國際企業(yè)的財務(wù)管理課件(編輯修改稿)
2025-03-18 14:14 本頁面
【文章內(nèi)容簡介】 爾京群島 (British Virgin Island), 所得稅率僅 12% ? 僅對國內(nèi)來源的收入增稅 , 如 HK和巴拿馬 ? 允許稅收特權(quán) , (特區(qū) , 特種行業(yè)等 , 如希臘的海運(yùn)業(yè) , 英國的金融業(yè)等 ) 國際企業(yè)的稅收管理 ? 避稅港的選擇 : ? 政治經(jīng)濟(jì)的穩(wěn)定性和政府的公正性 ? 稅收情況及優(yōu)惠政策 ? 簽訂稅收條約的情況 ? 外匯管制 ? 公司注冊法 ? 銀行機(jī)構(gòu)體系 ? 交通通訊設(shè)施 國際融資戰(zhàn)略 ? 資金來源 : – 企業(yè)內(nèi)部 – 東道國 – 國際代理機(jī)構(gòu) (World Bank等 ) – 第三國 (銀行 , 證券或債券等 ) 國際融資戰(zhàn)略 ? 對外貿(mào)易融資 : – 預(yù)付 – 信用證 (Letter of Credit, L/C) – 票據(jù) (Document against Payment, D/P) – 貼現(xiàn) (Discounting) – 出售應(yīng)收賬款 (Factoring) – 福費(fèi)廷 Forfaiting 國際企業(yè)的資金運(yùn)用 ?資金規(guī)模 ?使用決策 ?現(xiàn)金控制 Case: Global treasury management at Proctor Gamble ? 60% of P G’s revenues from international sales Products sold in 130 countries ? Has centralized global treasury management function – Management of all foreign exchange transactions – P G trades currency between subsidiaries, cutting out banks and saving on transaction costs – P G is pooling foreign exchange risks and buying an purchasing an umbrella option to cover risks associated with various currency options – Subsidiaries can invest in and borrow money from other P G entities instead of dealing with banks Scope of financial management ? Scope of financial management includes three sets of related decisions: ? Investment decisions – Decisions about what activities to finance ? Financing decisions – Decisions about how to finance those activities. ? Money management decisions – Decisions about how to manage the firm’s financial resources most efficiently Investment decisions ? Capital budgeting: – Quantifies the benefits, costs and risks of an investment – Managers can reasonably pare different investment alternatives within and across countries ? Complicated process: – Must distinguish between cash flows to project and those to parent – Political and economic risk can change the value of a foreign investment – Connection between cash flows to parent and the source of financing must be recognized Project and parent cash flows ? Project cash flows may not reach the parent: – Hostcountry may block cashflow repatriation – Cash flows may be taxed at an unfavorable rate – Host government may require a percentage of cash flows to be reinvested in the host country Adjusting for political and economic risk ? Political risk: – Expropriation Iranian revolution, 1979 – Social unrest after the breakup of Yugoslavia, pany assets were rendered worthless – Political change may lead to tax and ownership changes ? Examples. Collapse of munism in Eastern Europe ? Attack on the world trade center ? Economic risk – Inflation Financing decisions ? When considering options for financing a foreign investment, Int. businesses have to consider two factors – Source of financing – Financial structure Source of financing – Global capital markets for lower cost financing. – Impact of host countryhostcountry may require projects to be locally financed through debt or equity ? Limited liquidity raises the cost of capital. ? Hostgovernmen
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