国际企业的财务管理课件.pptx
- 文档编号:30804347
- 上传时间:2024-01-29
- 格式:PPTX
- 页数:54
- 大小:773.96KB
国际企业的财务管理课件.pptx
《国际企业的财务管理课件.pptx》由会员分享,可在线阅读,更多相关《国际企业的财务管理课件.pptx(54页珍藏版)》请在冰豆网上搜索。
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-countryDividendremittancesRoyaltypaymentsandfeesTransferPricesFrontingloansSelectingaparticularpolicyislimitedwhenaforeignsubsidiaryisparto
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 国际 企业 财务管理 课件