全美顶级MBA教材《跨国公司财务管理》（权威工商管理教材）（第十六到第二十章）.ppt

INTERCOMPANY FUND-FLOWMECHANISMS COMMONLY USED MECHANISMS: A. Unbundling B. Transfer Pricing C. Reinvoicing Centers D. Royalties E. Leading and Lagging F. Mechanism: Dividends UNBUNDLING A. Unbundling Mechanism breaks up a total international transfer of funds between pairs of affiliates into separate components. Example: Headquarters breaks down charges for corporate overhead by affiliate. TRANSFER PRICING B. Transfer Pricing Mechanism 1. Definition: pricing internally traded goods of the firm for the purpose of moving profits to a more tax-friendly nation. TRANSFER PRICING 2. Uses of Transfer Pricing a.) Reduces taxes paid b.) Reduces tariffs c.) Avoids exchange controls TRANSFER PRICING:An Example Suppose that affiliate A produces 100,000 circuit boards for $10 apiece and sells them to affiliate B. Affiliate B, in turn, sells these boards for $22 apiece to an unrelated customer. Pretax profit for the consolidated company is $1 million regardless of the price at which the goods are transferred for A to B. TRANSFER PRICING:An Example Basic rules: If tA tB , set the transfer price and the mark-up policy as LOW as possible. If tA tB , set the transfer price and the mark-up policy as HIGH as possible. TRANSFER PRICING:An Example Without markup policy A B A+B Revenue 1,500 2,200 2,200 CGS 1,000 1,500 1,000 Gross Profits 500 700 1,200 Expenses 100 100 200 Income b/t 400 600 1,000 Taxes (30/50) 120 300 420 Net Income 280 300 580 TRANSFER PRICING:An Example HIGH MARK-UP POLICY (unit price = $18) A B A+B Revenue 1,800 2,200 2,200 CGS 1,000 1,800 1,000 Gross Profits 800 400 1,200 Expenses 100 100 200 Income b/t 700 300