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【学习笔记】International Finance 国际金融论研究学习笔记-3
Part I
Basics of InternationalFinance --3
Ch1 --3
Globalizationand the Multinational Firm
Goals for International Financial Management
1. Whatgoal should this effective global manager be working toward?
2. Maximizationof shareholder wealth?
or
3. Othergoals?
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MaximizeShareholder Wealth
1. Longaccepted as a goal in the Anglo-Saxon countries, but complications arise.
–Who are and where are the shareholders?
–In what currency should we maximize theirwealth?
Other Goals
1. Inother countries shareholders are viewed as merely one among many “stakeholders”of the firm including:
–Employees
–Suppliers
–Customers
2. InJapan, managers have typically sought to maximize the value of the keiretsu—afamily of firms to which the individual firms belongs.
3. Thesecalamities have painfully reinforced the importance of corporate governance,i.e., the financial and legal framework for regulating the relationship betweena firm’s management and its shareholders.
4. Nomatter what the other goals, they cannot be achieved in the long term if themaximization of shareholder wealth is not given due consideration.
MultinationalCorporations
1，A multinational corporation (MNC) is a firmthat has been incorporated in one country and has production and salesoperations in other countries.
2，There are about 60,000 MNCs in the world.
3，Many MNCs obtain raw materials from onenation, financial capital from another, produce goods with labor and capitalequipment in a third country, and sell their output in various other nationalmarkets.
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