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Learning

ObjectivesExplain

the

meaning

behind

the

designation

of

aforeign

subsidiary’s

“functional

currency”Illustrate

both

the

theoretical

and

practicaldifferences

between

the

two

primary

methods

oftranslating

or

re-measuring

foreign

currencydenominated

financial

statementsUnderstand

how

an

accounting-based

concept

liketranslation

can

have

valuation

impacts

onmultinational

firmsAnalyze

the

costs

and

benefits

of

managingtranslation

exposureOverview

of

TranslationTranslation

exposure(折算风险),also

calledaccounting

exposure(会计风险),arises

becausefinancial

statements

of

foreign

subsidiaries–whichare

stated

in

foreign

currency–must

be

restated

inthe

parent’s

reporting

currency

for

the

firm

toprepare

consolidated

financial

statementsThe

accounting

process

of

translation,

involvesconverting

these

foreign

subsidiaries

financialstatements

into

US

dollar-denominated

statements企业对资产负债表进行会计处理,因汇率变动 而引起海外资产和负债价值的变化而产生的 风险。Overview

of

TranslationTranslation

exposure

-

potential

increase

ordecrease

in

the

parent’s

net

worth

and

reported

nete

caused

by

a

change

in

exchange

rates

since

thelast

translationWhile

the

main

purpose

of

translation

is

to

prepareconsolidated

statements,

management

usestranslated

statements

to

assess

performance(facilitates

comparisons

across

subsidiaries)跨国公司海外子公司:以东道国的货币入账和编制会计报表时,需要将所使用的外币转换成东道国的货币,面临折算风险;同时,向母公司上报会计报表,又要将东道国的货币折算成母公司所在国的货币,面临折算风险折算风险跨国公司是由不同地域的母、子公司构成的经济实体,为了反映跨国公司整体的财务状况、经营成果和现金流量,母公司会在会计年末将子公司的财务报表与母公司进行合并。通常情况下海外子公司的财务报表采用所在国当地货币作为计账本位币,所以当母公司以本币计账的会计报表合并时,就会出现发生交易日的汇率与折算日汇率不一致的情况,从母公司的角度看,海外子公司按照国外当地货币计量的资产、负债的价值也将发生变化,这就是跨国公司所面临的折算风险。其中,承受本外币转换风险的资产与负债成为暴露资产和暴露负债,由于

暴露资产与暴露负债的风险可以相互抵消,故企业总的折算风险就取决于二者之间的差额。折算损益的大小,主要取决于两个因素:一是暴露在汇

率变动风险之下的有关资产和负债项目相比的差额;二是汇率变动的方向,即外汇是升值还是贬值。如果暴露资产大于暴露负债,当外汇升值时将会产生折算利得,贬值时将会产生折算损失。反之亦然。Overview

of

TranslationTranslation

in

principle

is

simple:Foreign

currency

financial

statements

must

berestated

in

the

parent

company’s

reportingcurrencyIf

the

same

exchange

rate

were

used

to

remeasureevery

line

item

on

I/S(

e

statement利润表)

and

B/S(the

balance

sheet

资产负债表),there

would

be

noimbalances;If

a

different

exchange

rate

were

usedfor

different

line

items

on

I/S

and

B/S,imbalanceswould

result例如,英国公司拥有18万欧元的存款,假定年初英镑对欧元的汇率为1英镑等于1.8000欧元,在财务报表中这笔欧元存款被折算为10万英镑;1年后,该公司在编制资产负债表时,汇率变化为1英镑等于2.0000欧元,这笔18万欧元的存款就只能折算成9万英镑,账面损失为1万英镑。应付折算风险的最好方法是外汇风险管理中致力于交易风险和经济风险而对折算风险,只需在财务报表中说明本期合并盈利受折算风险影响而升降的金额即可。资产卢比美元美元期初汇率(1卢比=0.35美元)当前汇率(1卢比=0.25美元)现金2500875625应收款46001150存货820016802050预付费用7007280扣除折旧的固定资产480总资产20800负债和净资本卢比美元美元应付款32001120800累积税收500175125银行贷款(短期)2000700500长期债务450015751125股本500017501750留存收益560019601960股东权益调整(1060)总负债2080072805200换算所得(+)所失(-)(1060)换算风险的度量▊

美国海外附属公司资产负债表的换算Overview

of

TranslationWhy

different

exchange

rates

in

remeasuringdifferent

line

items?Translation

principles

are

often

a

complexcompromise

between

historical

and

current

marketvaluationHistorical

exchange

rates

for

certain

equityaccounts(权益账户),fixed

assets(固定资产),andinventory

items(存货科目)Current

exchange

rates

can

be

used

for

current assets(流动资产),current

liabilities(流动负债),e, and

expense

items(费用科目)Subsidiary

CharacterizationMost

countries

today

specify

the

translation

methodused

by

a

foreign

subsidiary

based

on

thesubsidiary’s

business

operations

(subsidiarycharacterization):integrated

foreign

entity

(联合性国外实体):asanextension of

the

parent

company,

withcash

flows

and

general business

lines

that

highly

interrelated

with

parentself-sustaining

foreign

entity

(独立动作国外实体):operates

in the

local

economic

environment

independent

of

the

parent company.The

foreign

subsidiary

should

be

valued

in

terms of

the

currency

that

is

the

basis

of

its

economic viability跨国企业的法律形式(分公司、子公司)分公司(OverseasAffiliate)——主要指一家母公司为扩大生产规模或经营范围在东道国已发设立的、并在组织和资产上构成母公司的一个不可分割部分的国外企业,不具有法人资格,纳税有优惠。子公司(Wholly

Owned Subsidiary)——由母公司投入全部股本,依法在东道国设立的独资公司,具有独立法人资格,设立手续复杂,纳税严格。包括车间子公司、避税基地公司、铜牌公司、中途歇脚公司等。分公司子公司1设立不复杂,只需得到当地政府同意批准,但批准可能随时被取消须依当地法律设立,注册费用较低,成立之后不易被取消2母公司对之有完全控制权,不利于公司形象的建立控制权在子公司管理层,有较佳公司形象,但母公司难以控制3资本全部来自母公司,母公司承担分公司的全部债务能适应本地资产参股,偿还责任限于子公司资产4分公司亏损可以从母公司盈利中扣除。若盈利汇回母公司时无须缴付预扣税,在当地所付所得税享有租税扣抵待遇亏损不得自母公司盈利中扣除,股息派与母公司时须缴付预扣税,享有租税扣抵待遇5在天然资源开发上享有租税上的减免待遇无此项待遇functional

currencyA

foreign

subsidiary’s

functional

currency(功能货币)is

the

currency

of

the

primary

economicenvironment

in

which

the

subsidiary

operatesThe

geographic

location

of

a

subsidiary

and

itsfunctional

currency

can

be

differentThe

U.S.

requires

that

the

functional

currency

ofthe

foreign

subsidiary

be

determinedUSD

integrated

foreignentityForeign

currency

self-sustaining

foreign

entityTranslation

MethodsTwo

basic

methods

for

the

translation

of

foreignsubsidiary

financial

statements

are

employedworldwide:The

current

rate

method(现行汇率法)The

temporal

method(时态法)Regardless

of

which

method

is

employed,

eithermethod

must

designateThe

exchange

rate

individual

I/S

and

B/S

items

arere-measuredWhere

any

imbalance

is

to

be

recorded

(current

eor

an

equity

reserve

account).Most

prevalent

method

todayItems:Assets

and

liabilities(资产和负债)

-at

thecurrentrate e

statement

items(利润表科目)

-at

the

rate

on

thedates

they

were

recorded

or

an

appropriatelyweighted

average

rate

for

the

periodDividends

(distributions)(分配/股利)

-at

the

rate

onpayment

dateCommon

stock

and

paid-in

capital(普通股和实收资本)-

at

historical

ratesCurrent

Rate

MethodGains

or

losses

not

included

in

the

consolidatednet

e.Reported

separately

and

accumulated

in

aseparate

equity

reserve

account

(on

the

B/S)witha

title

such

as

cumulative

translation

adjustment(CTA累计折算调整)Advantage:

the

gain

or

loss

on

translation

doesnot

pass

through

the e

statement

reducingvariability

of

reported

earningsCurrent

Rate

MethodTemporal

MethodSpecific

assets

are

translated

at

exchange

ratesconsistent

with

the

timing

of

the

item’s

creationAssets

such

as

inventory

and

net

plant

andequipment

are

restated

regularly

to

reflect

marketvalueGains

or

losses

are

carried

directly

to

currentconsolidated e

increasing

variability

of

consolidatedearningsIf

items

were

not

restated

(carried

at

historicalcost),

the

temporal

method es

themonetary/nonmonetary

method

of

translation.Monetary

A/L(货币性资产)

-at

current

ratesNonmonetary

A/L(非货币性资产和负债)

-at

historicalratesI/S

items(利润表科目)

-at

the

average

rateDividends

(distributions)

-

at

the

rate

on

paymentdateEquity

items(权益科目)

-at

historical

ratesTemporal

MethodManaging

Translation

ExposureThe

main

technique

to

minimize

translationexposure

is

called

a

balance

sheet

hedge.(资产负债表对冲)Requires

an

equal

amount

of

exposed

foreigncurrency

assets

and

liabilities

on

a

firm’sconsolidated

balance

sheetZero

net

translation

exposureIn

the

temporal

method,

a

zero

net

exposed

position

is

calledmonetary

balanceCannot

be

achieved

under

the

current

rate

methodManaging

Translation

ExposureWhen

is

a

balance

sheet

hedge

justified?The

foreign

subsidiary

is

about

to

be

liquidated

so

that

itsCTA

wouldberealizedDebt/equity

ratios

need

to

be

maintainedwithinspecificlimitsManagement

is

evaluated

on

the

basis

of

certain

I/S

andB/S

measures

that

are

affected

bytranslation

losses

orgainsForeign

subsidiary

in

a

hyperinflationary

environment换算风险管理资产负债当地货币升值当地货币贬值增加降低降低增加基本策略换算风险管理基本保值技术当地货币贬值当地货币升值出售当地货币远期降低当地货币现金和证券的持有水平紧缩信用(降低应收款)增加硬币购买商品的进口在当地借款推迟应付款支付加速向母公司和其他子公司的分红和 佣金汇款加速子公司间应付帐款的支付推迟子公司间应收款的托收出口用外币结算进口用当地货币结算购买当地货币远期提高当地货币现金和证券的持有水平扩张信用(增加应收款)降低软币购买商品的进口减少当地借款加速应付款支付推迟向母公司和其他子公司的分红和 佣金汇款推迟子公司间应付帐款的支付加速子公司间应收款的托收出口用当地货币结算进口用外币结算Summary

of

Learning

ObjectivesTranslation

exposure

is

the

potential

for

loss

orgain

from translating

foreign–

currency-denominated

statements

of

foreign

subsidiariesinto

the

parent’s

reporting

currencyA

foreign

subsidiary’s

functional

currency

is

thedominant

currency

used

by

that

foreign

subsidiaryin

its

d

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