Tài chính quốc tế - Chương 1: Tông quan Tài chính quốc tế

Nội dung text: Tài chính quốc tế - Chương 1: Tông quan Tài chính quốc tế

1. CHAPTER ONE INTERNATIONAL FINANCIAL MNCs & MULTINATIONAL MANAGEMENT FINANCIAL MANAGEMENT NGO THI NGOC HUYEN NỘI DUNG CHƯƠNG 1 TẠI SAO HỌC TÀI CHÍNH QUỐC TẾ? • Ra quyết định đầu tư và tài trợ (Making investment and • Tại sao học tài chính quốc tế? financing) • Mục tiêu của MNCs • Quyết định trên thị trường toàn cầu (decisions in a global • Sự xuất hiện và tăng trưởng của MNCs market) • Quốc tế hóa của kinh doanh và tài chính. • Kiểm soát dòng tiền ứng với từng quyết định (Cash flows • Quản trị tài chính quốc tế: Lý thuyết và thực hành associated with these decisions) • Rủi ro tương ứng (Risks associated with these cash flows) • Thị trường tài chính quốc tế (The international financial markets) 4 1
2. THỊ TRƯỜNG TÀI CHÍNH QUỐC TẾ LÝ THUYẾT THƯƠNG MẠI QUỐC TẾ • Nghiên cứu về (Involves the study of): . Imperfect Markets #1 – Chính sách tỷ giá - Exchange rate regimes – Định chế tài chính - Financial institutions . Comparative Advantage # – Phương tiện tài chính - Financial instruments . Product Cycle #2 – Mô hình tài chính quốc tế - International finance models – Những vấn đề tài chính quốc tế - Current international finance issues. . “A Flat World” #3 • Những nghiên cứu để hiểu thị trường, các công cụ và rủi ro cũng như lợi ích tác động đến quyết định đầu tư và tài trợ. 5 6 MULTINATIONAL CORPORATION MULTINATIONAL CORPORATION • Mục tiêu Goal of MNCs is maximizing shareholder’s wealth – The SWM model – Shareholder Wealth Maximization (US company) • Khái niệm • Nguồn gốc của sự phát triển • Quá trình phát triển – The CWM model – Corporate Wealth Maximization (European & Japanese company): requires a single goal of value maximization with a well-defined score card 7 8 2
3. TYPICAL FOREIGN EXPANSION SEQUENCE OPERATING & FINANCING CASH FLOWS Financial Cash Flows Licensing Dividend paid to parent Parent invested equity capital Interest on intrafirm lending Intrafirm principal payments Exporting Sales Service Distribution Production subsidiary facilities system oversea Parent Subsidiary Payment for goods & services Rent and lease payments Royalties and license fees Management fees & distributed overhead 9 OperationalChapter Cash 1 Flows 10 Dividends Fees, Royalties, corporate overhead for services HEÄ THOÁNG TAØI CHÍNH CUÛA MNCs Interest and repayment of credit/loan Equity investment Loans Credit on goods and services • Heä thoáng taøi chính cuûa MNCs: • Chuyeån giaù haøng hoùa vaø dòch vuï trong noäi boä coâng ty Capital goods . Vay vaø cho vay giöõa caùc coâng ty con Technology Management . Thanh toaùn vaø chi traû coå töùc Intermediate goods Finished goods . Taêng hoaëc giaûm thôøi gian thanh toaùn giöõa caùc coâng ty con Technology/market intelligence . Thanh toaùn caùc khoaûn tieàn baûn quyeàn coâng ngheä . Nhöõng thöông vuï traû chaäm laøm gia taêng nhu caàu taøi chính flows Financial 11 Chapter 1 12 3
4. HEÄ THOÁNG TAØI CHÍNH CUÛA MNCs HEÄ THOÁNG TAØI CHÍNH CUÛA MNCs Nhöõng ruûi ro veà nghieäp vuï taøi chính cuûa MNCs: NHÖÕNG THUAÄN LÔÏI VEÀ NGHIEÄP VUÏ TAØI CHÍNH CUÛA MNCS: • Ruûi ro veà ngoaïi hoái vaø laïm phaùt • Nhôø khaû naêng chu chuyeån voán vaø lao ñoäng khaép toaøn caàu cho pheùp MNCs môû roäng taàm hoaït ñoäng cuõng nhö nghieäp vuï taøi chính • Söï khaùc bieät veà thueá suaát quoác teá • Nhôø tieáp caän moïi thò tröôøng voán neân MNCs coù theå giaûm toång chi • Qui ñònh kieåm soaùt tieàn teä phí, chòu thueá thaáp, vaø ña daïng hoùa nguoàn voán • Caùc ruûi ro chính trò nhö ban haønh luaät tröng thu taøi saûn • Taêng maïnh khaû naêng ñoái phoù vaø thöông löôïng hôïp ñoàng ñaàu tö vôùi chính phuû nöôùc sôû taïi • MNCs coù theå tieáp caän thoâng tin kyõ thuaät môùi ôû nöôùc ngoaøi Chapter 1 13 Chapter 1 14 INTERNATIONAL OPPORTUNITIES HEÄ THOÁNG TAØI CHÍNH CUÛA MNCs Cost-benefit Evaluation for THÒ TRÖÔØNG TAØI CHÍNH TOAØN CAÀU VAØ QUAÛN TRÒ TAØI CHÍNH QT Purely Domestic Firms versus MNCs • Thò tröôøng taøi chính vôùi phaùt trieån cuûa maùy ñieän toaùn vaø vieãn Purely Investment Domestic Opportunities thoâng ñaõ taïo neân hieäu quaû cuûa thò tröôøng Firm MNC Marginal • Thò tröôøng taøi chính laø hình thöùc theå hieän cuûa chính saùch kinh teá. Return on Projects MNC Thò tröôøng taøi chính ñöa ra nhöõng phaùn xeùt khaùch quan. Purely Domestic • Chæ coù nhöõng chính saùch taøi chính - tieàn teä ñuùng ñaén môùi taïo neân Marginal Firm Cost of söï oån ñònh cuûa thò tröôøng tieàn teä. Capital Financing • Nhöõng saép xeáp treân thò tröôøng seõ khoâng theå cöùu vaõn noåi maø coøn Appropriate Size for Opportunities Purely Domestic Appropriate Size for Firm laøm traàm troïng hôn cho ñoàng tieàn ñang tuoät doác. MNC X Y Asset Level of Firm Chapter 1 15 16 4
5. VALUATION MODEL FOR AN MNC DOMESTIC VALUATION MODEL FOR COMPANY • Domestic Model K = 10% Cash Flow n E CF Year 1 Year 2 Value = $, t  t $10,000 $10,000 t=1 1 k Value = 10,000/ (1+10%)1 + 10,000/ (1+10%)2 E (CF$,t ) = expected cash flows to be received at = 9091 + 6265 the end of period t n = the number of periods into the future = $17,356 in which cash flows are received k = the required rate of return by investors VALUATION MODEL FOR AN MNC VALUATION MODEL FOR MNCs • Valuing International Cash Flows R=10% m  E CF E ER Year 1 Year 2 n   j, t j, t  j 1 Cash Flow Exchange rate Cash Flow Exchange rate Value =  t  Dollar 100,000 100,000 t=1 1 k Mexico Peso 100,000 $0.10 100,000 $0.08  British Pound 20,000 $2.00 20,000 $2.50 E (CFj,t ) = expected cash flows denominated in currency j CF(Yr 1): 100,000 + 100,000*0.10 + 20,000*2.00 = $150,000 to be received by the U.S. parent at the end of CF(Yr 2): 100,000 + 100,000*0.08 + 20,000*2.50 = $158,000 period t 1 2 E (ERj,t ) = expected exchange rate at which currency j can Value = 150,000 / (1+10%) + 158,000 / (1+10%) = $266,943 be converted to dollars at the end of period t k = the weighted average cost of capital of the U.S. parent company 5
6. VALUATION MODEL FOR AN MNC IN-CLASS EXERCISE # 1 Impact of New International Opportunities on an MNC’s Value TOTAL OUTPUT PER WORKER FOOD (F) CLOTHING (C) Exposure to USA 400 10 Foreign Economies Exchange Rate Risk GERMANY 1000 20 OPPORTUNITY COST m  COST OF F (in term of C) COST OF C (in term of F) E CF E ER n   j, t j, t  USA j 1 Value = GERMANY  t  t=1 1 k USA GERMANY 1C=35F U/A U/A  1F=0.04C U/A U/A 1F=0.01C U/A U/A Political Risk 1C=52F U/A U/A 22 IN-CLASS EXERCISE # 2 SOLUTION IN-CLASS EXERCISE # 3 TOTAL OUTPUT PER WORKER TOTAL OUTPUT PER WORKER COFFEE TEA COMPUTERS CALCULATORS BRAZIL 9000 lbs 300 lbs USA 10 2000 CHINA 5000 lbs 200 lbs UK 12 3000 OPPORTUNITY COST OPPORTUNITY COST Cost of TEA (in term of Cof) Cost of Cof. (in term of tea) Cost of CAL (in term of Com.) Cost of Com (in term of Cal.) BRAZIL USA CHINA UK BRAZIL CHINA US UK 1 pound of tea = 32 lb Cof. U/A U/A 1COM=180 CAL. U/A U/A 1 pound of cof = 0.035 lb tea U/A U/A 1 CAL=0.0038 COM U/A U/A 1 pound of cof = 0.065 lb tea U/A U/A 1COM=260 CAL. U/A U/A 1 pound of tea = 20 lb Cof. U/A U/A 1 CAL=0.0055 COM U/A U/A 23 24 6
7. ONLINE APPLICATION MINI CASE: NIKE’S DECISION • Visit FRED®, Fed's economic time-series database, at • Nike, a US based company with a globally recognized brand name, manufactures for numerous economic and financial time athletic shoes in such Asian developing countries as China, and Vietnam using subcontractors, and sell the products in the US and foreign market. The company has no series, e.g., balance of payment statistics, interest rates, foreign exchange production facilities in the US. In each of those Asian countries where Nike has rates. production facilities, the rates of unemployment and underemployment are quite high. • Visit (Office of Trade and The wage rate is very low in those countries by US standards; the hourly wage rate in the manufacturing sector is less than one dollar in each of those countries, compared Economic Analysis) for an outlook of international trade conditions for with about 18$ in the US. In addition, workers in those countries often operate in poor each of several industries. and unhealthy environments and their rights are not well protected. Understandably, Asian host countries are eager to attract FDI like Nike’s to develop their economies and raise the living standards of their citizens. Recently, however, Nike came under worldwide criticism for its practice of hiring workers for such a low pay – “next to nothing” on the world critics – and condoning poor working conditions in the host countries. • Evaluate and discuss various ethical as well as economic ramifications of Nike’s decision to invest in those Asian countries. 25 26 7