跨国公司的务管理 人大第八版 课件.ppt

MANAGING THE MULTINATIONALFINANAL SYSTEM 14 An injudicious tax offers a great temp- tation to smuggling. But the penalties of smuggling must rise In proportion to the temptation. The law, contrary to all the ordinary princples of justice, first creates the temptation. And then punishes those who yield to it. Adam Smith 高昂的税收使得走私具有强大的诱惑力。 但前提是，因走私而担负的罚金必须和走私 产生的诱惑保持一定的比例。而法律，则违背了 关于正义的一般原则，它往往先创造出诱惑，而 后再去惩罚那些屈服于诱惑的人。 亚当·斯密 14.1 The Value of the Multinational Finanal System 14.2 Intercompany Fund-Flow Mechanisms: Cost and Venefits 14.3 Designing a Global Remittance Policy CONTENTS 14.1 The Value of the Multinational Finanal System Financial transactions within the MNC result from the internal transfer of goods, services , technology, and capital. 跨国公司内的资金交易是由商品、服务、技术和资本的内部转移引起的。 The MNC has considerable freedom in selecting the financial channels through which funds, allocated profits, or both are moved. 1. Mode of Transfer 1.跨国公司能够很自由的选择资金渠道转移资金和利润; 2.跨国公司通过调整公司内商品和服务买卖的转移价格可 以转移利润和现金。 Some of the internally generated financial claims require a fixed payment schedule; others can be accelerated or delayed. This leading and lagging is most often applied to interaffiliate trade credit ,where a change in open account terms, say from 90 to 180 days, can involve massive shifts in liquidity. 11. Timing Flexibility 提前付款和滞后付款是子公司间赊账贸易最常用 的方法，往来账户信用期的一个变化，比如说付 款期限从90天延长至180天，就能够带来流动性 的巨大改变。 11. Timing Flexibility The value of the MNC’s network of financial linkages stems from the wide variations in national tax systems and significant cost and barriers associated with inernational financial transfers. 111. Value 跨国公司的网络价值来源于各国税收体系的巨大差异和 国际资金转移的巨额成本与障碍。 在内部转移资金和重新分配利润的能力带给跨国公司三个不同的套利机会： Tax Arbitrage 税收套利 2. Financial Market Arbitrage 金融市场套利 3. Regulatory System Arbitrage 监督体系套利 第四个可能的套利机会是能够让子公司抵消经营所在国家信贷限制或信贷控制的影响。 14.2 Intercompany Fund-Flow Mechanisms: Cost and Venefits 因公司内部资