ANDSHORT-TERMFINANCING(跨国公司财务管理-Joseph.pptx
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ANDSHORT-TERMFINANCING(跨国公司财务管理-Joseph.pptx
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MultinationalFinancialManagementAlanShapiro7thEditionJ.Wiley&Sons,PowerPointsbyJosephF.Greco,Ph.D.CaliforniaStateUniversity,Fullerton,1,CHAPTER19,CURRENTASSETMANAGEMENTANDSHORT-TERMFINANCING,2,CHAPTEROVERVIEW,I.INTERNATIONALCASHMANAGEMENTII.ACCOUNTSRECEIVABLEMANAGEMENTIII.INVENTORYMANAGEMENTIV.SHORT-TERMFINANCING,3,I.INTERNATIONALCASHMANAGEMENT,I.INTERNATIONCASHMANAGEMENTA.SevenKeyAreas:
1.Organization2.Collection/FundDisbursement3.InteraffiliatePaymentsNetting4.Excess-FundsInvestment5.OptimalGlobalCashBalances6.CashPlanning/Budgeting7.BankRelations,4,INTERNATIONALCASHMANAGEMENT,B.GoalsofanInternationalCashManager1.Quick/efficientcashcontrol2.Optimalconservation/usageC.Organization:
Centralize1.Advantages:
a.Efficientliquiditylevelsb.Enhancedprofitabilityc.Quickerheadquarteraction,5,INTERNATIONALCASHMANAGEMENT,1.Advantages(con)d.Decisionmakingenhancede.Bettervolumecurrencyquotesf.Greatercashmanagementexpertiseg.Lesspoliticalrisk,6,INTERNATIONALCASHMANAGEMENT,D.Collection/DisbursementofFunds1.KeyElement:
Acceleratecollections2.AccelerationMethods:
a.Cableremittancesb.Mobilizationcentersc.Lockboxesd.Electronicfundtransfers,7,INTERNATIONALCASHMANAGEMENT,3.MethodstoExpediteCashPaymentsa.Cableremittancesb.Establishaccountsinclientsbankc.Negotiatewithbanks-obtainvaluedating,8,INTERNATIONALCASHMANAGEMENT,E.PaymentsNetting1.Definition:
offsetpaymentsofaffiliatereceivables/payablessothatnetamountsonlyaretransferred.2.CreateNettingCentera.asubsidiarysetupinalocationwithminimalexchangecontrols,9,INTERNATIONALCASHMANAGEMENT,2.NettingCenters(cont)b.Coordinateinteraffiliatepaymentflowsc.Centersvalueisadirectfunctionoftransfervolume.,10,INTERNATIONALCASHMANAGEMENT,F.ExcessFundsInvestment1.Majortask:
a.determineminimumcashbalancesb.short-terminvestmentofexcessbalances2.Requirements:
a.Forecastofcashneedsb.Knowledgeofminimumcashposition,11,INTERNATIONALCASHMANAGEMENT,3.InvestmentSelectionCriteria:
a.Governmentregulationsb.Marketstructurec.ForeigntaxlawsG.OptimalGlobalCashBalances1.Establishcentrallymanagedcashpool2.Requireaffiliatestoholdminimum,12,INTERNATIONALCASHMANAGEMENT,3.BenefitsofOptimalCashBalancesa.Lessborrowingneededb.Moreexcessfundinvestmentc.Reducedinternalexpensed.Reducedcurrencyexposure,13,INTERNATIONALCASHMANAGEMENT,H.BankRelations1.GoodRelationsWillAvoida.Lostinterestincomeb.Overpricedservicesc.Redundantservices,14,INTERNATIONALCASHMANAGEMENT,2.CommonBankRelationsProblemsa.Toomanybanksb.Highcostssuchascompensatingbalancesc.Inadequatereportingd.Excessiveclearingdelays,15,II.ACCOUNTSRECEIVABLEMANAGEMENT,II.ACCOUNTSRECEIVABLEMANAGEMENTA.TradeCreditextendedinanticipationofprofitby1.expandedsalesvolume2.retainingexistingcustomers,16,ACCOUNTSRECEIVABLEMANAGEMENT,B.CreditTermsShouldConsider1.Salesforce2.Adjustingbonusesforcostofcreditsales.,17,III.INVENTORYMANAGEMENT,A.Problems:
Seemtobemoredifficultdueto1.Long,variabletransits2.Lengthycustomsprocedures,18,INVENTORYMANAGEMENT,B.ProductionLocation/InventoryControl1.Overseaslocationmayleadtohigherinventorycarryingcostsduetoa.largeramountsofwork-in-processb.morefinishedgoods,19,INVENTORYMANAGEMENT,C.AdvanceInventoryPurchases1.Usuallywheretherearenoforwardhedgesavailable2.Anotherhedgingmethod:
advanceinventorypurchasesofimporteditems,i.e.inventorystockpiling.,20,INVENTORYMANAGEMENT,d.ReasonforStockpiling:
greaterriskofdelaye.Solutiontohighercarryingcosts:
Adjustaffiliatesprofitmarginstoreflectaddedcosts.,21,IV.SHORT-TERMFINANCING,IV.SHORT-TERMFINANCINGA.Strategy1.Identify:
keyfactors2.Formulate/evaluate:
objectives3.Describe:
availableoptions4.Developamethodology:
tocalculate/comparecosts,22,SHORT-TERMFINANCING,B.KeyFactors1.DeviationsfromIntlFisherEffect?
a.Ifyestrade-offrequiredbetweencostandexchangeriskb.Ifnocostsaresameeverywhere,23,SHORT-TERMFINANCING,2.ExchangeRiska.Offsetforeignassetswithforeignliabilitiesb.Borrowwherenoexposureincreasesexchangerisk3.FirmsRiskAversiondirectrelationtopriceincurredtoreduceexposure,24,SHORT-TERMFINANCING,4.DoesInterestRateParityHold?
a.Yes.Currencyisirrelevant.b.No.Covercostsmaydiffer-addedriskmaymeantheforwardpremium/discountdoesnotoffsetinterestratedifferentials.,25,SHORT-TERMFINANCING,5.PoliticalRisk:
Ifhigh,a.MNCsshould1.)maximizelocalfinancing.2.)Facedwithconfiscationorcurrencycontrols,fewerassetsatrisk.,26,SHORT-TERMFINANCING,C.Short-TermFinancingObjectives1.FourPossibleObjectives:
a.Minimizeexpectedcost.b.Minimizeriskwithoutregardtocost.c.Tradeoffexpectedcostandsystematicrisk.d.Tradeoffexpectcostandtotalrisk.,27,SHORT-TERMFINANCING,D.Short-TermFinancingOptions1.ThreePossibilitiesa.Inter-companyloansb.Localcurrencyloansc.Euromarket,28,SHORT-TERMFINANCING,2.LocalCurrencyFinancing:
BankLoansa.Short-terminnatureroleofcleanupclauseb.Forms1.)Termloans2.)Lineofcredit3.)Overdrafts4.)RevolvingCredit5.)Discounting,29,SHORT-TERMFINANCING,3.CalculatingInterestCostsa.Effectiveinterestrate(EIR):
mostefficientmeasureofcostb.Basicformula:
EIR=AnnualInterestPaidFundsReceived,30,SHORT-TERMFINANCING,4.CommercialPapera.Definition:
short-termunsecuredpromissorynotegenerallysoldbylargeMNCsonadiscountbasis.b.Standardmaturitiesc.Bankfeeschargedfor:
1.)Backuplineofcredit2.)Creditratingservice,31,
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