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阅读一：【学习笔记】International Finance 国际金融论研究学习笔记-1
https://bbs.pinggu.org/thread-7139247-1-1.html

Part I

Basics of InternationalFinance

Ch1

Globalizationand the Multinational Firm

Chapter One Outline

What’s Specialabout “International” Finance?

1.     Goals for International FinancialManagement

2.     Globalization of the World Economy

3.     Multinational Corporations

What’s Special about “International” Finance?

1.     Foreign Exchange Risk

2.     Political Risk

3.     Market Imperfections

4.     Expanded Opportunity Set

阅读二：【学习笔记】International Finance 国际金融论研究学习笔记-2
https://bbs.pinggu.org/thread-7139251-1-1.html

Part I

Basics of InternationalFinance --1

Ch1 --1

Globalizationand the Multinational Firm

What’s Special about “International” Finance?

1.  Foreign Exchange Risk

–This is risk that foreign currency profits may evaporate in dollar termsdue to unanticipated unfavorable exchange rate movements.

–Suppose $1 = ￥100 and you buy 10 shares of Toyota at ￥10,000 per share.One year later the investment is worth ten percent more in yen: ￥110,000.

–But, if the yen hasdepreciated to $1 = ￥120, your investment has actually lostmoney in dollarterms.

2.  Political Risk

–Sovereign governments have theright to regulate the movement of goods, capital, and people across theirborders. These laws sometimes change in unexpected ways.

3.  Market Imperfections

–Legal restrictions on the movement of goods, people, and money

–Transactions costs

–Shipping costs

–Tax arbitrage

4.  Expanded Opportunity Set

–It doesn’t make sense to play in only one corner of the sandbox.

–True for corporations as wellas individual investors.

阅读三：【学习笔记】International Finance 国际金融论研究学习笔记-3
https://bbs.pinggu.org/thread-7139262-1-1.html

Part I

Basics of InternationalFinance --2

Ch1 --2

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?

*******

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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