andshort-termfinancing(跨國公司財務管理-joseph-閱讀頁
2025-01-20 19:07本頁面
【正文】 a. MNCs should 1.) maximize local financing. 2.) Faced with confiscation or currency controls, fewer assets at risk. 26 SHORTTERM FINANCING C. ShortTerm Financing Objectives 1. Four Possible Objectives: a. Minimize expected cost. b. Minimize risk without regard to cost. c. Trade off expected cost and systematic risk. d. Trade off expect cost and total risk. 27 SHORTTERM FINANCING D. ShortTerm Financing Options 1. Three Possibilities a. Interpany loans b. Local currency loans c. Euro market 28 SHORTTERM FINANCING 2. Local Currency Financing: Bank Loans a. Shortterm in nature role of cleanup clause b. Forms 1.) Term loans 2.) Line of credit 3.) Overdrafts 4.) Revolving Credit 5.) Discounting 29 SHORTTERM FINANCING 3. Calculating Interest Costs a. Effective interest rate (EIR): most efficient measure of cost b. Basic formula: EIR = Annual Interest Paid Funds Received 30 SHORTTERM FINANCING 4. Commercial Paper a. Definition: shortterm unsecured promissory note generally sold by large MNCs on a discount basis. b. Standard maturities c. Bank fees charged for: 1.) Backup line of credit 2.) Credit rating service 31 演講完畢，謝謝觀看！
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