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国际财务管理主要内容WhyInternational?国际财务管理的特殊性MarketimperfectionImplicationofMarketImperfection比较和思考ExpandedOpportunitySet2009年全球涨幅前10的市场GoalsforIFMGlobalization:MajorTrendsInternationalcorporategovernanceCorporategovernanceThegovernanceriskGovernanceofthepubliccorporate:keyissuesAgencyproblem代理问题的表现Whymanagersretaincashflow代理问题的治理方式BoardofDirectorsIncentivecontractConcentratedownership管理层所拥有的股权AccountingTransparencyDebtOverseasstocklistingMarketforCorporateControlLawandcorporategovernanceLegalorigins:ConsequencesoflawCorporategovernancereformSarbanes-OxleyActNYSE:protectinvestorsImplementationofSarbanes-OxleyActTheCadburyCodeofBestPracticeTheimplementationofCadburyCodeGlobalTrendsinFDIGlobalTrendsinFDIFDIstock:2006Whydofirmsinvestoversea?TradebarriersImperfectlabormarketcountryIntangibleassetsVerticalintegrationProductlifecycleShareholderdiversificationservicesCrossborderM&AVodafone收购MannesmannWhyM&ASynergyofM&ADivisionofsynergyPoliticalriskandFDIMeasureofpoliticalriskCountryriskManagingpoliticalriskCostofcapitalinsegmentedvs.integratedmarketsInternationalfinancialmarket:segmentedorintegratedDoesthecostofcapitaldifferamongcountries?MeasuresofcapitalcostIsbetaconstant?Blume(1971)证券数量证券数量上海汽车(600104)Anotherpaper74Cross-borderlistingofstocks国际化的过程:丹麦NovoIndustri的案例NovoB-股票价格跨国上市的缺点跨国上市的缺点Empiricalworksoncross-listingscountryForeignequityownershiprestriction中国企业的海外上市大陆公司海外上市分布市场规模的国际比较交易所交易所流动性的国际比较市场定位上市条件对我国企业海外上市的启示?