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AccountinginformationandcapitalflowsDeterminantsofnationalaccountingstandardsRelationshipbetweenbusinessandprovidersofcapitalThreeexternalsourcesofcapital:IndividualinvestorsBuyingsharesandbondsBanks.LoancapitalGovernmentMakeloansorinvestmentImportanceofeachvariesfromcountrytocountryPoliticalandeconomictieswithothercountriesAccountingconvergence:InfluenceofNAFTAInfluenceoftheformerBritishEmpireInfluenceoftheEuropeanUnionInflationaccountingHistoriccostprinciple:AssumescurrencyisnotlosingvaluetoinflationMostsignificantimpactintheareaofassetvaluationAppropriatenessvarieswithinflation

Currentcostaccounting:FactorsoutinflationUsedinGreatBritainuntilinflationratedeclinedLevelofdevelopmentDevelopedcountrieshavemoresophisticatedaccountingproceduresAccountingproblemsaremorecomplexSophisticatedcapitalmarketsLendersrequirecomprehensivereportsEducatedworkforcecanperformcomplexaccountingfunctionsCultureHofstede’suncertaintyavoidancehasanimpactonaccountingsystemsLowuncertaintyavoidance-thesecountriestendtohavestrongindependentauditingprofessionsthatensureafirm’scompliancewithrulesAccountingclustersFewcountrieshaveidenticalaccountingsystems.SimilaritiesexistinclustersBritish-American-DutchGroupFirmsraisecapitalfrominvestors.Accountingsystemsdesignedtoinforminvestors

Haveclosetiestobanks.Accountingpracticesmeetbank’sneeds.South

AmericanGroupCountrieshaveexperiencedpersistentandrapidinflation.Accountingprinciplesreflecttheinflation.AccountingclustersEurope-JapanGroupNationalandinternationalstandardsDiverseaccountingpracticesareenshrinedinnationalaccountingandauditingstandardsAccountingstandards:RulesforpreparingfinancialstatementsAuditingstandards:SpecifyrulesforperforminganauditLackofcomparabilityOneresultofnationaldifferencesinauditingandaccountingstandardsislackofcomparabilityoffinancialreportsWithgrowthofglobalcapitalmarketsbothtransnationalfinancingandtransnationalinvestmenthavegrownFirmhastoexplaintoinvestorswhyitsfinancialpositionlooksdifferentintwoaccountingsInternationalstandardsEffortstoharmonizeaccountingstandardsacrosscountriesFormationofInternationalAccountingStandardsBoardMembersrepresent79countriesResponsibleforformulatinginternationalaccountingstandards(IAS)Hasissuedover30IASDifficulttogetrequisitevotesVoluntarycomplianceRecognitionisgrowingMultinationalconsolidationandcurrencytranslationSubsidiariesofmultinationalsareseparatelegalentitiesbutnotseparateeconomicentitiesTransactionsamongmembersofacorporatefamilynotincludedinconsolidatedfinancialstatements.Onlyassets,liabilitiesrevenuesandexpensesstatementswithexternaltradepartiesareshownPurposeistoprovideaccountinginfoaboutagroupofcompaniesthatrecognizeseconomicinterdependence(subsidiaries)Financialstatementsofsubsidiary’’sarepreparedinthelocalcurrencyFortheconsolidatedaccountsofaMultinationaltheseaccountshavetobethenconvertedintocurrencyofMultinational’’shomecountryCurrencytranslationThecurrentratemethod:ExchangerateatthedateonthebalancesheetisusedtotranslateforeignsubsidiaryfinancialstatementsintohomecountrycurrencyIncompatiblewith‘‘historiccostprinciple’’Thetemporalmethod:Translatesforeignsubsidiaryassetsintohome-countrycurrencyatthetimeofpurchaseoftheassetChangingexchangeratesmaymeanthebalancesheetmaynotbalance!AccountingaspectsofcontrolsystemsAnnualcontrolprocessinvolvesthreesteps:Headofficeandsubunitmanagementjointlydeterminesubunitgoalsforthecomingyear.Throughoutyear,headofficemonitorssubunitperformanceagainstagreedgoals.Ifsubunitfailstoachievegoals,headofficeintervenestodeterminewhytheshortfalloccurred,takingcorrectiveactionwhenappropriate.ExchangeratecombinationsinthecontrolprocessFig19.3AccountingaspectsofcontrolsystemsLessard-LorangeModel:Threeexchangeratesusedtotranslateforeigncurrencyintocorporatecurrencyforbudgetandperformancepurposes.Theinitialrate,thespotexchangeratewhenthebudgetisadopted.Theprojectedrate,thespotexchangeforecastfortheendofbudgetperiod(i.e.,theforwardrate)Theendingrate,thespotexchangeratewhenthebudgetandperformancearebeingcompared.TransferpricingandcontrolsystemsTransferpricesintroducesignificantdistortionsintothecontrolprocessTransferpricemustbetakenintoaccountwhensettingbudgetsandevaluatingasubsidiary’’sperformance.SeparationofsubsidiaryandmanagerperformanceValuationofasubsidiaryshouldbeseparatefromtheevaluationofthesubsidiarymanagerManager’sevaluationshouldtakeintoconsiderationhowhostileorbenignthecountriesenvironmentisforbusinessandmakeallowancesoveritemsthemanagerhasnocontrole.g.inflationrates,interestratesexchangerates11.2国际企业业的税收收管理国际税收收及制度度:双重课税税:单边方式式(抵,免扣);多边方式式(协商分配配,防偷漏税税等)经济全球球化和税税收制度度:资金与劳劳务流动动自由且且加快;税率趋同同;从对收入入增税改改为对消消费和固固定财产产增税11.2国际企业业的税收收管理国际税收收的类型型:公司所得得税(Corporateincometaxes)预提税(Withholdingtaxes)(股息,利息,特许权使使用费等等)增值税(Value-addedtaxes)关税(Tariffs)11.2国际企业业的税收收管理国际企业业避税与与避税港港国际企业业避税(Taxavoidance)的方法:转移生产产和价格格;利用避税税港;选择合适适的机构构身份11.2国际企业业的税收收管理避税港(InternationalTaxHavens)类型:没有所得得税,资本收益益税或商商业,房产税的的避税港港,大部分分分布在加加勒比海海地区,如巴哈马马,百慕大和和开曼群群岛征收一定定税收,但税率很很低,如英属维维尔京群群岛(BritishVirginIsland),所得税率率仅12%仅对国内内来源的的收入增增税,如HK和巴拿马马允许税收收特权,(特区,特种行业业等,如希腊的的海运业业,英国的金金融业等等)11.2国际企业业的税收收管理避税港的的选择:政治经济济的稳定定性和政政府的公公正性税收情况况及优惠惠政策签订税收收条约的的情况外汇管制制公司注册册法银行机构构体系交通通讯讯设施11.3国际融资资战略资金来源源:企业内部部东道国国际代理理机构(WorldBank等)第三国(银行,证券或债债券等)11.3国际融资资战略对外贸易易融资:预付信用证(LetterofCredit,L/C)票据(DocumentagainstPayment,D/P)贴现(Discounting)出售应收收账款(Factoring)福费廷Forfaiting11.4国际企业业的资金金运用资金规模模使用决策策现金控制制Case:GlobaltreasurymanagementatProctor&Gamble60%ofP&G’srevenuesfrominternationalsalesProductssoldin130countriesHascentralizedglobaltreasurymanagementfunctionManagementofallforeignexchangetransactionsP&Gtradescurrencybetweensubsidiaries,cuttingoutbanksandsavingontransactioncostsP&GispoolingforeignexchangerisksandbuyinganpurchasinganumbrellaoptiontocoverrisksassociatedwithvariouscurrencyoptionsSubsidiariescaninvestinandborrowmoneyfromotherP&GentitiesinsteadofdealingwithbanksScopeoffinancialmanagementScopeoffinancialmanagementincludesthreesetsofrelateddecisions:InvestmentdecisionsDecisionsaboutwhatactivitiestofinanceFinancingdecisionsDecisionsabouthowtofinancethoseactivities.MoneymanagementdecisionsDecisionsabouthowtomanagethefirm’’sfinancialresourcesmostefficientlyInvestmentdecisionsCapitalbudgeting:Quantifiesthebenefits,costsandrisksofaninvestmentManagerscanreasonablycomparedifferentinvestmentalternativeswithinandacrosscountriesComplicatedprocess:MustdistinguishbetweencashflowstoprojectandthosetoparentPoliticalandeconomicriskcanchangethevalueofaforeigninvestmentConnectionbetweencashflowstoparentandthesourceoffinancingmustberecognizedProjectandparentcashflowsProjectcashflowsmaynotreachtheparent:Host-countrymayblockcash-flowrepatriationCashflowsmaybetaxedatanunfavorablerateHostgovernmentmayrequireapercentageofcashflowstobereinvestedinthehostcountryAdjustingforpoliticalandeconomicriskPoliticalrisk:Expropriation-Iranianrevolution,1979Socialunrest-afterthebreakupofYugoslavia,companyassetswererenderedworthlessPoliticalchange-mayleadtotaxandownershipchangesExamples.CollapseofcommunisminEasternEuropeAttackontheworldtradecenterEconomicriskInflationFinancingdecisionsWhenconsideringoptionsforfinancingaforeigninvestment,Int.businesseshavetoconsidertwofactorsSourceoffinancingFinancialstructureSourceoffinancingGlobalcapitalmarketsforlowercostfinancing.Impactofhostcountry-host-countrymayrequireprojectstobelocallyfinancedthroughdebtorequityLimitedliquidityraisesthecostofcapital.Host-governmentmayofferlowinterestorsubsidizedloanstoattractinvestment.Impactoflocalcurrency(appreciation/depreciation)influencescapitalandfinancingdecisionsFinancialstructureFinancialstructure:Debt/equityratiosvarywithcountries.TaxregimesFollowlocalcapitalstructurenorms?MoreeasilyevaluatereturnonequityrelativetolocalcompetitionGoodforcompany’simageBestrecommendation:adoptafinancialstructurethatminimizesthecostofcapitalGlobalmoneymanagement-TheefficiencyobjectiveMinimizingcashbalances:Moneymarketaccounts-lowinterest-highliquidityCertificatesofdeposit-higherinterest-lowerliquidityReducingtransactioncosts(costofexchange):Transactioncosts:changingfromonecurrencytoanotherTransferfee:feeformovingcashfromonelocationtoanotherGlobalmoneymanagementThetaxobjectiveCountriestaxincomeearnedoutsidetheirboundariesbyentitiesbasedintheircountry.CanleadtodoubletaxationTaxcreditallowsentitytoreducehometaxesbyamountpaidtoforeigngovernmentTaxtreatyisanagreementbetweencountriesspecifyingwhatitemswillbetaxedbyauthoritiesincountrywhereincomeisearnedDeferralprinciplespecifiesthatparentcompanieswillnotbetaxedonforeignincomeuntilthedividendisreceivedTaxhavenisusedtominimizetaxliabilityCorporateincometaxratesMovingmoneyacrossborders:AttainingefficienciesandreducingtaxesUnbundling:Amixoftechniquestotransferliquidfundsfromaforeignsubsidiarytotheparentcompanywithoutpiquingthehost-countryDividendremittancesRoyaltypaymentsandfeesTransferPricesFrontingloansSelectingaparticularpolicyislimitedwhenaforeignsubsidiaryispartownedbyalocaljoint-venturepartnerorlocalstockholdersDividendremittancesMostcommonmethodoftransfer.Dividendvarieswith:taxregulations.Foreignexchangerisk.Ageofsubsidiary.Extentoflocalequityparticipation.RoyaltypaymentsandfeesRoyaltiesrepresenttheremunerationpaidtoownersoftechnology,patentsortradenamesfortheirusebythefirm.Commonforparenttochargeasubsidiaryfortechnology,patentsortradenamestransferredtoit.Maybeleviedasafixedamountperunitsoldorpercentageofrevenueearned.Feesarecompensationforprofessionalservicesorexpertisesuppliedtosubsidiary.Managementfeesor‘technicalassistance’’fees.FixedchargesforservicesprovidedTransferpricesPriceatwhichgoodsorservicesaretransferredwithinafirm’sentities.Positionfundswithinacompany.Movefundsoutofcountrybysettinghightransferfeesorintoacountrybysettinglowtransferfees.Movementcanbewithinsubsidiariesorbetweentheparentanditssubsidiaries.BenefitsofmanipulatingtransferpricesReducetaxliabilitiesbyusingtransferfeestoshiftfromahigh-taxcountrytoalow-taxcountry.Reduceforeignexchangeriskexposuretoexpectedcurrencydevaluationbytransferringfunds.Canbeusedwheredividendsarerestrictedorblockedbyhost-governmentpolicy.Reduceimportduties(advalorem)byreducingtransferpricesandthevalueofthegoods.ProblemswithtransferpricingFewgovernmentslikeit.Believe(rightly)thattheyarelosingrevenue.Hasanimpactonmanagementincentivesandperformanceevaluations.Inconsistentwitha‘‘profitcenter’.Managerscanhideinefficiencies.FrontingloansLoanbetweenaparentandsubsidiaryischanneledthroughafinancialintermediary(bank).Allowscircumventionofhost-countryrestrictionsonremittanceoffundsfromsubsidiarytoparent.Providescertaintaxadvantages.AnexampleofthetaxaspectsofafrontingloanTechniquesforglobalmoneymanagementNeedcashreservestoserviceaccountsandinsuringagainstnegativecashflows.Shouldeachsubsidiaryholditsowncashbalance?Bypooling,firmcandepositlargercashamountsandearnhigherinterestrates.Iflocatedinamajorfinancialcentercangetinformationongoodinvestmentopportunities.Canreducethetotalsizeofcashpoolandinvestlargerreservesinhigherpaying,longterm,instruments.11.5外汇风险与防防范交易风险转换风险业务风险ManagingforeignexchangeriskRiskthatfuturechangesinacountry’sexchangeratewillhurtthefirm.Transactionexposure:extentincomefromtransactionsisaff