中文Week_11Crossbroadercapitalbudgeting教程.pptxVIP

Cross-Border Capital Budgeting;跨境资本预算;Learning objectives;学习目标;Capital Budgeting – BasicMain Features;资本预算–基础主要特点;Capital Budgeting – BasicType of projects;资本预算 – 基础项目类别;Capital Budgeting-Basic;资本预算;Subsidiary versus Parent Perspective;子公司视角VS母公司视角;Subsidiary versus Parent Perspective;子公司视角VS母公司视角;Subsidiary versus Parent Perspective;子公司视角VS母公司视角;17;18;Process of Remitting Subsidiary Earnings to the Parent;子公司收益汇缴母公司过程;A parent’s perspective is appropriate when evaluating a project, since any project that can create a positive net present value for the parent should enhance the firm’s value. However, one exception to this rule occurs when the foreign subsidiary is not wholly owned by the parent.;当评估项目时，以母公司的角度来进行更合适。因为任何能带来正净现值的项目都将增加公司的价值. 但是，有一种例外情况--子公司不是完全属于母公司.;Input for Multinational Capital Budgeting;做跨国资本预算需要的信息;“Domestic” NPV calculations  1. Estimate future cash flows E[CFtd] Include only incremental cash flows Include all opportunity costs;“国内的”净现值计算  1. 估计未来现金流E[CFtd] 只包括增量现金流 包括所有机会成本;NPV calculations for foreign projects  Estimate future cash flows E[CFtLC] Include only incremental cash flows Include all opportunity costs Convert the estimated FC cash flow into local currency using expected spot FX rate;国外项目的净现值计算  估计未来现金流E[CFtd] 只包括增量现金流 包括所有机会成本 使用预期的即期汇率将估计的外币现金流转换为本币现金流;Example: Mary’s Jungle Resort;例题: 玛丽的丛林度假村;Mary’s Jungle Resort;玛丽的丛林度假村;Mary’s Jungle Resort;玛丽的丛林度假村;Mary’s Jungle Resort Project;玛丽的丛林度假村;Present Value Interest Factors [PVIF k,n = 1/(1 + k)n] for One Dollar DISCOUNTED at k% for n Periods: ;现值利率因子[PVIF k,n = 1/(1 + k)n] for One Dollar DISCOUNTED at k% for n Periods: ;;;Mary’s Jungle Resort ProjectTerminal Cash flow;玛丽的丛林度假村期末现金流;Estimating expected FX rate;估计预期汇率;Other Factors to Consider;其它需要考虑的因素;Blocked Funds;冻结资金;Operating CF is blocked until ..;经营现金流被冻结至..;经营现金流被冻结至..;An example of subsidized financing Market rate: Mary can borrow FAK40,000 for four years at the corporate bond rate of 40 percent ? (0.40)