【精品】multinational financial management（跨国公司财务）ch12 national capital markets and international financing（可编辑）.ppt

Multinational Financial Management（跨国公司财务管理）ch12 National Capital Markets and International FinancingI.CORPORATE SOURCES AND USES OF FUNDSI.CORPORATE SOURCES AND USES OF FUNDSA.3 General Sources of Funds:1.Internally-generated cash2.Short-term external funds3.Long-term external fundsB.Forms of Securities1.Equity2.Debt:the most preferred formCORPORATE SOURCES AND USES OF FUNDSC.Debt Instruments Used1.Commercial Bank Loans2.Bondsa.Publicly issuedb.Privately issuedCORPORATE SOURCES AND USES OF FUNDSD.Financial Markets v.Financial Intermediaries1.Securitizationa.Definition:replacing bank loans withsecurities issued in public markets.b.Reflects reduction in access costs due to1.)Technological improvements2.)GlobalizationCORPORATE SOURCES AND USES OF FUNDSE.Corporate Governancedifferences exist and fall into two general categories:1.Anglo-Saxon(AS)Model2.Continental European and Japanese(CEJ)Model-example:keiretsusII.NATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERSA.Principal Functions of Financial Centers1.To transfer purchasing power2.To allocate fundsbetween savers and borrowersNATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERSB.International Financial Market1.Most important:a.Londonb.New Yorkc.Tokyo2.Other Centers for Intermediariesa.Singaporeb.Hong Kongc.the BahamasNATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERS3.Prerequisites to be a global financial centera.political stabilityb.minimal government interventionsc.legal infrastructured.financial infrastructureNATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERSC.Foreign Access to Domestic Markets1.The Foreign Bond Marketa.Extension of domestic marketb.Issues floated by foreign cos.or governmentsExamples:Yankee bonds,samurai bondsNATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERSc.Three Major Types of Foreign Bonds1.)Fixed rate2.)Floating rate3.)Equity relatedNATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERS2.The Foreign Bank Marketa.Extension of domestic marketsb.Important funding source:Japanese banks for U.S.firms3.The Foreign Equity Marketa.Cross listing internationally can1.)diversify risk2.)increase potential demand3.)build base of global owners.III.DEVELOPMENT BANKSA.General Purposefounded by governments to help financevery large infrastructure projects.DEVELOPMENT BANKSB.Types of Development Banks1.World Bank Group includesa.International Bank for Reconstruction and Developmentb.International Development Associationc.International Finance CorporationDEVELOPMENT BANKSB.Types of Development Banks(cont)2.Regional Development Banksfinance industry,agricultural,and infrastructure projects3.National Development Banksconcentrate on a particular industry or region.