《跨国经营学》第九章volkswagen hedging strategy案例分析中英文

跨国公司经营与管理复习目录第一篇：跨国公司经营与管理复习目录跨国公司经营与管理1.跨国公司的特征（P3）：1。

统一的中央决策2.对外投资是最主要的活动形式。

3.灵活多样的经营策略。

4.强大的技术创新能力。

5.具有较大的经营风险。

2.早起跨国公司形成的原因和特点（P9-10）3.全球战略的特征（P39）4.跨国战略联盟成功的条件（P41）5.跨国公司经营方式和股权经营方式（P47）6.合资经营方式（P48）7.并购（P49-50)8.非股权经营方式与股权经营方式相比的几个特点（P53）9.制造合同、工程项目合同、交钥匙合同项目（P55）10.管理合同、国际分包合同、劳务输出合同、技术质询、工程质询（P56）11.人口状况。

有关人口状况需要考虑的指标有：（P64）1.人口总数。

2.人口增长率。

3.人口结构4.人口分布。

12.技术转让（P75）13.跨国公司技术转让的特点（P76-77）14.跨国公司技术转让的方式选择(P77-80)1.许可交易2..特许专营3.技术协助4.交钥匙项目5.合作研究与开发6.对外直接投资7.补偿贸易15.技术转让中的成本与费用（P82）16.技术定价的特点（P83）17.组织结构设置的一般原则（P88）18.跨国公司组织结构的演变过程（P89-90）1.出口部阶段2.母子结构阶段3.国际部阶段4.全球性结构阶段。

19.影响跨国公司组织结构选择的因素(P100-101)1.跨国经营战略2.跨国经营程度3.国际市场与技术环境。

20.虚拟企业构造（P103）21.跨国公司的金融方式可分为长期金融、中期金融和短期融资。

跨国公司长期融资的方式主要有发行股票、发行公司债券和长期借款.（P108-110）22.交易风险P11423.跨国公司管理人员应具备的素质和能力（P119-122）24.驻外管理人员的选择与培训(P122)驻外管理人员的选着(P122-123)25.全球中心政策（P127）然而，这种人事政策的实施会受到许多因素的限制：（P127）26.产品市场生命周期（P139）27.跨国公司内部贸易产生的原因（P146-147）28.跨国公司内部贸易的特征（P147-148)29.中国企业跨国经营的特点（P177-179）30.经济全球化发展的必然趋势（P179-180）31.中国企业跨国经营的优势（P181-183）32.中国企业跨国经营的劣势（P183-185）第二篇：跨国公司经营与管理期末复习跨国公司经营与管理期末复习1.跨国公司（transnational corporation）：在两个或多个国家间组成的公营、私营或混合所有制企业实体。

“跨国公司与跨国经营”案例分析报告—跨国并购案例：达能在中国市场的并购达能公司的迅速成长很大程度上归功于其大量成功的收购战略，其成为跨国饮料食品巨子只有短短30年时间。

它的扩张谋略有三：一是在世界各地的市场上广泛收购当地数一数二、与自己核心竞争力一致的品牌。

如在中国市场上，乐百氏乳酸占有率居全国第一，娃哈哈为第二；而瓶装水市场上，这两者的位置则颠倒了一下。

深圳益力是深圳市场的领头羊。

梅林正广和是全国最大的桶装水生产企业。

光明乳业则在国内乳业是龙头企业。

二是股权收购策略。

在跨国并购中，刚开始外资占的股份不多，至多与当地公司股份相当。

但后来的趋势就是，外方不断增资扩股，以降低中方所持股份额，使外资由参股或少部分股权合资向控股合资转变，实现其“扩股”、“逼股”、“挤股”（如下图所示）。

比如目前500强在深圳的合资企业中，大多数已经是外方控股企业；有的跨国企业已经从合资转变为独资企业。

第 3 页（共4页）三是实行包容性的本土化和多品牌战略。

当初收购娃哈哈时，娃哈哈提出三个坚持：一是坚持合资不合牌；二是坚持娃哈哈全权经营；三是坚持所有退休和在职员工全部纳入合资企业。

以至于被收购多年，很多人仍把娃哈哈当作纯粹的民族品牌。

乐百氏也是如此，享有商标权、管理权和市场开拓权，并不介入其管理层。

达能让这些企业的“中国味道”完整保留下来，在背后加以扶持，这样一方面避免了触动民族情绪，另一方面避免整合可能出现的文化等问题，使被收购企业运作照常。

达能还给予被收购企业许多优惠条件，如无偿使用自己的商标和品牌等。

达能认为，收购这个词可能会被误解，“我们希望和好的厂家合作，我们并不准备整合这些公司，相反支持和发展国内已有的品牌，我们希望通过与国内大的公司合作，创造一个相对健康的水市场。

”初看达能的做法，似乎没有占什么便宜，被收购公司得利更多。

但实际上达能是十分深谋远虑的。

以娃哈哈为例，从与达能之间的资本关系上看，事实上娃哈哈三个层次的资本相加，即整个集团42家企业、35亿元注册资本中，达能的投资仅占约32%。

跨国并购理论及并购战略跨国并购理论跨国并购是跨国公司常用的一种资本输出方式。

跨国公司的国际并购涉及两个或两个以上国家的企业，两个或两个以上国家的市场和两个以上政府控制下的法律制度，其中“一国跨国性企业”是并购发出企业或并购企业，“另一国企业”是他国被并购企业，也称目标企业。

这里所说的渠道，包括并购的跨国性企业直接向目标企业投资，或通过目标国所在地的子公司进行并购两种形式，这里所指的支付手段，包括支付现金、从金融机构贷款、以股换股和发行债券等形式。

收购有收购人以自身主体名义去直接收购，也有为了规避和隔离投资风险而通过在第三国尤其是在离岸法域设立离岸公司（特殊目的公司）进行的间接收购。

而跨国公司的国内并购是指某一跨国性企业在其国内以某种形式并购本国企业。

兼并(Merge)指公司的吸收合并，即一公司将其他一个或数个公司并入本公司，使其失去法人资格的行为。

是企业变更、终止的方式之一，也是企业竞争优胜劣汰的正常现象。

在西方公司中，企业兼并可分为两类，即吸收兼并和创立兼并。

收购(Acquisition)意为获取，即一个企业通过购买其他企业的资产或股权，从而实现对该公司企业的实际控制的行为。

有接管(或接收)企业管理权或所有权之意。

按照其内容的不同，收购可分为资产收购和股份收购两类。

从经济学角度而言，企业兼并和收购的经济意义是一致的，即都使市场力量、市场份额和市场竞争结构发生了变化，对经济发展也产生相同的效益，因为企业产权的经营管理权最终都控制在一个法人手中。

正是在这个意义上，西方国家通过把Mergers和Acquisition连在一起，统称M&A。

企业兼并的涵义与M&A相似，兼指吸收合并与收购，1996年8月20日财政部发布的《企业兼并有关财务问题的暂行规定》第二条规定：“本规定所称兼并指一个企业通过购买等有偿方式取得其他企业的产权，使其失去法人资格或虽保留法人资格但改变投资主体的一种行为。

因此，在，通常把企业兼并和企业收购统称为企业并购。

The Foreign Exchange Market∙Be conversant with thefunctions of the foreignexchange market.∙Understand what is meant by spot exchange rates.∙Appreciate the role that foreign exchange rates play in insuringagainst foreign exchange risk. ∙Understand the differenttheories explaining howcurrency exchange rates aredetermined and their relativemerits.∙Be familiar with the merits of different approaches towardsexchange rate forecasting.∙Understand the differencesbetween transaction, translation,and economic exposure, andwhat managers do to manageeach type of exposure. The foreign exchange market is the market where currencies are bought and sold and currency prices are determined. It is a network of banks, brokers and dealers that exchange currencies 24 hours a day.Exchange rates determine the value of one currency in terms of another. While dealing in multiple currencies is a requirement of doing business internationally, it also creates risks and significantly impacts the attractiveness of different investments over time.The foreign exchange market is used for:1. Currency conversion,2. Currency hedging,3. Currency arbitrage,4.Currency speculation. Firms can use the foreign exchange market to minimize the risk of adverse exchange rate movement. Such arrangements can prevent them from benefiting from favorable movements.9OUTLINE OF CHAPTER 9: THE FOREIGN EXCHANGE MARKET Opening Case: Hyundai and Kia Face a Strong WonIntroductionThe Functions of the Foreign Exchange MarketCurrency ConversionInsuring Against Foreign Exchange RiskManagement Focus: Volkswagen’s Hedging StrategyThe Nature of the Foreign Exchange MarketEconomic Theories of Exchange Rate DeterminationPrices and Exchange RatesThe Law of One PriceInterest Rates and Exchange RatesInvestor Psychology and Bandwagon EffectsSummaryCountry Focus: Anatomy of a Currency CrisisExchange Rate ForecastingThe Efficient Market SchoolThe Inefficient Market SchoolApproaches to ForecastingCurrency ConvertibilityImplications for ManagersTransaction ExposureTranslation ExposureEconomic ExposureReducing Translation and Transaction ExposureReducing Economic ExposureOther Steps for Managing Foreign Exchange Risk Management Focus: Dealing with the Rising EuroChapter SummaryCritical Thinking and Discussions QuestionsClosing Case: The Curse of the Strong Dollar at STMicroCLASSROOM DISCUSSION POINTGive students a copy of a recent currency exchange report from the Wall Street Journal, The New York Times or The Financial Times. Then, show students how to read the chart and understand the difference between direct quotes and indirect quotes.Next, give students some “money” (slips of paper designated with certain currency values) and ask them to convert their money into a foreign currency at the “bank” and purchase several things like a hamburger and drink.Finally, create a shortage of a popular currency to give students an feel for how supply and demand can affect a currency’s value.OPENING CASE: Hyundai and Kia Face a Strong WonThe opening case describes the international strategy of two South Korean auto companies, Hyundai and Kia. Both companies have approached the U.S. and European Union markets with high quality, well-designed, attractively-priced vehicles. While this strategy has been successful for the companies, it also means they are vulnerable to changes in the value of the Korean won relative to the U.S. dollar and European euro. Discussion of the case can revolve around the following questions:1. How does a strong Korean won affect Hyundai and Kia? Why are the two companies more vulnerable to currency movements than other automakers?2. How can Hyundai and Kia protect themselves from adverse currency movements. In your opinion, are the two companies taking the right steps to hedge their exposure?3. Both Hyundai and Kia have recently opened new facilities in the U.S. What is the motivation for this strategy?Another Perspective:To explore Hyundai and Kia’s strategies in greater depth, go to the companies’ web sites at {} and {}. LECTURE OUTLINEThis lecture outline follows the Power Point Presentation (PPT) provided along with this instructor’s manual. The PPT slides include additional notes that can be viewed by clicking on “view”, then on “notes”. The following pr ovides a brief overview of each Power Point slide along with teaching tips, and additional perspectives.Slide 9-3 IntroductionThis chapter:∙explains how the foreign exchange market works∙examines the forces that determine exchange rates and discusses the degree to which it is possible to predict exchange rate movements∙maps the implications for international business of exchange rate movements and the foreign exchange marketThe foreign exchange market is a market for converting the currency of one country into that of another country. The exchange rate is the rate at which one currency is converted into another.Slide 9-4 The Functions of the Foreign Exchange MarketThe foreign exchange market is used:∙to convert the currency of one country into the currency of another∙to provide some insurance against foreign exchange risk - the adverse consequences of unpredictable changes in exchange ratesSlide 9-5 Currency ConversionCompanies use the foreign exchange market:∙to convert payments it receives for its exports, the income it receives from foreign investments, or the income it receives from licensing agreements with foreignfirms∙when they must pay a foreign company for its products or services in its country’s currency∙when they have spare cash that they wish to invest for short terms in money markets∙for currency speculation - the short-term movement of funds from one currency to another in the hopes of profiting from shifts in exchange ratesAnother Perspective: {/} provides a real time currency cross-rate chart, and an option to do currency conversions.Slides 9-6-9-10 Insuring Against Foreign Exchange RiskA second function of the foreign exchange market is to provide insurance to protect against the possible adverse consequences of unpredictable changes in exchange rates, or foreign exchange risk.∙The spot exchange rate is the rate at which a foreign exchange dealer converts one currency into another currency on a particular day.∙ A forward exchange occurs when two parties agree to exchange currency and execute the deal at some specific date in the future. A forward exchange rateoccurs when two parties agree to exchange currency and execute the deal at some specific date in the future.∙ A currency swap is the simultaneous purchase and sale of a given amount of foreign exchange for two different value dates. Swaps are transacted betweeninternational businesses and their banks, between banks, and betweengovernments when it is desirable to move out o one currency into another for alimited period without incurring foreign exchange rate risk.Slides 9-11-9-12 The Nature of the Foreign Exchange MarketThe foreign exchange market is not a place, but a network of banks, brokers, and dealers that exchange currencies 24 hours/day.Slide 9-14 Economic Theories of Exchange Rate DeterminationThree factors have an important impact on future exchange rate movements in a country’s currency:∙the country’s price inflation∙its interest rate∙market psychologyAnother Perspective: To find out more about how various factors affect, or are affected by, exchange rates, go to {/education/what-moves-rates.html?engine=exchangerate+rostext2+text&CMP=SFS-701300000003SF7AAM&keyword=01t031} and click on “what moves rates”.Slide 9-15-9-16 Prices and Exchange RatesThe law of one price suggests that in competitive markets free of transportation costs and trade barriers, identical products in different countries must sell for the same price when their price is expressed in terms of the same currency.A less extreme version of the PPP theory states that given relatively efficient markets–that is, markets in which few impediments to international trade and investment exist –the price of a “basket of goods” should be roughly equivalent in each country.Slide 9-17 Interest Rates and Exchange RatesThe International Fisher Effect states that for any two countries the spot exchange rate should change in an equal amount but in the opposite direction to the difference in nominal interest rates between two countries.Slide 9-18 Investor Psychology and Bandwagon EffectsExpectations on the part of traders can turn into self-fulfilling prophecies, and traders can joint the bandwagon and move exchange rates based on group expectations.Slide 9-19 SummaryI nternational businesses should pay attention to countries’ differing monetary growth, inflation, and interest rates.Slide 9-21 Exchange Rate ForecastingThe efficient market school, argues that forward exchange rate do the best possible job of forecasting future spot exchange rates, and, therefore, investing in forecasting services would be a waste of money, while the inefficient market school, argues that companies can improve the foreign exchange market’s estimate of future exchange rates (as contain ed in the forward rate) by investing in forecasting services.Slide 9-22 The Efficient Market SchoolAn efficient market is one in which prices reflect all available information.Slide 9-23 The Inefficient Market SchoolIn an inefficient market, prices do not reflect all available information.Slide 9-24 Approaches to ForecastingThere are two approaches to forecasting exchange rates:∙fundamental analysis - draws upon economic theories to predict future exchange rates, including factors like interest rates, monetary policy, inflation rates, orbalance of payments information∙technical analysis - chart trends, and believe that past trends and waves are reasonable predictors of future trends and wavesSlides 9-25-9-26 Currency ConvertibilityA currency is said to be freely convertible when a government of a country allows both residents and non-residents to purchase unlimited amounts of foreign currency with the domestic currency. A currency is said to be externally convertible when non-residents can convert their holdings of domestic currency into a foreign currency, but when the ability of residents to convert currency is limited in some way. A currency is nonconvertible when both residents and non-residents are prohibited from converting their holdings of domestic currency into a foreign currency.Free convertibility is the norm in the world today, although many countries impose restrictions on the amount of money that can be converted. The main reason to limit convertibility is to preserve foreign exchange reserves and prevent capital flight.Countertrade refers to a range of barter like agreements by which goods and services can be traded for other goods and services. It can be used in international trade when a country’s currency is nonconverti ble.Another Perspective: The American Countertrade Association maintains a web site with information for those interested in countertrade. The site is worth a visit. It is available at {/commerce/associations/american_countertrade_association/}.Slide 9-28 Implications for ManagersThere are three types of foreign exchange risk:1. Transaction exposure2. Translation exposure3. Economic exposureSlide 9-29 Transaction ExposureTransaction exposure is the extent to which the income from individual transactions is affected by fluctuations in foreign exchange values.Slide 9-30 Translation ExposureTranslation exposure is the impact of currency exchange rate changes on the reported financial statements of a company.Slide 9-31 Economic ExposureEconomic exposure is the extent to which a firm’s future international earning power is affected by changes in exchange rates.Slides 9-33-9-34 Reducing Translation and Transaction ExposureFirms can minimize their foreign exchange exposure by:∙buying forward∙using swaps∙leading and lagging payables and receivables - paying suppliers and collecting payment from customers early or late depending on expected exchange ratemovementsSlide 9-35 Reducing Economic ExposureFirms can reduce economic exposure by ensuring assets are not too concentrated in countries where likely rises in currency values will lead to damaging increases in the foreign prices of the goods and services they produced.Slide 9-36 Other Steps for Managing Foreign Exchange RiskTo manage foreign exchange risk: (a) central control of exposure is needed to protect resources efficiently and ensure that each subunit adopts the correct mix of tactics and strategies; (b) firms should distinguish between transaction and translation exposure on the one hand, and economic exposure on the other hand; (c) the need to forecast future exchange rates cannot be overstated; (d) firms need to establish good reporting systems s o the central finance function can regularly monitor the firm’s exposure position; (e) the firm should produce monthly foreign exchange exposure reports.CRITICAL THINKING AND DISCUSSION QUESTIONSQUESTION 1: The interest rate on South Korean government securities with one-year maturity is 4% and the expected inflation rate for the coming year is 2%. The US interest rate on government securities with one-year maturity is 7% and the expected rate of inflation is 5%. The current spot exchange rate for Korea won is $1 = W1,200. Forecast the spot exchange rate one year from today. Explain the logic of your answer. ANSWER 1: Drawing on what we know about the Fisher effect, the real interest rate in both the US and South Korea is 2%. The international Fisher effect suggests that the exchange rate will change in an equal amount but in an opposite direction to the difference in nominal interest rates. Hence since the nominal interest rate is 3% higher in the US than in South Korea, the dollar should depreciate by 3% relative to the South Korean Won. Using the formula from the book: (S1 - S2)/S2 x 100 = i$ - i Won and substituting 7 for i$, 4 for i Won, and 1200 for S1, yields a value for S2 of $1=W1165.QUESTION 2: Two countries, Great Britain and the US, produce just one good: beef. Suppose that the price of beef in the US is $2.80 per pound, and in Britain it is £3.70 per pound.(a) According to PPP theory, what should the $/£ spot exchange rate be?(b) Suppose the price of beef is expected to rise to $3.10 in the US, and to £4.65 in Britain. What should be the one year forward $/£ exchange rate?(c) Given your answers to parts (a) and (b), and given that the current interest rate in the US is 10%, what would you expect current interest rate to be in Britain?ANSWER 2:(a) According to PPP, the $/£ rate should be 2.80/3.70, or .76$/£.(b) According to PPP, the $/£ one year forward exchange rate should be 3.10/4.65,or .67$/£.(c) Since the dollar is appreciating relative to the pound, and given the relationship ofthe international Fisher effect, the British must have higher interest rates than the US. Using the formula (S1 - S2)/S2 x 100 = i£ - i$ we can solve the equation for i£, withS1=.76, S2=.67, I$ = 10, yielding a value of 23.4% for the British interest rates. QUESTION 3: Reread the Management Focus feature on Volkswagen in this chapter, then answer the following questions:a) Why do you think management at Volkswagen decided to hedge only 30 percent of their foreign currency exposure in 2003? What would have happened if they had hedged70 percent of their exposure?b) Why do you think the value of the U.S. dollar declined against that of the Euro in 2003?c) Apart from hedging through the foreign exchange market, what else can Volkswagen do to reduce its exposure to future declines in the value of the U.S. dollar against the euro? ANSWER 3:a) When Volkswagen decided to hedge just 30 percent of its foreign exchange exposurein 2003, the company essentially gambled that the euro would decline in value relative to the dollar. The company hoped that by saving the cost of the commission involved in selling a currency forward, it would increase its profit margin. This strategy of course, backfired.b) The appreciation of the euro relative to the U.S. dollar took many people by surprise. Its rise has been attributed to record U.S. foreign trade deficits and pessimism about the future value of the dollar.c) In addition to using forward contracts, Volkswagen could use currency swaps, and lead and lag payables and receivables.QUESTION 4: You manufacture wine goblets. In mid-June you receive an order for 10,000 goblets from Japan. Payment of ¥400,000 is due in mid-December. You expect the yen to rise from its present rate of $1=¥130 to $1=¥100 by December. You can borrow yen at 6% per annum. What should you do?ANSWER 4: The simplest solution would be to just wait until December, take the ¥400,000 and convert it at the spot rate at that time, which you assume will be $1=¥100. In this case you would have $4,000 in mid-December. If the current 180-day forward rate is lower than 100¥/$, then a forward contract might be preferable since it both locks in the rate at a better level and reduces risk. If the rate is above ¥100/$, then whether you choose to lock in the forward rate or wait and see what the spot does will depend upon your risk aversion. There is a third possibility also. You could borrow money from a bank that you will pay back with the ¥400,000 you will receive (400,000/1.03 = ¥388,350 borrowed), convert this today to US$ (388,350/130 = $2,987), and then invest these dollars in a US account. For this to be preferable to the simplest solution, you would have to be able to make a lot of interest (4,000 - 2,987 = $1,013), which would turn out to be an annual rate of 51% ((1,013/4000) * 2). If, however, you could lock in these interest rates, then this method would also reduce any exchange rate risk. What you should do depends upon the interest rates available, the forward rates available, how large a risk you are willing to take, and how certain you feel that the spot rate in December will be ¥100 = $1.QUESTION 5: You are the CFO of a US firm whose wholly owned subsidiary in Mexico manufactures component parts for your US assembly operations. The subsidiary has been financed by bank borrowings in the United States. One of your analysts told you that the Mexican peso is expected to depreciate by 30 percent against the dollar on the foreign exchange markets over the next year. What actions, if any, should you take?ANSWER 5: Your financing and operating capital are in dollars, yet many of your costs (labor) must be in peso. Your hard assets are all in peso, and their value will decline. On the other hand, if the peso depreciates, then your dollars will go further. So perhaps doing nothing is the best approach. If you are pretty sure that the peso will depreciate, then you may want to avoid any major peso-denominated costs that you can until after devaluation. That may mean holding back on shipments if possible, and you may want any dollar-denominated purchases made before the devaluation. You may want to move any peso-denominated major accounts into dollars before the devaluation.CLOSING CASE: The Curse of the Strong Dollar at STMicroSummaryThe closing case explores the effect of a strong dollar on STMicro, a European manufacturer of semiconductors. The majority of STMicro’s operations are located in Western Europe. Accordingly, when the dollar was strong relative to the euro, STMicro made a healthy profit, but saw its profit tumble when the value of the euro rose. Discussion of the case can revolve around the following questions.QUESTION 1: In retrospect, could the fall in the value of the dollar against the Euro have been predicted in 2003?ANSWER 1: Since its introduction, the euro has been volatile relative to the U.S. dollar. Most analysts were surprised in 2003 by the rapid rise in value of the euro relative to the dollar. However, given that a key reason for the rise in value of the euro was the record U.S. foreign trade deficit which created an outward flow of dollars, and a lower value for the dollar, some might argue that the trend should have been expected.QUESTION 2: What was the fundamental reason for the decline in the value of the dollar against the euro in 2003-2006? To what extent is the decline in the value of the dollar consistent with the theories of exchange rate determination discussed in this chapter?ANSWER 2: Investor psychology probably played a role in the decline of the dollar versus the euro in 2003-2006. Foreigners were pessimistic after the U.S. government announced that a weak dollar was acceptable since it helped firms trying to export. In addition, the U.S. government’s record budget deficit contributed to the demise of the dollar relative to the euro. Many foreigners believed the U.S. would have to finance its spending through an expansion in the money supply, which would lead to inflation, and cause a drop in the value of the dollar.QUESTION 3: Why do you think that STMicro did very little currency hedging?ANSWER 3: Hindsight is 20/20. During the early years of the euro, STMicro enjoyed high profits thanks to the weak euro and strong dollar. When the market began to shift, STMicro was unprepared. When the dollar fell, STMicro saw a negative impact on its profits. In the “good” years, the company was able to save the costs of currency hedging, however these costs savings were wiped out by the losses associated with the weak dollar.QUESTION 4: What strategy is STMicro now adopting to deal with possible future fluctuations in exchange rates? Is this a smart strategy?ANSWER 4: To deal with possible future fluctuations in exchange rates, STMicro is actively cutting costs by closing some European operations and cutting jobs. In addition, the company is shifting some production to Asia with the idea of being able to switch production between Asia and Europe as the situation warrants. It is not clear whether the company intends to do any currency hedging, but it could complement STMicro’s other strategies.Another Perspective:Students can further explore STMicro’s current situation by going to its web site at {/stonline/}.INTEGRATING iGLOBESThere are several iGLOBE video clips that can be integrated with the material presented in this chapter. In particular, you might consider the following:Title: Federal Reserve Moves to Stabilize MarketFederal Reserve Spends BillionsRun Time: 10:21Abstract:This video explores the efforts by the Federal Reserve and other central banks to stabilize financial markets.Key Concepts:international monetary system, investor psychology and the bandwagon effect, globalizationNotes: Global markets, concerned about the availability of credit, received some reassurance recently when the Federal Reserve, along with the European Central Bank, and other central banks, announced that they would pump billions of dollars into the global financial system. The hope is that the additional liquidity will ensure that prices in the market reflect underlying risks. As a result of the Federal Reserve’s actions, the federal funds rate, which had been 6 percent, dropped back to the targeted 5.25 percent. Liquidity in the market had been disrupted by a very abrupt re-pricing of risk in the economy.Glenn Hubbard, dean of the Columbia Business School, believes that the move was important for restoring market confidence and ensuring that there were no developments in the market that could lead to a financial crisis. Laurence Meyer, former governor of the Federal Reserve Board, noted that the problems that were addressed began in the United States, and in particular with sub-prime loans. However, because financial markets today are global in nature, the problems quickly spread to other countries in Europe. Glenn Hubbard also stresses the need to fully understand the global nature of financial markets, and the interconnectedness of the global economy.Hubbard points out that while the current problem began in the United States and spreadto other countries, the contributions to global liquidity and investments in the UnitedStates came from foreign markets. He notes that today, risks are spread and diversifiedaround the world. Hubbard expects further intervention in the market. Hubbard believesthe current situation is actually a correction in the market that will more accurately pricerisk. He notes that the correction took place very quickly as people became worriedabout credit spreads.Discussion Questions:1. Why did the Federal Reserve recently pump money into financial markets? Whatproblems was it trying to address? Did it succeed?2. Consider the recent move by the Federal Reserve to inject additional liquidity intofinancial markets. The Federal Reserve’s efforts were just part of a worldwide effort toreassure investors of the availability of credit. Why was it important for the FederalReserve to work in tandem with other central banks? Could the Federal Reserve havecorrected the problem by working alone?2. Reflect on the global nature of world financial markets. What are the implications ofthis interconnectedness? As an investor, how does this affect you?4. Discuss the implications of global financial markets, and the potential for a worldwideeconomic crisis. INTEGRATING VIDEOSThere are also several longer video clips that can be integrated with the materialpresented in this chapter. In particular, you might consider the following:Title 11: Chinese Currency ChangeSummaryAfter more than a decade, the Chinese yuan is finally being decoupled from the U.S. dollar. The yuan will now float against a basket of foreign currencies. China has been under increasing pressure from the U.S. to make such a move. In fact, U.S. Treasury Secretary John Snow has complained that continuing to peg the yuan to the dollar was tantamount to subsidizing companies, and threatened retaliatory trade sanctions if China failed to take corrective actions. Analysts, however, note that China is only revaluing the yuan by two percent, so the net effect is negligible given that estimates have the yuan as being undervalued by as much as 40 percent. China is reluctant to make a significant change to the yuan because its economic policy centers on growing exports, and the undervalued yuan amounts to a 33 percent subsidy to exporters. Eliminating the “subsidy” results in a loss of competitiveness f or Chinese exporters, and an increase in competitiveness for American exporters.The question now is whether China will take steps to further revalue its currency. Analysts seem to believe that political pressure and internal pressures will force China to continue to continue to revalue its currency, a move that could have repercussions in other parts of Asia. There is also some concern that inflationary pressures will rise in the U.S. if China makes any significant moves to revalue its currency.Discussion Questions:1. China, which has been under strong political pressure for some time to revalue its currency, has finally agreed to do just that, only in a very small way. Is this move by China a win for the U.S. or a win for China? What are the political implications of this action?2. Until now, China’s currency valuation has represented a significant subsidy to Chinese exporters, a situation that is seen in a negative light by American exporters. However, as a beneficiary of cheap goods mad e in China, how do you feel about the U.S.’ efforts to force China to raise its currency?3. After more than a decade, the value of the yuan has risen relative to the dollar. While the revaluation amounts to just a two percent difference at the moment, there is speculation that the Chinese will continue to allow the yuan to rise. What effect will this initial movement have on Chinese workers and consumers? What are the effects if the yuan continues is ascent?4. China’s revaluation of the yuan w as echoed in other parts of Asia. For example, in India, the rupee appreciated, as did the Japanese yen. Consider the implications of further currency revaluations for the Asian region.。

对外经济贸易大学远程教育学院2011-2012学年第一学期《跨国公司》期末考试复习大纲（请和本学期公布的大纲核对，答案供参考）一、关于期末考试的说明本复习大纲适用于《跨国公司与跨国经营》期末考试，所列题目为期末考试范围。

本次考试题型分为3种：解释概念、简答题、案例分析题。

分值：解释概念30%（6分/词）、简答题30%（15分/题）、案例分析题40%（1-2个案例，设问3-4个）。

复习题目的答案请查阅课件相关内容。

对相关内容的理解参考主讲教师的授课光盘。

二、复习题目（一）解释概念:1、跨国公司2、全球战略3、内部一体化4、出口进入模式5、契约进入模式6、投资进入模式7、国际合资企业8、股权安排9、非股权安排10、全球中心战略11、母国中心战略12、多国中心战略13、战略性外包14、战略联盟15、横向战略联盟16、纵向战略联盟17、契约式战略联盟18、股权式战略联盟20、并购21、横向并购22、纵向并购23、混合并购24、现金并购25、股权并购26、杠杆收购27、出口部结构28、国内独立子公司结构29、国际分部结构30、全球职能结构31、全球产品结构32、全球地区结构33、全球混合结构34、转移价格35. 契约式战略联盟36. 杠杆并购37. 全球产品结构1、跨国公司又称多国公司，1974年联合国《多国公司对发展和国际关系的影响》中提出。

它的涵义和界定有各种说法，现实中跨国公司主要是指发达国家的私人垄断企业，它们以本国为基地，通过对外直接投资，在世界各地设立分支机构和子公司，从事国际化生产和经营活动。

2、全球战略是指现代跨国公司从事国际生产和国际经营时，将其全球范围的经营活动视为一个整体，以追求全球市场为目标，力求实现其全球范围内的利润最大化，而不仅仅考虑某一局部利益的得失。

3、内部一体化跨国公司把世界各地得子公司组成一个整体，形成内部一体化得独特经营体系。

公司得最高决策机构是董事会，子公司得投资，资金筹措，人事安排等重大问题都由总公司统一指挥，协调步骤，以符合公司得整体利益，形成整体效应。

一、哈佛的销售管理策略顾客不是我们与之争论或斗智的对象，谁也不能在与顾客的争执中取胜。

克罗克是美国400名大企业家之一，被企业界誉为没有国界的“麦当劳帝国”的国王。

他责任心强，关心下属，更关心下属分公司的发展状况。

他时时都坐卧不安，深思熟虑。

他不喜欢整天坐在办公室里，大部分工作时间都用在“走动管理”上，亲自下来检查工作，尽量得到第一手资料。

麦当劳公司曾一度经济滑坡，克罗克发现其中一个重要原因是公司各职能部门的经理摆官架耍威风，习惯躺在舒适的椅背上指手划脚，把许多宝贵的时间浪费掉。

于是克罗克想出一个“奇招”，要求将所有经理的椅子靠背都锯掉，并立即照办。

原来大部人都不理解克罗克，这是到底是怎么回事？不久大家才悟出了他的一番“苦心”。

他们纷纷走出办公室，深入基层，开展“走动管理”，明察秋毫，当机立断，终于使公司扭亏转盈，有力地促进了公司的发展。

肯德基国际公司遍布全球60多个国家，繁衍的“子公司”多达9900多个。

然而，肯德基国际公司难道一定能知道远在海外的分公司会时时刻刻听从肯德基总裁的命令吗？一次，上海肯德基有限公司收到3份国际公司寄来的鉴定书，对他们外滩快餐厅的工作质量分3次鉴定评分，分别为83、85、88分。

公司中外方经理都惊慌失措，目瞪口呆，这3个分数是怎么评定的？起先，肯德基国际公司派遣有关业务人员到此，假扮顾客、秘密潜入店内进行检查评分。

这些“神秘顾客”没有时间规律，这就使快餐厅的经理、雇员怎能好好闲情逸致，潇洒自如呢？哈佛认为对于企业的决策问题上，各个企业老板都应别拘一格，形成特色。

惠普公司创造了一种独特的“周游式管理法”，鼓励领导人深入基层，体察民情。

为此目的，惠普的办公室布局采用美国少见的“敞开式”大房间，即全体人员都在一间敞厅中办公。

各部门之间只有矮屏分隔，除少量会议室、会客室外，谁也不能搞特殊，大家平起平坐，共商大计，即使董事长也不例外。

这样有利于上下左右通气，创造无拘束和合作的气氛。