跨國企業(yè)和國際財務(wù)管理[文獻翻譯]

1、原文：原文：InternationalFinancialManagementMultinationalEnterprisesIntroductionThischapterprovidesaivecriticalsurveyoftheacademicliteratureonthefinancialmanagementpolicyofmultinationalenterprises(MNEs).Thefocusofmuchcurrentre

2、searchinterestcanbecapturedintwomajthemeswhichalsodominatethisanalysis.Thefirstisfinancialmanagementpolicyinrelationshiptotheincreasingvolatilityofrealfinancialassetpricesintheinternationalfinancialenvironmentwithinwhich

3、MNEsoperate.Thisdictatesonethemeofthischapter:theimpactoffinancialriskinparticularmarketriskonMNEsanappraisalofevolvingfinancialriskmanagementpractices.Thesecondthemeisinternationalmarketsegmentation(ChoiRajan1997).Thegl

4、obalizationofinternationalbusinessactivityhasevolvedalongwithincreasingfinancialmarketintegrationparticularlyincapitalmarkets.Toalimitedextentthishasbeenaccompaniedbyincreasedharmonizationstardizationofbothinternationalr

5、egulatyaccountingpractices(Robertsetal.1998).DespitesuchtrendstheasymmetricincidenceofaccountingstardsregulationstaxationhashadsignificanttacticalstrategicfinancialmanagementimplicationsfMNEs(ChoiLevich19901997Grayetal.1

6、995Meeketal.1995Oxelheimetal.1998).WeevaluatethenatureincidenceimplicationsofsuchmarketsegmentationfedaspectsofMNEfinancialmanagementactivity.Itisclearfromthecontextofouranalysisthatwebelievefinancialfactstohaveimptantim

7、plicationsfthecomparativeadvantageofMNEslocatedindifferentjurisdictionsalsothatfinancialmanagementplaysacriticalroleindecidinganMNE’scompetitiveprosperity.ThisbeliefissupptedbysurveysofMNEs(RawlsSmithson1990Marshall2000)

8、.Marshall(2000)reptstheresultsofasurveyofthe200largestMNEswhichrevealthat87percentofAsianPacificbasedMNEsstatethatfeignexchangeriskmanagementisatleastasimptantas2000theYenUSdollarexchangeratehasmovedfrom361to107theDeutsc

9、hmarkUSdollarratehasfallenfrom4.2to1.9.Howeverthedollarhasappreciatedbyabouttwothirdsagainststerlingoverthesameperiod.ThecrisisintheEuropeanMoarySystem(ERM)inSeptember1992ledtosignificantfallsinthevalueofsterlingtheItali

10、anLirawhilethecurrenciesofThailIndonesiaMalaysiathePhilippinesSouthKealostbetweenonethirdthreequartersoftheirvalueinthesecondhalfof1997.Therehavealsobeenmajmovementsinexchangeratesfollowingshifitsinthemoarypolicystanceof

11、certaingovernmentssuchasthetightermoarypolicyfollowedintheearlydaysoftheThatcheradministrationintheUK.Indeedtheaveragevolatilityofexchangerateswhichisintheregionof1015perentperyearissufficienttoeliminatetheaverageprofitm

12、arginfthetypicalmultinationalcpation.InterestratevariabilityInterestratevolatilityhassimilarlyaffectedcpatefundingcostscashflowsassetvaluessincetheearly1970sintheUSalthoughtheysubsequentlydeclinedachangeinpolicybytheFede

13、ralReservecausedasharpincreaseinboththelevelvolatilityofratesin1979.Interestratespeakedin1981thenfellslowly.Since1983therehavebeenfourmeUSinterestratecycles.AccdingtoJion(1996)theincreasein1994eliminatedover$1.5trilliond

14、ollarfromfixedincomeptfolios.Interestrateshavealsobecomememevolatilesincemanycentralbanksbegantoabontargetinginterestratesasapolicyobjectiveinfavouroftargetingmoneysupplygrowthinflation.IntheUKinterestratesshotupinthelat

15、e1980searly1990sduetoinflationarypressurescausedbyarelaxationinmoarypolicybutthenfellsubstantiallywithsterling’swithdrawalfromtheERMinSeptember1992.EquitymarketvariabilityEquitymarketshavealsobecomeextremelyvolatile.Duri

16、ngtheinflationaryperiodsoftheearly1970spricesincreasedsignificantlyonlytofallsharplyduringthebearmarketof19745followinga300percenthikeinthepriceofoil.Aglobalrecoverythenensuedwithminpricereversalsin19823themarketpeakedin