- •Chapter 3: The international financial marketplace key chapter concepts
- •Glossary of new terms
- •Financial challenge
- •Introduction
- •The global economy and multinational enterprises
- •Table 3—1
- •Table 3—1
- •Foreign currency markets and exchange rates
- •Direct and Indirect Quotes
- •Table 3 — 2 Spot Foreign Exchange Rates
- •Spot Rates
- •Forward Rates
- •Table 3 — 3. Forward Foreign Exchange Rates
- •Foreign Currency Futures
- •Table 3-4. Futures Contract Quotations
- •Foreign Currency Options
- •The Eurocurrency Market
- •Factors that affect exchange rates
- •Covered Interest Arbitrage and Interest Rate Parity
- •Purchasing Power Parity
- •Expectations Theory and Forward Exchange Rates
- •The International Fisher Effect
- •An Integrative Look at International Parity Relationships
- •Figure 3—1. International Parity Conditions: An Integrative Look
- •Forecasting future exchange rates
- •Using Forward Rates
- •Using Interest Rates
- •Foreign exchange risk
- •Transaction Exposure
- •Table 3-5. Example of Transaction Exchange Rate Risk
- •Economic Exposure
- •Translation Exposure
- •Table 3 – 6. Effect of a Decrease in the Exchange Rate on American Products' Balance Sheet
- •International finance and the practice of financial management
- •Ethical issues: payment of bribes abroad
- •Summary
- •Questions and topics for discussion
- •Self test problems
- •Problems
- •Solutions to self test problems
Table 3—1
World's 50 Largest Industrial Corporations—continued
|
|
|
SALES |
PROFITS |
ASSETS |
TOTAL STOCKHOLDERS' EQUITY |
EMPLOYEES |
||||||
1992 |
1991 |
|
$ MILLIONS |
% CHANGE FROM 1991 |
$ MILLIONS |
RANK* |
% CHANGE FROM 1991 |
$ MILLIONS |
RANK* |
$ MILLIONS |
RANK* |
NUMBER |
RANK* |
26 |
22 |
E I DU PONT DE NEMOURS U S |
37 386 0 |
(25) |
(3 927 0) |
492 |
<379 9) |
38 870 0 |
29 |
11 7650 |
22 |
125000 |
43 |
27 |
23 |
TEXACO U S |
37 130 0 |
(H> |
7120 |
48 |
(450) |
25 992 0 |
44 |
99730 |
30 |
37582 |
199 |
28 |
33 |
Chrysler U S |
36 897 0 |
256 |
7230 |
46 |
— |
406530 |
23 |
75380 |
48 |
128 000 |
39 |
29 |
32 |
RENAULT FRANCE |
33 884 9 |
151 |
10725 |
28 |
965 |
23 897 4 |
54 |
61453 |
70 |
146 604 |
29 |
30 |
28 |
HONDA MOTOR JAPAN |
33 369 6 |
09 |
3069 |
123 |
(370) |
26 374 6 |
43 |
90852 |
35 |
90900 |
69 |
31 |
29 |
PHILIPS ELECTRONICS NETHER LANDS |
33 269 7 |
101 |
(511 6) |
465 |
(179 6) |
26 853 2 |
42 |
49868 |
90 |
232 200 |
13 |
32 |
34 |
SON\ JAPAN |
31 4sl 9 |
79 |
2905 |
133 |
(678) |
39 700 5 |
2o |
125173 |
19 |
126000 |
42 |
33 |
30 |
ABB ASEA BROWN SWTF BOVERI ZERLAND |
30,536 0 |
28 |
5050 |
7? |
(171) |
23 949 0 |
45 |
40950 |
113 |
213407 |
16 |
34 |
38 |
ALCATEL ALSTHOM FRANCE |
30 529 1 |
75 |
1 331 8 |
18 |
21 5 |
44 207 7 |
22 |
90275 |
37 |
203 000 |
17 |
35 |
31 |
BOEING U S |
304140 |
28 |
5520 |
66 |
(648) |
18,147 0 |
73 |
80560 |
46 |
143000 |
32 |
36 |
40 |
PROCTER & GAMBLE U S |
29,890 0 |
91 |
18720 |
10 |
56 |
24 025 0 |
53 |
90710 |
36 |
106 200 |
37 |
37 |
35 |
HOECHST GERNLANY |
29 570 6 |
30 |
5920 |
63 |
(106) |
22,788 8 |
58 |
73088 |
32 |
177668 |
21 |
38 |
37 |
PEUGEOT FRANCE |
29 387 4 |
35 |
6367 |
57 |
O->0) |
23 352 1 |
56 |
96153 |
32 |
150 800 |
27 |
39 |
39 |
B\SF GERMANY |
28 494 3 |
13 |
3933 |
98 |
(373) |
24 062 0 |
52 |
89503 |
38 |
123 254 |
47 |
40 |
36 |
NEC JAPAN |
28 376 5 |
COS) |
(3618) |
4s3 |
(4155) |
34 872 0 |
32 |
70625 |
56 |
140959 |
33 |
41 |
46 |
DAEWOO SOUTH KOREA |
28 333 9 |
117 |
3839 |
102 |
— |
39 2oO 9 |
27 |
51261 |
86 |
78727 |
83 |
42 |
41 |
FUJITSU JAPAN |
279107 |
71 |
(2612) |
436 |
(385 0) |
33 092 3 |
36 |
96513 |
31 |
161 974 |
24 |
43 |
42 |
BAYER GERMANY |
26 625 3 |
29 |
9702 |
34 |
(118) |
23 663 6 |
55 |
10 543 9 |
27 |
156400 |
26 |
44 |
45 |
\1ITSUBISHIELECTRIC JAPAN |
26 502 3 |
37 |
2284 |
159 |
(157) |
307475 |
38 |
71467 |
54 |
107 859 |
55 |
45 |
43 |
TOTAL FRANCE |
26,141 5 |
15 |
5376 |
69 |
(478) |
20 915 5 |
61 |
73825 |
51 |
51 139 |
137 |
46 |
44 |
<VMOCO U S |
25,343 0 |
(02) |
(740) |
390 |
(1050) |
28 453 0 |
41 |
129600 |
17 |
46994 |
153 |
47 |
49 |
MITSUBISHI MOTORS J\PAN |
25 482 2 |
82 |
2070 |
169 |
(66) |
20 935 6 |
60 |
35186 |
137 |
4oOOO |
164 |
48 |
47 |
NIPPON STEEL J«"AN |
23,9908 |
(25) |
146 |
356 |
(975) |
39 224 4 |
28 |
91625 |
34 |
51900 |
133 |
49 |
52 |
MITSUBISHI HEAVY JWAN LNDUSTRIES |
23011 3 |
7 1 |
6497 |
54 |
(181) |
35 345 8 |
31 |
93445 |
33 |
66000 |
96 |
50 |
50 |
THYSSEN GERMANY |
22 731 5 |
06 |
2079 |
168 |
(293) |
16 650 1 |
88 |
34154 |
140 |
147 279 |
28 |
*Rank refers to placement among the Global Fortune 500 companies Source ' Guide to the Global 500 , Fortune (July 26, 1993) 191 © 1993 Time Inc All rights reserved |