国际财务管理答案.doc
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1、Solutions for International Corporate FinanceChapter 12Chapter 24Chapter 36Chapter 48Chapter 512Chapter 614Chapter 716Chapter 818Chapter 921Chapter 1023Chapter 1126Chapter 1229Chapter 15. International Business Methods. Snyder Golf Co., a U.S. firm that sells high-quality golf clubs in the U.S., wan
2、ts to expand internationally by selling the same golf clubs in Brazil. a. Describe the tradeoffs that are involved for each method (such as exporting, direct foreign investment, etc.) that Snyder could use to achieve its goal. ANSWER: Snyder can export the clubs, but the transportation expenses may
3、be high. If could establish a subsidiary in Brazil to produce and sell the clubs, but this may require a large investment of funds. It could use licensing, in which it specifies to a Brazilian firm how to produce the clubs. In this way, it does not have to establish its own subsidiary there. b. Whic
4、h method would you recommend for this firm? Justify your recommendation.ANSWER: If the amount of golf clubs to be sold in Brazil is small, it may decide to export. However, if the expected sales level is high, it may benefit from licensing. If it is confident that the expected sales level will remai
5、n high, it may be willing to establish a subsidiary. The wages are lower in Brazil, and the large investment needed to establish a subsidiary may be worthwhile. 8. Comparative Advantage.a. Explain how the theory of comparative advantage relates to the need for international business.ANSWER: The theo
6、ry of comparative advantage implies that countries should specialize in production, thereby relying on other countries for some products. Consequently, there is a need for international business. b. Explain how the product cycle theory relates to the growth of an MNC.ANSWER: The product cycle theory
7、 suggests that at some point in time, the firm will attempt to capitalize on its perceived advantages in markets other than where it was initially established.10. Valuation of Wal-Marts International Business. In addition to all of its stores in the U.S., Wal-Mart has 11 stores in Argentina, 24 stor
8、es in Brazil, 214 stores in Canada, 29 stores in China, 92 stores in Germany, 15 stores in South Korea, 611 stores in Mexico, and 261 stores in the U.K. Consider the value of Wal-Mart as being composed of two parts, a U.S. part (due to business in the U.S.) and a non-U.S. part (due to business in ot
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