Definition of International Business International Business（国际商务/国际贸易） refers to: transaction between parties from different countries.不同国家之间的商务贸易往来 Note: business across the borders of different Customs Areas（关税区） of the same country is also regarded as import and export. 同一国家不同关税区之间的贸易往来也称进出口，也就是国际贸易 Such as business between Hong Kong, Macau and Taiwan, and Free Trade Zone within China territory（自贸区：属于境内关外，进入关内属于进口）
Differences between International Business and Domestic Business 1.Different Legal Systems（不同法律系统）---parties adjust themselves to operate in compliance with the foreign law. 2.Usually Different Currencies（通常货币不同） ---have to decide which currency to use ---currency conversion（货币转换） --Uncertainties and even risks（USD）
3.Cultural Differences（文化差异）: language, customs, traditions, religion, value, behavior etc. ---challenges and even traps 4.Different Policies（不同政策）--Countries vary in natural and economic conditions.
Forms of International Business国际商务体现形式 1.Commodity Trade（商品贸易）, also called visible trade（有形贸易） Invisible Trade（无形贸易）/Service Trade（服务贸易）: 2.International Investment（国际投资）: 2.1Foreign direct investments（国外直接投资），FDI for short.2.2 Portfolio investment（证券投资）
3.International Licensing and Franchising （国际许可和特许经营） 4.Management Contract, Contract Manufacturing, and Turnkey Project（管理合同，生产合同和交钥匙工程）
Commodity Trade（商品贸易） 1.Commodity Trade（商品贸易） Visible Trade（有形贸易） Definition: exporting and importing goods produced or manufactured in one country for consumption or resale in another.This form of trade is also referred to as visible trade.Simplified into: Export or Import-goods-one country to another-for consumption or resale—also called Visible Trade
2.Invisible Trade（无形贸易）Service Trade（服务贸易）: in the form of transportation, communication, banking, insurance, consulting, information etc.---gradually more important.increasing proportion of world trade.
International Investment 国际投资 >>Definition：Supplying capital by residents of one country to another由一国居民向另一国提供资金 >>Two Categories: 1.Foreign direct investments（FDI国外直接投资）: For returns through invest controlling in the enterprises or assets in a host country.The host country（东道国） is a foreign country where the investor operates. The home country（投资国）: headquarters of the investor
>>2.portfolio investment（证券投资）: Purchases of foreign financial assets: stocks（股票）.bonds（债券） or certificates of deposit（定期存款单）. Stocks：also called capital stocks or bonds（股本或股份）. Bonds：papers issued by a government or a firm with promise to pay back the money together with interest.The maturity at least 1 year, often, 5/10 years. Certificates of deposit: generally involve large amounts, say 2,5000 USD.
International Licensing and Franchising（国际许可和特许经营） International Licensing（国际许可）: A firm leases the right to use its intellectual property（知识产权） to a firm in another country. Includes: trademarks（商标）, brand names（品牌）, patents（专利）, copyrights（版权） or technology（技术）.
Benefits： >>Receive income in the form of royalty（知识产权使用费）, do not have to make cash payments to start business >>Benefit from locational advantages of foreign operation without any obligations in ownership or management. >>Particularly encouraged because of high customs duty and non-tariff barriers on the host country（东道国） Note: not advisable to use licensing in countries with weak intellectual property protection, since the licensor may have difficulty in enforcing licensing agreement.
Franchising（特许经营）: regarded as a special form of licensing. The franchiser（特许授权方） allows the franchisee（特许使用方/特许经营人）to operate in its name , and provides the trademarks, brand names, logos, and operating techniques. For royalty（特许使用费）. Differences: International Licensing: Licenser and Licensee, Franchising: Franchiser and Licensee : more control ,and more support .
Benefits: The franchiser: develop internationally, gain access to useful information about the local market with little risk and cost The franchisee: can easily get into a business with established products or services. Franchising is fairly popular especially in hotel and restaurant business.（Four Seasons, Marriot, Hilton, Holiday Inn）
Management Contract, Contract Manufacturing, Turnkey Project Management Contract（管理合同） One company offers managerial or specialized services to another within a period for a flat payment（固定费用） or a percentage of the relevant business volume（业务额）.Sometimes bonuses（分红） based on profitability or sales growth are also specialized.
Government policies（政府政策） and Management Contracts: when a government forbids foreign ownership in certain industries of strategic importance but lacks the expertise for operation.Ii is a practical choice enabling a foreign company to operate without owning the assets.（such as subway）
Contract Manufacturing（生产合同/代工）：contract with foreign companies for the manufacture of their products.产品的国外代工 Benefits： >>A firm can concentrate on their strongest part in the value chain, e.g.marketing, （Uniqulo, Nike, Ikea） >>Can reduce the amount of their resources devoted to manufacture >>Can benefit from location advantages from production in host countries.
Contract Manufacturing（生产合同/代工）： contract with foreign companies for the manufacture of their products.产品的国外代工 Disadvantages: May give rise to problems in Quality and Time of Delivery（loss of control over the production process）
International Turnkey Project（国际交钥匙工程）: A firm undertakes all the designing（设计），contracting（建造） and facility equipping（装配设备） and hand it over to a foreign purchaser upon completion. >>Often large and complex and take a long period to complete. >>Payment may be made at fixed total price or on a cost plus basis.The latter shifts the burden of possible additional cost onto the purchaser.
BOT is a popular variant: B for build, O for operate and T for transfer. Build a facility up--operate for a period of time--transferring it to a foreign company. Differences: Contractor making profit from operating the project, also bear the financial and other risks that may occur in the period of operation.
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