j跨国公司财务管理讲义.doc

CHAPTER 1 INTRODUCTION: MULTINATIONAL ENTERPRISE AND MULTINATIONAL FINANCIAL MANAGEMENT Learning Objectives ： ● To understand the nature and benefits of globalization ●To explain why multinational corporations are the key players in international economic competition today ●To classify the three historical types of multinational corporation (MNC) and explain their motivations for international expansion ●To explain why managers of MNCs need to exploit rapidly changing global economic conditions and why political policy makers must also be concerned with the same changing conditions ●To identify the advantages of being multinational, including the benefits of international diversification ●To describe the general importance of financial economics to multinational financial management and the particular importance of the concepts of arbitrage, market efficiency, capital asset pricing, and total risk ●To characterize the global financial marketplace and explain why MNC managers must be alert to capital market imperfections and asymmetries in tax regulations 1.1 THE RISE OF THE MULTINATIONAL CORPORATION 1.1.1A multinational corporation (MNC) is a company engaged in producing and selling goods or services in more than one country. 1.1.2A brief taxonomy of the MNC and its evolution Raw-Materials Seekers. Raw-materials seekers were the earliest multinationals, the villains of international business. Market Seekers. The market seeker is the archetype of the modern multinational firm that goes overseas to produce and sell in foreign markets. Cost Minimizers. These firms seek out and invest in lower cost production sites overseas (for example, Hong Kong, Taiwan, and Ireland) to remain cost-competitive both at home and abroad. 1.1.3the true multinational corporation is characterized more by its state of mind than by the size and worldwide dispersion of its assets. 1.1.4the essential element that distinguishes the true multinational is its commitment to seeking out