CH21InternationalCashManagement(国际金融管理,英.pptVIP

Chapter Review Techniques to Optimize Cash Flows Accelerating Cash Inflows Minimizing Currency Conversion Costs Managing Blocked Funds Managing Intersubsidiary Cash Transfers Complications in Optimizing Cash Flows Company-Related Characteristics Government Restrictions Characteristics of Banking Systems 第三十一页，共三十四页。 Chapter Review Investing Excess Cash How to Invest Excess Cash Centralized Cash Management Determining the Effective Yield Implications of Interest Rate Parity Use of the Forward Rate as a Forecast Use of Exchange Rate Forecasts Diversifying Cash Across Currencies Use of Dynamic Hedging to Manage Cash 第三十二页，共三十四页。 Chapter Review Impact of International Cash Management on an MNC’s Value 第三十三页，共三十四页。 内容总结 International Cash Management。Netting reduces administrative and transaction costs through the accounting of all transactions that occur over a period to determine one net payment. 第三十四页，共三十四页。 C21 - * International Cash Management 21 Chapter South-Western/Thomson Learning ? 2003 第一页，共三十四页。 Chapter Objectives To explain the difference between a subsidiary perspective and a parent perspective in analyzing cash flows; To explain the various techniques used to optimize cash flows; To explain common complications in optimizing cash flows; and To explain the potential benefits and risks of foreign investments. 第二页，共三十四页。 Cash Flow Analysis:Subsidiary Perspective The management of working capital has a direct influence on the amount and timing of cash flow : inventory management accounts receivable management cash management liquidity management 第三页，共三十四页。 Subsidiary Expenses International purchases of raw materials or supplies are more likely to be difficult to manage because of exchange rate fluctuations, quotas, etc. If the sales volume is highly volatile, larger cash balances may need to be maintained in order to cover unexpected inventory demands. Cash Flow Analysis:Subsidiary Perspective 第四页，共三十四页。 Subsidiary Revenue International sales are more lik