Imperfections 580 16.1 Theory of the Multinational Corporation 579 16.2 The Strategy of Multinational Enterprise 581 16.3 Designing a Global Expansion Strategy 591 16.4 Summary and Conclusions 595 Questions 596 Problems 597 Web Resources 597 Web Exercises 598 Bibliography 598 17 CAPITAL BUDGETING FOR THEMULTINATIONAL CORPORATION 599 Learning Objectives 599 Key Terms 599 17.1 Basics of Capital Budgeting 600 17.2 Issues in Foreign Investment Analysis 607 17.3 Foreign Project Appraisal: The Case of International Diesel Corporation 611 17.4 Political Risk Analysis 621 17.5 Growth Options and Project Evaluation 623 17.6 Summary and Conclusions 627 Questions 627 Problems 628 Web Resources 629 Web Exercises 629 Bibliography 629 Appendix 17A: Managing Political Risk 629 Preinvestment Planning 630 Operating Policies 631 Part VI Multinational Working Capital Management 635 18 FINANCING FOREIGN TRADE 636 Learning Objectives 636 Key Terms 636 18.1 Payment Terms in International Trade 637 18.2 Documents in International Trade 648 18.3 Financing Techniques in International Trade 650 18.4 Government Sources of Export Financing and Credit Insurance 654 18.5 Countertrade 660 18.6 Summary and Conclusions 663 Questions 664 Problems 664 Web Resources 665 Web Exercises 665 Bibliography 665 19 CURRENT ASSET MANAGEMENT AND SHORT-TERM FINANCING 666 Learning Objectives 666 Key Terms 666 19.1 International Cash Management 667 19.2 Accounts Receivable Management 683 19.3 Inventory Management 684 19.4 Short-Term Financing 686 19.5 Summary and Conclusions 697 Questions 698 Problems 699 Web Resources 700 Web Exercises 700 Bibliography 700 20 MANAGING THE MULTINATIONAL FINANCIAL SYSTEM 701 Learning Objectives 701 Key Terms 701 20.1 The Value of the Multinational Financial System 702 20.2 Intercompany Fund-Flow Mechanisms: Costs and Benefits 706 20.3 Designing a Global Remittance Policy 726 20.4 Summary and Conclusions 730 Questions 731 Problems 731 Web Resources 732 Web Exercises 732 Bibliography 733 GLOSSARY 735 INDEX 751

巻冊次: : International student version ISBN 9780470450352

内容説明

As more businesses in today's economy are moving towards a global reach, it is essential for finance students to understand how the fundamentals of corporate finance relate to multinational firms. Shapiro's Multinational Financial Management 9th Edition provides that conceptual framework within which key financial decisions of a multinational firm can be analyzed. The author's comprehensive approach is to treat international financial management as a natural extension of the principles learned in the first course in financial management. The book builds its coverage of international finance on the framework of valuation established by domestic corporate finance. It can be used in courses in International Financial Management and International Finance at the upper-level undergraduate or MBA level.

Part I: Environment of International Financial Management. CHAPTER 1: INTRODUCTION: MULTINATIONAL ENTERPRISE AND MULTINATIONAL FINANCIAL MANAGEMENT. 1.1 The Rise of the Multinational Corporation. 1.2 The Internationalization of Business and Finance. 1.3 Multinational Financial Management: Theory and Practice. 1.4 Outline of the Book. APPENDIX 1A: THE ORIGINS AND CONSEQUENCES OF INTERNATIONAL TRADE. CHAPTER 2: THE DETERMINATION OF EXCHANGE RATES. 2.1 Setting the Equilibrium Spot Exchange Rate. 2.2 Expectations and the Asset Market Model of Exchange Rates. 2.3 The Fundamentals of Central Bank Intervention. 2.4 The Equilibrium Approach to Exchange Rates. 2.5 Summary and Conclusions. CHAPTER 3: THE INTERNATIONAL MONETARY SYSTEM. 3.1 Alternative Exchange Rate Systems. 3.2 A Brief History of the International Monetary System. 3.3 The European Monetary System and Monetary Union. 3.4 Emerging Market Currency Crises. 3.5 Summary and Conclusions. CHAPTER 4: PARITY CONDITIONS IN INTERNATIONAL FINANCE AND CURRENCY FORECASTING. 4.1 Arbitrage and the Law of One Price. 4.2 Purchasing Power Parity. 4.3 The Fisher Effect. 4.4 The International Fisher Effect. Empirical Evidence. 4.5 Interest Rate Parity Theory. 4.6 The Relationship Between the Forward Rate and the Future Spot Rate. 4.7 Currency Forecasting. 4.8 Summary and Conclusions. CHAPTER 5: THE BALANCE OF PAYMENTS AND INTERNATIONAL ECONOMIC LINKAGES. 5.1 Balance-of-Payments Categories. 5.2 The International Flow of Goods, Services, and Capital. 5.3 Coping with the Current-Account Deficit. 5.4 Summary and Conclusions. CHAPTER 6: COUNTRY RISK ANALYSIS. 6.1 Measuring Political Risk. 6.2 Economic and Political Factors Underlying Country Risk. 6.3 Country Risk Analysis in International Banking. 6.4 Summary and Conclusions. Part II: Foreign Exchange and Derivatives Markets. CHAPTER 7: THE FOREIGN EXCHANGE MARKET. 7.1 Organization of the Foreign Exchange Market. 7.2 The Spot Market. 7.3 The Forward Market. 7.4 Summary and Conclusions. CHAPTER 8: CURRENCY FUTURES AND OPTIONS MARKETS. 8.1 Futures Contracts. 8.2 Currency Options. 8.3 Reading Currency Futures and Options Prices. 8.4 Summary and Conclusions. APPENDIX 8A: Option Pricing Using Black-Scholes. APPENDIX 8B: Put-Call Option Interest Rate Parity. CHAPTER 9: SWAPS AND INTEREST RATE DERIVATIVES. 9.1 Interest Rate and Currency Swaps. 9.2 Interest Rate Forwards and Futures. 9.3 Structured Notes. 9.4 Summary and Conclusions. Part III: Foreign Exchange Risk Management. CHAPTER 10: MEASURING AND MANAGING TRANSLATION AND TRANSACTION EXPOSURE. 10.1 Alternative Measures of Foreign Exchange Exposure. 10.2 Alternative Currency Translation Methods. 10.3 Transaction Exposure. 10.4 Designing a Hedging Strategy. 10.5 Managing Translation Exposure. 10.6 Managing Transaction Exposure. 10.7 Summary and Conclusions. CHAPTER 11: MEASURING AND MANAGING ECONOMIC EXPOSURE. 11.1 Foreign Exchange Risk and Economic Exposure. 11.2 The Economic Consequences of Exchange Rate Changes. 11.3 Identifying Economic Exposure. 11.4 Calculating Economic Exposure. 11.5 An Operational Measure of Exchange Risk. 11.6 Managing Operating Exposure. 11.7 Summary and Conclusions. Part IV: Financing the Multinational Corporation. CHAPTER 12: INTERNATIONAL FINANCING AND NATIONAL CAPITAL MARKETS. 12.1 Corporate Sources and Uses of Funds. 12.2 National Capital Markets as International Financial Centers. 12.3 Development Banks. 12.4 Project Finance. 12.5 Summary and Conclusions. CHAPTER 13: THE EUROMARKETS. 13.1 The Eurocurrency Market. 13.2 Eurobonds. 13.3 Note Issuance Facilities and Euronotes. 13.4 Euro-Commercial Paper. 13.5 The Asiacurrency Market. 13.6 Summary and Conclusions. CHAPTER 14: THE COST OF CAPITAL FOR FOREIGN INVESTMENTS. 14.1 The Cost of Equity Capital. 14.2 The Weighted Average Cost of Capital for Foreign Projects. 14.3 Discount Rates for Foreign Investments. 14.4 The Cost of Debt Capital. 14.5 Establishing a Worldwide Capital Structure. 14.6 Valuing Low-Cost Financing Opportunities. 14.7 Summary and Conclusions. Part V: Foreign Investment Analysis. CHAPTER 15: INTERNATIONAL PORTFOLIO INVESTMENT. 15.1 The Risks and Benefits of International Equity Investing. 15.2 International Bond Investing. 15.3 Optimal International Asset Allocation. 15.4 Measuring the Total Return from Foreign Portfolio Investing. 15.5 Measuring Exchange Risk on Foreign Securities. 15.6 Summary and Conclusions. CHAPTER 16: CORPORATE STRATEGY AND FOREIGN DIRECT INVESTMENT. 16.1 Theory of the Multinational Corporation. 16.2 The Strategy of Multinational Enterprise. 16.3 Designing a Global Expansion Strategy. 16.4 Summary and Conclusions. CHAPTER 17: CAPITAL BUDGETING FOR THE MULTINATIONAL CORPORATION. 17.1 Basics of Capital Budgeting. 17.2 Issues in Foreign Investment Analysis. 17.3 Foreign Project Appraisal: The Case of International Diesel Corporation. 17.4 Political Risk Analysis. 17.5 Growth Options and Project Evaluation. 17.6 Summary and Conclusions. APPENDIX 17A: MANAGING POLITICAL RISK. Part VI: Multinational Working Capital Management. CHAPTER 18: FINANCING FOREIGN TRADE. 18.1 Payment Terms in International Trade. 18.2 Documents in International Trade. 18.3 Financing Techniques in International Trade. 18.4 Government Sources of Export Financing and Credit Insurance. 18.5 Countertrade. 18.6 Summary and Conclusions. CHAPTER 19: CURRENT ASSET MANAGEMENT AND SHORT-TERM FINANCING. 19.1 International Cash Management. 19.2 Accounts Receivable Management. 19.3 Inventory Management. 19.4 Short-Term Financing. 19.5 Summary and Conclusions. CHAPTER 20: MANAGING THE MULTINATIONAL FINANCIAL SYSTEM. 20.1 The Value of the Multinational Financial System. 20.2 Intercompany Fund-Flow Mechanisms: Costs and Benefits. 20.3 Designing a Global Remittance Policy. 20.4 Summary and Conclusions.

「Nielsen BookData」より

Multinational financial management

著者

書誌事項

大学図書館所蔵全12件

この図書・雑誌をさがす

注記

内容説明・目次

詳細情報

書き出し