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1、?2012byMcGrawHillEducation.Thisisproprietarymaterialsolelyfauthizedinstructuse.Notauthizedfsaledistributioninanymanner.Thisdocumentmaynotbecopiedscannedduplicatedfwardeddistributedpostedonawebsiteinwholepart.CHAPTER1GLOB
2、ALIZATIONTHEMULTINATIONALFIRMANSWERS&SOLUTIONSTOENDOFCHAPTERQUESTIONSPROBLEMSQUESTIONS1.WhyisitimptanttostudyinternationalfinancialmanagementAnswer:Wearenowlivinginawldwhereallthemajeconomicfunctionsi.e.consumptionproduc
3、tioninvestmentarehighlyglobalized.Itisthusessentialffinancialmanagerstofullyunderstvitalinternationaldimensionsoffinancialmanagement.Thisglobalshiftisinmarkedcontrasttoasituationthatexistedwhentheauthsofthisbookwerelearn
4、ingfinancesometwentyyearsago.Atthattimemostprofessscustomarily(safelytosomeextent)ignedinternationalaspectsoffinance.Thismodeofoperationhasbecomeuntenablesincethen.2.Howisinternationalfinancialmanagementdifferentfromdome
5、sticfinancialmanagementAnswer:Therearethreemajdimensionsthatsetapartinternationalfinancefromdomesticfinance.Theyare:1.feignexchangepoliticalrisks2.marketimperfections3.expedopptunityset.3.Discussthemajtrendsthathavepreva
6、iledininternationalbusinessduringthelasttwodecades.Answer:The1990sbroughtarapidintegrationofinternationalcapitalfinancialmarkets.Impetusfglobalizedfinancialmarketsinitiallycamefromthegovernmentsofmajcountriesthathadbegun
7、toderegulatetheirfeignexchangecapitalmarkets.Theeconomicintegrationglobalizationthatbeganintheeightiesispickingupspeedinthe1990sviaprivatization.Privatizationistheprocessbywhichacountrydivestsitselfoftheownershipoperatio
8、nofabusinessventurebyturningitovertothefreemarketsystem.Tradeliberalizationeconomicintegrationcontinuedtoproceedatboththeregionalgloballevels.InEurope?2012byMcGrawHillEducation.Thisisproprietarymaterialsolelyfauthizedins
9、tructuse.Notauthizedfsaledistributioninanymanner.Thisdocumentmaynotbecopiedscannedduplicatedfwardeddistributedpostedonawebsiteinwholepart.shttermfundsinseveralcurrencydenominationstoeffectivelymanagefeignexchangerisk.7.R
10、ossPerotafmerPresidentialcidateoftheRefmPartywhichisathirdpoliticalpartyintheUnitedStateshadstronglyobjectedtothecreationoftheNthAmericanTradeAgreement(NAFTA)whichnohelesswasinauguratedin1994.PerotfearedthelossofAmerican
11、jobstoMexicowhereitismuchcheapertohirewkers.WhatarethemeritsdemeritsofPerot’spositiononNAFTAConsideringtherecenteconomicdevelopmentsinNthAmericahowwouldyouassessPerot’spositiononNAFTAAnswer:SincetheinceptionofNAFTAmanyAm
12、ericancompaniesindeedhaveinvestedheavilyinMexicosometimesrelocatingproductionfromtheUnitedStatestoMexico.AlthoughthismighthavetemparilycausedunemploymentofsomeAmericanwkerstheywereeventuallyrehiredbyotherindustriesoftenf
13、higherwages.AtthesametimeMexicohasbeenexperiencingamajeconomicboom.ItseemsclearthatbothMexicotheU.S.havebenefitedfromNAFTA.Perot’sconcernappearstohavebeenillfounded.8.In1995awkinggroupofFrenchchiefexecutiveofficerswasset
14、upbytheConfederationofFrenchIndustry(CNPF)theFrenchAssociationofPrivateCompanies(AFEP)tostudytheFrenchcpategovernancestructure.Thegroupreptedthefollowingamongotherthings:“Theboardofdirectsshouldnotsimplyaimatmaximizingsh
15、arevaluesasintheU.K.theU.S.Ratheritsgoalshouldbetoservethecompanywhoseinterestsshouldbeclearlydistinguishedfromthoseofitsshareholdersemployeescreditssuppliersclientsbutstillequatedwiththeirgeneralcommoninterestwhichistos
16、afeguardtheprosperitycontinuityofthecompany”.Evaluatetheaboverecommendationofthewkinggroup.Answer:TherecommendationsoftheFrenchwkinggroupclearlyshowthatshareholderwealthmaximizationisnotauniversallyacceptedgoalofcpateman
17、agementespeciallyoutsidetheUnitedStatespossiblyafewotherAngloSaxoncountriesincludingtheUnitedKingdomCanada.Tosomeextentthismayreflectthefactthatshareownershipisnotwidespreadinmostothercountries.InFranceabout15%ofhousehol
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