International_FinancialManagement_9国际财务管理课件.ppt

《International_FinancialManagement_9国际财务管理课件.ppt》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、1Chapter9InternationalCashManagement2ObjectivesThischapteremphasizesthedecisionsinvolvedinmanagementofcashbyanMNC.TheadditionalopportunitiesandrisksofcashmanagementforanMNCversusadomesticfirmshouldbestressed.Thespecificobjectivesare:3Objectivestoexplainthedifferencebetweenasubsidiaryp

2、erspectiveandaparentperspectiveinanalyzingcashflows;toexplainthevarioustechniquesusedtooptimizecashflows;toexplaincommoncomplicationsinoptimizingcashflows;andtoexplainthepotentialbenefitsandrisksofforeigninvestments.4CashFlowAnalysis:SubsidiaryPerspectiveThemanagementofworkingcapital

3、hasadirectinfluenceontheamountandtimingofcashflow:inventorymanagementaccountsreceivablemanagementcashmanagement5CashFlowAnalysis:SubsidiaryPerspectiveSubsidiaryExpensesInternationalpurchasesofrawmaterialsorsuppliesaremorelikelytobedifficulttomanagebecauseofexchangeratefluctuations,qu

4、otas,etc.alargerinventoryisthusrequiredbyMNCcomparedwithdomesticfirms.Ifthesalesvolumeishighlyvolatile,largercashbalancesmayneedtobemaintainedinordertocoverunexpecteddemands.6CashFlowAnalysis:SubsidiaryPerspectiveSubsidiaryRevenueInternationalsalesaremorelikelytobevolatilebecauseofex

5、changeratefluctuations,businesscycles,etc.Loosercreditstandardsmayincreasesales(accountsreceivable),thoughoftenattheexpenseofslowercashinflows.7CashFlowAnalysis:SubsidiaryPerspectiveSubsidiaryDividendPaymentsForecastingcashflowswillbeeasierifthedividendpaymentsandfees(royaltiesandove

6、rheadcharges)tobesenttotheparentareknowninadvanceanddenominatedinthesubsidiary’scurrency.8CashFlowAnalysis:SubsidiaryPerspectiveSubsidiaryLiquidityManagementAfteraccountingforallcashoutflowsandinflows,thesubsidiarymusteitherinvestitsexcesscashorborrowtocoveritscashdeficiencies.Ifthes

7、ubsidiaryhasaccesstolinesofcreditandoverdraftfacilities,itmaymaintainadequateliquiditywithoutsubstantialcashbalances.9CentralizedCashManagementWhileeachsubsidiaryismanagingitsownworkingcapital,acentralizedcashmanagementgroupisneededtomonitor,andpossiblymanage,theparent-subsidiaryandin

8、tersu