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时间:2019-02-27
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1、ChapterChapter1111MultinationalCapitalBudgetingMultinationalCapitalBudgeting2009ChapterObjectives¢TocomparethecapitalbudgetinganalysisofanMNC’ssubsidiarywiththatofitsparent;¢Todemonstratehowmultinationalcapitalbudgetingcanbeappliedtodeterminewhetheraninternationalprojectshouldbeimple
2、mented;and¢Toexplainhowtheriskofinternationalprojectscanbeassessed.SubsidiaryversusParentPerspective¢Shouldthecapitalbudgetingforamulti-nationalprojectbeconductedfromtheviewpointofthesubsidiarythatwilladministertheproject,ortheparentthatwillprovidemostofthefinancing?¢Theresultsmayvar
3、ywiththeperspectivetakenbecausethenetafter-taxcashinflowstotheparentcandiffersubstantiallyfromthosetothesubsidiary.SubsidiaryversusParentPerspectiveThedifferenceincashinflowsisdueto:¢Taxdifferentials£Whatisthetaxrateonremittedfunds?¢Regulationsthatrestrictremittances¢Excessiveremitta
4、nces£Theparentmaychargeitssubsidiaryveryhighadministrativefees.¢ExchangeratemovementsOnlineApplication¢Forcountry-specificinformationsuchasgeneralbusinessrules,regulationsandtaxrates,visit:£thePriceWaterhouseCooperssiteathttp://www.pwcglobal.com,£http://www.us.kpmg.com/microsite/Glob
5、al_Tax/CTR_Survey/index.html£(Deloitte&Touche-DTT;Ernst&Young)ProcessofRemittingSubsidiaryEarningstoParent14.1SubsidiaryversusParentPerspective¢Aparent’sperspectiveisappropriatewhenevaluatingaproject,sinceanyprojectthatcancreateapositivenetpresentvaluefortheparentshouldenhancethefirm
6、’svalue.¢However,oneexceptiontothisrulemayoccurwhentheforeignsubsidiaryisnotwhollyownedbytheparent.InputforMultinationalCapitalBudgetingThefollowingforecastsareusuallyrequired:1.Initialinvestment2.Consumerdemand3.Productprice4.Variablecost5.Fixedcost6.Projectlifetime7.Salvage(liquida
7、tion)value8.Fund-transferrestrictions9.Taxlaws10.Exchangerates11.RequiredrateofreturnOnlineApplication¢Whatistheexpectedeconomicgrowthrateforaparticularcountry?£ConsulttheCountryCommercialGuidespreparedbyembassystaffathttp://www.usatrade.gov/website/ccg.nsf/ccghomepage?openform.£Refe
8、rtotheCIA’sW
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