CashManagement(国际财务管理,英文版).pptx

CashManagement(国际财务管理,英文版).pptx

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,INTERNATIONALFINANCIALMANAGEMENT,EUN/RESNICK,SecondEdition,18,ChapterEighteen,MultinationalCashManagement,ChapterObjective:

Thischapterdiscussesvariousissuesassociatedwithmultinationalcashmanagement.,ChapterOutline,TheManagementofMultinationalCashBalancesCashManagementSystemsinPracticeTransferPricing&RelatedIssuesBlockedFunds,1,TheManagementofInternationalCashBalances,ThesizeofcashbalancesThecurrencydenominationWherethesecashbalancesarelocated,2,TheSizeofCashBalances,Theoptimalsizeofthefirmscashbalancesdependupon:

Thecostofkeeping“toomuch”cashonhand.i.e.theopportunitycostsofholdingcash,Thecostofnotkeepingenoughcashonhand.i.e.thetradingcostsassociatedwithhavingtoolittlecash,Thevariabilityofcashflows.,3,ChoiceofCurrency,Bymaintainingcashbalancesinaparticularcurrency,theMNCisessentiallyspeculating（orhedging?

）inthatcurrency.,4,WhereCashBalancesareLocated.,Shouldthefirmhavecentralizedcashmanagementinthehomecountry?

Orshouldthefirmleteachaffiliatehandleitlocally?

Whereareborrowingcostslowestandinvestmentreturnshighest?

5,CashManagementSystemsinPractice,MultilateralNettingIsanefficientandcost-effectivemechanismforsettlinginteraffiliateforeignexchangetransactions.NotallcountriesallowMNCstonetpaymentsBylimitingnetting,moreunnecessaryforeignexchangetransactionsflowthroughthelocalbankingsystem.,6,MultilateralNetting,ConsideraU.S.MNCwiththreesubsidiariesandthefollowingforeignexchangetransactions:

$10,$35,$40,$30,$20,$25,$60,$40,$10,$30,$20,$30,7,MultilateralNetting,BilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:

$10,$35,$40,$30,$20,$25,$60,$40,$10,$30,$20,$30,8,MultilateralNetting,BilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:

$10,$35,$40,$30,$25,$60,$40,$10,$10,$20,$30,9,MultilateralNetting,BilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:

$10,$35,$40,$30,$25,$60,$40,$10,$10,$20,$30,10,MultilateralNetting,BilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:

$10,$35,$10,$25,$60,$40,$10,$10,$20,$30,11,MultilateralNetting,BilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:

$10,$35,$10,$25,$60,$40,$10,$10,$20,$30,12,MultilateralNetting,BilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:

$10,$35,$10,$25,$60,$40,$10,$10,$10,13,MultilateralNetting,BilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:

$10,$35,$10,$25,$60,$40,$10,$10,$10,14,MultilateralNetting,BilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:

$25,$10,$25,$60,$40,$10,$10,$10,15,MultilateralNetting,BilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:

$25,$10,$25,$60,$40,$10,$10,$10,16,MultilateralNetting,BilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:

$25,$10,$25,$20,$10,$10,$10,17,MultilateralNetting,BilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:

$25,$10,$25,$20,$10,$10,$10,18,MultilateralNetting,BilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:

$25,$10,$15,$20,$10,$10,19,MultilateralNetting,Considersimplifyingthebilateralnettingwithmultilateralnetting:

$25,$10,$15,$20,$10,$10,20,MultilateralNetting,Considersimplifyingthebilateralnettingwithmultilateralnetting:

$15,$10,$15,$20,$10,$10,$10,21,MultilateralNetting,Considersimplifyingthebilateralnettingwithmultilateralnetting:

$15,$10,$15,$20,$10,$10,22,MultilateralNetting,Considersimplifyingthebilateralnettingwithmultilateralnetting:

$15,$10,$15,$20,$10,$10,23,MultilateralNetting,Considersimplifyingthebilateralnettingwithmultilateralnetting:

$15,$10,$15,$30,$10,24,MultilateralNetting,Considersimplifyingthebilateralnettingwithmultilateralnetting:

$15,$10,$15,$30,$10,25,MultilateralNetting,Considersimplifyingthebilateralnettingwithmultilateralnetting:

$15,$10,$15,$30,$10,26,MultilateralNetting,Considersimplifyingthebilateralnettingwithmultilateralnetting:

$10,$15,$30,$10,27,MultilateralNetting,Considersimplifyingthebilateralnettingwithmultilateralnetting:

$10,$15,$30,$10,28,MultilateralNetting,Considersimplifyingthebilateralnettingwithmultilateralnetting:

$10,$15,$30,$10,29,MultilateralNetting,Considersimplifyingthebilateralnettingwithmultilateralnetting:

$10,$15,$30,30,MultilateralNetting,Considersimplifyingthebilateralnettingwithmultilateralnetting:

$10,$15,$30,31,MultilateralNetting,Considersimplifyingthebilateralnettingwithmultilateralnetting:

$15,$40,32,MultilateralNetting,Clearly,multilateralnettingcansimplifythingsgreatly.,$15,$40,33,MultilateralNetting,Comparethis:

$10,$35,$40,$30,$20,$25,$60,$40,$10,$30,$20,$30,34,MultilateralNetting,Withthis:

$15,$40,35,TransferPricing&RelatedIssues,TheTransferPriceisthepricethatforaccountingpurposes,isassignedtogoodsandservicesflowingfromonedivisionofafirmtoanotherdivision.ControversialforadomesticfirmConsidertheexampleofafirmthathasonedivisionthatmillslumberandanotherthatmakesfurniture.Thetransferpriceofthelumberisapoliticalaswellaseconomicandaccountingissue.,36,TransferPricing&RelatedIssues,ForMNC,thereexiststheaddedcomplicationsof:

Differencesintaxrates.,Importdutiesandquotas.,Exchangeraterestrictionsonthepartofthehostcountry.,37,BlockedFunds,Aformofpoliticalriskistheriskthattheforeigngovernmentmayimposeexchangerestrictionsonitsowncurrency.Severalmethodsexistformovingblockedfunds:

Transferpricing,Unbundlingservices,Parallelandback-to-backloans,Swaps,38,BlockedFunds,Additionalstrategiesforunblockingfunds:

Exportcreation,Directnegotiation,UsingtheblockedfundstobuygoodsandservicesfortheMNC.,Forexample,usetheNationalAirlinesofthehostcountryfortravelofexecutivesoftheMNC,andpayfortheticketswiththeblockedfunds.,Transferlocalexpatriatesfromhomepayrolltothelocalsubsidiariespayroll.,39,EndChapterEighteen,40,