国际金融英文课件:Lecture 12.ppt
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- 国际金融英文课件:Lecture 12 国际金融 英文 课件 Lecture
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1、INTERNATIONAL FINANCIAL MANAGEMENT EUN / RESNICK Second Edition 12 Foreign Direct Investment (Chapter 16) McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 15-1 Essential Reading The Whole Chapter McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies, I
2、nc. All rights reserved. 15-2 Outline lGlobal Trends in FDI lWhy Do Firms Invest Overseas? lCross-Border Acquisitions lPolitical Risk and FDI McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 15-3 Global Trends in FDI lForeign Direct Investment often involves t
3、he establishment of production facilities abroad. lGreenfield Investment nInvolves building new facilities from the ground up. lCross-Border Acquisition nInvolves the purchase of existing business. McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 15-4 Global T
4、rends in FDI lThe FDI between developed countries accounts for 80% of the total world FDI. lThe developed countries are the main source of FDI outflows. lThe acquisition has gradually taken the place of the traditional Greenfield investment. McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Compan
5、ies, Inc. All rights reserved. 15-5 Average Annual FDI (in Billions) 0 20 40 60 80 100 120 Australia Canada China France Germany Italy Japan Mexico Netherlands Spain Sweden Switzerland United Kingdom United States Inflows Outflows McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies, Inc. A
6、ll rights reserved. 15-6 Why Do Firms Invest Overseas? lTrade Barriers lLabour Market Imperfections lIntangible Assets lVertical Integration lProduct Life Cycle lShareholder Diversification McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 15-7 Trade Barriers l
7、Government action leads to market imperfections. lTariffs, quotas, and other restrictions on the free flow of goods, services and people. lTrade Barriers can also arise naturally due to high transportation costs, particularly for low value-to- weight goods. McGraw-Hill/Irwin Copyright 2001 by The Mc
8、Graw-Hill Companies, Inc. All rights reserved. 15-8 Labour Market Imperfections lAmong all factor markets, the labor market is the least perfect. nRecall that the factors of production are land, labor, capital, and entrepreneurial ability. lIf there exist restrictions on the flow of workers across b
9、orders, then labor services can be underpriced relative to productivity. nThe restrictions may be immigration barriers or simply social preferences. McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 15-9 Labour Market Imperfections Country Hourly Cost Germany $
10、27.37 Japan $21.38 France/U.S. $17.10 Israel $9.06 Taiwan $5.47 Mexico $2.57 Persistent wage differentials across countries exist. This is one on the main reasons MNCs are making substantial FDIs in less developed nations. McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies, Inc. All right
11、s reserved. 15-10 Intangible Assets lCoca-Cola has a very valuable asset in its closely guarded “secret formula”. lTo protect that proprietary information, Coca-Cola has chosen FDI over licensing. lSince intangible assets are difficult to package and sell to foreigners, MNCs often enjoy a comparativ
12、e advantage with FDI. McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies, Inc. All rights reserved. 15-11 Vertical Integration lMNCs may undertake FDI in countries where inputs are available in order to secure the supply of inputs at a stable accounting price. lVertical integration may be
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