国际财务管理 第七讲 全球融资管理.pdf

国际财务管理 第七讲全球融资管理 对外经济贸易大学国际商学院会计学系制作 Exhibit 1 Internal Financing of the Foreign Subsidiary Cash Equity Real goods Funds from Funds parent company Debt -- cash loans From Within Leads lags on intra-firm payables the Multinational Debt -- cash loans Enterprise Funds from (MNE) sister subsidiaries Leads lags on intra-firm payables Subsidiary borrowing with parent guarantee Depreciation non-cash charges Funds Generated Internally by the Foreign Subsidiary Retained earnings Exhibit 2 External Financing of the Foreign Subsidiary Borrowing from sources Banks other financial institutions in parent country Security or money markets Funds External Local currency debt to the Borrowing from sources Third-country currency