InternationalFinancialManagement9国际财务管理课件
国际财务管理(英文版)课后习题答案2
CHAPTER 1GLOBALIZATION AND THE MULTINATIONAL FIRMSUGGESTED ANSWERS TO END—OF-CHAPTER QUESTIONS QUESTIONS1 。
Why is it important to study international financial management？Answer: We are now living in a world where all the major economic functions, i.e.，consumption，production, and investment，are highly globalized. It is thus essential for financial managers to fully understand vital international dimensions of financial management. This global shift is in marked contrast to a situation that existed when the authors of this book were learning finance some twenty years ago. At that time, most professors customarily (and safely, to some extent) ignored international aspects of finance 。
This mode of operation has become untenable since then.2. How is international financial management different from domestic financial management？Answer ：There are three major dimensions that set apart international finance from domestic finance 。
InternationalFinancialManagement9国际财务管理
• to explain the potential benefits and risks of foreign investments.
3
Cash Flow Analysis: Subsidiary Perspective
5
Cash Flow Analysis: Subsidiary Perspective
Subsidiary Revenue • International sales are more likely to be
volatile because of exchange rate fluctuations, business cycles, etc. • Looser credit standards may increase sales (accounts receivable), though often at the expense of slower cash inflows.
8
Centralized Cash Management
• While each subsidiary is managing its own working capital, a centralized cash management group is needed to monitor, and possibly manage, the parent-subsidiary and intersubsidiary cash flows. (Exhibit 9.1)
4
பைடு நூலகம்
Cash Flow Analysis: Subsidiary Perspective
英国硕士财务管理专业排名
英国硕士财务管理专业排名英国财务管理专业排名最好的九所院校推荐：1.杜伦大学(2015年全英综合排名6)立思辰留学360专家介绍，世界百强名校，英国顶尖大学之一，在英国乃至全世界一直享有极高美誉。
是位于英国东北英格兰城市杜伦的一所顶尖公立大学。
杜伦大学的教学与科研历史可以追溯到600多年前，它属于英格兰最早开设的一批大学，是仅次于牛津大学和剑桥大学的英格兰第三古老的大学。
财务管理，financial management2.约克大学(2015年全英综合排名16)约克大学(university of york)位于英格兰约克郡的一所高等学府，是素有英国常青藤盟校之称的罗素大学集团(the russell group)和白玫瑰大学联盟(white rose university consortium)成员之一。
在权威qs世界大学排名中名列世界百大大学之列。
约克大学的教学和科研享誉全世界，教学质量与剑桥大学并列教学联盟的首位。
约克大学于1963年建校，校史可以追溯到700年前，60年代与华威大学和伦敦大学学院同为新生代大学。
会计与财务管理，msc accounting and financial management3.兰卡斯特大学(2015年全英综合排名12)兰卡斯特大学(lancaster university)始建于1964年，是一所位于英格兰西北部兰开夏郡的大学。
兰卡斯特大学享有着良好的学术声誉。
该校拥有英国顶尖的环境科学系以及国际知名的兰卡斯特大学管理学院(lums)。
学校的物理系在低温物理方面的研究也是国际领先。
该校商学院，无论是在教学还是研究方面都在全英国排名第一，甚至是全世界最好的学院之一。
连续多次被评为最优秀的英国十所科研性优秀大学之一，是学生最为满意的英国25所大学之一，具有国际知名度与良好的教学质量信誉。
会计与金融管理，msc in accounting and financial management4.伦敦大学国王学院(2015年全英综合排名29)国王学院(king&l&s college)是剑桥大学内最有名的学院之一，成立于1441年，由当时的英国国王亨利六世设立创建，因而得名“国王”学院。
第9章必讲 经济风险暴露的管理
State Case 2
2
3
1/3
1/3
£ 933
£ 875
$1.50/£
$1.60/£
$1,400
$1,400
This ameliorates[əˈmi:ljəˈre ɪts] （改善） the exchange rate risk substantially. (Completely in this example.)
$1,600
Example (continued)
State Case 1 1 2 1/3 1/3 £ 980 £ 1,000 $1.40/£ $1.50/£ $1,372 $1,500 Probability P* S S×P*
3
1/3
£ 1,070
$1.60/£
$1,712
In case one, the local currency price of the asset and the exchange rate are positively correlated.
9-3
Economic Exposure
Changes in exchange rates can affect not only firms that are directly engaged in international trade but also purely domestic firms. Consider a U.S. bicycle manufacturer who sources and sells only in the U.S. Since the firm’s product competes against imported bicycles it is subject to foreign exchange exposure.
(完整word版)国际财务管理课后习题答案chapter9
CHAPTER 9 MANAGEMENT OF ECONOMIC EXPOSURESUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. How would you define economic exposure to exchange risk?Answer: Economic exposure can be defined as the possibility that the firm’s cash flows and thus its market value may be affected by the unexpected exchange rate changes.2. Explain the following statement: “Exposure is the regression coefficient.”Answer: Exposure to currency risk can be appropriately measured by th e sensitivity of the firm’s future cash flows and the market value to random changes in exchange rates. Statistically, this sensitivity can be estimated by the regression coefficient. Thus, exposure can be said to be the regression coefficient.3. Suppose that your company has an equity position in a French firm. Discuss the condition under which the dollar/franc exchange rate uncertainty does not constitute exchange exposure for your company.Answer: Mere changes in exchange rates do not necessarily constitute currency exposure. If the French franc value of the equity moves in the opposite direction as much as the dollar value of the franc changes, then the dollar value of the equity position will be insensitive to exchange rate movements. As a result, your company will not be exposed to currency risk.4. Explain the competitive and conversion effects of exchange rate changes on the firm’s operating cash flow.Answer: The competitive effect: exchange rate changes may affect operating cash flows by altering the firm’s competitive position.The conversion effect: A given operating cash flows in terms of a foreign currency will be converted into higher or lower dollar (home currency)amounts as the exchange rate changes.5. Discuss the determinants of operating exposure.Answer: The main determinants of a firm’s operating exposure are (1) the structure of the markets in which the firm sources its inputs, such as labor and materials, and sells its products, and (2) the firm’s ability to mitigate the effect of exchange rate changes by adjusting its markets, product mix, and sourcing.6. Discuss the implications of purchasing power parity for operating exposure.Answer: If the exchange rate changes are matched by the inflation rate differential between countries, firms’ competitive positions will not be altered by exchange rate changes. Firms are not subject to operating exposure.7. General Motors exports cars to Spain but the strong dollar against the peseta hurts sales of GM cars in Spain. In the Spanish market, GM faces competition from the Italian and French car makers, such as Fiat and Renault, whose currencies remain stable relative to the peseta. What kind of measures would you recommend so that GM can maintain its market share in Spain.Answer: Possible measures that GM can take include: (1) diversify the market; try to market the cars not just in Spain and other European countries but also in, say, Asia; (2) locate production facilities in Spain and source inputs locally; (3) locate production facilities, say, in Mexico where production costs are low and export to Spain from Mexico.8. What are the advantages and disadvantages of financial hedging of the firm’s operating exposure vis-à-vis operational hedges (such as relocating manufacturing site)?Answer: Financial hedging can be implemented quickly with relatively low costs, but it is difficult to hedge against long-term, real exposure with financial contracts. On the other hand, operational hedges are costly, time-consuming, and not easily reversible.9. Discuss the advantages and disadvantages of maintaining multiple manufacturing sites as a hedge against exchange rate exposure.Answer: To establish multiple manufacturing sites can be effective in managing exchange risk exposure, but it can be costly because the firm may not be able to take advantage of the economy of scale.10. Evaluate the following statement: “A firm can reduce its currency exposure by diversifying across different business lines.”Answer: Conglomerate expansion may be too costly as a means of hedging exchange risk exposure. Investment in a different line of business must be made based on its own merit.11. The exchange rate uncertainty may not necessarily mean that firms face exchange risk exposure. Explain why this may be the case.Answer: A firm can have a natural hedging position due to, for example, diversified markets, flexible sourcing capabilities, etc. In addition, to the extent that the PPP holds, nominal exchange rate changes do not influenc e firms’ competitive positions. Under these circumstances, firms do not need to worry about exchange risk exposure.PROBLEMS1. Suppose that you hold a piece of land in the City of London that you may want to sell in one year. As a U.S. resident, you are concerned with the dollar value of the land. Assume that, if the British economy booms in the future, the land will be worth £2,000 and one British pound will be worth $1.40. If the British economy slows down, on the other hand, the land will be worth less, i.e., £1,500, but the pound will be stronger, i.e., $1.50/£. You feel that the British economy will experience a boom with a 60% probability and a slow-down with a 40% probability.(a) Estimate your exposure b to the exchange risk.(b) Compute the variance of the dollar value of your property that is attributable to the exchange rate uncertainty.(c) Discuss how you can hedge your exchange risk exposure and also examine the consequences of hedging.Solution: (a) Let us compute the necessary parameter values:E(P) = (.6)($2800)+(.4)($2250) = $1680+$900 = $2,580E(S) = (.6)(1.40)+(.4)(1.5) = 0.84+0.60 = $1.44Var(S) = (.6)(1.40-1.44)2 + (.4)(1.50-1.44)2= .00096+.00144 = .0024.Cov(P,S) = (.6)(2800-2580)(1.4-1.44)+(.4)(2250-2580)(1.5-1.44)= -5.28-7.92 = -13.20b = Cov(P,S)/Var(S) = -13.20/.0024 = -£5,500.You have a negative exposure! As the pound gets stronger (weaker) against the dollar, the dollar value of your British holding goes down (up).(b) b2Var(S) = (-5500)2(.0024) =72,600($)2(c) Buy £5,500 forward. By doing so, you can eliminate the volatility of the dollar value of your British asset that is due to the exchange rate volatility.2. A U.S. firm holds an asset in France and faces the following scenario:In the above table, P* is the euro price of the asset held by the U.S. firm and P is the dollar price of the asset.(a) Compute the exchange exposure faced by the U.S. firm.(b) What is the variance of the dollar price of this asset if the U.S. firm remains unhedged against thisexposure?(c) If the U.S. firm hedges against this exposure using the forward contract, what is the variance of thedollar value of the hedged position?Solution: (a)E(S) = .25(1.20 +1.10+1.00+0.90) = $1.05/€E(P) = .25(1,800+1,540+1,300 +1,080) = $1,430Var(S) = .25[(1.20-1.05)2 +(1.10-1.05)2+(1.00-1.05)2+(0.90-1.05)2]= .0125Cov(P,S) = .25[(1,800-1,430)(1.20-1.05) + (1,540-1,430)(1.10-1.05)(1,300-1,430)(1.00-1.05) + (1,080-1,430)(0.90-1.05)]= 30b = Cov(P,S)/Var(S) = 30/0.0125 = €2,400.(b) Var(P) = .25[(1,800-1,430)2+(1,540-1,430)2+(1,300-1,430)2+(1,080-1,430)2]= 72,100($)2.(c) Var(P) - b2Var(S) = 72,100 - (2,400)2(0.0125) = 100($)2.This means that most of the volatility of the dollar value of the French asset can be removed by hedging exchange risk. The hedging can be achieved by selling €2,400 forward.MINI CASE: ECONOMIC EXPOSURE OF ALBION COMPUTERS PLCConsider Case 3 of Albion Computers PLC discussed in the chapter. Now, assume that the pound is expected to depreciate to $1.50 from the current level of $1.60 per pound. This implies that the pound cost of the imported part, i.e., Intel’s microprocessors, is £341 (=$512/$1.50). Other variables, such as the unit sales volume and the U.K. inflation rate, remain the same as in Case 3.(a) Compute the projected annual cash flow in dollars.(b) Compute the projected operating gains/losses over the four-year horizon as the discounted present value of change in cash flows, which is due to the pound depreciation, from the benchmark case presented in Exhibit 12.4.(c) What actions, if any, can Albion take to mitigate the projected operating losses due to the pound depreciation?Suggested Solution to Economic Exposure of Albion Computers PLCa) The projected annual cash flow can be computed as follows:______________________________________________________Sales (40,000 units at £1,080/unit) £43,200,000Variable costs (40,000 units at £697/unit) £27,880,000Fixed overhead costs 4,000,000Depreciation allowances 1,000,000Net profit before tax £15,315,000Income tax (50%) 7,657,500Profit after tax 7,657,500Add back depreciation 1,000,000Operating cash flow in pounds £8,657,500Operating cash flow in dollars $12,986,250______________________________________________________b) ______________________________________________________Benchmark CurrentVariables Case Case______________________________________________________Exchange rate ($/£) 1.60 1.50Unit variable cost (£) 650 697Unit sales price (£) 1,000 1,080Sales volume (units) 50,000 40,000Annual cash flow (£) 7,250,000 8,657,500Annual cash flow ($) 11,600,000 12,986,250Four-year present value ($) 33,118,000 37,076,946Operating gains/losses ($) 3,958,946______________________________________________________c) In this case, Albion actually can expect to realize exchange gains, rather than losses. This is mainly due to the fact that while the selling price appreciates by 8% in the U.K. market, the variable cost of imported input increased by about 6.25%. Albion may choose not to do anything.。
常见大学课程名称翻译
常用大学课程中英文对照大学课程中英文对照大聚集英文字母开头的课程ALGOL语言ALGOL LanguageBASIC & FORTRAN 语言BASIC Language & FORTRAN LanguageBASIC 语言BASIC LanguageBASIC 语言及应用BASIC Language & ApplicationC 语言C LanguageC++程序设计C++ Program DesigningCAD 概论Introduction to CADCAD/CAM CAD/CAMCET-4 College English Test (Band 4)CET-6 College English Test (Band 6)COBOL语言COBOL LanguageCOBOL语言程序设计COBOL Language Program DesigningC与UNIX环境C Language & Unix EnvironmentC语言科学计算方法Scientific putation Method in CC语言与生物医学信息处理C Language & Biomedical Information Processing dBASE Ⅲ课程设计Course Exercise in dBASE ⅢFORTRAN 77 语言FORTRAN 77 LanguageFORTRAN语言FORTRAN LanguageFoxBase程序设计FoxBase ProgrammingHopf代数Hopf AlgebraHopf代数与代数群量子群Hopf Algebra , Algebraic Group and Qua ntum GroupIBM-PC/XT Fundamentals of Microputer IBM-PC/XTIBM-PC微机原理Fundamentals of Microputer IBM-PCIBM汇编及高级语言的接口IBM Assembly & its Interfaces with Advanced Programming Languages Internet与Intranet技术Internet and Intranet TechnologyLSI设计根底Basic of LSI DesigningOS/2操作系统OS/2 Operation SystemPASCAL大型作业PASCAL Wide Range WorkingPASCAL课程设计Course Exercise in PASCALPASCAL语言PASCAL LanguagePC机原理Principle of PCUnix编程环境Unix Programming EnvironmentUnix操作系统分析Analysis of Unix SystemVLSI的EDA技术EDA Techniques for VLSIVLSI技术与检测方法VLSI Techniques & Its ExaminationVLSI设计根底Basis of VLSI DesignWindows系统Windows Operation SystemX光分析X-ray AnalysisX射线金属学X-Ray & MetallographyX射线与电镜X-ray & Electric MicroscopeZ-80汇编语言程序设计Z-80 Pragramming in Assembly LanguagesB开头的课程板壳非线性力学Nonlinear Mechanics of Plate and Shell板壳理论Plate Theory , Theory of Plate and Shell板壳力学Plate Mechanics办公自动化Office Automatization办公自动化系统毕业设计Office Automatization Thesis办公自动化系统设计Office Automatization Design半波实验Semiwave Experiment半导体变流技术Semiconductor Converting Technology半导体材料Semiconductor Materials半导体测量Measurement of Semiconductors半导体瓷敏元件Semiconductor Porcelain-Sensitive Elements半导体光电子学Semiconductor Optic Electronics半导体化学Semiconductor Chemistry半导体激光器Semiconductor Laser Unit半导体集成电路Semiconductor Integrated Circuitry半导体理论Semi-conductive Theory半导体器件Semiconductor Devices半导体器件工艺原理Technological Fundamentals of Semiconductor Device半导体器件课程设计Course Design of Semiconductor Devices半导体物理Semiconductor Physics半导体专业Semi-conduction Specialty半导体专业实验Specialty Experiment of Semiconductor半群理论Semi-group Theory保健食品监视评价Evaluation and Supervision on Health Food s保险学Insurance保险学Insurance报告文学专题Special Subject On Reportage报刊编辑学Newspaper & Magazine Editing报刊选读Selected Readings of Newspaper & Magazine报纸编辑学Newspaper Editing泵与风机Pumps and Fans泵与水机Pumps & Water Turbines毕业论文Graduation Thesis毕业设计Graduation Thesis毕业实习Graduation Practice编译方法pilation Method编译方法Methods of piling编译技术Technique of piling编译原理Fundamentals of piling, Principles of piler编译原理课程设计Course Design of piling变电站的微机检测puter Testing in Transformer Substation变电站的微机检测与控制puter Testing & Control in Transformer Substation变分法与X量Calculus of Variations & Tensor变分学Calculus of Variations变流技术Semiconductor Converting Technology变质量系统热力学与新型回转压Variable Quality System Thermal Mechanics & NeoRo 外表活性剂化学及应用Chemistry and Application of Surfactant外表活性物质Surface Reactive Materials并行处理Parallel Processing并行处理与并行程序设计Parallel Processing and Parallel Programming并行算法Parallel Algorithmic波谱学Spectroscopy, Wave Spectrum波谱学实验Spectroscopic Experiment薄膜光学Film Optics薄膜物理Thin Film Physics不育症的病因学Etiology of InfertilityC开头的课程材料的力学性能测试Measurement of Material Mechanical Performance材料化学Material Chemistry材料力学Mechanics of Materials财税法规与税务会计Laws and Regulations of Finance and Taxes财务案例分析Case Analysis of Finance Management财务案例分析Case Analysis of Financial Management财务报告分析Analysis of Financial Statement财务本钱管理Financial Cost Management财务管理Financial Management, Financial Cost Management财务管理与分析Financial Management and Analysis财务会计Financial Accountancy财政学Public Finance财政与金融Finance & Banking财政与税收Finance & Revenue财政与税收理论Theories on Public Finance and Tax Revenue财政与信贷Finance & Credit操作系统Disk Operating System (DOS)操作系统课程设计Course Design in Disk Operating System操作系统与编译原理Disk Operating System & Fundamentals of piling操作系统原理Fundamentals of Disk Operating System, Principles of Operating System 测量技术根底Foundation of Measurement Technology测量原理与仪器设计Measurement Fundamentals & Meter Design测试技术Testing Technology测试与信号变换处理Testing & Signal Transformation Processing策波测量技术Technique of Whip Wave Measurement策略管理Strategic Management产品学Production产业经济学Industrial Economy产业组织Industrial Organization产业组织学Industrial Organization Technology常微分方程Ordinary Differential Equations场论Field Theory超导磁体及应用Superconductive Magnet & Application超导及应用Superconductive & Application超高真空科学与技术Science and Technology of Ultrahigh Vacuum 60超精细加工和微细加工Super-Precision & Minuteness Processing超精微细加工Super-Precision & Minuteness Processing超声及应用Supersonics Application本钱会计Cost Accounting成像原理与技术Principles & Technique of Imaging成组技术Grouping Technique城市规划原理Fundamentals of City Planning城市社会学Urban Sociology程控数字交换Program Controlling of Digital Exchange程序设计Program Designing程序设计方法学Methodology of Programming, Methods of Programming程序设计及算法语言Program Designing & Algorithmic Language程序设计语言Programming Language齿轮啮合原理Principles of Gear Connection冲击测量及误差Punching Measurement & Error冲压工艺Sheet Metal Forming Technology抽象代数Abstract Algebra初等数学Primary Mathematics传坳概论Introduction to Pass Col传动概论Introduction to Transmission传感技术Sensor Technique传感技术及应用Sensor Technique & Application传感器及应用Sensors & Application传感器与检测技术Sensors & Testing Technology传感器原理Fundamentals of Sensors传感器原理及应用Fundamentals of Sensors & Application传热学Heat Transfer船舶操纵Ship Controlling船舶电力系统Ship Electrical Power System船舶电力系统课程设计Course Exercise in Ship Electrical Power System 船舶电气传动自动化Ship Electrified Transmission Automation船舶电站Ship Power Station船舶动力装置Ship Power Equipment船舶概论Introduction to Ships船舶焊接与材料Welding & Materials on Ship船舶机械控制技术Mechanic Control Technology for Ships船舶机械拖动Ship Mechanic Towage船舶建筑美学Artistic Designing of Ships船舶构造Ship Structure船舶构造力学Structural Mechanics for Ships船舶构造与制图Ship Structure & Graphing船舶静力学Ship Statics船舶强度与构造设计Designing Ship Intensity & Structure船舶设计原理Principles of Ship Designing船舶推进Ship Propelling船舶摇摆Ship Swaying船舶摇摆与操纵Ship Swaying & Manipulating船舶振动Ship Vibration船舶阻力Ship Resistance船体建造工艺Ship-Building Technology船体构造Ship Structure船体构造图Ship Structure Graphing船体构造与制图Ship Structure & Graphing船体振动学Ship Vibration船体制图Ship Graphing船用电器设备Marine Electrical Equipment创造心理学Creativity Psychology词汇学Lexicology磁测量技术Magnetic Measurement Technology磁传感器Magnetic Sensor磁存储设备设计原理Fundamental Design of Magnetic Memory Equipment 磁记录Magnetographic磁记录技术Magnetographic Technology磁记录物理Magnetographic Physics磁路设计与场计算Magnetic Path Designing & Magnetic Field Calculati磁盘控制器Magnetic Disk Controler磁性材料Magnetic Materials磁性测量Magnetic Measurement磁性物理Magnetophysics磁原理及应用Principles of Catalyzation & Application催化原理Principles of CatalysisD开头的课程大电流测量Super-Current Measurement大电源测量Super-Power Measurement大机组协调控制Coordination & Control of Generator Networks大跨度房屋构造Large-Span House structure大型锅炉概况Introduction to Large-Volume Boilers大型火电机组控制Control of Large Thermal Power Generator Networks大型数据库原理与高级开发技术Principles of Large-Scale Data-Bas e and Advanced Development Technology 大学德语College German大学俄语College Russian大学法语College French大学日语College Japanese大学生心理学Psychology Introduction大学物理College Physics大学物理实验Experiment of College Physics大学英语College English大学语文College Chinese群众传播学Mass Media代数几何Algebraic Geometry代数几何Algebraic Geometry代数曲面Algebraic Surfaces代数图论Algebraic Graph Theory代数拓扑Algebraic Topology代数学Algebra代用燃料Substitute Fuel代用运放电路Simulated Transmittal Circuit单片机与接口技术Mono-Chip puters & Interface Technique单片机原理Fundamentals of Mono-Chip puters单片机原理及应用Fundamentals of Mono-Chip puters & Applications弹塑性力学Elastic-Plastic Mechanics弹性波Elastic Waves弹性力学Elastic Mechanics, Theory of Elastic Mechanics弹性元件的理论及设计Theory and Design of Elastic Element蛋白质构造根底Principle of Protein Structure蛋白质生物化学技术Biochemical Technology of Protein当代国际关系Contemporary International Relationship当代国外社会思维评价Evaluation of Contemporary Foreign Social Thought当代文学Contemporary Literature当代文学专题Topics on Contemporary Literature当代西方哲学Contemporary Western Philosophy当代戏剧与电影Contemporary Drama & Films当代资本主义经济Contemporary Capitalist Economy党史History of the Party导波光学Wave Guiding Optics德育Moral Education等离子体工程Plasma Engineering低频电子线路Low Frequency Electric Circuit低温测试技术Cryo Testing Technique低温传热学Cryo Conduction低温固体物理Cryo Solid Physics低温技术原理与装置Fundamentals of Cryo Technology & Equipment低温技术中的微机原理Priciples of Microputer in Cryo Technology低温绝热Cryo Heat Insulation低温气体制冷机Cryo Gas Refrigerator低温热管Cryo Heat Tube低温设备Cryo Equipment低温生物冻干技术Biological Cryo Freezing Drying Technology低温生物学原理与应用Principle & Application of Cryobiology低温实验技术Cryo Experimentation Technology低温物理导论Cryo Physic Concepts低温物理概论Cryo Physic Concepts低温仪表及测试Cryo Meters & Measurement低温原理Cryo Fundamentals低温原理与设备Cryo Fundamentals & Equipment低温制冷机Cryo Refrigerator低温中的微机应用Application of Microputer in Cryo Technology低温装置Cryo Equipment低噪声电子电路Low-Noise Electric Circuit低噪声电子设计Low-Noise Electronic Designing低噪声放大与弱检Low-Noise Increasing & Decreasing低噪声与弱信号检测Detection of Low Noise & Weak Signals地基根底课程设计Course Design of Groundsill Basis地理Geography第二次世界大战史History of World War II典型计算机分析Classical puter Analysis电测量技术Electric Measurement Technology电厂计算机控制系统puter Control System in Power Plants电磁测量实验技术Electromagnetic Measurement Experiment & Technology 电磁场计算机Electromagnetic Field puters电磁场理论Theory of Electromagnetic Fields电磁场数值计算Numerical Calculation of Electromagnetic Fields电磁场与电磁波Electromagnetic Fields & Magnetic Waves电磁场与微波技术Electromagnetic Fields & Micro-Wave Technology电磁场中的数值方法Numerical Methods in Electromagnetic Fields电磁场中的数值计算Numerical Calculation in Electromagnetic Fields电磁学Electromagnetics电动力学Electrodynamics电镀Plating电分析化学Electro-Analytical Chemistry电工材料Electrical Materials电工测量技术根底Measurement Technology of Electrical Engineering电工测试技术根底Testing Technology of Electrical Engineering电工产品学Electrotechnical Products电工电子技术根底Electrical Technology & Electrical Engineering电工电子学Electronics in Electrical Engineering电工根底Fundamental Theory of Electrical Engineering电工根底理论Fundamental Theory of Electrical Engineering电工根底实验Basic Experiment in Electrical Engineering电工技术Electrotechnics电工技术根底Fundamentals of Electrotechnics电工实习Electrical Engineering Practice电工实验Experiment of Electrical Engineering电工实验技术根底Experiment Technology of Electrical Engineering电工学Electrical Engineering电工与电机控制Electrical Engineering & Motor Control电弧电接触Electrical Arc Contact电弧焊及电渣焊Electric Arc Welding & Electroslag Welding电化学测试技术Electrochemical Measurement Technology电化学工程Electrochemical Engineering电化学工艺学Electrochemical Technology电机Motor电机测试技术Motor Measuring Technology电机电磁场的分析与计算Analysis & Calculation of Electrical Motor &电机电磁场的数值计算Calculation of Electrical Motor & Electromagnetic Fields 电机电磁场理论Theory of Electrical Moto & Electromagnetic Fields电机电器与供电Motor Elements and Power Supply电机矩阵分析法Analysis of Electrical Motor Matrix电机课程设计Course Exercise in Electric Engine电机绕组理论Theory of Motor Winding电机绕组理论及应用Theory & Application of Motor Winding电机设计Design of Electrical Motor电机瞬变过程Electrical Motor Change Processes电机统一理论Theory of Electrical Motor Integration电机学Electrical Motor电机学及控制电机Electrical Machinery Control & Technology电机与拖动Electrical Machinery & Towage电机原理Principle of Electric Engine电机原理与拖动Principles of Electrical Machinery & Towage电机专题Lectures on Electric Engine电接触与电弧Electrical Contact & Electrical Arc电介质物理Dielectric Physics电镜Electronic Speculum电力电子电路Power Electronic Circuit电力电子电器Power Electronic Equipment电力电子器件Power Electronic Devices电力电子学Power Electronics电力工程Electrical Power Engineering电力企业管理Management of Electrical Enterprise电力生产技术Technology of Electrical Power Generation电力生产优化管理Optimal Management of Electrical Power Generation电力拖动Electric Traction电力拖动根底Fundamentals for Electrical Towage电力拖动控制系统Electrical Towage Control Systems电力拖动与电气控制Electrical Towage & Electrical Control电力系统Power Systems电力系统电源最优化规划Optimal Planning of Power Source in a Power System 电力系统短路Power System Shortcuts电力系统分析Power System Analysis电力系统规划Power System Planning电力系统过电压Hyper-Voltage of Power Systems电力系统继电保护原理Power System Relay Protection电力系统经济分析Economical Analysis of Power Systems电力系统经济运行Economical Operation of Power Systems电力系统可靠性Power System Reliability电力系统可靠性分析Power System Reliability Analysis电力系统课程设计Course Design of Power Systems电力系统无功补偿及应用Non-Work pensation in Power Systems & Applicati 电力系统谐波Harmonious Waves in Power Systems电力系统优化设计Optimal Designing of Power Systems电力系统远动Operation of Electric Systems电力系统远动技术Operation Technique of Electric Systems电力系统运行Operation of Electric Systems电力系统自动化Automation of Electric Systems电力系统自动装置Power System Automation Equipment电力系统最优规划Optimal Planning in Power System电力装置课程设计Course Design of Power Equipment电力装置与系统Power Equipment & System电路测量与实验Circuit Measurement & Experiment电路测试技术Circuit Measurement Technology电路测试技术根底Fundamentals of Circuit Measurement Technology电路测试技术及实验Circuit Measurement Technology & Experiments电路分析根底Basis of Circuit Analysis电路分析根底实验Basic Experiment on Circuit Analysis电路分析实验Experiment on Circuit Analysis电路和电子技术Circuit and Electronic Technique电路根本理论Basis Theory of Circuitry电路及电子线路CAD Circuitry CAD电路理论Theory of Circuit电路理论根底Fundamental Theory of Circuit电路理论实验Experiments in Theory of Circuct电路设计与测试技术Circuit Designing & Measurement Technology电气测量技术Electrical Measurement Technology电气传动Electrified Transmission电气控制技术Electrical Control Technology电器设计Electrical Appliances Designing电器学Electrical Appliances电器与控制Electrical Appliances & Control电生理技术根底Basics of Electricphysiological Technology电视传感器图象显示Television Sensor Graphic Display电视接收技术Television Reception Technology电视节目Television Programs电视节目制作Television Program Designing电视新技术New Television Technology电视新闻Television News电视原理Principles of Television电网调度自动化Automation of Electric Network Management电学实验Electrical Experiment电影艺术Art of Film Making电站微机检测控制puterized Measurement & Control of Power Statio电子材料与元件测试技术Measuring Technology of Electronic Material and Element电子材料元件Electronic Material and Element电子材料元件测量Electronic Material and Element Measurement电子测量与实验技术Technology of Electronic Measurement & Experiment电子测试Electronic Testing电子测试技术Electronic Testing Technology电子测试技术与实验Electronic Testing Technology & Experiment电子测试实验Electronic Testing Experiment电子测试与实验技术Electronic Testing Technology & Experiment电子机械运动控制技术Technology of Electronic Mechanic Movement Control电子技术Technology of Electronics电子技术腐蚀测试中的应用Application of Electronic Technology in Erosion Measurement 电子技术根底Basic Electronic Technology电子技术根底与实验Basic Electronic Technology & Experiment电子技术课程设计Course Exercise in Electronic Technology电子技术实验Experiment in Electronic Technology电子技术综合性设计实验Experiment in Electronic Technology电子理论实验Experiment in Electronic Theory电子商务Electronic merce电子系统的ASIC技术ASIC Design Technologies电子显微分析Electronic Micro-Analysis电子显微镜Electronic Microscope电子线路Electronic Circuit电子线路的计算机辅助设计puter Associate Design of Electronic Circuit电子线路课程设计Course Design of Electronic Circuit电子线路设计与测试技术Electronic Circuit Design & Measurement Technology电子线路设计与测试实验Electronic Circuit Design & Measurement Experiment电子线路实验Experiment in Electronic Circuit电子学Electronics电子学课程设计Course Design of Electronics电子照相技术Electronic Photographing Technology雕塑艺术欣赏Appreciation of Sculptural Art调节原理Principles of Regulation调节装置Regulation Equipment动力机械CAD Dynamical Machine CAD动力学Dynamics动态规划Dynamic Programming动态无损检测Dynamic Non-Destruction Measurement动态信号Dynamic Signal动态信号分析与仪器Dynamic Signal Analysis & Apparatus动物病害学根底Basis of Animal Disease动物免疫学Animal Immunology动物生理与分子生物学Animal Physiology and Molecular Biochemistry动物学Zoology动物遗传工程Animal Genetic Engineering毒理遗传学Toxicological Genetics断裂力学Fracture Mechanics断裂疲劳力学Fatigue Fracture Mechanics锻压测试技术Forging Testing Technique锻压工艺Forging Technology锻压机械液压传动Hydraulic Transmission in Forging Machinery锻压加热设备Forging Heating Equipment锻压设备专题Lectures on Forging Press Equipments锻压系统动力学Dynamics of Forging System锻造工艺Forging Technology锻造加热设备Forging Heat Equipment对外贸易保险International Trade Insurance对外贸易地理International Marketing Geography对外贸易概论Introduction to International Trade对外贸易运输International Trade Transportation多层网络方法Multi-Layer Network Technology多复变函数Analytic Functions of Several plex Variables多媒体计算机技术Multimedia puter Technology多媒体技术Multimedia Technology多目标优化方法Multipurpose Optimal Method多项距阵Multi-Nominal Matrix多元统计分析Multivariable StatisticsF开头的课程发电厂Power Plant发电厂电气局部Electric Elements of Power Plants发电厂电气局部与动力局部Electric Elements & Dynamics of Power Plants发电厂电气局部与热力设备Electric Elements & Thermodynamics Equipment of Power Plants 发电厂计算机控制puter Control in Power Plant发酵工程Zymolysis Engineering发育生物学原理与实验技术Principle and Experimental Technology of Development开展经济学Evolutive Economics法理学Nomology法律根底Fundamentals of Law法学概论An Introduction to Science of Law法学根底Fundamentals of Science of Law翻译Translation翻译理论与技巧Theory & Skills of Translation反不正当经济法Anti-malfeasance Economic Law泛读Extensive Reading泛函分析Functional Analysis泛函分析Functional Analysis房屋建筑学Architectural Design & Construction房屋建筑学课程设计Course Design of House Architecture仿真与辅助设计Simulation & puter Aided Design放射生物学Radiation Biology放射学Radiology非电量测量Non-Electricity Measurement非金属材料Non-Metal Materials非线性采样系统Non-Linear Sampling System非线性方程组的数值解法Numerical Methods for No-linear System s of Equations非线性光学Nonlinear Optics非线性规划Non-Linear Programming非线性控制理论Non-Linear Control Theory非线性双曲型守恒律解的存在性The Existence of Solutions for Non -linear Hyperbolic Conservation Laws 非线性物理导论Introduction to Nonlinear Physics非线性振荡Non-Linear Oscillation非线性振动Nonlinear Vibration废水处理工程Technology of Wastewater Treatment废水处理与回用Sewage Disposal and Re-use沸腾燃烧Boiling bustion分布式计算机系统Distributed puter System / Distributed System分布式系统与分布式处理Distributed Systems and Distributed Processing别离科学Separation Science分析化学Analytical Chemistry分析化学实验Analytical Chemistry Experiment分析力学Analytic Mechanics分析生物化学Analytical Biochemistry分析生物化学Analytical Biochemistry分子病毒学Molecular Virology分子进化工程Engineering of Molecular Evolution分子生物学Molecular Biology分子生物学技术Protocols in Molecular Biology分子遗传学Molecular Genetics风机调节Fan Regulation风机调节.使用.运转Regulation, Application & Operation of Fans风机三元流动理论与设计Tri-Variant Movement Theory & Design of Fans 风能利用Wind Power Utilization风险投资分析Analysis of Risk Investment效劳业营销Service Industry Marketing辅助机械Aided Machine腐蚀电化学实验Experiment in Erosive Electrochemistry复变函数plex Variables Functions复变函数与积分变换Functions of plex Variables & Integral Transformation 复合材料构造力学Structural Mechanics of posite Material复合材料力学pound Material Mechanics傅里叶光学Fourier OpticsG开头的课程概率论Probability Theory概率论与数理统计Probability Theory & Mathematical Statistics概率论与随机过程Probability Theory & Stochastic Process概率与统计Probability & Statistics钢笔画Pen Drawing钢的热处理Heat-Treatment of Steel钢构造Steel Structure钢筋混凝土Reinforced Concrete钢筋混凝土及砖石构造Reinforced Concrete & Brick Structure钢砼构造Reinforced Concrete Structure钢砼构造与砌体构造Reinforces Structure and Monsary Structure钢砼课程设计Reinforced Concrete Course Design钢砼设计Experiment of Reinforced Concrete Structure高层建筑根底Tall Building Foundation高层建筑根底设计Designing bases of High Rising Buildings高层建筑构造设计Designing Structures of High Rising Buildings高等材料力学Advanced Material Mechanics高等代数Advanced Algebra高等发光分析Advanced Luminescence Analysis高等分析化学Advanced Analytical Chemistry高等工程力学Advanced Engineering Mechanics高等光学Advanced Optics高等环境微生物Advanced Environmental Microorganism高等教育管理Higher Education Management高等教育史History of Higher Education高等教育学Higher Education高等量子力学Advanced Quantum Mechanics高等生物化学Advanced Biochemistry高等数理方法Advanced Mathematical Method高等数学Advanced Mathematics高等数值分析Advanced Numeric Analysis高等土力学Advanced Soil Mechanics高等无机化学Advanced Inorganic Chemistry高等有机化学Advanced Organic Chemistry高电压测试技术High-Voltage Test Technology高电压技术High-Voltage Technology高电压技术与设备High-Voltage Technology and Device高电压绝缘High-Voltage Insulation高电压实验High-Voltage Experiment高分子材料High Polymer Material高分子材料及加工High Polymer Material & Porcessing高分子化学High Polymer Chemistry高分子化学实验High Polymer Chemistry Experiment高分子化学与物理Polymeric Chemistry and Physics高分子物理High Polymer Physics高分子物理实验High Polymer Physics Experiment高级程序设计语言的设计与实现Advanced Programming Language's Design & Implementation 高级管理信息系统Advanced Management Information Systems高级计算机体系构造Advanced puter Architecture高级计算机网络Advanced puter Networks高级计算机网络与集成技术Advanced puter Networks and Integration Technology高级经济计量Advanced Economic Metrology高级软件工程Advanced Software Engineering高级生化技术Advanced Biochemical Technique高级生物化学Advanced Biochemistry高级食品化学Advanced Food Chemistry高级视听Advanced Videos高级数据库Advanced Database高级数理逻辑Advanced Numerical Logic高级水生生物学Advanced Aquatic Biology高级英语听说Advanced English Listening & Speaking高级植物生理生化Advanced Plant Physiology and Biochemistry高能密束焊High Energy-Dense Beam Welding高频电路High-Frequency Circuit高频电子技术High-Frequency Electronic Technology高频电子线路High-Frequency Electronic Circuit高维代数簇Algebraic Varieties of Higher Dimension高压测量技术High-Voltage Measurement Technology高压测试技术High-Voltage Testing Technology高压电场的数值计算Numerical Calculation in High-Voltage Electronic Field高压电工程High-Voltage Engineering高压电技术High-Voltage Technology高压电器High-Voltage Electrical Appliances高压绝缘High-Voltage Insulation高压实验High-Voltage Experimentation高压实验设备测量High-Voltage Experimentation Equipment Measurement高压试验技术High-Voltage Experimentation Technology工厂电气设备Electric Equipment of Plants工厂供电Factory Electricity Supply工程材料的力学性能测试Mechanic Testing of Engineering Materials 工程材料及热处理Engineering Material and Heat Treatment工程材料学Engineering Materials工程测量Engineering Surveying工程测量实习Engineering Measuring Practice工程测试技术Engineering Testing Technique工程测试实验Experiment on Engineering Testing工程测试信息Information of Engineering Testing工程测试与信号处理Engineering Testing & Signal Processing工程地质Engineering Geology工程动力学Engineering Dynamics工程概论Introduction to Engineering工程概预算Project Budget工程经济学Engineering Economics工程静力学Engineering Statics工程力学Engineering Mechanics工程热力学Engineering Thermodynamics工程数学Engineering Mathematics工程工程概预算Engineering Project Estimate & Budget工程工程评估Engineering Project Evaluation工程优化方法Engineering Optimization Method工程运动学Engineering Kinematics工程造价管理Engineering Cost Management工程制图Graphing of Engineering工业产品学Industrial Products工业电子学Industry Electronics工业分析Industrial Analysis工业锅炉Industrial Boiler工业会计学Industrial Accounting工业机器人Industrial Robot工业技术根底Basic Industrial Technology工业技术经济Industrial Technology Economics工业建筑设计原理Principles of Industrial Building Design工业经济理论Industrial Economic Theory工业经济学Industrial Economics工业美术设计Art Designing in Industry工业企业财务管理Industrial Enterprise Financial Management工业企业财务会计Accounting in Industrial Enterprises工业企业管理Industrial Enterprise Management工业企业经营管理Industrial Enterprise Administrative Management 工业社会学Industrial Sociology工业心理学Industrial Psychology工业窑炉Industrial Stoves工艺过程自动化Technics Process Automation工艺设计Technics Design工艺实习Technics Practice工艺原理与研究方法Principles & Research of Technics公差mon Difference公差测试实验mon Difference Testing Experiment公差技术测量Technical Measurement with mon Difference公差与配合mon Difference & Cooperation公共关系Public Relationship公共关系学Public Relations公司法Corporation Law公司组织与管理Organization and Management公司组织与管理Organization and Management of Corporate公文写作Document Writing功能材料原理与技术Principle and Technology of Functional Materials 功能高分子Functional Polymer功能性食品Function Foods古代汉语Ancient Chinese古典文学作品选读Selected Readings in Classical Literature骨科医学Osteopathic Medicine固体磁性理论Theory of Magnetism in Solid固体激光Solid State Laser固体激光器件Solid Laser Elements固体激光与电源Solid State Laser & Power Unit固体理论Solid State Theory固体物理Solid-State Physics故障诊断与容错技术Malfunction Diagnoses & Tolerance Technology 关税Tariff管理概论Introduction to Management管理沟通Management munication, Management Negotiation管理会计Managerial Accounting管理经济学Management Economics管理科学专题Management Science Special Subject管理数学Management Mathematics管理系统FOXBASE Management System of FOXBASE管理系统模拟Management System Simulation管理心理学Management Psychology管理信息系统Management Information System管理学Management Theory, Principles of Management管理学Principles of Management光波导理论Light Wave Guide Theory光电技术Photoelectric Technology光电检测与信号处理Optoelectronic Detection and Processing光电课程设计Photoelectric Course Exercise光电摄像技术Photoelectric Photographing Technique光电探测及信号处理Photoelectric Inspect & Signal Processing光电系统课程设计Photoelectric System Course Design光电信号处理Photoelectric Signal Processing光电信号与系统分析Photoelectric Signal & Systematic Analysis光电信息计算机处理puter Processing in Photoelectric Information光电子技术Photoelectronic Technique光电子学与光电信息技术Optoelectronics and Optoelectronic Information Technology 光辐射探测技术Ray Radiation Detection Technology光接入网技术Technology of Light Access Network光谱Spectrum光谱分析Spectral Analysis光谱学Spectroscopy光纤传感Fibre Optical Sensors光纤传感器Fibre Optical Sensors光纤传感器根底Fundamentals of Fibre Optical Sensors光纤传感器及应用Fibre Optical Sensors & Applications光纤光学Fiber Optics光纤光学课程设计Course Design of Fibre Optical光纤技术实验Experiments in Fibre Optical Technology光纤实验Experiments in Fibre Optical光纤通信根底Basis of Fibre Optical munication光纤通信技术Fibre Optical munication Technology光纤通信网络Networks of Fiber munications光纤通信系统Fibre Optical munication System, System of Fiber munications光纤原理与技术Fibre Optical Operation & Technology光学Optics光学测量Optical Measurement光学分析法Optical Analysis Method光学工艺实习Optical Technology Practice光学计量仪器设计Optical Instrument Gauge Designing光学检测Optical Detection光学设计Optical Design光学信息导论Introduction of Optical Information光学仪器设计Optical Instrument Designing光学仪器与计量仪器设计Optical Instrument & Gauge Instrument Designing光学仪器装配与校正Optical Instrument Installation & Adjustment光学与统计物理Optics and Statistical Physics光学与原子物理Optics & Atomic Physics光子学器件原理与技术Principle and Technology of Photonics Devices光子学专题Special Topics on Photonics播送编辑学Broadcast Editing播送节目制作Broadcast Programming播送新闻Broadcast Journalism播送新闻采写Broadcast Journalism Collection & position广告管理Advertising Management广告学Advertisement锅炉课程设计Boiler bustion Course Designing锅炉燃烧理论Theory of Boiler bustion锅炉热交换传热强化Boiler Heat Exchange, Conduction & Intensification。
国际财务管理(超全的PPT)
22347 593.56 100 407.15 86.41
203208 8246.75 4839.5 3371.99
149.43 117.19 29.91 113.25 83.79 28.13
2001 5097.6 2661.5 225.4
26140
26140 496.72
468.78 27.94
中国企业的对外投资
• 2002年下半年，突然刮起的国企对外投资飓风， 已然对2003年中国资本走向世界预演着前奏—
• 2002年10月，上海汽车工业（集团）总公司斥 资6000万美元，购入大宇汽车（通用汽车持股 10％）的股份。紧接着，中国网通与亚洲全球 电信达成收购协议，成为首家并购海外公司的 中国电信服务营运商。
• 2002年，中国公司海外投资达24亿美元，而 2002年之前，累计对外投资只有70多亿美元， 很显然，中国资本走出去的步伐在加快。
中国企业的对外投资
• 2003年1-7月，经我部批准或备案设立的 境外非金融类中资企业263家，中方协议 投资额7.5亿美元。分别比上年同期增长 55%、28%.其中，境外加工贸易企业33 家，中方协议投资额1.03亿美元。
国际财务管理
主讲：李义超
学习目的
• 认识国际财务管理 • 了解国际理财环境 • 学会防范汇率风险 • 熟悉国际筹资渠道 • 掌握国际现金管理 • 学会跨国资本预算 • 分析跨国投资风险 • 规划全球财务战略
参考数目
• 王建英.国际财务管理.人民大学出版社 • 夏乐书.国际财务管理. 东北财大出版社 • 毛付根.跨国公司财务管理.东北财大出版社 • 李相国，王化成.国际财务管理.人民大学出版社 • 杰费·马杜拉. 国际财务管理. 东北财大出版社 • 陆廷纲. 国际财务管理. 华东化工学院出版社 • Shapiro.跨国公司财务管理基础. 清华出版社 • 李洪辉. 跨国公司财务管理. 经济科学出版社 • 白雪，阎宏伟. 跨国公司财务管理. 冶金出版社 • 卢汉林. 国际投融资. 武汉大学出版社
国际财务管理杰夫马杜拉中文版
国际财务管理杰夫马杜拉中文版一、国际财务管理的概念与重要性国际财务管理（International Financial Management，简称IFM）是指企业在跨国经营过程中，对资金、成本、利润等财务要素进行有效管理和优化配置的过程。
国际财务管理在全球化经济背景下显得尤为重要，它有助于企业降低成本、提高效益、实现资源优化配置，从而提升全球竞争力。
二、国际财务管理的主要挑战与风险1.汇率波动：不同国家的货币汇率波动给企业带来不确定性和风险。
2.跨国税收制度：各国税收政策和法规差异较大，企业需合理规划税收策略。
3.跨国资本运作：涉及多个国家和地区的资本流动，需要熟悉各国金融市场和监管政策。
4.文化差异：不同国家的商业文化和消费习惯差异，影响企业在国际市场的运营。
5.政治风险：政治稳定性和政策变动对企业跨国经营带来不确定性和潜在风险。
三、国际财务管理的策略与方法1.外汇风险管理：采用远期合约、期权等金融工具进行外汇风险对冲。
2.税收筹划：合理利用国际税收条约、税收优惠政策等降低税收负担。
3.跨国资本运作：通过跨国并购、合资、直接投资等手段实现企业全球化战略。
4.财务报表整合：统一会计制度和报表格式，提高企业财务信息披露的透明度。
5.企业文化建设：加强跨文化沟通与培训，提升员工的国际化素质。
四、我国企业国际财务管理的现状与建议1.现状：我国企业国际化程度逐渐提高，但国际财务管理能力相对薄弱。
2.建议：加强国际财务管理培训，提高企业国际化经营水平；借助政策支持，拓展国际市场。
五、未来国际财务管理的发展趋势1.信息技术应用：大数据、云计算等新兴技术在国际财务管理领域的广泛应用。
2.环保与可持续发展：企业需关注环境保护和可持续发展，提高国际财务管理水平。
3.金融创新：金融衍生品、互联网金融等创新产品在国际财务管理中的作用日益凸显。
4.全球化治理：国际财务管理需适应全球化治理体系的变化，如国际财务报告准则的不断完善。
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• to explain the potential benefits and risks of foreign investments.
3
Cash Flow Analysis: Subsidiary Perspective
8
Centralized Cash Management
• While each subsidiary is managing its own working capital, a centralized cash management group is needed to monitor, and possibly manage, the parent-subsidiary and intersubsidiary cash flows. (Exhibit 9.1)
4
Cash Flow Analysis: Subsidiary Perspective
Subsidiary Expenses • International purchases of raw materials or
supplies are more likely to be difficult to manage because of exchange rate fluctuations, quotas, etc. a larger inventory is thus required by MNC compared with domestic firms. • If the sales volume is highly volatile, larger cash balances may need to be maintained in order to cover unexpected demato explain the difference between a subsidiary perspective and a parent perspective in analyzing cash flows;
• to explain the various techniques used to optimize cash flows;
7
Cash Flow Analysis: Subsidiary Perspective
Subsidiary Liquidity Management • After accounting for all cash outflows and inflows,
the subsidiary must either invest its excess cash or borrow to cover its cash deficiencies. • If the subsidiary has access to lines of credit and overdraft facilities, it may maintain adequate liquidity without substantial cash balances.
5
Cash Flow Analysis: Subsidiary Perspective
Subsidiary Revenue • International sales are more likely to be
volatile because of exchange rate fluctuations, business cycles, etc. • Looser credit standards may increase sales (accounts receivable), though often at the expense of slower cash inflows.
• International cash management can be segmented into two functions:
– optimizing cash flow movements, and – investing excess cash.
• The management of working capital has a direct influence on the amount and timing of cash flow :
– inventory management – accounts receivable management – cash management
6
Cash Flow Analysis: Subsidiary Perspective
Subsidiary Dividend Payments • Forecasting cash flows will be easier if the
dividend payments and fees (royalties and overhead charges) to be sent to the parent are known in advance and denominated in the subsidiary’s currency.
Chapter 9
International Cash Management
1
Objectives
This chapter emphasizes the decisions involved in management of cash by an MNC. The additional opportunities and risks of cash management for an MNC versus a domestic firm should be stressed. The specific objectives are: