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Lecture International finance: An analytical approach (3/e): Chapter 16 - Imad A. Moosa

Chapter 16 - Foreign direct investment and international capital budgeting. In this chapter, the learning objectives are: To discuss the characteristics of FDI; to outline the theories of FDI; to describe the techniques of international capital budgeting; to examine the implications of taxation, country risk and transfer prices for international capital budgeting. | Chapter 16 Foreign Direct Investment and International Capital Budgeting Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Objectives To discuss the characteristics of FDI To outline the theories of FDI To describe the techniques of international capital budgeting To examine the implications of taxation, country risk and transfer prices for international capital budgeting 16- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Definition An investment project is classified as direct investment if the investor acquires ‘significant control’ over a firm 16- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa What is ‘significant control’? Ownership of 10-25% United States, Japan and Australia: 10% France, Germany and United Kingdom: higher threshold Belgium and the Netherlands: no specific number 16- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Reasons for interest in FDI Rapid growth and changing pattern of FDI Concern about causes and consequences of foreign ownership FDI channels resources to developing countries The role played in transforming ex-communist countries 16- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Modes of foreign market entry Export of the goods produced in the source country Licensing a foreign company to use technology Foreign distribution of products through a subsidiary Foreign (international) production 16- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach . | Chapter 16 Foreign Direct Investment and International Capital Budgeting Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Objectives To discuss the characteristics of FDI To outline the theories of FDI To describe the techniques of international capital budgeting To examine the implications of taxation, country risk and transfer prices for international capital budgeting 16- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Definition An investment project is classified as direct investment if the investor acquires ‘significant control’ over a firm 16- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa What is ‘significant control’? Ownership of 10-25% United States, Japan