INTERNATIONAL FINANCING AND NATIONAL CAPITAL MARKETS CHAPTER OVERVIEW: I.. NATIONAL CAPITAL MARKETS AS INTERNATIONAL FINANCIAL CENTERS III.. CORPORATE SOURCES AND USES OF FUNDS differe
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INTERNATIONAL
FINANCING AND
NATIONAL CAPITAL
Trang 3INTERNATIONAL FINANCING AND
NATIONAL CAPITAL MARKETS
CHAPTER OVERVIEW:
I CORPORATE SOURCES AND USES OF FUNDS
II NATIONAL CAPITAL MARKETS AS
INTERNATIONAL FINANCIAL CENTERS
III DEVELOPMENT BANKS
IV PROJECT FINANCE
Trang 4I CORPORATE SOURCES
AND USES OF FUNDS
I CORPORATE SOURCES OF FUNDS
A 3 General Sources of Funds:
1 Internally-generated cash
2 Short-term external funds
3 Long-term external funds
B Forms of Securities
1 Equity
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Trang 6CORPORATE SOURCES AND
Trang 7improvements
Trang 8CORPORATE SOURCES AND
USES OF FUNDS
differences exist and fall into two general categories:
Japanese (CEJ) Model
- example: keiretsus
Trang 10II NATIONAL CAPITAL MARKETS
Trang 11NATIONAL CAPITAL MARKETS
AS INTERNATIONAL CENTERS
Trang 12NATIONAL CAPITAL MARKETS
AS INTERNATIONAL CENTERS
2.Other Centers (entrepots)
For intermediaries such as
Trang 14NATIONAL CAPITAL MARKETS
AS INTERNATIONAL CENTERS
1 The Foreign Bond Market
a Extension of domestic market
b Issues floated by foreign cos or
governments
c Examples:
Trang 16NATIONAL CAPITAL MARKETS
AS INTERNATIONAL CENTERS
2 The Foreign Bank Market
Japanese banks for U.S firms
Trang 17NATIONAL CAPITAL MARKETS
AS INTERNATIONAL CENTERS
3.The Foreign Equity Market
1.) diversify risk2.) increase potential demand3.) build base of global owners
Trang 18NATIONAL CAPITAL MARKETS
Trang 20DEVELOPMENT BANKS
1 World Bank Group includes
Trang 21DEVELOPMENT BANKS
finance industry, agricultural, andinfrastructure projects
concentrate on a particular industry or region
Trang 22IV PROJECT FINANCE
PROJECT FINANCE
frequently used mechanism to finance large-scale, long-term capital
investments
Trang 23PROJECT FINANCE
Key Attributes of Project Financing
1 Focus on economically separable
projects
2 Lenders have recourse only to assets
and cash flows of the project
3 Underlying assets are large and illiquid
4 Projects have a finite life