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Multinationalfinancialmanagementisfinancialmanagementconductedinmorethanonecultural,social,economic,orpoliticalenvironmentWe’lldevelopaframeworkforevaluatingtheopportunities,costsandrisksofoperatingintheworld’smarketsforgoods,services,andfinancialassetsandliabilitiesChallengesfacingthemultinationalmanagerVivéladifference…wheretheartresidesMultinationalfinancialmanagementTheapproachofthebookValue=St[E[CFt]/(1+it)t]MultinationalinvestmentpolicyHigherreturnsfromexistinginvestmentsNewinvestmentopportunitiesMultinationalfinancialpolicyReducedcapitalcoststhroughaccesstointernationalcapitalmarketsPerfectfinancialmarketassumptionsFrictionlessmarketsensureoperationalefficiencyRationalinvestorswithequalaccesstomarketsandinformationensureinformationalefficiencyThatis,amarketinwhichpricesreflectallrelevantinformationTogether,thesepromoteallocationalefficiencyInvestmentopportunitiesFinancingopportunitiesThevalueofmultinationalityTheMNC’sadditionalrisksRiskversusriskexposureForeignmarketentryExportthroughagentsordistributorsForeignsalesbranches/subsidiaries(versusagentsordistributors)Contract-basedentryInvestment-basedentryInvestment-basedentryInvestment-basedentryGovernanceoftheMNCClaimsoncorporaterevenuesMultinationalcorporatestrategy
