国际商务InternationalBusinessCharlesW.L.Hill第七版Chap011TheGlobalCapitalMarket.ppt

国际商务InternationalBusinessCharlesW.L.Hill第七版Chap011TheGlobalCapitalMarket.ppt

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InternationalBusiness7ebyCharlesW.L.Hill,McGraw-Hill/IrwinCopyright2009byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Chapter11TheGlobalCapitalMarket,Introduction,TherapidglobalizationofcapitalmarketsfacilitatesthefreeflowofmoneyaroundtheworldTraditionally,nationalcapitalmarketshavebeenseparatedbyregulatorybarriersTherefore,itwasdifficultforfirmstoattractforeigncapitalManyregulatorybarriersfellduringthe1980sand1990s,allowingtheglobalcapitalmarkettoemergeToday,firmscanlisttheirstockonmultipleexchanges,raisefundsbyissuingequityordebttoinvestorsfromaroundtheworld,andattractcapitalfrominternationalinvestors,BenefitsOfTheGlobalCapitalMarket,TherearemarketfunctionsthataresharedbybothdomesticandinternationalcapitalmarketsHowever,globalcapitalmarketsoffersomebenefitsnotfoundindomesticcapitalmarkets,FunctionsOfAGenericCapitalMarket,CapitalmarketsbringtogetherinvestorsandborrowersInvestorsincludecorporationswithsurpluscash,individuals,andnon-bankfinancialinstitutionsBorrowersincludeindividuals,companies,andgovernmentsMarketsmakersarethefinancialservicecompaniesthatconnectinvestorsandborrowers,eitherdirectlyorindirectlyCommercialbanksareindirectmarketmakers,andinvestmentbanksaredirectmarketmakersCapitalmarketloanscanbeequity（stock）ordebt（cashloansorbonds）,ClassroomPerformanceSystem,Whichofthefollowingaremarketmakers?

a）commercialbanksb）pensionfundsc）insurancecompaniesd）governments,FunctionsOfAGenericCapitalMarket,Figure11.1:

TheMainPlayersinaGenericCapitalMarket,AttractionsOfTheGlobalCapitalMarket,Borrowersbenefitfrom:

theadditionalsupplyoffundsglobalcapitalmarketsprovidetheassociatedlowercostofcapital（thepriceofborrowingmoneyortherateofreturnthatborrowerspayinvestors）Thecostofcapitalislowerininternationalmarketsbecausethepoolofinvestorsismuchlargerthaninthedomesticcapitalmarket,AttractionsOfTheGlobalCapitalMarket,Figure11.2:

MarketLiquidityandtheCostofCapital,AttractionsOfTheGlobalCapitalMarket,InvestorsalsobenefitfromthewiderrangeofinvestmentopportunitiesinglobalcapitalmarketsthatallowthemtodiversifytheirportfoliosandlowertheirrisksStudiesshowthatfullydiversifiedportfoliosareonlyabout27percentasriskyasindividualstocksInternationalportfoliodiversificationisevenlessriskybecausethemovementsofstockpricesacrosscountriesarenotperfectlycorrelatedThislowcorrelationreflectsthedifferencesinnationsmacroeconomicpoliciesandeconomicpoliciesandhowtheirstockmarketsrespondtodifferentforces,andnationsrestrictionsoncross-bordercapitalflows,AttractionsOfTheGlobalCapitalMarket,Figure11.3:

RiskReductionthroughPortfolioDiversification,ClassroomPerformanceSystem,Comparedtodevelopednations,lessdevelopednationshavea）smallercapitalmarketsb）moreinvestmentopportunitiesc）similarcostsofcapitald）greaterliquidity,ClassroomPerformanceSystem,Whichofthefollowingisnottrueofglobalcapitalmarketsa）theybenefitborrowersb）theybenefitsellersc）theyraisethecostofcapitald）theyprovideawiderrangeofinvestmentopportunities,GrowthOfTheGlobalCapitalMarket,GlobalcapitalmarketsaregrowingatarapidpaceIn1990,thestockofcross-borderbankloanswasjust$3,600billionBy2006,thestockofcrossborderbankloanswas$17,875billionTheinternationalbondmarketshowsasimilarpatternwith$3,515billioninoutstandinginternationalbondsin1997,and$17,561billionin2006Internationalequityofferingswere$18billionin1997and$377billionin2006,ClassroomPerformanceSystem,In2006,thestockofcross-borderbankloanswasabouta）$3,600b）$7,800c）$17,800d）$33,600,GrowthOfTheGlobalCapitalMarket,Twofactorsareresponsibleforthegrowthofcapitalmarkets:

1.advancesininformationtechnologythegrowthofinternationalcommunicationstechnologyandadvancesindataprocessingcapabilitiesFinancialservicescompaniesnowengagein24-hour-daytradingtheinternationalcapitalmarketneversleepsHowever,thisalsomeansthatshocksthatoccurinonefinancialmarketspreadaroundtheglobeveryquickly,GrowthOfTheGlobalCapitalMarket,2.deregulationbygovernmentshasfacilitatedgrowthintheinternationalcapitalmarketsTraditionally,governmentshavelimitedtheabilityofforeigninvestorstopurchasesignificantequitypositionsindomesticcompanies,andtheamountofforeigninvestmentcitizenscouldmakeSincethe1980s,theserestrictionshavebeenfallinginresponsetothedevelopmentoftheEurocurrencymarket,andalsopressurefromfinancialservicescompaniesDeregulationbeganintheUnitedStates,thenmovedontoothercountriesincludingGreatBritain,Japan,andFrance,ClassroomPerformanceSystem,Historically,themosttightlyregulatedindustry