电脑桌面
添加小米粒文库到电脑桌面
安装后可以在桌面快捷访问

跨国企业和国际财务管理[文献翻译]VIP免费

跨国企业和国际财务管理[文献翻译]_第1页
1/12
跨国企业和国际财务管理[文献翻译]_第2页
2/12
跨国企业和国际财务管理[文献翻译]_第3页
3/12
原文:InternationalFinancialManagementandMultinationalEnterprisesIntroductionThischapterprovidesaselective,criticalsurveyoftheacademicliteratureonthefinancialmanagementpolicyofmultinationalenterprises(MNEs).Thefocusofmuchcurrentresearchinterestcanbecapturedintwomajorthemeswhichalsodominatethisanalysis.ThefirstisfinancialmanagementpolicyinrelationshiptotheincreasingvolatilityofrealandfinancialassetpricesintheinternationalfinancialenvironmentwithinwhichMNEsoperate.Thisdictatesonethemeofthischapter:theimpactoffinancialrisk,inparticularmarketrisk,onMNEsandanappraisalofevolvingfinancialriskmanagementpractices.Thesecondthemeisinternationalmarketsegmentation(ChoiandRajan1997).Theglobalizationofinternationalbusinessactivityhasevolvedalongwithincreasingfinancialmarketintegration,particularlyincapitalmarkets.Toalimitedextentthishasbeenaccompaniedbyincreasedharmonizationandstandardizationofbothinternationalregulatoryandaccountingpractices(Robertsetal.1998).Despitesuchtrends,theasymmetricincidenceofaccountingstandardsregulations,andtaxationhashadsignificanttacticalandstrategicfinancialmanagementimplicationsforMNEs(ChoiandLevich1990,1997;Grayetal.1995;Meeketal.1995;Oxelheimetal.1998).Weevaluatethenature,incidence,andimplicationsofsuchmarketsegmentationforselectedaspectsofMNEfinancialmanagementactivity.ItisclearfromthecontextofouranalysisthatwebelievefinancialfactorstohaveimportantimplicationsforthecomparativeadvantageofMNEslocatedindifferentjurisdictions,andalsothatfinancialmanagementplaysacriticalroleindecidinganMNE’scompetitiveprosperity.ThisbeliefissupportedbysurveysofMNEs(RawlsandSmithson1990;Marshall2000).Marshall(2000)reportstheresultsofasurveyofthe200largestMNEswhichrevealthat87percentofAsianPacific-basedMNEsstatethatforeignexchangeriskmanagementisatleastasimportantas第1页共12页编号:时间:2021年x月x日书山有路勤为径,学海无涯苦作舟页码:第1页共12页businessriskmanagement.Nonetheless,todatenogenerallyacceptedtheoreticalunderpinninghasyetbeenprovideddemonstratingthatfinancialfactorsalonearebothnecessaryandsufficienttorationalizetheexistenceofMNEs,.Wefurtherdiscussthisissueinthecontextofmodesofmarketentryandparticipationinalatersection.Theremainderofthechapteriseasilysummarized.Section2discussestheenhancedimportanceofrecentincreasesinassetpricevolatility,relatingittocountryriskandinternationalinvestmentappraisal.Theclassificationandmeasurementofriskexposureisconsideredinsection3.Particularattentionisgiventorecentlydevelopedtechniquessuchasvalue-at-riskandcash-flow-at-risk.Section4isconcernedwiththemanagementoffinancialriskbyMNEs.Inparticular,adistinctionismadebetweenmanagementpoliciesdesignedprimarilytohedgerisk,andthoseintendingtoexploititspotentialtocreatecompetitiveadvantage.ThissectionalsoevaluatesempiricalstudiesofMNEriskmanagement.Section5addressesissuesrelatingtotheeffectiveimplementationofariskmanagementsystemwithinthegovernancestructureofanMNE.Brifeconcludingremarksfollowtogetherwithsomesuggestionsforfutureresearch..THENATUREOFFINANCIALRISKOuremphasisonfinancialriskandtheevolutionofMNEriskmanagementpracticeshasbeenmotivatedbyanumberoffactors,themostimportantbeingthetrendtowardincreasingglobalfinancialmarketintegration(Lessard1997)andtheenhancedvolatilityinthefinancialenvironmentwithinwhichMNEsoperate.Welaterevaluatestudieswhicharguethatthesefactorscanconfercertainadvant...

1、当您付费下载文档后,您只拥有了使用权限,并不意味着购买了版权,文档只能用于自身使用,不得用于其他商业用途(如 [转卖]进行直接盈利或[编辑后售卖]进行间接盈利)。
2、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。
3、如文档内容存在违规,或者侵犯商业秘密、侵犯著作权等,请点击“违规举报”。

碎片内容

跨国企业和国际财务管理[文献翻译]

确认删除?
VIP
微信客服
  • 扫码咨询
会员Q群
  • 会员专属群点击这里加入QQ群
客服邮箱
回到顶部