国际企业的财务管理.ppt

11.国际企业的财务管理,国际企业的财务管理国际企业的税收管理国际融资战略与渠道国际企业的资金运用外汇风险与防范,Accountinginformationandcapitalflows,Determinantsofnationalaccountingstandards,Relationshipbetweenbusinessandprovidersofcapital,Threeexternalsourcesofcapital:IndividualinvestorsBuyingsharesandbondsBanks.LoancapitalGovernmentMakeloansorinvestment,Importanceofeachvariesfromcountrytocountry,Politicalandeconomictieswithothercountries,Accountingconvergence:InfluenceofNAFTAInfluenceoftheformerBritishEmpireInfluenceoftheEuropeanUnion,Inflationaccounting,Historiccostprinciple:AssumescurrencyisnotlosingvaluetoinflationMostsignificantimpactintheareaofassetvaluationAppropriatenessvarieswithinflationCurrentcostaccounting:FactorsoutinflationUsedinGreatBritainuntilinflationratedeclined,Levelofdevelopment,DevelopedcountrieshavemoresophisticatedaccountingproceduresAccountingproblemsaremorecomplexSophisticatedcapitalmarketsLendersrequirecomprehensivereportsEducatedworkforcecanperformcomplexaccountingfunctions,Culture,HofstedesuncertaintyavoidancehasanimpactonaccountingsystemsLowuncertaintyavoidance-thesecountriestendtohavestrongindependentauditingprofessionsthatensureafirmscompliancewithrules,Accountingclusters,Fewcountrieshaveidenticalaccountingsystems.Similaritiesexistinclusters,British-American-DutchGroup,Firmsraisecapitalfrominvestors.Accountingsystemsdesignedtoinforminvestors,Haveclosetiestobanks.Accountingpracticesmeetbanksneeds.,SouthAmericanGroup,Countrieshaveexperiencedpersistentandrapidinflation.Accountingprinciplesreflecttheinflation.,Accountingclusters,Europe-JapanGroup,Nationalandinternationalstandards,DiverseaccountingpracticesareenshrinedinnationalaccountingandauditingstandardsAccountingstandards:RulesforpreparingfinancialstatementsAuditingstandards:Specifyrulesforperforminganaudit,Lackofcomparability,OneresultofnationaldifferencesinauditingandaccountingstandardsislackofcomparabilityoffinancialreportsWithgrowthofglobalcapitalmarketsbothtransnationalfinancingandtransnationalinvestmenthavegrownFirmhastoexplaintoinvestorswhyitsfinancialpositionlooksdifferentintwoaccountings,Internationalstandards,EffortstoharmonizeaccountingstandardsacrosscountriesFormationofInternationalAccountingStandardsBoardMembersrepresent79countriesResponsibleforformulatinginternationalaccountingstandards(IAS)Hasissuedover30IASDifficulttogetrequisitevotesVoluntarycomplianceRecognitionisgrowing,Multinationalconsolidationandcurrencytranslation,SubsidiariesofmultinationalsareseparatelegalentitiesbutnotseparateeconomicentitiesTransactionsamongmembersofacorporatefamilynotincludedinconsolidatedfinancialstatements.Onlyassets,liabilitiesrevenuesandexpensesstatementswithexternaltradepartiesareshownPurposeistoprovideaccountinginfoaboutagroupofcompaniesthatrecognizeseconomicinterdependence(subsidiaries)FinancialstatementsofsubsidiarysarepreparedinthelocalcurrencyFortheconsolidatedaccountsofaMultinationaltheseaccountshavetobethenconvertedintocurrencyofMultinationalshomecountry,Currencytranslation,Thecurrentratemethod:ExchangerateatthedateonthebalancesheetisusedtotranslateforeignsubsidiaryfinancialstatementsintohomecountrycurrencyIncompatiblewithhistoriccostprincipleThetemporalmethod:Translatesforeignsubsidiaryassetsintohome-countrycurrencyatthetimeofpurchaseoftheassetChangingexchangeratesmaymeanthebalancesheetmaynotbalance!,Accountingaspectsofcontrolsystems,Annualcontrolprocessinvolvesthreesteps:Headofficeandsubunitmanagementjointlydeterminesubunitgoalsforthecomingyear.Throughoutyear,headofficemonitorssubunitperformanceagainstagreedgoals.Ifsubunitfailstoachievegoals,headofficeintervenestodeterminewhytheshortfalloccurred,takingcorrectiveactionwhenappropriate.,Exchangeratecombinationsinthecontrolprocess,Fig19.3,Accountingaspectsofcontrolsystems,Lessard-LorangeModel:Threeexchangeratesusedtotranslateforeigncurrencyintocorporatecurrencyforbudgetandperformancepurposes.Theinitialrate,thespotexchangeratewhenthebudgetisadopted.Theprojectedrate,thespotexchangeforecastfortheendofbudgetperiod(i.e.,theforwardrate)Theendingrate,thespotexchangeratewhenthebudgetandperformancearebeingcompared.,Transferpricingandcontrolsystems,TransferpricesintroducesignificantdistortionsintothecontrolprocessTransferpricemustbetakenintoaccountwhensettingbudgetsandevaluatingasubsidiarysperformance.,Separationofsubsidiaryandmanagerperformance,ValuationofasubsidiaryshouldbeseparatefromtheevaluationofthesubsidiarymanagerManagersevaluationshouldtakeintoconsiderationhowhostileorbenignthecountriesenvironmentisforbusinessandmakeallowancesoveritemsthemanagerhasnocontrole.g.inflationrates,interestratesexchangerates,11.2国际企业的税收管理,11.2.1国际税收及制度:双重课税:单边方式(抵,免扣);多边方式(协商分配,防偷漏税等)经济全球化和税收制度:资金与劳务流动自由且加快;税率趋同;从对收入增税改为对消费和固定财产增税,11.2国际企业的税收管理,11.2.2国际税收的类型:公司所得税(Corporateincometaxes)预提税(Withholdingtaxes)(股息,利息,特许权使用费等)增值税(Value-addedtaxes)关税(Tariffs),11.2国际企业的税收管理,11.2.3国际企业避税与避税港国际企业避税(Taxavoidance)的方法:转移生产和价格;利用避税港;选择合适的机构身份,11.2国际企业的税收管理,避税港(InternationalTaxHavens)类型:没有所得税,资本收益税或商业,房产税的避税港,大部分分布在加勒比海地区,如巴哈马,百慕大和开曼群岛征收一定税收,但税率很低,如英属维尔京群岛(BritishVirginIsland),所得税率仅12%仅对国内来源的收入增税,如HK和巴拿马允许税收特权,(特区,特种行业等,如希腊的海运业,英国的金融业等),11.2国际企业的税收管理,避税港的选择:政治经济的稳定性和政府的公正性税收情况及优惠政策签订税收条约的情况外汇管制公司注册法银行机构体系交通通讯设施,11.3国际融资战略,11.3.1资金来源:企业内部东道国国际代理机构(WorldBank等)第三国(银行,证券或债券等),11.3国际融资战略,11.3.2对外贸易融资:预付信用证(LetterofCredit,L/C)票据(DocumentagainstPayment,D/P)贴现(Discounting)出售应收账款(Factoring)福费廷Forfaiting,11.4国际企业的资金运用,资金规模使用决策现金控制,Case:GlobaltreasurymanagementatProctor&Gamble,60%ofP&GsrevenuesfrominternationalsalesProductssoldin130countriesHascentralizedglobaltreasurymanagementfunctionManagementofallforeignexchangetransactionsP&Gtradescurrencybetweensubsidiaries,cuttingoutbanksandsavingontransactioncostsP&GispoolingforeignexchangerisksandbuyinganpurchasinganumbrellaoptiontocoverrisksassociatedwithvariouscurrencyoptionsSubsidiariescaninvestinandborrowmoneyfromotherP&Gentitiesinsteadofdealingwithbanks,Scopeoffinancialmanagement,Scopeoffinancialmanagementincludesthreesetsofrelateddecisions:InvestmentdecisionsDecisionsaboutwhatactivitiestofinanceFinancingdecisionsDecisionsabouthowtofinancethoseactivities.MoneymanagementdecisionsDecisionsabouthowtomanagethefirmsfinancialresourcesmostefficiently,Investmentdecisions,Capitalbudgeting:Quantifiesthebenefits,costsandrisksofaninvestmentManagerscanreasonablycomparedifferentinvestmentalternativeswithinandacrosscountriesComplicatedprocess:MustdistinguishbetweencashflowstoprojectandthosetoparentPoliticalandeconomicriskcanchangethevalueofaforeigninvestmentConnectionbetweencashflowstoparentandthesourceoffinancingmustberecognized,Projectandparentcashflows,Projectcashflowsmaynotreachtheparent:Host-countrymayblockcash-flowrepatriationCashflowsmaybetaxedatanunfavorablerateHostgovernmentmayrequireapercentageofcashflowstobereinvestedinthehostcountry,Adjustingforpoliticalandeconomicrisk,Politicalrisk:Expropriation-Iranianrevolution,1979Socialunrest-afterthebreakupofYugoslavia,companyassetswererenderedworthlessPoliticalchange-mayleadtotaxandownershipchangesExamples.CollapseofcommunisminEasternEuropeAttackontheworldtradecenterEconomicriskInflation,Financingdecisions,Whenconsideringoptionsforfinancingaforeigninvestment,Int.businesseshavetoconsidertwofactorsSourceoffinancingFinancialstructure,Sourceoffinancing,Globalcapitalmarketsforlowercostfinancing.Impactofhostcountry-host-countrymayrequireprojectstobelocallyfinancedthroughdebtorequityLimitedliquidityraisesthecostofcapital.Host-governmentmayofferlowinterestorsubsidizedloanstoattractinvestment.Impactoflocalcurrency(appreciation/depreciation)influencescapitalandfinancingdecisions,Financialstructure,Financialstructure:Debt/equityratiosvarywithcountries.TaxregimesFollowlocalcapitalstructurenorms?MoreeasilyevaluatereturnonequityrelativetolocalcompetitionGoodforcompanysimageBestrecommendation:adoptafinancialstructurethatminimizesthecostofcapital,Globalmoneymanagement-Theefficiencyobjective,Minimizingcashbalances:Moneymarketaccounts-lowinterest-highliquidityCertificatesofdeposit-higherinterest-lowerliquidityReducingtransactioncosts(costofexchange):Transactioncosts:changingfromonecurrencytoanotherTransferfee:feeformovingcashfromonelocationtoanother,GlobalmoneymanagementThetaxobjective,Countriestaxincomeearnedoutsidetheirboundariesbyentitiesbasedintheircountry.CanleadtodoubletaxationTaxcreditallowsentitytoreducehometaxesbyamountpaidtoforeigngovernmentTaxtreatyisanagreementbetweencountriesspecifyingwhatitemswillbetaxedbyauthoritiesincountrywhereincomeisearnedDeferralprinciplespecifiesthatparentcompanieswillnotbetaxedonforeignincomeuntilthedividendisreceivedTaxhavenisusedtominimizetaxliability,Corporateincometaxrates,Movingmoneyacrossborders:Attainingefficienciesandreducingtaxes,Unbundling:Amixoftechniquestotransferliquidfundsfromaforeignsubsidiarytotheparentcompanywithoutpiquingthehost-countryDividendremittancesRoyaltypaymentsandfeesTransferPricesFrontingloansSelectingaparticularpolicyislimitedwhenaforeignsubsidiaryispartownedbyalocaljoint-venturepartnerorlocalstockholders,Dividendremittances,Mostcommonmethodoftransfer.Dividendvarieswith:taxregulations.Foreignexchangerisk.Ageofsubsidiary.Extentoflocalequityparticipation.,Royaltypaymentsandfees,Royaltiesrepresenttheremunerationpaidtoownersoftechnology,patentsortradenamesfortheirusebythefirm.Commonforparenttochargeasubsidiaryfortechnology,patentsortradenamestransferredtoit.Maybeleviedasafixedamountperunitsoldorpercentageofrevenueearned.Feesarecompensationforprofessionalservicesorexpertisesuppliedtosubsidiary.Managementfeesortechnicalassistancefees.Fixedchargesforservicesprovided,Transferprices,Priceatwhichgoodsorservicesaretransferredwithinafirmsentities.Positionfundswithinacompany.Movefundsoutofcountrybysettinghightransferfeesorintoacountrybysettinglowtransferfees.Movementcanbewithinsubsidiariesorbetweentheparentanditssubsidiaries.,Benefitsofmanipulatingtransferprices,Reducetaxliabilitiesbyusingtransferfeestoshiftfromahigh-taxcountrytoalow-taxcountry.Reduceforeignexchangeriskexposuretoexpectedcurrencydevaluationbytransferringfunds.Canbeusedwheredividendsarerestrictedorblockedbyhost-governmentpolicy.Reduceimportduties(advalorem)byreducingtransferpricesandthevalueofthegoods.,Problemswithtransferpricing,Fewgovernmentslikeit.Believe(rightly)thattheyarelosingrevenue.Hasanimpactonmanagementincentivesandperformanceevaluations.Inconsistentwithaprofitcenter.Managerscanhideinefficiencies.,Frontingloans,Loanbetweenaparentandsubsidiaryischanneledthroughafinancialintermediary(bank).Allowscircumventionofhost-countryrestrictionsonremittanceoffundsfromsubsidiarytoparent.Providescertaintaxadvantages.,Anexampleofthetaxaspectsofafrontingloan,Techniquesforglobalmoneymanagement,Needcashreservestoserviceaccountsandinsuringagainstnegativecashflows.Shouldeachsubsidiaryholditsowncashbalance?Bypooling,firmcandepositlargercashamountsandearnhigherinterestrates.Iflocatedinamajorfinancialcentercangetinformationongoodinvestmentopportunities.Canreducethetotalsizeofcashpoolandinvestlargerreservesinhigherpaying,longterm,instruments.,11.5外汇风险与防范,交易风险转换风险业务风险,Managingforeignexchangerisk,Riskthatfuturechangesinacountrysexchangeratewillhurtthefirm.Transactionexposure:extentincomefromtransactionsisaffectedbyc