国际财务管理答案VIP免费

SolutionsforInternationalCorporateFinanceChapter1...........................................................................................................................................2Chapter2...........................................................................................................................................4Chapter3...........................................................................................................................................6Chapter4...........................................................................................................................................8Chapter5.........................................................................................................................................12Chapter6.........................................................................................................................................14Chapter7.........................................................................................................................................16Chapter8.........................................................................................................................................18Chapter9.........................................................................................................................................21Chapter10.......................................................................................................................................23Chapter11.......................................................................................................................................26Chapter12.......................................................................................................................................29Chapter15.InternationalBusinessMethods.SnyderGolfCo.,aU.S.firmthatsellshigh-qualitygolfclubsintheU.S.,wantstoexpandinternationallybysellingthesamegolfclubsinBrazil.a.Describethetradeoffsthatareinvolvedforeachmethod(suchasexporting,directforeigninvestment,etc.)thatSnydercouldusetoachieveitsgoal.ANSWER:Snydercanexporttheclubs,butthetransportationexpensesmaybehigh.IfcouldestablishasubsidiaryinBraziltoproduceandselltheclubs,butthismayrequirealargeinvestmentoffunds.Itcoulduselicensing,inwhichitspecifiestoaBrazilianfirmhowtoproducetheclubs.Inthisway,itdoesnothavetoestablishitsownsubsidiarythere.b.Whichmethodwouldyourecommendforthisfirm?Justifyyourrecommendation.ANSWER:IftheamountofgolfclubstobesoldinBrazilissmall,itmaydecidetoexport.However,iftheexpectedsaleslevelishigh,itmaybenefitfromlicensing.Ifitisconfidentthattheexpectedsaleslevelwillremainhigh,itmaybewillingtoestablishasubsidiary.ThewagesarelowerinBrazil,andthelargeinvestmentneededtoestablishasubsidiarymaybeworthwhile.8.ComparativeAdvantage.a.Explainhowthetheoryofcomparativeadvantagerelatestotheneedforinternationalbusiness.ANSWER:Thetheoryofcomparativeadvantageimpliesthatcountriesshouldspecializeinproduction,therebyrelyingonothercountriesforsomeproducts.Consequently,thereisaneedforinternationalbusiness.b.ExplainhowtheproductcycletheoryrelatestothegrowthofanMNC.ANSWER:Theproductcycletheorysuggeststhatatsomepointintime,thefirmwillattempttocapitalizeonitsperceivedadvantagesinmarketsotherthanwhereitwasinitiallyestablished.10.ValuationofWal-Mart’sIntern...