跨国公司财务管理讲义.pptVIP

14.2 INTERCOMPANY FUND-FLOW MECHANISMS: COSTS AND BENEFITS Leading and Lagging Shifting Liquidity Advantages Government Restrictions Intercompany Loans Back-to-Back Loans Parallel Loans Dividends Tax Effects Financing Requirements Exchange Controls Joint Ventures 14.3 DESIGNING A GLOBAL REMITTANCE POLICY In order to take proper advantage of its internal financial system, the firm must conduct a systematic and comprehensive analysis of the available remittance options and their associated costs and benefits. This task requires the following four interrelated decisions: (1) how much money (if any) to remit, (2) when to do so, (3) where to transmit these funds, and (4) which transfer method(s) to use. A number of factors strongly affect an MNC’s ability to benefit from its internal financial transfer system. These include the (1) number of financial links, (2) volume of interaffiliate transactions, (3) foreign-affiliate ownership pattern, (4) degree of product and service standardization, and (5) government regulations. INTERNATIONAL PORTFOLIO INVESTMENT International Bond Investment Optimal International Asset Allocation Measuring the Total Return From Foreign Portfolio Investing In general, the total dollar return on an investment can be divided into three separate elements: dividend/interest income, capital gains (losses), and currency gains (losses). Bond; stock Measuring Exchange Risk on Foreign Securities PART IV FOREIGN INVESTMENT ANALYSIS CHAPTER 16 CORPORATE STRATEGY AND FOREIGN DIRECT INVESTMENT Learning Objectives ● To identify the stages of corporate expansion overseas by which companies gradually become multinational corporations (MNCs) ● To identify the fundamental motives for companies to invest abroad in order to determine those foreign investments that are most likely to be successful ● To identify the competitive advantages that a firm must have to be a successful multinational ● To describe the strategies followed by MNCs in defending and ex