金融脱媒研究文献综述及外文文献资料.docx
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金融脱媒研究文献综述及外文文献资料
本文档包括改专题的:
外文文献、文献综述
一、外文文献
MultinationalCashManagementinEuropeTowardsCentralisationandDisintermediation:
ThePhilipsCase
Westerman,W;HenkE
Abstract
Liberalisationandderegulationoffinancialmarkets,lowercurrencyvolatilityandtheintroductionoftheeurohavereducedtransactionandbankruptcycostsformultinationalsinEurope.InternalEuropeantransfersofcashhavebecomeeasierandcheaper.Thishasenabledthecentralisationofcashmanagementactivities.Thecentralisationatheadquartersofmultinationalenterpriseshasalsoopenedtheroadtofinancialdisintermediation.ThesetrendsmayhavehelpedtocreateconglomeratebenefitsinEurope.ThecaseofthecashmanagementattheNetherlands-basedRoyalPhilipsElectronicsisusedtoillustratethesetendencies.
Keywords:
liberalisation,deregulation,euro,EuropeanUnion,multinationals,cashmanagement,centralisation,disintermediation,conglomeratediscounts
1.Introduction
Asmanyfinancialmarketswerefreedaboutadecadeago,globalisationofcashmanagementbecamefeasible[Sandford,1994;Hollandet.al.,1994;ValenzuelaandEveges,1995],althoughmanycorporatetreasuriesinEuropestilloptedfordifferentapproachespercountry.RecentEuropeanlegislation,however,increasedtheefficiencyofcrossborderfinancialmarkets.ThesedevelopmentsaffectedcashmanagementofmultinationalfirmsinEurope.Especiallyintheeurozone2centralisationofcashmanagementisfeasiblenowadays.In-housebanksatEuropeancorporateheadquartersthathandlefinancialtransactionsarebecomingmorecommon,whiletheresultingdisintermediationofcashmanagementreducesthelevelofcashheldwithinmultinationalsaswellasthecostsofcashmanagement.
Inthisarticlewediscusstheconsequencesofthechangingshort-termfinancialmarketcircumstancesfornon-financialmultinationals.InparticularwewillconcentrateontheconsequencesforcashmanagementwithEuropeanmultinationals,thoughnon-Europeanmultinationalsmayalsobenefit,dependingonthedesignoftheirglobalcashmanagementsystems.WeillustratethetrendswiththecaseofRoyalPhilipsElectronics(Philips).HavingbeenfoundedinTheNetherlandsin1891,thehigh-volumeelectronicsfirmhasvastEuropeanoperations,whilealsobeingactiveonallcontinents.Philipsconsistsoffiveproductdivisionsthatemployabout160,000people.Thecorporateturnoverin2002waseuro32,305million,whileassetsattheendof2002amountedtoeuro32.289million.
WechosePhilipsasanexampleofafirmwithaprogressiveglobalcashmanagementsystem.In-depthaccesstothefirm'sEuropeancashmanagementsystemwasenabledbystudiesinco-operationwithPhilips'officersovertheyears.Articlesinnewspapersandthelike,externalpublicationsofthefirm,internaldocumentsofvariouskindsandprofessionalarticlesonPhilips'cashmanagementsystemhelpedtogetagraspoftheobjectofstudy.Inanexplorativeresearchstudysuchasthisone,unstructuredcontactshelptoprovideinsights.Especiallyon-sitevisitsinApril2002andOctober2003,bothfollowedbyregulardirectandindirectcontactswithvariouscorporatetreasuryofficers,providedmuchoftheinformationforthisstudy.However,achecklistwasusedtoassemblemissingdataviatelephoneande-mail.
Insection2wedescribethebackgroundofliberalisationandderegulationoffinancialmarkets,theintroductionoftheeuroandthecashmanagementsystemofPhilips.Insection3wedealwithEuropeancashmanagementcentralisation.Itsconsequencesarelowerlevelsofcash,lowercostsandmorecentralcontrol.Moreover,multinationalslikePhilipsmayhandlealargerpartofcorporatefinancing,resultingindisintermediation.Insection4wediscussadditionaladvantagesforconglomeratessuchasPhilips.Finally,section5providesourconclusionsandrecommendationsinthelightofthisstudy.
2.Background
TheEuropeanUnion3(EU)hasissuedmanydirectivesonshort-termfinancialmarkets.Inparticular,the"Europe1992"programexpressedasenseoftheurgentneedforEuropetorespondtothemoveintheUnitedStatestowardsfreefinancialmarkets.Sincethen,intracompanydividendtransfersandroyaltypaymentshavebeentax-freeintheEUandbilateraltaxtreatieshaveloweredwithholdingtaxesonintra-companyinterestpayments.Banksnowalsogeta"SingleBankingLicense"throughouttheEUandfinancialproductsauthorisedinoneEU-memberstatemayalsobesoldinotherstates.Moreover,theEUhasissuedlegislationtourgethereductionofcross-bordercashtransfertariffs.WecanthusconcludethatEUliberalisationandderegulationprocesseshavemadeprogress[TempletonandClark,2001;ECB,2002;Hartmann,MaddaloniandManganelli,2003].
AnothermajordevelopmentinEuropewastheintroductionoftheeuro.ThissinglecurrencyhaditsrootsintheEuropeanMonetarySystem(EMS)underwhichforeignexchangecontrolsweregraduallylifted.LaterdevelopmentsculminatedintheEuropeanMonetaryUnion(EMU)thatknittedmonetarypoliciestogetherandresultedintheeuroasasingleinter-bankandsecuritiescurrencyin1999(exceptforDenmark,GreatBritain,andSweden).InJanuary2002,allcountriesinvolvedalsoadoptedtheeuroastheircurrency.Asaresulttheforeignexchange(FX)risksonshort-termfinancialmarketswerereduced,whiletheycompletelydisappearedintheeurozone[Satillán,BayleandThygesen,2000;TempletonandClark,2001;Hartmann,MaddaloniandManganelli,2003].
ThedevelopmentshadanimpactonPhilips.Nowadays,Philips'CorporateTreasuryhassixfocalareas:
corporatefinance,financialriskservices,theoperationalhub,cashmanagement,insuranceandtreasurycontrol.CorporateFinanceismainlyinvolvedinfinancialstructuring.FinancialRiskServicesidentifiesandmeasuresfinancialriskexposures.TheOperationalHubistheprocessingcentrefortreasurytransactions.CashManagementfocusesonday-to-daymanagementofcashflows.Itsaimsaretosavecostsofcash,tolowerfinancialrisksandtoshortenthebalancesheetbyfocussingonfinanciallogisticsandinformationcontrol[BiekartandSwagerman,1999].Insuranceisalsoapartofthecorporatetreasury.TreasuryControlhandlesinternalcontroloffinancialcashflows.Intheremainderofthisarticle,wewillmainlydealwiththelargelyinterrelatedoperationalhubandcashmanagementactivities.Theoperationalhub,afairlynewandstillexpandingservicecentre,consistsofa"paymentfactory"foroutgoingcash,anarrowlydefinedin-housebank,amiddleofficeforpaymentsandreceipts,aswellasacorrespondingbackoffice.
Asaconsequenceoftheliberalisationandderegulationtendencies,Philips'transactioncostsfellwhileEuropeanintra-firmcashflowtransfersgraduallybecamelesstaxed4.Formerlylocal,small,illiquidanddisintegratedmoneymarketshavebecomeverylarge,veryliquidandhighlyintegrated,especiallyintheeurozone.Costsofprecautionarycashbalancescouldthusalsobebroughtdownconsiderably.Liberalisationandderegulation,however,havenotyetmadeuseofthecheapbankingsystem.Inefficientpayableandcollectionproductssuchaschequesarestillinuse,andonlyafewbankscanofferthecompleterangeofshort-termfinancialmarketproducts.Moreover,depositsandloanschannelledviabanks,evenintheeurozone,arestillsmall,quiteilliquidandlocallydifferent.ThatiswhyPhilipshascomeupwithothersolutionstodealwithliquidityissues.Thesesolutionswillbediscussedlater.
Philips'financialhedginginstrumentscosts(infactcorporatefinancialdistressavoidancecosts)havealsobeenbroughtdownbecauseofthediminishingEuropeancurrencyrisks,especiallyintheeurozone.Thoughshort-termsecuritieseuroinstrumentshavebecomeavailable,short-termmarketsintheeurozonearelaggingbehindthedollarmarketsandPhilipsthereforeonlymaintainscommercialpaperprogramsinriskyUSdollars.Localloans(andlocaldeposits)havebecomeverylimitedwithPhilipsinEurope,asstructuresofferedbyafewlargebanksaremainlyinuse.OfgreatestimportancetoPhilipsaretheovernighteurodepositsandloansatthesebanksthatbearnoFXrisks.Nevertheless,aconsiderableamountofcashflowisinBritishpounds,becausethepoundisanimportantinternationalcurrency.PhilipsthereforealsousesFXhedginginstruments,suchasforwards,futures,optionsandswaps,fortheBritishpoundasthecorporatehedgingstrategyprevailshere.Thisalsocountsforquiteanumberofnon-euro(pegged)currencies,asPhilips'activitiesoutsidetheeurozonehaveexpandedovertheyears.
3.Centralisationanddisintermediation
Liberalisationandderegulation,aswellasdecliningcurrencyvolatilityandtheintroductionoftheeuro,havemadecentralisationofcashmanagementanddisintermediationmorefeasible.
CentralisationanddisintermediationinEurope
Atrendtowardscentralisedcashmanagementcentres,nettingcashflowsandpoolingcashbalanceshasbecomemoreapparentinEurope[Peters,1999;VeugerandDeBusscher,2002].Thesecentresmayalsoperformarangeoffunctionsrelatedtoworkingcapital:
speedingupcollections,prudentlymanagingpayments,aswellascautiousorderingandholdingofstock.Moreover,thecentrescanreducebankchargesfordebitbalances,banktransactions,FX-spreadsandotherindirectbankingcosts.Also,currentaccountsanddepositsmaybemanagedwithlesslendingandborrowingrequirements,whileliquidityshortagesandsurplusesmaybelimitedbycontrollingcashlevels.Furthermore,bankrelationsmaybemanagedtofacilitatethefunctionsmentionedabove.Finally,allcorporatefinancefunctionsmaybelocatedat