6–1IntroductiontoBusinessChapter4AssessingGlobalConditions管理學(xué)院市場學(xué)系

吳德亮

6–16–2[ObjectivesandRequirements][1]UnderstandtheimpactofGlobalConditionsontheperformanceofbusiness6–2[ObjectivesandRequirement6–3[Majorpoints]Explainmotivesforengagingininternationalbusiness.Describeglobalopportunities.Describehowfirmsconductinternationalbusiness.Explaininfluenceofforeigncharacteristicsonafirm’sinternationalbusiness.Explainhowmovementsinexchangeratescanaffectbusinessperformance.6–3[Majorpoints]Explainmotiv6–4[AreasofDifficulty]Politicalrisk,culturalshockforeignexchangeratemovement;solutionstothoserisksonglobalbusiness.6–4[AreasofDifficulty]6–5BusinessEnvironment6–5BusinessEnvironment6–6AssessingGlobalConditions6–6AssessingGlobalConditions6–7IMotivestoEngageinInternationalBusiness/howint’lbusinesscanenhanceperformanceAttractforeigndemandCompetitionmaypreventfirmfromincreasingmarketshareinU.S.ChangesinconsumertastesmaydecreasedemandinU.S.Capitalizeon/makeuseof/takeadvantageof/benefitfrom/utilize/usetechnologyExpandintocountrieswheretechnologyisnotasadvanced.6–7IMotivestoEngageinInt6–8TheCoca-ColaCompany’sGlobalExpansionExhibit6.16–8TheCoca-ColaCompany’sGlo6–9ApproximateHourlyCompensationCostsforManufacturingacrossCountriesExhibit6.26–9ApproximateHourlyCompensa6–10MotivestoEngagein

InternationalBusiness(cont’d)UseinexpensiveresourcesFindlocationswherelandandlaborareinexpensive.DiversifyinternationallyReduceriskandincreaseperformancestabilitybysellinginothercountries.GeographicdiversificationreducesexposuretoeconomicriskinU.S.

6–10MotivestoEngagein

InteBeexposedtoBeaffectedbyInternationalfinancecanreduceexposuretofinancialriskinacountry.Impact/affect/effectof…6–11Beexposedto6–116–12Dupont’sGeographicDiversification

(measuredbyannualsalesinmillionsofdollars)Exhibit6.3Source:2001annualreport6–12Dupont’sGeographicDivers6–13IIGlobalOpportunitiesOpportunitiesinEuropeSingleEuropeanActCreatedmoreuniformregulationsRemovedtaxesongoodstradedbetweenmembercountriesIncreasedcompetitionRemovaloftheBerlinWall(1989)EncouragedfreeenterpriseandprivatizationofbusinessesInceptionoftheEuroAllowssinglemonetarypolicyEliminatestransactioncosts6–13IIGlobalOpportunitiesO6–14GlobalOpportunitiesOpportunitiesinLatinAmericaNAFTAEliminatedtradebarriersbetweenU.S.,Mexico,andCanada.U.S.firmshavemovedproductiontoMexicotoreducecosts.U.S.firmsnowexportproductstoMexico.UruguayRoundGATTRemovedimporttraderestrictionsover10yearsamong117countries.WorldTradeOrganization(WTO)6–14GlobalOpportunitiesOpport6–15GlobalOpportunitiesOpportunitiesinAsiaLargepopulationbaseIn1990smanyAsiancountriesreducedtheirexcessiverestrictionsonforeigninvestmentEasierforforeignfirmstoacquireAsiancompaniesornegotiatelicensingagreementswithAsianfirms.AsianeconomiccrisisForcedmanylocalfirmsintobankruptcyCreatedopportunitiesforforeignfirmstoacquirestrugglingAsiancompanies6–15GlobalOpportunitiesOpport6–16ForeignExpansionintheU.S.ForeignfirmsexpandedintotheU.S.by:Establishingnewsubsidiaries.AcquiringU.S.firms.U.S.industriesaresusceptibletoforeigncompetitionU.S.firmsinlabor-intensiveindustriesmustcompetewithforeignfirms’lowerlaborcosts.Foreign-madeproductsmaybeperceivedashigherqualitythanU.S.-madeproducts.6–16ForeignExpansionintheU6–17IIIhowfirmsconductinternationalbusiness.

ImportingThepurchaseofforeignproductsorservicesExportingThesaleofproductsorservicestopurchasersresidinginothercountriesDirectforeigninvestmentAmeansofacquiringorbuildingsubsidiariesinoneormoreforeigncountriesStrategicalliancesAbusinessagreementbetweenfirmswherebyresourcesaresharedtopursuemutualinterests6–17IIIhowfirmsconductinte6–181.ImportingInvolvesthepurchaseofforeignproductsorservices:U.S.consumerspurchaseforeignautomobiles,clothing,cameras,etc.U.S.firmsimportmaterialsorsuppliesthatareusedtoproduceproducts.TradebarriersrestrictimportingTariffsaretaxesonimportedproducts.Quotaslimittheamountsofspecificproductsthatcanbeimported.6–181.ImportingInvolvesthep6–192.ExportingInvolvesthesaleofproductsorservicestopurchasersresidinginothercountriesU.S.BalanceofTradeThelevelofU.S.exportslessthelevelofitsimports;ifimportsaregreaterthanexports,theresultisatradedeficit.InternetfacilitatesexportingProvideinformationtoprospectiveimportersAcceptordersonlineandtrackshipments6–192.ExportingInvolvesthes6–20TrendofU.S.ExportsandImportsExhibit6.46–20TrendofU.S.Exportsand6–213.ForeignDirectInvestmentInvestmentsinacquiringorbuildingsubsidiariesinoneormoreforeigncountriesto:Reducetransportationcosts.OvercometradebarriersAcquireadvancedtechnologybyofferingincentivestofirmstoestablishsubsidiaries.Reducelaborcostsbyshiftingproductionfacilitiestoadevelopingcountrywithlowerlaborcosts.6–213.ForeignDirectInvestme6–224.StrategicAlliancesVarioustypesofalliancesbetweenU.S.andforeignfirmscanbemade:JointventureinvolvesanagreementbetweentwofirmsaboutaspecificprojectU.S.firmmakestheproduct,foreignfirmsellstheproductintheirhomecountry.Twofirmsshareproductionoftheproduct-commonintheautoindustry.InternationallicensingagreementFirmallowsaforeigncompany(licensee)toproduceitsproductaccordingtospecificinstructionsinexchangeforalicensingfee.6–224.StrategicAlliancesVariLicensing:franchising;

6–23Licensing:6–236–24IVInfluenceofForeignCharacteristicsCultureEconomicsystemsEconomicconditionsExchangeRatesPoliticalRisk6–24IVInfluenceofForeignCh6–251.Culture

Tastes,habits,andcustomsvarybycountryU.S.productsmightneedtobeadjustedtofittheculture6–251.Culture

Tastes,habits,6–262.Economicsystems

CapitalismCommunismSocialismPrivatization6–262.Economicsystems

Capital6–273.Economicconditions

EconomicgrowthinforeigncountriescaninfluencedemandforU.S.products:Strongeconomymightincreasedemand.Weakeconomymightdecreasedemand.6–273.Economicconditions

Eco6–28Sensitivitytoforeigneconomicconditions---U.S.firm’sexposuretoforeigncountry’seconomydependsonproportionofU.S.firm’sbusinessconductedinthatcountry.6–28Sensitivitytoforeigneco6–29ComparingtheInfluenceoftheCanadianEconomyonTwoU.S.FirmsExhibit6.56–29ComparingtheInfluenceof6–30SmallBusinessSurveyManysuccessfulsmallfirmsrelyoninternationalsalesforasignificantportionoftheirbusiness.6–30SmallBusinessSurveyMany6–314.ExchangeRates---ExchangeratesbetweentheU.S.dollarandothercurrenciesfluctuateovertimeNumberofdollarsneededbyaU.S.firmtopurchaseforeignsuppliesmaychange,eveniftheactualpricedoesnotchangeWhenU.S.dollarweakens-foreigncurrencystrengthens-U.S.firmsneedmoredollarstopurchaseagivenamountofforeignsuppliesExchangerateaffectsforeigndemandforU.S.productsbecausetheyimpacttheactualpricepaidbytheforeigncustomer.6–314.ExchangeRates---Excha6–32ExampleofImportingbyaU.S.FirmExhibit6.66–32ExampleofImportingbya6–33businessonline6–33businessonline6–34ImpactofExchangeRates

onFirmPerformanceInternationaltradetransactionsusuallyrequiretheexchangeofonecurrencyforanothercurrencyExchangeratesvaryonadailybasis.Exchangeratefluctuationshaveafavorableorunfavorableeffectonfirmperformance.ImpactonU.S.importersImpactonU.S.exporters6–34ImpactofExchangeRates

6–35ImpactofExchangeRate

FluctuationsonU.S.ImportersWhenforeigncurrencyappreciatesagainsttheU.S.dollar–thedollarweakensandlosesvalueCausespricesofforeignsuppliestoincreaseandadverselyimpactsU.S.firmsthatimportsupplies.6–35ImpactofExchangeRate

F6–36ImpactofExchangeRate

FluctuationsonU.S.ImportersWhenforeigncurrencydepreciatesagainsttheU.S.dollar–thedollarstrengthensandgainsvalueCausespricesofforeignsuppliestodecrease-reducesexpensesofU.S.firmsthatimportsupplies.6–36ImpactofExchangeRate

F6–37ImpactofExchangeRate

FluctuationsonU.S.ExportersWhenforeigncurrencyappreciatesagainsttheU.S.dollar–thedollarweakensandlosesvalueCausespricesofU.S.productstodecreaseanddemandtoincrease-hasapositiveimpactonU.S.exporter’srevenuesandprofits.6–37ImpactofExchangeRate

F6–38HowExchangeRatesCan

AffectthePriceofImportsExhibit6.76–38HowExchangeRatesCan

Af6–39ImpactofExchangeRate

FluctuationsonU.S.ExportersWhenforeigncurrencydepreciatesagainsttheU.S.dollar–thedollarstrengthensandgainsvalueCausespricesofU.S.productstoincreaseanddemandtodecrease-hasanegativeimpactonU.S.exporter’srevenuesandprofits.6–39ImpactofExchangeRate

FWhenUSdollarsstrengthenagainstRMByuan,ithaspositiveimpactonUSimporters.WhenUSdollarsweakenagainstRMByuan,ithasnegativeimpactonUSimporters.WhenUSdollarsstrengthenagainstRMByuan,ithasnegativeimpactonUSexporters.WhenUSdollarsweakenagainstRMByuan,ithaspositiveimpactonUSexporters.6–40WhenUSdollarsstrengthenaga6–41ExampleofExportingbyaU.S.FirmExhibit6.86–41ExampleofExportingbya6–42PoliticalRisk

---Riskthatacountry’spoliticalactionsmayadverselyaffectabusinessExpropriation:extremeformofriskoccurswhenforeigngovernmenttakesoveraU.S.subsidiarywithoutcompensatingtheU.S.firm.Morecommonriskoccurswhenforeigngovernmentsimposehighercorporatetaxratesonforeignsubsidiaries.Otherrisksimpactcostsofdoingbusinessintheforeigncountry-stringentbuildingcodes,wastedisposalrestrictions,andpollutioncontrols.6–42PoliticalRisk

---Riskth6–43HedgingAgainstExchange

RateMovements（套期保值）HedgingmeanstotakeactionstoprotectafirmagainstexchangeratemovementsHedgingfuturepaymentsandfuturereceivablesinforeigncurrenciesRequestforwardcontractataspecifiedexchangerateonafuturedate.RateiscalledaforwardrateReducesriskbecausefirmknowsinadvancewhattheexchangeratewillbePreventsbothfavorableandunfavorableexchangeratefluctuations6–43HedgingAgainstExchange

6–44HowExchangeRatesAffect

theDegreeofForeignCompetitionExhibit6.96–44HowExchangeRatesAffect6–45ChapterSummaryU.S.firmsengageininternationalbusinesstoattractforeigndemand,capitalizeontechnology,useinexpensiveresourcesordiversifyinternationally.ReductionoftradebarriershasincreasedglobalexpansionopportunitiesforU.S.firms.Firmsconductinternationalbusinessviaimporting,exporting,directforeigninvestmentandstrategicalliances.6–45ChapterSummaryU.S.firms6–46ChapterSummaryFirmsmustassessculture,economicsystemsandconditions,exchangerateriskandpoliticalriskwhenenteringforeignmarkets.Exchangeratefluctuationsaffectimportersandexportersindifferentways.6–46ChapterSummaryFirmsmustSolutionstorisks1,culturalrisks:adaptationpenetration2,politicalrisks:

Expropriation:import/export

highercorporatetaxrates:licensing/franchising/Managementcontract

costsofdoingbusiness:DFI,Jointventure6–47Solutionstorisks1,culturalSolutionstorisks3,Foreignexchangeratemovements/fluctuations:hedging6–48Solutionstorisks3,Foreigne6–49KeytermsAppreciate貨幣升值Balanceoftrade貿(mào)易平衡Depreciate貨幣貶值Directforeigninvestment(DFI)外國直接投資Forwardrate遠(yuǎn)期匯率Hedge套期保值/對沖（風(fēng)險(xiǎn)）Internationallicensingagreement國際許可證協(xié)議Jointventure合資企業(yè)Spotexchangerate即期匯率6–49KeytermsAppreciate貨幣升值6–50Strategicalliance戰(zhàn)略聯(lián)盟Tariff關(guān)稅Tradedeficit貿(mào)易赤字6–50Strategicalliance戰(zhàn)略聯(lián)盟6–51IntroductiontoBusinessChapter4AssessingGlobalConditions管理學(xué)院市場學(xué)系

吳德亮

6–16–52[ObjectivesandRequirements][1]UnderstandtheimpactofGlobalConditionsontheperformanceofbusiness6–2[ObjectivesandRequirement6–53[Majorpoints]Explainmotivesforengagingininternationalbusiness.Describeglobalopportunities.Describehowfirmsconductinternationalbusiness.Explaininfluenceofforeigncharacteristicsonafirm’sinternationalbusiness.Explainhowmovementsinexchangeratescanaffectbusinessperformance.6–3[Majorpoints]Explainmotiv6–54[AreasofDifficulty]Politicalrisk,culturalshockforeignexchangeratemovement;solutionstothoserisksonglobalbusiness.6–4[AreasofDifficulty]6–55BusinessEnvironment6–5BusinessEnvironment6–56AssessingGlobalConditions6–6AssessingGlobalConditions6–57IMotivestoEngageinInternationalBusiness/howint’lbusinesscanenhanceperformanceAttractforeigndemandCompetitionmaypreventfirmfromincreasingmarketshareinU.S.ChangesinconsumertastesmaydecreasedemandinU.S.Capitalizeon/makeuseof/takeadvantageof/benefitfrom/utilize/usetechnologyExpandintocountrieswheretechnologyisnotasadvanced.6–7IMotivestoEngageinInt6–58TheCoca-ColaCompany’sGlobalExpansionExhibit6.16–8TheCoca-ColaCompany’sGlo6–59ApproximateHourlyCompensationCostsforManufacturingacrossCountriesExhibit6.26–9ApproximateHourlyCompensa6–60MotivestoEngagein

InternationalBusiness(cont’d)UseinexpensiveresourcesFindlocationswherelandandlaborareinexpensive.DiversifyinternationallyReduceriskandincreaseperformancestabilitybysellinginothercountries.GeographicdiversificationreducesexposuretoeconomicriskinU.S.

6–10MotivestoEngagein

InteBeexposedtoBeaffectedbyInternationalfinancecanreduceexposuretofinancialriskinacountry.Impact/affect/effectof…6–61Beexposedto6–116–62Dupont’sGeographicDiversification

(measuredbyannualsalesinmillionsofdollars)Exhibit6.3Source:2001annualreport6–12Dupont’sGeographicDivers6–63IIGlobalOpportunitiesOpportunitiesinEuropeSingleEuropeanActCreatedmoreuniformregulationsRemovedtaxesongoodstradedbetweenmembercountriesIncreasedcompetitionRemovaloftheBerlinWall(1989)EncouragedfreeenterpriseandprivatizationofbusinessesInceptionoftheEuroAllowssinglemonetarypolicyEliminatestransactioncosts6–13IIGlobalOpportunitiesO6–64GlobalOpportunitiesOpportunitiesinLatinAmericaNAFTAEliminatedtradebarriersbetweenU.S.,Mexico,andCanada.U.S.firmshavemovedproductiontoMexicotoreducecosts.U.S.firmsnowexportproductstoMexico.UruguayRoundGATTRemovedimporttraderestrictionsover10yearsamong117countries.WorldTradeOrganization(WTO)6–14GlobalOpportunitiesOpport6–65GlobalOpportunitiesOpportunitiesinAsiaLargepopulationbaseIn1990smanyAsiancountriesreducedtheirexcessiverestrictionsonforeigninvestmentEasierforforeignfirmstoacquireAsiancompaniesornegotiatelicensingagreementswithAsianfirms.AsianeconomiccrisisForcedmanylocalfirmsintobankruptcyCreatedopportunitiesforforeignfirmstoacquirestrugglingAsiancompanies6–15GlobalOpportunitiesOpport6–66ForeignExpansionintheU.S.ForeignfirmsexpandedintotheU.S.by:Establishingnewsubsidiaries.AcquiringU.S.firms.U.S.industriesaresusceptibletoforeigncompetitionU.S.firmsinlabor-intensiveindustriesmustcompetewithforeignfirms’lowerlaborcosts.Foreign-madeproductsmaybeperceivedashigherqualitythanU.S.-madeproducts.6–16ForeignExpansionintheU6–67IIIhowfirmsconductinternationalbusiness.

ImportingThepurchaseofforeignproductsorservicesExportingThesaleofproductsorservicestopurchasersresidinginothercountriesDirectforeigninvestmentAmeansofacquiringorbuildingsubsidiariesinoneormoreforeigncountriesStrategicalliancesAbusinessagreementbetweenfirmswherebyresourcesaresharedtopursuemutualinterests6–17IIIhowfirmsconductinte6–681.ImportingInvolvesthepurchaseofforeignproductsorservices:U.S.consumerspurchaseforeignautomobiles,clothing,cameras,etc.U.S.firmsimportmaterialsorsuppliesthatareusedtoproduceproducts.TradebarriersrestrictimportingTariffsaretaxesonimportedproducts.Quotaslimittheamountsofspecificproductsthatcanbeimported.6–181.ImportingInvolvesthep6–692.ExportingInvolvesthesaleofproductsorservicestopurchasersresidinginothercountriesU.S.BalanceofTradeThelevelofU.S.exportslessthelevelofitsimports;ifimportsaregreaterthanexports,theresultisatradedeficit.InternetfacilitatesexportingProvideinformationtoprospectiveimportersAcceptordersonlineandtrackshipments6–192.ExportingInvolvesthes6–70TrendofU.S.ExportsandImportsExhibit6.46–20TrendofU.S.Exportsand6–713.ForeignDirectInvestmentInvestmentsinacquiringorbuildingsubsidiariesinoneormoreforeigncountriesto:Reducetransportationcosts.OvercometradebarriersAcquireadvancedtechnologybyofferingincentivestofirmstoestablishsubsidiaries.Reducelaborcostsbyshiftingproductionfacilitiestoadevelopingcountrywithlowerlaborcosts.6–213.ForeignDirectInvestme6–724.StrategicAlliancesVarioustypesofalliancesbetweenU.S.andforeignfirmscanbemade:JointventureinvolvesanagreementbetweentwofirmsaboutaspecificprojectU.S.firmmakestheproduct,foreignfirmsellstheproductintheirhomecountry.Twofirmsshareproductionoftheproduct-commonintheautoindustry.InternationallicensingagreementFirmallowsaforeigncompany(licensee)toproduceitsproductaccordingtospecificinstructionsinexchangeforalicensingfee.6–224.StrategicAlliancesVariLicensing:franchising;

6–73Licensing:6–236–74IVInfluenceofForeignCharacteristicsCultureEconomicsystemsEconomicconditionsExchangeRatesPoliticalRisk6–24IVInfluenceofForeignCh6–751.Culture

Tastes,habits,andcustomsvarybycountryU.S.productsmightneedtobeadjustedtofittheculture6–251.Culture

Tastes,habits,6–762.Economicsystems

CapitalismCommunismSocialismPrivatization6–262.Economicsystems

Capital6–773.Economicconditions

EconomicgrowthinforeigncountriescaninfluencedemandforU.S.products:Strongeconomymightincreasedemand.Weakeconomymightdecreasedemand.6–273.Economicconditions

Eco6–78Sensitivitytoforeigneconomicconditions---U.S.firm’sexposuretoforeigncountry’seconomydependsonproportionofU.S.firm’sbusinessconductedinthatcountry.6–28Sensitivitytoforeigneco6–79ComparingtheInfluenceoftheCanadianEconomyonTwoU.S.FirmsExhibit6.56–29ComparingtheInfluenceof6–80SmallBusinessSurveyManysuccessfulsmallfirmsrelyoninternationalsalesforasignificantportionoftheirbusiness.6–30SmallBusinessSurveyMany6–814.ExchangeRates---ExchangeratesbetweentheU.S.dollarandothercurrenciesfluctuateovertimeNumberofdollarsneededbyaU.S.firmtopurchaseforeignsuppliesmaychange,eveniftheactualpricedoesnotchangeWhenU.S.dollarweakens-foreigncurrencystrengthens-U.S.firmsneedmoredollarstopurchaseagivenamountofforeignsuppliesExchangerateaffectsforeigndemandforU.S.productsbecausetheyimpacttheactualpricepaidbytheforeigncustomer.6–314.ExchangeRates---Excha6–82ExampleofImportingbyaU.S.FirmExhibit6.66–32ExampleofImportingbya6–83businessonline6–33businessonline6–84ImpactofExchangeRates

onFirmPerformanceInternationaltradetransactionsusuallyrequiretheexchangeofonecurrencyforanothercurrencyExchangeratesvaryonadailybasis.Exchangeratefluctuationshaveafavorableorunfavorableeffectonfirmperformance.ImpactonU.S.importersImpactonU.S.exporters6–34ImpactofExchangeRates

6–85ImpactofExchangeRate

FluctuationsonU.S.ImportersWhenforeigncurrencyappreciatesagainsttheU.S.dollar–thedollarweakensandlosesvalueCausespricesofforeignsuppliestoincreaseandadverselyimpactsU.S.firmsthatimportsupplies.6–35ImpactofExchangeRate

F6–86ImpactofExchangeRate

FluctuationsonU.S.ImportersWhenforeigncurrencydepreciatesagainsttheU.S.dollar–thedollarstrengthensandgainsvalueCausespricesofforeignsuppliestodecrease-reducesexpensesofU.S.firmsthatimportsupplies.6–36ImpactofExchangeRate

F6–87ImpactofExchangeRate

FluctuationsonU.S.ExportersWhenforeigncurrencyappreciatesagainsttheU.S.dollar–thedollarweakensandlosesvalueCausespricesofU.S.productstodecreaseanddemandtoincrease-hasapositiveimpactonU.S.exporter’srevenuesandprofits.6–37ImpactofExchangeRate

F6–88HowExchangeRatesCan

AffectthePriceofImportsExhibit6.76–38HowExchangeRatesCan

Af6–89ImpactofExchangeRate

FluctuationsonU.S.ExportersWhenforeigncurrencydepreciatesagainsttheU.S.dollar–thedollarstrengthensandgainsvalueCausespricesofU.S.productstoincreaseanddemandtodecrease-hasanegativeimpactonU.S.exporter’srevenuesandprofits.6–39ImpactofExchangeRate

FWhenUSdollarsstrengthenagainstRMByuan,ithaspositiveimpactonUSimporters.WhenUSdollarsweakenagainstRMByuan,ithasnegativeimpactonUSimporters.WhenUSdollarsstrengthenagainstRMByuan,ithasnegativeimpactonUSexporters.WhenUSdollarsweakenagainstRMByuan,ithaspositiveimpactonUSexporters.6–90WhenUSdollarsstrengthenaga6–91ExampleofExportingbyaU.S.FirmExhibit6.86–41ExampleofExportingbya6–92PoliticalRisk

---Riskthatacountry’spoliticalactionsmayadverselyaffectabusinessExpropriation:extremeformofriskoccurswhenforeigngovernm