Tài chính doanh nghiệp - Chương 1: International financial management

1INTERNATIONAL FINANCIAL MANAGEMENT NGO THI NGOC HUYEN CHAPTER ONE MNCs & MULTINATIONAL FINANCIAL MANAGEMENT NỘI DUNG CHƯƠNG 1 • Tại sao học tài chính quốc tế? • Mục tiêu của MNCs • Sự xuất hiện và tăng trưởng của MNCs • Quốc tế hóa của kinh doanh và tài chính. • Quản trị tài chính quốc tế: Lý thuyết và thực hành TẠI SAO HỌC TÀI CHÍNH QUỐC TẾ? • Ra quyết định đầu tư và tài trợ (Making investment and financing) • Quyết định trên thị trường toàn cầu (decisions in a global market) • Kiểm soát dòng tiền ứng với từng quyết định (Cash flows 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 2THỊ TRƯỜNG TÀI CHÍNH QUỐC TẾ • Nghiên cứu về (Involves the study of): – Chính sách tỷ giá - Exchange rate regimes – Định chế tài chính - Financial institutions – Phương tiện tài chính - Financial instruments – Mô hình tài chính quốc tế - International finance models – Những vấn đề tài chính quốc tế - Current international finance issues. • 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 LÝ THUYẾT THƯƠNG MẠI QUỐC TẾ  Imperfect Markets #1  Comparative Advantage #  Product Cycle #2  “A Flat World” #3 6 MULTINATIONAL CORPORATION • Mục tiêu Goal of MNCs is maximizing shareholder’s wealth – The SWM model – Shareholder Wealth Maximization (US company) – The CWM model – Corporate Wealth Maximization (European & Japanese company): requires a single goal of value maximization with a well-defined score card 7 MULTINATIONAL CORPORATION • Khái niệm • Nguồn gốc của sự phát triển • Quá trình phát triển 8 3TYPICAL FOREIGN EXPANSION SEQUENCE 9 Exporting Sales subsidiary Service facilities Distribution system Production oversea Licensing Chapter 1 10 OPERATING & FINANCING CASH FLOWS SubsidiaryParent Operational Cash Flows Payment for goods & services Rent and lease payments Royalties and license fees Management fees & distributed overhead Financial Cash Flows Dividend paid to parent Parent invested equity capital Interest on intrafirm lending Intrafirm principal payments 11 F i n a n c i a l f l o w s Dividends Fees, Royalties, corporate overhead for services Interest and repayment of credit/loan Equity investment Loans Credit on goods and services Capital goods Technology Management Intermediate goods Finished goods Technology/market intelligence Chapter 1 12 HEÄ THOÁNG TAØI CHÍNH CUÛA MNCs • Heä thoáng taøi chính cuûa MNCs: • Chuyeån giaù haøng hoùa vaø dòch vuï trong noäi boä coâng ty  Vay vaø cho vay giöõa caùc coâng ty con  Thanh toaùn vaø chi traû coå töùc  Taêng hoaëc giaûm thôøi gian thanh toaùn giöõa caùc coâng ty con  Thanh toaùn caùc khoaûn tieàn baûn quyeàn coâng ngheä  Nhöõng thöông vuï traû chaäm laøm gia taêng nhu caàu taøi chính 4Chapter 1 13 HEÄ THOÁNG TAØI CHÍNH CUÛA MNCs Nhöõng ruûi ro veà nghieäp vuï taøi chính cuûa MNCs: • Ruûi ro veà ngoaïi hoái vaø laïm phaùt • Söï khaùc bieät veà thueá suaát quoác teá • Qui ñònh kieåm soaùt tieàn teä • Caùc ruûi ro chính trò nhö ban haønh luaät tröng thu taøi saûn Chapter 1 14 HEÄ THOÁNG TAØI CHÍNH CUÛA MNCs NHÖÕNG THUAÄN LÔÏI VEÀ NGHIEÄP VUÏ TAØI CHÍNH CUÛA MNCS: • 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 • Nhôø tieáp caän moïi thò tröôøng voán neân MNCs coù theå giaûm toång chi phí, chòu thueá thaáp, vaø ña daïng hoùa nguoàn voán • 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 15 HEÄ THOÁNG TAØI CHÍNH CUÛA MNCs THÒ TRÖÔØNG TAØI CHÍNH TOAØN CAÀU VAØ QUAÛN TRÒ TAØI CHÍNH QT • Thò tröôøng taøi chính vôùi phaùt trieån cuûa maùy ñieän toaùn vaø vieãn thoâng ñaõ taïo neân hieäu quaû cuûa thò tröôøng • Thò tröôøng taøi chính laø hình thöùc theå hieän cuûa chính saùch kinh teá. Thò tröôøng taøi chính ñöa ra nhöõng phaùn xeùt khaùch quan. • Chæ coù nhöõng chính saùch taøi chính - tieàn teä ñuùng ñaén môùi taïo neân söï oån ñònh cuûa thò tröôøng tieàn teä. • Nhöõng saép xeáp treân thò tröôøng seõ khoâng theå cöùu vaõn noåi maø coøn laøm traàm troïng hôn cho ñoàng tieàn ñang tuoät doác. INTERNATIONAL OPPORTUNITIES 16 Marginal Return on Projects Purely Domestic Firm MNC Asset Level of Firm Investment Opportunities Cost-benefit Evaluation for Purely Domestic Firms versus MNCs Appropriate Size for Purely Domestic Firm Appropriate Size for MNC X Y Marginal Cost of Capital Purely Domestic Firm MNC Financing Opportunities 5     n t t t k1= $, 1 CF E = Value E (CF$,t ) = expected cash flows to be received at the end of period t n = the number of periods into the future in which cash flows are received k = the required rate of return by investors VALUATION MODEL FOR AN MNC • Domestic Model DOMESTIC VALUATION MODEL FOR COMPANY Cash Flow K = 10% Year 1 Year 2 $10,000 $10,000 Value = 10,000/ (1+10%)1 + 10,000/ (1+10%)2 = 9091 + 6265 = $17,356                          n t t m j tjtj k1= 1 , , 1 ER ECF E = Value E (CFj,t ) = expected cash flows denominated in currency j to be received by the U.S. parent at the end of period t E (ERj,t ) = expected exchange rate at which currency j can be converted to dollars at the end of period t k = the weighted average cost of capital of the U.S. parent company VALUATION MODEL FOR AN MNC • Valuing International Cash Flows VALUATION MODEL FOR MNCs R=10% Year 1 Year 2 Cash Flow Exchange rate Cash Flow Exchange rate Dollar 100,000 100,000 Mexico Peso 100,000 $0.10 100,000 $0.08 British Pound 20,000 $2.00 20,000 $2.50 CF(Yr 1): 100,000 + 100,000*0.10 + 20,000*2.00 = $150,000 CF(Yr 2): 100,000 + 100,000*0.08 + 20,000*2.50 = $158,000 Value = 150,000 / (1+10%)1 + 158,000 / (1+10%)2 = $266,943 6VALUATION MODEL FOR AN MNC Impact of New International Opportunities on an MNC’s Value Exchange Rate Risk                          n t t m j tjtj k1= 1 , , 1 ER ECF E = Value Political Risk Exposure to Foreign Economies IN-CLASS EXERCISE # 1 22 TOTAL OUTPUT PER WORKER FOOD (F) CLOTHING (C) USA 400 10 GERMANY 1000 20 OPPORTUNITY COST COST OF F (in term of C) COST OF C (in term of F) USA GERMANY USA GERMANY 1C=35F U/A U/A 1F=0.04C U/A U/A 1F=0.01C U/A U/A 1C=52F U/A U/A IN-CLASS EXERCISE # 2 23 TOTAL OUTPUT PER WORKER COMPUTERS CALCULATORS USA 10 2000 UK 12 3000 OPPORTUNITY COST Cost of CAL (in term of Com.) Cost of Com (in term of Cal.) USA UK US UK 1COM=180 CAL. U/A U/A 1 CAL=0.0038 COM U/A U/A 1COM=260 CAL. U/A U/A 1 CAL=0.0055 COM U/A U/A SOLUTION IN-CLASS EXERCISE # 3 24 TOTAL OUTPUT PER WORKER COFFEE TEA BRAZIL 9000 lbs 300 lbs CHINA 5000 lbs 200 lbs OPPORTUNITY COST Cost of TEA (in term of Cof) Cost of Cof. (in term of tea) BRAZIL CHINA BRAZIL CHINA 1 pound of tea = 32 lb Cof. U/A U/A 1 pound of cof = 0.035 lb tea U/A U/A 1 pound of cof = 0.065 lb tea U/A U/A 1 pound of tea = 20 lb Cof. U/A U/A 7ONLINE APPLICATION • Visit FRED®, Fed's economic time-series database, at for numerous economic and financial time series, e.g., balance of payment statistics, interest rates, foreign exchange rates. • Visit (Office of Trade and Economic Analysis) for an outlook of international trade conditions for each of several industries. 25 MINI CASE: NIKE’S DECISION • Nike, a US based company with a globally recognized brand name, manufactures 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 production facilities in the US. In each of those Asian countries where Nike has production facilities, the rates of unemployment and underemployment are quite high. 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 with about 18$ in the US. In addition, workers in those countries often operate in poor 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. 26