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1、ChapterChapter1919ManagingNetWorkingCapitalThischapterdiscussesthemanagementofshort-termassetsandliabilitieswithinamulti-nationalcorporation.Theassetsconsistofcash,marketablesecurities,inventories,andaccountsreceivable.Theliabilitiesconsistofshort-termdebtandaccountspayable.Webeginbydiscussingnetwo
2、rkingcapital,aninvestmentthatafirmmustmanagewelltoensureitsfutureprofitability.Thenexttopicisinternationalcashmanagement,whichisfollowedbyadiscussionabouthowforeignaffiliatestransferfundstotheirparentcorporations.Whenrelatedaffiliatesbuygoodsandservicesfromeachother,thepriceschargedarecalledtransfe
3、rprices.Thischapterexploreshowdifferenttransferpricingpoliciescanshiftafirm’sincomeandincometaxburdensaroundtheworldandhowgovernmentsattempttoregulatetheseshifts.Theeffectoftransferpricingpoliciesonmanagerialincentivesisalsoconsidered.Governmentswatchtransferpricesverycloselyaslargetaxpaymentscanbe
4、shiftedacrossjurisdictions.Forexample,inSeptember2006,GlaxoSmithKline(GSK),theU.K.headquarteredglobalpharmaceuticalfirm,agreedtosettleatransferpricingdisputewiththeU.S.InternalRevenueService(IRS)bypaying$3.1billioninbacktaxes,interest,andfines.TheIRSarguedthatGSKchargeditsAmericansubsidiarytoomuchf
5、orZantac,theblockbusterulcertreatmentdrug,resultinginlowerprofitabilityfortheAmericansubsid-iaryandlowertaxesfortheIRS.Wealsoaddresstechniquesformitigatingproblemsassociatedwithblockedfunds.Finally,wediscussthemanagementofafirm’saccountsreceivableanditsinventoriesinaninternationalenvironment.19.1TH
6、EPURPOSEOFNETWORKINGCAPITALEverycorporationmaintainsastockofcurrentassetsandcurrentliabilitiestobuffertheinflowsandoutflowsofcashgeneratedbythefirm’sbusiness.Workingcapital,orcurrentassets,isthecollectionofcash,marketablesecurities,accountsreceivable,andinventoriesheldbyafirmatanypointintime.Bysubt
7、ractingthevalueofafirm’scurrentliabilities,whicharethecorporation’sshort-termdebtsanditsaccountspayable,fromitsstockofwork-ingcapital,wearriveatitsnetworkingcapital:Networkingcapital=Cash+Marketablesecuriti
