Chap18Multinational Cash Management(国际财务管理,英文版).pptVIP

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Chap18Multinational Cash Management(国际财务管理,英文版).ppt

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Chap18Multinational Cash Management(国际财务管理,英文版).ppt

Chapter Outline The Management of Multinational Cash Balances Cash Management Systems in Practice Transfer Pricing Related Issues Blocked Funds The Management of International Cash Balances The size of cash balances The currency denomination Where these cash balances are located The Size of Cash Balances The optimal size of the firm’s cash balances depend upon: Choice of Currency By maintaining cash balances in a particular currency, the MNC is essentially speculating (or hedging?) in that currency. Where Cash Balances are Located. Should the firm have centralized cash management in the home country? Or should the firm let each affiliate handle it locally? Where are borrowing costs lowest and investment returns highest? Cash Management Systems in Practice Multilateral Netting Is an efficient and cost-effective mechanism for settling interaffiliate foreign exchange transactions. Not all countries allow MNCs to net payments By limiting netting, more unnecessary foreign exchange transactions flow through the local banking system. Multilateral Netting Consider a U.S. MNC with three subsidiaries and the following foreign exchange transactions: Multilateral Netting Bilateral Netting would reduce the number of foreign exchange transactions by half: Multilateral Netting Bilateral Netting would reduce the number of foreign exchange transactions by half: Multilateral Netting Bilateral Netting would reduce the number of foreign exchange transactions by half: Multilateral Netting Bilateral Netting would reduce the number of foreign exchange transactions by half: Multilateral Netting Bilateral Netting would reduce the number of foreign exchange transactions by half: Multilateral Netting Bilateral Netting would reduce the number of foreign exchange transactions by half: Multilateral Netting Bilateral Netting would reduce the number of foreign exchange transactions by half: Multilateral Netting Bilateral Netting would reduce the number of foreign exchange transactions by half