国际金融（原书第12版）教学课件作者大卫.艾特曼（DavidEiteman）阿瑟.斯通西M21_EITE1342_12E_IM_C21课件.pdfVIP

Chapter 21 Working Capital Management ? Questions 21-1. Constraints on Positioning Funds. Each of the following factors is sometimes a constraint on the free movement of funds internationally. Why would a government impose such a constraint? How might the management of a multinational argue that such a constraint is not in the best interests of the government that has imposed it? a. Government mandated restrictions on moving funds out of the country. i. Governments may want to preserve or enhance their foreign exchange reserves, so as to maintain or influence their exchange rate. ii. MNEs might argue that such constraints inhibit capital investment and so in the long run lead to less production, less employment, and less taxes paid by successful business operations. b. Withholding taxes on dividend distributions to foreign owners. i. Governments want and often need more tax revenue to finance governmental projects. Additionally, if local investors pay personal income taxes on dividends received, the government may argue quite reasonably that a withholding tax on dividends to foreign investors is simply a way of treating all dividend recipients equally because foreign investors do not file local income tax returns. Governments might also argue that a tax on dividends paid encourages the retention and reinvestment of earnings. Lastly, they might note in some circumstances that the withholding tax on dividends is a tax credit in the home country, and so simply transfers tax collection from home government to host government without any net increase in overall taxation. (This depends on the home government having a higher overall tax rate than the host government.) ii. MNEs might argue that tax withholding simply adds to the cost of doing business, which in turn results in higher prices for consumers. They might also argue that ability to move cash from one location to another via the dividend route is a necessary part of being an efficient multinational firm, and that