跨国企业和国际财务管理[文献翻译]VIP免费

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...