【正文】 怕被指責成受到外國企業(yè)的剝削，所以它們總想限制跨國公司將資金匯回母國?？鐕究傄_定在某一外國取得的利潤都要繳些什么稅，而且公司繳納的總稅款可能是資金匯回時間的函數(shù)。大多數(shù)情況下，公司計算在美國納稅義務(wù)時允許抵減外國稅收支出，所以，若法國的公司所得稅率是 3 4％，則公司就不要再補繳所得稅了。 跨國多樣化經(jīng)營的成本較低 假設(shè)美國投資者不允許持有外國證券；而且不同國家的金融市場條塊分割。這樣，進行跨國投資的企業(yè)可以為其他的美國股東提供間接的多樣化投資機會，而這種多樣化無法在國內(nèi)實現(xiàn)。 另外一種情況是，股東的國際投資并不受限，股東通過購買外國證券就可以獲得多樣化投資的收 益。但是在實務(wù)中，持有外國證券要花費較高的成本，包括稅收、信息獲取費和交易成本。 6跨國財務(wù)決策 跨國公司國外項目資金的籌集有三條基本途徑： (1) 從本國籌集資金用于國外項目； (2) 向項目東道國舉債； (3) 向債務(wù)成本最低的國家舉債。若外幣貶值，則當外幣現(xiàn)金流量匯回美國時，母公司遂產(chǎn) 生匯兌損失。 美國企業(yè)還可以向項目東道國借款，這是規(guī)避長期匯率風險的常用手段。公司還應(yīng)知道能夠規(guī)避長期匯率風險的僅僅是從法國借入的那部分資金，剩余資金的風險就無法由此規(guī)避了。但是，外國利率較低可能源于較低的預計通貨膨脹率，所以，財務(wù)經(jīng)理必須小心地通過名義利率洞悉實際利率。 歐洲美元 ( E u r o d o l l a r )是指存放在美國境外的美元。歐洲貨幣市場是指進行外幣存放的銀行，如歐洲銀行 ( e u r o b a n k s )。例如，一家歐洲銀行收到一家美國銀行匯來的一筆歐洲美元存款，而后，該歐洲銀行向借款企業(yè)放出一筆歐洲美元貸款。該市場不從事私人存貸業(yè)務(wù)， 它所面向的顧客，是公司和政府。利率以同期限同幣種的倫敦銀行間拆放利率為基準，再加上一定的邊際浮動點數(shù)確定。 顯然，在完全有效的競爭性財務(wù)市場上，歐洲貨幣市場的歐洲美元貸款利率應(yīng)當?shù)韧诿绹栀J市場的貸款利率。這種投 機交易將迫使兩個市場上的利率相等。 國際債券市場 全球債券市場由 2 , 1 5 0億美元以各種貨幣發(fā)行的債券組成。全球市場可以劃分為國內(nèi)債券市場和國際債券市場。 國際債券的交易是柜臺交易，交易雙方是彼此松散聯(lián)系的單個銀行。國際債券可以分成 兩種類型：外國債券和歐洲債券。這些債券經(jīng)常以發(fā)行所在國的綽號和該國貨幣命名計價。 這些外國債券被稱為揚基債券 ( Yankee bonds)。債券評級機構(gòu)如標準普爾公司通常會對揚基債券評定等級，還有許多揚基債券在紐約股票市場上市交易。使得它們對那些蔑視稅收機關(guān)的投 資者缺乏吸引力。記名債券都以一個債券系列代號命名。 歐洲債券 它是指以某一貨幣計價，同時在幾個國家的債券市場上發(fā)行的債券，前綴 ―歐洲 ‖是指債券發(fā)行的范圍不包括以其貨幣計價的那個國家。 歐洲債券的發(fā)行多采用承銷方式，但也有一些是私下募集的 [3]。這些銀行分為兩類：承銷商和債券出售方。經(jīng)理銀行也可以作為承銷商或出售商。歐洲債券包括固定利率債券、浮動利率債券，可轉(zhuǎn)換債券、零息債券、抵押債券和雙重計價債券。如果在會計期間內(nèi)匯率發(fā)生變動，那么就會由此產(chǎn)生匯兌利得或損失。英國子公司在隨后幾年的業(yè)績非常好（根據(jù)英鎊計量結(jié)果） ，與此同時，英鎊的匯價跌 至 1 . 2 5美元。由此引發(fā)以下兩個問題： (1) 每一個資產(chǎn)負債表項目折算應(yīng)當用何種匯率才合適呢？ (2) 未實現(xiàn)的會計折算利率和損失應(yīng)當如何處 理呢？ 外幣折算目前應(yīng)當遵循美國財務(wù)會計準則委員會 1 9 8 1年 1 2月發(fā)布的第 5 2號公告規(guī)定的復雜條款。利得和損失，以一個特殊賬戶累積地反映在資產(chǎn)負債表中的股東權(quán)益部分。 8本章小結(jié) 跨國公司的業(yè)務(wù)比國內(nèi)企業(yè)的要復雜得多。 (1)本章介紹了國際融資的一些最基本理論。匯率預測理論；利率平價理論。這意味著不論是在紐約買的還是在東京買的蘋果價格都一樣。 (3)匯率預測理論認為遠期匯率等于預測的即期匯率。該等式使投機商想迅速致富的可能性完全破滅。 當然，購買力平價理論和利率平價理論并不能完全與實際情況相符。但是，大量的經(jīng)驗研究和直覺都表明這些理論近似地反映了國際資金市場的運作。凈現(xiàn)值法則仍然是選擇項目的正確方法，但主要問題在于如何確定正確的資本成本。該收益率同樣適用于國內(nèi)證券投資組合。 b. 跨國公 司的資本成本也可能會高于國內(nèi)同類公司的資本成本，原因在于跨國投資產(chǎn)生的附加風險。跨國公司可能會考慮從當?shù)刭Y金市場融資或從歐洲貨幣及歐洲債券市場上融資。 附錄 B：外文文獻（原文） International Corporate Finance Corporations that have significant foreign operations are often referred to as international corporations or multinationals. International corporations must consider many financial factors that do not directly affect purely domestic firms. These include foreign exchange rates, different interest rates from country to country, plex accounting methods for foreign operations, foreign tax rates, and foreign government intervention. The basic principles of corporate finance still apply to international corporations。 in recent years, however, some Yankee offerings have been denominated in currencies other than the . dollar. Often the country in which these bonds are issued will draw distinctions between them and bonds issued by domestic issuers, including different tax laws, restrictions on the amount of issues, or tougher disclosure rules. Foreign bonds often are nicknamed for the country of issuance: Yankee bonds (United States), Samurai bonds (Japan), Rembrandt bonds (the Netherlands), and Bulldog bonds (Britain). Partly because of tougher regulations and disclosure requirements,the foreignbond market hasn’t grown in the past several years with the vigor of the Eurobond market. Nearly half of all foreign bonds are issued in Switzerland. （ 7） Gilts, technically, are British and Irish government securities, although the term also includes issues of local British authorities and some overseas publicsector offerings. （ 8） The London Interbank Offered Rate (LIBOR) is the rate that most international banks charge one another for loans of Eurodollars overnight in the London is a cornerstone in the pricing of moneymarket issues and other shortterm debt issues by both governments and corporate borrowers. Less creditworthy issuers will often borrow at a rate of more than one point over LIBOR. （ 9） There are two basic kinds of swaps: interest rate and currency. An interestrate swap occurs when two parties exchange debt with a floatingrate payment for debt with a fixedrate payment, or vice versa. Currency swaps are agreements to deliver one currency against another currency. Often both types of swaps are used in the same transaction when debt denominated in different currencies is swapped. 2 Foreign Exchange Markets And Exchange Rates The foreign exchange market is undoubtedly the world’s largest financial market. It is the market where one country’s currency is traded for another’s. Most of the trading takes place in a few currencies: the . dollar ($), German deutschemark (DM), British pound sterling(163。), Swiss franc (SF), and French franc (FF). The foreign exchange market is an overthecounter market. There is no single location where traders get together. Instead, traders are located in the major mercial and investment banks around the world. They municate using puter terminals, telephones and other telemunication devices. One element in the munications work for foreign transactions is the Society for Worldwide Interbank Financial Telemunications(SWIFT). It is a Belgian notforprofit cooperative. A bank in New York can send messages to a bank in London via SWIFT’s regional processing centers. The connections are through datatransmission lines. The many different types of participants in the foreign exchange market include the following: （ 1） Importers who convert their domestic currency to foreign currency to pay for goods from foreign countries. （ 2） Exporters who receive foreign currency and may want to convert to the domestic currency. （ 3） Portfolio managers who buy and sell foreign stocks and bonds. （ 4） Foreign exchange brokers who match buy and sell orders. （ 5） Traders who make the market in foreign exchange. Exchange Rates An exchange rate is