跨国资本预算（30）.ppt

《跨国资本预算（30）.ppt》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Chapter19MultinationalCapitalBudgetingMultinationalCapitalBudgeting:LearningObjectivesExtendthedomesticcapitalbudgetinganalysistoevaluateaGreenfieldforeignprojectDistinguishbetweentheprojectviewpoint&theparentviewpointwhenanalyzingapotentialforeigninvestmentAdjus

2、tthecapitalbudgetinganalysisofaforeignprojectforriskIntroducetheuseofrealoptionanalysisasacomplementtoDCFanalysisintheevaluationofpotentialinternationalinvestments2Copyright©2009PearsonPrenticeHall.Allrightsreserved.MultinationalCapitalBudgetingLikedomesticcapita

3、lbudgeting,thisfocusesonthecashinflowsandoutflowsassociatedwithprospectivelong-terminvestmentprojectsCapitalbudgetingfollowssameframeworkasdomesticbudgetingIdentifyinitialcapitalinvestedorputatriskEstimatecashinflows,includingaterminalvalueorsalvagevalueofinvestm

4、entIdentifyappropriatediscountrateforPVcalculationApplytraditionalNPVorIRRanalysis3Copyright©2009PearsonPrenticeHall.Allrightsreserved.ComplexitiesofBudgetingforaForeignProjectSeveralfactorsmakebudgetingforaforeignprojectmorecomplexParentcashflowsmustbedistinguis

5、hedfromprojectParentcashflowsoftendependontheformoffinancing,thuscannotclearlyseparatecashflowsfromfinancingAdditionalcashflowsfromnewinvestmentmayinpartorinwholetakeawayfromanothersubsidiary;thusasstandalonemayprovidecashflowsbutoveralladdsnovaluetoentireorganiz

6、ationParentmustrecognizeremittancesfromforeigninvestmentbecauseofdifferingtaxsystems,legalandpoliticalconstraints4Copyright©2009PearsonPrenticeHall.Allrightsreserved.ComplexitiesofBudgetingforaForeignProjectAnarrayofnon-financialpaymentscangeneratecashflowstopare

7、ntinformoflicensingfees,royaltypayments,etc.ManagersmustanticipatedifferingratesofnationalinflationwhichcanaffectdifferingcashflowsUseofsegmentednationalcapitalmarketsmaycreateopportunityforfinancialgainoradditionalcostsUseofhostgovernmentsubsidiescomplicatescapi

8、talstructureandparent’sabilitytodetermineappropriateWACCManagersmustevaluatepoliticalriskTerminalvalueismoredifficulttoestimatebecausepotentialpurchasershavewi