國際企業(yè)的財務(wù)管理課件-資料下載頁
2025-02-28 14:14本頁面
【正文】 x country. ? Reduce foreign exchange risk exposure to expected currency devaluation by transferring funds. ? Can be used where dividends are restricted or blocked by hostgovernment policy. ? Reduce import duties (ad valorem) by reducing transfer prices and the value of the goods. Problems with transfer pricing ? Few governments like it. – Believe (rightly) that they are losing revenue. ? Has an impact on management incentives and performance evaluations. – Inconsistent with a ‘profit center’. – Managers can hide inefficiencies. Fronting loans ? Loan between a parent and subsidiary is channeled through a financial intermediary (bank). – Allows circumvention of hostcountry restrictions on remittance of funds from subsidiary to parent. – Provides certain tax advantages. An example of the tax aspects of a fronting loan Techniques for global money management ? Need cash reserves to service accounts and insuring against negative cash flows. ? Should each subsidiary hold its own cash balance? – By pooling, firm can deposit larger cash amounts and earn higher interest rates. – If located in a major financial center can get information on good investment opportunities. – Can reduce the total size of cash pool and invest larger reserves in higher paying, long term, instruments. 外匯風險與防范 ?交易風險 ?轉(zhuǎn)換風險 ?業(yè)務(wù)風險 Managing foreign exchange risk ? Risk that future changes in a country’s exchange rate will hurt the firm. – Transaction exposure: extent ine from transactions is affected by currency fluctuations. – Translation exposure: impact of currency exchange rates on consolidated results and balance sheet. – Economic exposure: effect of changing exchange rates over future prices, sales and costs. Strategies for reducing foreign exchange risk (a) ? Primarily protect shortterm cash flows. ? Reducing transaction and translation exposure: – Buying forward and currency swaps. – Lead strategy: collecting receivables early when currency devaluation is anticipated and paying early when currency may appreciate. – Lag strategy: delaying receivable collection when anticipating currency appreciation and delaying payables when currency depreciation is expected. Strategies for reducing foreign exchange risk (b) ? Reducing Transaction and translation exposure – Lead strategy – Lag strategy ? Reducing economic exposure: – Key is to distribute productive assets to various locations so firm is not severely affected by exchange rate changes Managing Foreign Exchange Exposure ? No agreement as to how, but monality of approach does exist: – Central control of exposure. – Distinguish between transaction/translation exposure and economic exposure. – Forecast future exchange rate movements. – Good reporting systems to monitor firm’s exposure to exchange rate changes. – Produce monthly foreign exchange exposure reports. 推薦圖書 ? Built to Last: Successful Habits of Visionary Companies, James, C. Collins, Jerry I. Porras 《 基業(yè)長青 》 合著者杰里 波拉斯
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