第一章chapter_1资料.ppt

* * * * external reporting issues include: Does translation from one set of measurement rules to another change the information content of the original message? Should accounts of foreign operations be translated to parent currency when consolidated statements are prepared? Which exchange rates should be employed when translating from one currency to another? internal reporting issues include: Which exchange rates should be used for budgeting purposes? Should foreign managers be evaluated in terms of parent currency or the local currency of the country in which the manager operates? Which prices should one use when transferring goods or services between members of the multinational enterprise- cost, market, cost-plus or some other metric? Choi/Meek, 6/e * Contributing Factors (contin) Reporting issues when business transcends national boundaries Consolidation of foreign accounts Accounting for foreign currency fluctuations Accounting for changing prices International planning and control Performance evaluation of foreign operations Financial risk management International taxation and transfer pricing Choi/Meek, 6/e * Financial innovation Identifying potential market risks Quantifying trade-offs associated with alternative risk reduction strategies Measuring risk exposures Accounting for specific hedge products Evaluating the effectiveness of hedging programs Contributing Factors (contin) Global competition Competitive benchmarking necessitates international comparisons. ROE=net income/ average equity Unadjusted:7.1%; Adjusted:6.2% Chapter 9: International Financial Statement Analysis Contributing Factors (contin) Cross-border mergers and acquisitions Corporate valuation is a function of accounting measurements that vary from country to country. E.g., the E in P/E valuation multiples. 　　市盈率又称股份收益比率或本益比，是股票市价与其每股收益的比值，计算公式是： 　　 市盈率=（当前每股市场价格）/（每股税后利润） 收购一直在发生…… 5月13日，肯德基母公司百胜餐饮集团宣布拟溢价约30%现金收购小肥羊93.2%股权。 7月11日，雀巢公司宣布，已经和徐福记的创始家族签署了合作协议。根据拟定的协议，雀巢将以21亿新加坡元(约