国际企业的财务管理-课件

11.国际企业的财务管理国际企业的财务管理国际企业的税收管理国际融资战略与渠道国际企业的资金运用外汇风险与防范11.国际企业的财务管理AccountinginformationandcapitalflowsAccountinginformationandcapDeterminantsofnationalaccountingstandardsDeterminantsofnationalaccouRelationshipbetweenbusinessandprovidersofcapitalThreeexternalsourcesofcapital:IndividualinvestorsBuyingsharesandbondsBanks.LoancapitalGovernmentMakeloansorinvestmentImportanceofeachvariesfromcountrytocountryRelationshipbetweenbusinessPoliticalandeconomictieswithothercountriesAccountingconvergence:InfluenceofNAFTAInfluenceoftheformerBritishEmpireInfluenceoftheEuropeanUnionPoliticalandeconomictieswiInflationaccountingHistoriccostprinciple:AssumescurrencyisnotlosingvaluetoinflationMostsignificantimpactintheareaofassetvaluationAppropriatenessvarieswithinflation

Currentcostaccounting:FactorsoutinflationUsedinGreatBritainuntilinflationratedeclinedInflationaccountingHistoriccLevelofdevelopmentDevelopedcountrieshavemoresophisticatedaccountingproceduresAccountingproblemsaremorecomplexSophisticatedcapitalmarketsLendersrequirecomprehensivereportsEducatedworkforcecanperformcomplexaccountingfunctionsLevelofdevelopmentDevelopedCultureHofstede’suncertaintyavoidancehasanimpactonaccountingsystemsLowuncertaintyavoidance-thesecountriestendtohavestrongindependentauditingprofessionsthatensureafirm’scompliancewithrulesCultureHofstede’suncertaintyAccountingclustersFewcountrieshaveidenticalaccountingsystems.SimilaritiesexistinclustersAccountingclustersFewcountriBritish-American-DutchGroupFirmsraisecapitalfrominvestors.Accountingsystemsdesignedtoinforminvestors

Haveclosetiestobanks.Accountingpracticesmeetbank’sneeds.South

AmericanGroupCountrieshaveexperiencedpersistentandrapidinflation.Accountingprinciplesreflecttheinflation.AccountingclustersEurope-JapanGroupBritish-American-DutchGroupFiNationalandinternationalstandardsDiverseaccountingpracticesareenshrinedinnationalaccountingandauditingstandardsAccountingstandards:RulesforpreparingfinancialstatementsAuditingstandards:SpecifyrulesforperforminganauditNationalandinternationalstaLackofcomparabilityOneresultofnationaldifferencesinauditingandaccountingstandardsislackofcomparabilityoffinancialreportsWithgrowthofglobalcapitalmarketsbothtransnationalfinancingandtransnationalinvestmenthavegrownFirmhastoexplaintoinvestorswhyitsfinancialpositionlooksdifferentintwoaccountingsLackofcomparabilityOneresulInternationalstandardsEffortstoharmonizeaccountingstandardsacrosscountriesFormationofInternationalAccountingStandardsBoardMembersrepresent79countriesResponsibleforformulatinginternationalaccountingstandards(IAS)Hasissuedover30IASDifficulttogetrequisitevotesVoluntarycomplianceRecognitionisgrowingInternationalstandardsEffortsMultinationalconsolidationandcurrencytranslationSubsidiariesofmultinationalsareseparatelegalentitiesbutnotseparateeconomicentitiesTransactionsamongmembersofacorporatefamilynotincludedinconsolidatedfinancialstatements.Onlyassets,liabilitiesrevenuesandexpensesstatementswithexternaltradepartiesareshownPurposeistoprovideaccountinginfoaboutagroupofcompaniesthatrecognizeseconomicinterdependence(subsidiaries)Financialstatementsofsubsidiary’sarepreparedinthelocalcurrencyFortheconsolidatedaccountsofaMultinationaltheseaccountshavetobethenconvertedintocurrencyofMultinational’shomecountryMultinationalconsolidationanCurrencytranslationThecurrentratemethod:ExchangerateatthedateonthebalancesheetisusedtotranslateforeignsubsidiaryfinancialstatementsintohomecountrycurrencyIncompatiblewith‘historiccostprinciple’Thetemporalmethod:

Translatesforeignsubsidiaryassetsintohome-countrycurrencyatthetimeofpurchaseoftheassetChangingexchangeratesmaymeanthebalancesheetmaynotbalance!CurrencytranslationThecurrenAccountingaspectsofcontrolsystemsAnnualcontrolprocessinvolvesthreesteps:Headofficeandsubunitmanagementjointlydeterminesubunitgoalsforthecomingyear.Throughoutyear,headofficemonitorssubunitperformanceagainstagreedgoals.Ifsubunitfailstoachievegoals,headofficeintervenestodeterminewhytheshortfalloccurred,takingcorrectiveactionwhenappropriate.AccountingaspectsofcontrolExchangeratecombinationsinthecontrolprocessFig19.3ExchangeratecombinationsinAccountingaspectsofcontrolsystemsLessard-LorangeModel:Threeexchangeratesusedtotranslateforeigncurrencyintocorporatecurrencyforbudgetandperformancepurposes.Theinitialrate,thespotexchangeratewhenthebudgetisadopted.Theprojectedrate,thespotexchangeforecastfortheendofbudgetperiod(i.e.,theforwardrate)Theendingrate,thespotexchangeratewhenthebudgetandperformancearebeingcompared.AccountingaspectsofcontrolTransferpricingandcontrolsystemsTransferpricesintroducesignificantdistortionsintothecontrolprocessTransferpricemustbetakenintoaccountwhensettingbudgetsandevaluatingasubsidiary’sperformance.TransferpricingandcontrolsSeparationofsubsidiaryandmanagerperformanceValuationofasubsidiaryshouldbeseparatefromtheevaluationofthesubsidiarymanagerManager’sevaluationshouldtakeintoconsiderationhowhostileorbenignthecountriesenvironmentisforbusinessandmakeallowancesoveritemsthemanagerhasnocontrole.g.inflationrates,interestratesexchangeratesSeparationofsubsidiaryandm11.2国际企业的税收管理11.2.1国际税收及制度:双重课税:单边方式(抵,免扣);多边方式(协商分配,防偷漏税等)经济全球化和税收制度:资金与劳务流动自由且加快;税率趋同;从对收入增税改为对消费和固定财产增税11.2国际企业的税收管理11.2.1国际税收及制度:11.2国际企业的税收管理11.2.2国际税收的类型:公司所得税(Corporateincometaxes)预提税(Withholdingtaxes)(股息,利息,特许权使用费等)增值税(Value-addedtaxes)关税(Tariffs)11.2国际企业的税收管理11.2.2国际税收的类型:11.2国际企业的税收管理11.2.3国际企业避税与避税港国际企业避税(Taxavoidance)的方法:转移生产和价格;利用避税港;选择合适的机构身份11.2国际企业的税收管理11.2.3国际企业避税与避税11.2国际企业的税收管理避税港(InternationalTaxHavens)类型:没有所得税,资本收益税或商业,房产税的避税港,大部分分布在加勒比海地区,如巴哈马,百慕大和开曼群岛征收一定税收,但税率很低,如英属维尔京群岛(BritishVirginIsland),所得税率仅12%仅对国内来源的收入增税,如HK和巴拿马允许税收特权,(特区,特种行业等,如希腊的海运业,英国的金融业等)11.2国际企业的税收管理避税港(Internationa11.2国际企业的税收管理避税港的选择:政治经济的稳定性和政府的公正性税收情况及优惠政策签订税收条约的情况外汇管制公司注册法银行机构体系交通通讯设施11.2国际企业的税收管理避税港的选择:11.3国际融资战略11.3.1资金来源:企业内部东道国国际代理机构(WorldBank等)第三国(银行,证券或债券等)11.3国际融资战略11.3.1资金来源:11.3国际融资战略11.3.2对外贸易融资:预付信用证(LetterofCredit,L/C)票据(DocumentagainstPayment,D/P)贴现(Discounting)出售应收账款(Factoring)福费廷Forfaiting11.3国际融资战略11.3.2对外贸易融资:11.4国际企业的资金运用资金规模使用决策现金控制11.4国际企业的资金运用资金规模Case:GlobaltreasurymanagementatProctor&Gamble60%ofP&G’srevenuesfrominternationalsalesProductssoldin130countriesHascentralizedglobaltreasurymanagementfunctionManagementofallforeignexchangetransactionsP&Gtradescurrencybetweensubsidiaries,cuttingoutbanksandsavingontransactioncostsP&GispoolingforeignexchangerisksandbuyinganpurchasinganumbrellaoptiontocoverrisksassociatedwithvariouscurrencyoptionsSubsidiariescaninvestinandborrowmoneyfromotherP&GentitiesinsteadofdealingwithbanksCase:GlobaltreasurymanagemeScopeoffinancialmanagementScopeoffinancialmanagementincludesthreesetsofrelateddecisions:InvestmentdecisionsDecisionsaboutwhatactivitiestofinanceFinancingdecisionsDecisionsabouthowtofinancethoseactivities.MoneymanagementdecisionsDecisionsabouthowtomanagethefirm’sfinancialresourcesmostefficientlyScopeoffinancialmanagementSInvestmentdecisionsCapitalbudgeting:Quantifiesthebenefits,costsandrisksofaninvestmentManagerscanreasonablycomparedifferentinvestmentalternativeswithinandacrosscountriesComplicatedprocess:MustdistinguishbetweencashflowstoprojectandthosetoparentPoliticalandeconomicriskcanchangethevalueofaforeigninvestmentConnectionbetweencashflowstoparentandthesourceoffinancingmustberecognizedInvestmentdecisionsCapitalbuProjectandparentcashflowsProjectcashflowsmaynotreachtheparent:Host-countrymayblockcash-flowrepatriationCashflowsmaybetaxedatanunfavorablerateHostgovernmentmayrequireapercentageofcashflowstobereinvestedinthehostcountryProjectandparentcashflowsPAdjustingforpoliticalandeconomicriskPoliticalrisk:Expropriation-Iranianrevolution,1979Socialunrest-afterthebreakupofYugoslavia,companyassetswererenderedworthlessPoliticalchange-mayleadtotaxandownershipchanges Examples.CollapseofcommunisminEasternEuropeAttackontheworldtradecenterEconomicriskInflationAdjustingforpoliticalandecFinancingdecisionsWhenconsideringoptionsforfinancingaforeigninvestment,Int.businesseshavetoconsidertwofactorsSourceoffinancingFinancialstructureFinancingdecisionsWhenconsidSourceoffinancingGlobalcapitalmarketsforlowercostfinancing.Impactofhostcountry-host-countrymayrequireprojectstobelocallyfinancedthroughdebtorequityLimitedliquidityraisesthecostofcapital.Host-governmentmayofferlowinterestorsubsidizedloanstoattractinvestment.Impactoflocalcurrency(appreciation/depreciation)influencescapitalandfinancingdecisionsSourceoffinancingGlobalcapiFinancialstructureFinancialstructure:Debt/equityratiosvarywithcountries.TaxregimesFollowlocalcapitalstructurenorms?MoreeasilyevaluatereturnonequityrelativetolocalcompetitionGoodforcompany’simageBestrecommendation:adoptafinancialstructurethatminimizesthecostofcapitalFinancialstructureFinancialsGlobalmoneymanagement

-TheefficiencyobjectiveMinimizingcashbalances:Moneymarketaccounts-lowinterest-highliquidityCertificatesofdeposit-higherinterest-lowerliquidityReducingtransactioncosts(costofexchange):Transactioncosts:changingfromonecurrencytoanotherTransferfee:feeformovingcashfromonelocationtoanotherGlobalmoneymanagement

-TheeGlobalmoneymanagement

ThetaxobjectiveCountriestaxincomeearnedoutsidetheirboundariesbyentitiesbasedintheircountry.CanleadtodoubletaxationTaxcreditallowsentitytoreducehometaxesbyamountpaidtoforeigngovernmentTaxtreatyisanagreementbetweencountriesspecifyingwhatitemswillbetaxedbyauthoritiesincountrywhereincomeisearnedDeferralprinciplespecifiesthatparentcompanieswillnotbetaxedonforeignincomeuntilthedividendisreceivedTaxhavenisusedtominimizetaxliabilityGlobalmoneymanagement

ThetaCorporateincometaxratesCorporateincometaxratesMovingmoneyacrossborders:

AttainingefficienciesandreducingtaxesUnbundling:

Amixoftechniquestotransferliquidfundsfromaforeignsubsidiarytotheparentcompanywithoutpiquingthehost-countryDividendremittancesRoyaltypaymentsandfeesTransferPricesFrontingloansSelectingaparticularpolicyislimitedwhenaforeignsubsidiaryispartownedbyalocaljoint-venturepartnerorlocalstockholdersMovingmoneyacrossborders:ADividendremittancesMostcommonmethodoftransfer.Dividendvarieswith:taxregulations.Foreignexchangerisk.Ageofsubsidiary.Extentoflocalequityparticipation.DividendremittancesMostcommoRoyaltypaymentsandfeesRoyaltiesrepresenttheremunerationpaidtoownersoftechnology,patentsortradenamesfortheirusebythefirm.Commonforparenttochargeasubsidiaryfortechnology,patentsortradenamestransferredtoit.Maybeleviedasafixedamountperunitsoldorpercentageofrevenueearned.Feesarecompensationforprofessionalservicesorexpertisesuppliedtosubsidiary.Managementfeesor‘technicalassistance’fees.FixedchargesforservicesprovidedRoyaltypaymentsandfeesRoyalTransferpricesPriceatwhichgoodsorservicesaretransferredwithinafirm’sentities.Positionfundswithinacompany.Movefundsoutofcountrybysettinghightransferfeesorintoacountrybysettinglowtransferfees.Movementcanbewithinsubsidiariesorbetweentheparentanditssubsidiaries.TransferpricesPriceatwhichBenefitsofmanipulatingtransferpricesReducetaxliabilitiesbyusingtransferfeestoshiftfromahigh-taxcountrytoalow-taxcountry.Reduceforeignexchangeriskexposuretoexpectedcurrencydevaluationbytransferringfunds.Canbeusedwheredividendsarerestrictedorblockedbyhost-governmentpolicy.Reduceimportduties(advalorem)byreducingtransferpricesandthevalueofthegoods.BenefitsofmanipulatingtransProblemswithtransferpricingFewgovernmentslikeit.Believe(rightly)thattheyarelosingrevenue.Hasanimpactonmanagementincentivesandperformanceevaluations.Inconsistentwitha‘profitcenter’.Managerscanhideinefficiencies.ProblemswithtransferpricingFrontingloansLoanbetweenaparentandsubsidiaryischanneledthroughafinancialintermediary(bank).Allowscircumventionofhost-countryrestrictionsonremittanceoffundsfromsubsidiarytoparent.Providescertaintaxadvantages.FrontingloansLoanbetweenapAnexampleofthetaxaspectsofafrontingloanAnexampleofthetaxaspectsTechniquesforglobalmoneymanagementNeedcashreservestoserviceaccountsandinsuringagainstnegativecashflows.Shouldeachsubsidiaryholditsowncashbalance?Bypooling,firmcandepositlargercashamountsandearnhigherinterestrates.Iflocatedinamajorfinancialcentercangetinformationongoodinvestmentopportunities.Canreducethetotalsizeofcashpoolandinvestlargerreservesinhigherpaying,longterm,instruments.Techniquesforglobalmoneyma11.5外汇风险与防范交易风险转换风险业务风险11.5外汇风险与防范交易风险ManagingforeignexchangeriskRiskthatfuturechangesinacountry’sexchangeratewillhurtthefirm.Transactionexposure:extentincomefromtransactionsisaffectedbycurrencyfluctuations.Translationexposure:impactofcurrencyexchangeratesonconsolidatedresultsandbalancesheet.Economicexposure:effectofchangingexchangeratesoverfutureprices,salesandcosts.ManagingforeignexchangeriskStrategiesforreducingforeignexchangerisk(a)Primarilyprotectshort-termcashflows.Reducingtransactionandtranslationexposure:Buyingforwardandcurrencyswaps.Leadstrategy:collectingreceivablesearlywhencurrencydevaluationisanticipatedandpayingearlywhencurrencymayappreciate.Lagstrategy:delayingreceivablecollectionwhenanticipatingcurrencyappreciationanddelayingpayableswhencurrencydepreciationisexpected.StrategiesforreducingforeigStrategiesforreducingforeignexchangerisk(b)ReducingTransactionandtranslationexposureLeadstrategyLagstrategyReducingeconomicexposure:KeyistodistributeproductiveassetstovariouslocationssofirmisnotseverelyaffectedbyexchangeratechangesStrategiesforreducingforeigManagingForeignExchangeExposureNoagreementastohow,butcommonalityofapproachdoesexist:Centralcontrolofexposure.Distinguishbetweentransaction/translationexposureandeconomicexposure.Forecastfutureexchangeratemovements.Goodreportingsystemstomonitorfirm’sexposuretoexchangeratechanges.Producemonthlyforeignexchangeexposurereports.ManagingForeignExchangeExpo推荐图书BuilttoLast:SuccessfulHabitsofVisionaryCompanies,James,C.

Collins,

Jerry

I.

Porras《基业长青》合著者杰里·波拉斯推荐图书BuilttoLast:Successful11.国际企业的财务管理国际企业的财务管理国际企业的税收管理国际融资战略与渠道国际企业的资金运用外汇风险与防范11.国际企业的财务管理AccountinginformationandcapitalflowsAccountinginformationandcapDeterminantsofnationalaccountingstandardsDeterminantsofnationalaccouRelationshipbetweenbusinessandprovidersofcapitalThreeexternalsourcesofcapital:IndividualinvestorsBuyingsharesandbondsBanks.LoancapitalGovernmentMakeloansorinvestmentImportanceofeachvariesfromcountrytocountryRelationshipbetweenbusinessPoliticalandeconomictieswithothercountriesAccountingconvergence:InfluenceofNAFTAInfluenceoftheformerBritishEmpireInfluenceoftheEuropeanUnionPoliticalandeconomictieswiInflationaccountingHistoriccostprinciple:AssumescurrencyisnotlosingvaluetoinflationMostsignificantimpactintheareaofassetvaluationAppropriatenessvarieswithinflation

Currentcostaccounting:FactorsoutinflationUsedinGreatBritainuntilinflationratedeclinedInflationaccountingHistoriccLevelofdevelopmentDevelopedcountrieshavemoresophisticatedaccountingproceduresAccountingproblemsaremorecomplexSophisticatedcapitalmarketsLendersrequirecomprehensivereportsEducatedworkforcecanperformcomplexaccountingfunctionsLevelofdevelopmentDevelopedCultureHofstede’suncertaintyavoidancehasanimpactonaccountingsystemsLowuncertaintyavoidance-thesecountriestendtohavestrongindependentauditingprofessionsthatensureafirm’scompliancewithrulesCultureHofstede’suncertaintyAccountingclustersFewcountrieshaveidenticalaccountingsystems.SimilaritiesexistinclustersAccountingclustersFewcountriBritish-American-DutchGroupFirmsraisecapitalfrominvestors.Accountingsystemsdesignedtoinforminvestors

Haveclosetiestobanks.Accountingpracticesmeetbank’sneeds.South

AmericanGroupCountrieshaveexperiencedpersistentandrapidinflation.Accountingprinciplesreflecttheinflation.AccountingclustersEurope-JapanGroupBritish-American-DutchGroupFiNationalandinternationalstandardsDiverseaccountingpracticesareenshrinedinnationalaccountingandauditingstandardsAccountingstandards:RulesforpreparingfinancialstatementsAuditingstandards:SpecifyrulesforperforminganauditNationalandinternationalstaLackofcomparabilityOneresultofnationaldifferencesinauditingandaccountingstandardsislackofcomparabilityoffinancialreportsWithgrowthofglobalcapitalmarketsbothtransnationalfinancingandtransnationalinvestmenthavegrownFirmhastoexplaintoinvestorswhyitsfinancialpositionlooksdifferentintwoaccountingsLackofcomparabilityOneresulInternationalstandardsEffortstoharmonizeaccountingstandardsacrosscountriesFormationofInternationalAccountingStandardsBoardMembersrepresent79countriesResponsibleforformulatinginternationalaccountingstandards(IAS)Hasissuedover30IASDifficulttogetrequisitevotesVoluntarycomplianceRecognitionisgrowingInternationalstandardsEffortsMultinationalconsolidationandcurrencytranslationSubsidiariesofmultinationalsareseparatelegalentitiesbutnotseparateeconomicentitiesTransactionsamongmembersofacorporatefamilynotincludedinconsolidatedfinancialstatements.Onlyassets,liabilitiesrevenuesandexpensesstatementswithexternaltradepartiesareshownPurposeistoprovideaccountinginfoaboutagroupofcompaniesthatrecognizeseconomicinterdependence(subsidiaries)Financialstatementsofsubsidiary’sarepreparedinthelocalcurrencyFortheconsolidatedaccountsofaMultinationaltheseaccountshavetobethenconvertedintocurrencyofMultinational’shomecountryMultinationalconsolidationanCurrencytranslationThecurrentratemethod:ExchangerateatthedateonthebalancesheetisusedtotranslateforeignsubsidiaryfinancialstatementsintohomecountrycurrencyIncompatiblewith‘historiccostprinciple’Thetemporalmethod:

Translatesforeignsubsidiaryassetsintohome-countrycurrencyatthetimeofpurchaseoftheassetChangingexchangeratesmaymeanthebalancesheetmaynotbalance!CurrencytranslationThecurrenAccountingaspectsofcontrolsystemsAnnualcontrolprocessinvolvesthreesteps:Headofficeandsubunitmanagementjointlydeterminesubunitgoalsforthecomingyear.Throughoutyear,headofficemonitorssubunitperformanceagainstagreedgoals.Ifsubunitfailstoachievegoals,headofficeintervenestodeterminewhytheshortfalloccurred,takingcorrectiveactionwhenappropriate.AccountingaspectsofcontrolExchangeratecombinationsinthecontrolprocessFig19.3ExchangeratecombinationsinAccountingaspectsofcontrolsystemsLessard-LorangeModel:Threeexchangeratesusedtotranslateforeigncurrencyintocorporatecurrencyforbudgetandperformancepurposes.Theinitialrate,thespotexchangeratewhenthebudgetisadopted.Theprojectedrate,thespotexchangeforecastfortheendofbudgetperiod(i.e.,theforwardrate)Theendingrate,thespotexchangeratewhenthebudgetandperformancearebeingcompared.AccountingaspectsofcontrolTransferpricingandcontrolsystemsTransferpricesintroducesignificantdistortionsintothecontrolprocessTransferpricemustbetakenintoaccountwhensettingbudgetsandevaluatingasubsidiary’sperformance.TransferpricingandcontrolsSeparationofsubsidiaryandmanagerperformanceValuationofasubsidiaryshouldbeseparatefromtheevaluationofthesubsidiarymanagerManager’sevaluationshouldtakeintoconsiderationhowhostileorbenignthecountriesenvironmentisforbusinessandmakeallowancesoveritemsthemanagerhasnocontrole.g.inflationrates,interestratesexchangeratesSeparationofsubsidiaryandm11.2国际企业的税收管理11.2.1国际税收及制度:双重课税:单边方式(抵,免扣);多边方式(协商分配,防偷漏税等)经济全球化和税收制度:资金与劳务流动自由且加快;税率趋同;从对收入增税改为对消费和固定财产增税11.2国际企业的税收管理11.2.1国际税收及制度:11.2国际企业的税收管理11.2.2国际税收的类型:公司所得税(Corporateincometaxes)预提税(Withholdingtaxes)(股息,利息,特许权使用费等)增值税(Value-addedtaxes)关税(Tariffs)11.2国际企业的税收管理11.2.2国际税收的类型:11.2国际企业的税收管理11.2.3国际企业避税与避税港国际企业避税(Taxavoidance)的方法:转移生产和价格;利用避税港;选择合适的机构身份11.2国际企业的税收管理11.2.3国际企业避税与避税11.2国际企业的税收管理避税港(InternationalTaxHavens)类型:没有所得税,资本收益税或商业,房产税的避税港,大部分分布在加勒比海地区,如巴哈马,百慕大和开曼群岛征收一定税收,但税率很低,如英属维尔京群岛(BritishVirginIsland),所得税率仅12%仅对国内来源的收入增税,如HK和巴拿马允许税收特权,(特区,特种行业等,如希腊的海运业,英国的金融业等)11.2国际企业的税收管理避税港(Internationa11.2国际企业的税收管理避税港的选择:政治经济的稳定性和政府的公正性税收情况及优惠政策签订税收条约的情况外汇管制公司注册法银行机构体系交通通讯设施11.2国际企业的税收管理避税港的选择:11.3国际融资战略11.3.1资金来源:企业内部东道国国际代理机构(WorldBank等)第三国(银行,证券或债券等)11.3国际融资战略11.3.1资金来源:11.3国际融资战略11.3.2对外贸易融资:预付信用证(LetterofCredit,L/C)票据(DocumentagainstPayment,D/P)贴现(Discounting)出售应收账款(Factoring)福费廷Forfaiting11.3国际融资战略11.3.2对外贸易融资:11.4国际企业的资金运用资金规模使用决策现金控制11.4国际企业的资金运用资金规模Case:GlobaltreasurymanagementatProctor&Gamble60%ofP&G’srevenuesfrominternationalsalesProductssoldin130countriesHascentralizedglobaltreasurymanagementfunctionManagementofallforeignexchangetransactionsP&Gtradescurrencybetweensubsidiaries,cuttingoutbanksandsavingontransactioncostsP&GispoolingforeignexchangerisksandbuyinganpurchasinganumbrellaoptiontocoverrisksassociatedwithvariouscurrencyoptionsSubsidiariescaninvestinandborrowmoneyfromotherP&GentitiesinsteadofdealingwithbanksCase:GlobaltreasurymanagemeScopeoffinancialmanagementScopeoffinancialmanagementincludesthreesetsofrelateddecisions:InvestmentdecisionsDecisionsaboutwhatactivitiestofinanceFinancingdecisionsDecisionsabouthowtofinancethoseactivities.MoneymanagementdecisionsDecisionsabouthowtomanagethefirm’sfinancialresourcesmostefficientlyScopeoffinancialmanagementSInvestmentdecisionsCapitalbudgeting:Quantifiesthebenefits,costsandrisksofaninvestmentManagerscanreasonablycomparedifferentinvestmentalternativeswithinandacrosscountriesComplicatedprocess:MustdistinguishbetweencashflowstoprojectandthosetoparentPoliticalandeconomicriskcanchangethevalueofaforeigninvestmentConnectionbetweencashflowstoparentandthesourceoffinancingmustberecognizedInvestmentdecisionsCapitalbuProjectandparentcashflowsProjectcashflowsmaynotreachtheparent:Host-countrymayblockcash-flowrepatriationCashflowsmaybetaxedatanunfavorablerateHostgovernmentmayrequireapercentageofcashflowstobereinvestedinthehostcountryProjectandparentcashflowsPAdjustingforpoliticalandeconomicriskPoliticalrisk:Expropriation-Iranianrevolution,1979Socialunrest-afterthebreakupofYugoslavia,companyassetswererenderedworthlessPoliticalchange-mayleadtotaxandownershipchanges Examples.CollapseofcommunisminEasternEuropeAttackontheworldtradecenterEconomicriskInflationAdjustingforpoliticalandecFinancingdecisionsWhenconsideringoptionsforfinancingaforeigninvestment,Int.businesseshavetoconsidertwofactorsSourceoffinancingFinancialstructureFinancingdecisionsWhenconsidSourceoffinancingGlobalcapitalmarketsforlowercostfinancing.Impactofhostcountry-host-countrymayrequireprojectstobelocallyfinancedthroughdebtorequityLimitedliquidityraisesthecostofcapital.Host-governmentmayofferlowinterestorsubsidizedloanstoattractinvestment.Impactoflocalcurrency(appreciation/depreciation)influencescapitalandfinancingdecisionsSourceoffinancingGlobalcapiFinancialstructureFinancialstructure:Debt/equityratiosvarywithcountries.TaxregimesFollowlocalcapitalstructurenorms?MoreeasilyevaluatereturnonequityrelativetolocalcompetitionGoodforcompany’simageBestrecommendation:adoptafinancialstructurethatminimizesthecostofcapitalFinancialstructureFinancialsGlobalmoneymanagement

-TheefficiencyobjectiveMinimizingcashbalances:Moneymarketaccounts-lowinterest-highliquidityCertificatesofdeposit-higherinterest-lowerliquidityReducingtransactioncosts(costofexchange):Transactioncosts:changingfromonecurrencytoanotherTransferfee:feeformovingcashfromonelocationtoanotherGlobalmoneymanagement

-TheeGlobalmoneymanagement

ThetaxobjectiveCountriestaxincomeearnedoutsidetheirboundariesbyentitiesbasedintheircountry.CanleadtodoubletaxationTaxcreditallowsentitytoreducehometaxesbyamountpaidtoforeigngovernmentTaxtreatyisanagreementbetweencountriesspecifyingwhatitemswillbetaxedbyauthoritiesincountrywher