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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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