国际金融市场管理Ch15-InternationalCashManagement

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1、InternationalCashManagement15ChapterSouth-Western/ThomsonLearning©2003ChapterObjectivesToexplainthedifferencebetweenasubsidiaryperspectiveandaparentperspectiveinanalyzingcashflows;Toexplainthevarioustechniquesusedtooptimizecashflows;Toexplaincommoncomplicationsinoptimizingcashflows;andToexplainthe

2、potentialbenefitsandrisksofforeigninvestments.CashFlowAnalysis:SubsidiaryPerspectiveThemanagementofworkingcapitalhasadirectinfluenceontheamountandtimingofcashflow:inventorymanagementaccountsreceivablemanagementcashmanagementliquiditymanagementSubsidiaryExpensesInternationalpurchasesofrawmaterials

3、orsuppliesaremorelikelytobedifficulttomanagebecauseofexchangeratefluctuations,quotas,etc.Ifthesalesvolumeishighlyvolatile,largercashbalancesmayneedtobemaintainedinordertocoverunexpectedinventorydemands.CashFlowAnalysis:SubsidiaryPerspectiveSubsidiaryRevenueInternationalsalesaremorelikelytobevolat

4、ilebecauseofexchangeratefluctuations,businesscycles,etc.Loosercreditstandardsmayincreasesales(accountsreceivable),thoughoftenattheexpenseofslowercashinflows.CashFlowAnalysis:SubsidiaryPerspectiveSubsidiaryDividendPaymentsForecastingcashflowswillbeeasierifthedividendpaymentsandfees(royaltiesandove

5、rheadcharges)tobesenttotheparentareknowninadvanceanddenominatedinthesubsidiary’scurrency.CashFlowAnalysis:SubsidiaryPerspectiveSubsidiaryLiquidityManagementAfteraccountingforallcashoutflowsandinflows,thesubsidiarymusteitherinvestitsexcesscashorborrowtocoveritscashdeficiencies.Ifthesubsidiaryhasac

6、cesstolinesofcreditandoverdraftfacilities,itmaymaintainadequateliquiditywithoutsubstantialcashbalances.CashFlowAnalysis:SubsidiaryPerspectiveCentralizedCashManagementWhileeachsubsidiaryismanagingitsownworkingcapital,acentralizedcashmanagementgroupisneededtomonitor,andpossiblymanage,theparent-subs

7、idiaryandintersubsidiarycashflows.Internationalcashmanagementcanbesegmentedintotwofunctions:optimizingcashflowmovements,andinvestingexcesscash.CashFlowoftheOverallMNCSubsidiaryShort-TermSecuritiesLong-TermProject