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Ebook International financial management (11e): Part 2

(BQ) Part 2 book "International financial management" has contents: Direct foreign investment, multinational capital budgeting, international corporate governance and control, country risk analysis, multinational capital structure and cost of capital, financing international trade,.and other contents. | PA R T 4 Long-Term Asset and Liability Management Part 4 (Chapters 13 through 18) focuses on how multinational corporations (MNCs) manage long-term assets and liabilities. Chapter 13 explains how MNCs can benefit from international business. Chapter 14 describes the information MNCs must have when considering multinational projects and demonstrates how capital budgeting analysis is conducted. Chapter 15 explains how MNCs engage in corporate control and restructuring on an international basis, which are special cases of capital budgeting. Chapter 16 explains how MNCs assess country risk associated with their prevailing and proposed international projects, which must be considered within the capital budgeting analysis. Chapter 17 explains the capital structure decision for MNCs, which affects the cost of financing new projects. Chapter 18 describes the MNC’s long-term financing decision. Overall, Chapters 13 through 16 identify the various factors that can affect cash flows in international investments by MNCs, while Chapters 17 and 18 focus on the cost of financing international investments by MNCs. Potential Revision in Host Country Tax Laws or Other Provisions Existing Host Country Tax Laws Exchange Rate Projections MNC’s Access to Foreign Financing Multinational Capital Budgeting Decisions Country Risk Analysis MNC’s Cost of Capital International Interest Rates on Long-Term Funds Estimated Cash Flows of Multinational Project Required Return on Multinational Project Risk Unique to Multinational Project 401 13 Direct Foreign Investment CHAPTER OBJECTIVES The specific objectives of this chapter are to: ■ describe common motives for initiating direct foreign investment and ■ illustrate the benefits of international diversification. MNCs commonly capitalize on foreign business opportunities by engaging in direct foreign investment (DFI), which is investment in real assets (such as land, buildings, or even existing plants) in foreign countries. They .