國際企業(yè)的財(cái)務(wù)管理-課件

11.國際企業(yè)的財(cái)務(wù)管理國際企業(yè)的財(cái)務(wù)管理國際企業(yè)的稅收管理國際融資戰(zhàn)略與渠道國際企業(yè)的資金運(yùn)用外匯風(fēng)險(xiǎn)與防范11.國際企業(yè)的財(cái)務(wù)管理AccountinginformationandcapitalflowsAccountinginformationandcapDeterminantsofnationalaccountingstandardsDeterminantsofnationalaccouRelationshipbetweenbusinessandprovidersofcapitalThreeexternalsourcesofcapital:IndividualinvestorsBuyingsharesandbondsBanks.LoancapitalGovernmentMakeloansorinvestmentImportanceofeachvariesfromcountrytocountryRelationshipbetweenbusinessPoliticalandeconomictieswithothercountriesAccountingconvergence:InfluenceofNAFTAInfluenceoftheformerBritishEmpireInfluenceoftheEuropeanUnionPoliticalandeconomictieswiInflationaccountingHistoriccostprinciple:AssumescurrencyisnotlosingvaluetoinflationMostsignificantimpactintheareaofassetvaluationAppropriatenessvarieswithinflation

Currentcostaccounting:FactorsoutinflationUsedinGreatBritainuntilinflationratedeclinedInflationaccountingHistoriccLevelofdevelopmentDevelopedcountrieshavemoresophisticatedaccountingproceduresAccountingproblemsaremorecomplexSophisticatedcapitalmarketsLendersrequirecomprehensivereportsEducatedworkforcecanperformcomplexaccountingfunctionsLevelofdevelopmentDevelopedCultureHofstede’suncertaintyavoidancehasanimpactonaccountingsystemsLowuncertaintyavoidance-thesecountriestendtohavestrongindependentauditingprofessionsthatensureafirm’scompliancewithrulesCultureHofstede’suncertaintyAccountingclustersFewcountrieshaveidenticalaccountingsystems.SimilaritiesexistinclustersAccountingclustersFewcountriBritish-American-DutchGroupFirmsraisecapitalfrominvestors.Accountingsystemsdesignedtoinforminvestors

Haveclosetiestobanks.Accountingpracticesmeetbank’sneeds.South

AmericanGroupCountrieshaveexperiencedpersistentandrapidinflation.Accountingprinciplesreflecttheinflation.AccountingclustersEurope-JapanGroupBritish-American-DutchGroupFiNationalandinternationalstandardsDiverseaccountingpracticesareenshrinedinnationalaccountingandauditingstandardsAccountingstandards:RulesforpreparingfinancialstatementsAuditingstandards:SpecifyrulesforperforminganauditNationalandinternationalstaLackofcomparabilityOneresultofnationaldifferencesinauditingandaccountingstandardsislackofcomparabilityoffinancialreportsWithgrowthofglobalcapitalmarketsbothtransnationalfinancingandtransnationalinvestmenthavegrownFirmhastoexplaintoinvestorswhyitsfinancialpositionlooksdifferentintwoaccountingsLackofcomparabilityOneresulInternationalstandardsEffortstoharmonizeaccountingstandardsacrosscountriesFormationofInternationalAccountingStandardsBoardMembersrepresent79countriesResponsibleforformulatinginternationalaccountingstandards(IAS)Hasissuedover30IASDifficulttogetrequisitevotesVoluntarycomplianceRecognitionisgrowingInternationalstandardsEffortsMultinationalconsolidationandcurrencytranslationSubsidiariesofmultinationalsareseparatelegalentitiesbutnotseparateeconomicentitiesTransactionsamongmembersofacorporatefamilynotincludedinconsolidatedfinancialstatements.Onlyassets,liabilitiesrevenuesandexpensesstatementswithexternaltradepartiesareshownPurposeistoprovideaccountinginfoaboutagroupofcompaniesthatrecognizeseconomicinterdependence(subsidiaries)Financialstatementsofsubsidiary’sarepreparedinthelocalcurrencyFortheconsolidatedaccountsofaMultinationaltheseaccountshavetobethenconvertedintocurrencyofMultinational’shomecountryMultinationalconsolidationanCurrencytranslationThecurrentratemethod:ExchangerateatthedateonthebalancesheetisusedtotranslateforeignsubsidiaryfinancialstatementsintohomecountrycurrencyIncompatiblewith‘historiccostprinciple’Thetemporalmethod:

Translatesforeignsubsidiaryassetsintohome-countrycurrencyatthetimeofpurchaseoftheassetChangingexchangeratesmaymeanthebalancesheetmaynotbalance!CurrencytranslationThecurrenAccountingaspectsofcontrolsystemsAnnualcontrolprocessinvolvesthreesteps:Headofficeandsubunitmanagementjointlydeterminesubunitgoalsforthecomingyear.Throughoutyear,headofficemonitorssubunitperformanceagainstagreedgoals.Ifsubunitfailstoachievegoals,headofficeintervenestodeterminewhytheshortfalloccurred,takingcorrectiveactionwhenappropriate.AccountingaspectsofcontrolExchangeratecombinationsinthecontrolprocessFig19.3ExchangeratecombinationsinAccountingaspectsofcontrolsystemsLessard-LorangeModel:Threeexchangeratesusedtotranslateforeigncurrencyintocorporatecurrencyforbudgetandperformancepurposes.Theinitialrate,thespotexchangeratewhenthebudgetisadopted.Theprojectedrate,thespotexchangeforecastfortheendofbudgetperiod(i.e.,theforwardrate)Theendingrate,thespotexchangeratewhenthebudgetandperformancearebeingcompared.AccountingaspectsofcontrolTransferpricingandcontrolsystemsTransferpricesintroducesignificantdistortionsintothecontrolprocessTransferpricemustbetakenintoaccountwhensettingbudgetsandevaluatingasubsidiary’sperformance.TransferpricingandcontrolsSeparationofsubsidiaryandmanagerperformanceValuationofasubsidiaryshouldbeseparatefromtheevaluationofthesubsidiarymanagerManager’sevaluationshouldtakeintoconsiderationhowhostileorbenignthecountriesenvironmentisforbusinessandmakeallowancesoveritemsthemanagerhasnocontrole.g.inflationrates,interestratesexchangeratesSeparationofsubsidiaryandm11.2國際企業(yè)的稅收管理11.2.1國際稅收及制度:雙重課稅:單邊方式(抵,免扣);多邊方式(協(xié)商分配,防偷漏稅等)經(jīng)濟(jì)全球化和稅收制度:資金與勞務(wù)流動自由且加快;稅率趨同;從對收入增稅改為對消費(fèi)和固定財(cái)產(chǎn)增稅11.2國際企業(yè)的稅收管理11.2.1國際稅收及制度:11.2國際企業(yè)的稅收管理11.2.2國際稅收的類型:公司所得稅(Corporateincometaxes)預(yù)提稅(Withholdingtaxes)(股息,利息,特許權(quán)使用費(fèi)等)增值稅(Value-addedtaxes)關(guān)稅(Tariffs)11.2國際企業(yè)的稅收管理11.2.2國際稅收的類型:11.2國際企業(yè)的稅收管理11.2.3國際企業(yè)避稅與避稅港國際企業(yè)避稅(Taxavoidance)的方法:轉(zhuǎn)移生產(chǎn)和價(jià)格;利用避稅港;選擇合適的機(jī)構(gòu)身份11.2國際企業(yè)的稅收管理11.2.3國際企業(yè)避稅與避稅11.2國際企業(yè)的稅收管理避稅港(InternationalTaxHavens)類型:沒有所得稅,資本收益稅或商業(yè),房產(chǎn)稅的避稅港,大部分分布在加勒比海地區(qū),如巴哈馬,百慕大和開曼群島征收一定稅收,但稅率很低,如英屬維爾京群島(BritishVirginIsland),所得稅率僅12%僅對國內(nèi)來源的收入增稅,如HK和巴拿馬允許稅收特權(quán),(特區(qū),特種行業(yè)等,如希臘的海運(yùn)業(yè),英國的金融業(yè)等)11.2國際企業(yè)的稅收管理避稅港(Internationa11.2國際企業(yè)的稅收管理避稅港的選擇:政治經(jīng)濟(jì)的穩(wěn)定性和政府的公正性稅收情況及優(yōu)惠政策簽訂稅收條約的情況外匯管制公司注冊法銀行機(jī)構(gòu)體系交通通訊設(shè)施11.2國際企業(yè)的稅收管理避稅港的選擇:11.3國際融資戰(zhàn)略11.3.1資金來源:企業(yè)內(nèi)部東道國國際代理機(jī)構(gòu)(WorldBank等)第三國(銀行,證券或債券等)11.3國際融資戰(zhàn)略11.3.1資金來源:11.3國際融資戰(zhàn)略11.3.2對外貿(mào)易融資:預(yù)付信用證(LetterofCredit,L/C)票據(jù)(DocumentagainstPayment,D/P)貼現(xiàn)(Discounting)出售應(yīng)收賬款(Factoring)福費(fèi)廷Forfaiting11.3國際融資戰(zhàn)略11.3.2對外貿(mào)易融資:11.4國際企業(yè)的資金運(yùn)用資金規(guī)模使用決策現(xiàn)金控制11.4國際企業(yè)的資金運(yùn)用資金規(guī)模Case:GlobaltreasurymanagementatProctor&Gamble60%ofP&G’srevenuesfrominternationalsalesProductssoldin130countriesHascentralizedglobaltreasurymanagementfunctionManagementofallforeignexchangetransactionsP&Gtradescurrencybetweensubsidiaries,cuttingoutbanksandsavingontransactioncostsP&GispoolingforeignexchangerisksandbuyinganpurchasinganumbrellaoptiontocoverrisksassociatedwithvariouscurrencyoptionsSubsidiariescaninvestinandborrowmoneyfromotherP&GentitiesinsteadofdealingwithbanksCase:GlobaltreasurymanagemeScopeoffinancialmanagementScopeoffinancialmanagementincludesthreesetsofrelateddecisions:InvestmentdecisionsDecisionsaboutwhatactivitiestofinanceFinancingdecisionsDecisionsabouthowtofinancethoseactivities.MoneymanagementdecisionsDecisionsabouthowtomanagethefirm’sfinancialresourcesmostefficientlyScopeoffinancialmanagementSInvestmentdecisionsCapitalbudgeting:Quantifiesthebenefits,costsandrisksofaninvestmentManagerscanreasonablycomparedifferentinvestmentalternativeswithinandacrosscountriesComplicatedprocess:MustdistinguishbetweencashflowstoprojectandthosetoparentPoliticalandeconomicriskcanchangethevalueofaforeigninvestmentConnectionbetweencashflowstoparentandthesourceoffinancingmustberecognizedInvestmentdecisionsCapitalbuProjectandparentcashflowsProjectcashflowsmaynotreachtheparent:Host-countrymayblockcash-flowrepatriationCashflowsmaybetaxedatanunfavorablerateHostgovernmentmayrequireapercentageofcashflowstobereinvestedinthehostcountryProjectandparentcashflowsPAdjustingforpoliticalandeconomicriskPoliticalrisk:Expropriation-Iranianrevolution,1979Socialunrest-afterthebreakupofYugoslavia,companyassetswererenderedworthlessPoliticalchange-mayleadtotaxandownershipchanges Examples.CollapseofcommunisminEasternEuropeAttackontheworldtradecenterEconomicriskInflationAdjustingforpoliticalandecFinancingdecisionsWhenconsideringoptionsforfinancingaforeigninvestment,Int.businesseshavetoconsidertwofactorsSourceoffinancingFinancialstructureFinancingdecisionsWhenconsidSourceoffinancingGlobalcapitalmarketsforlowercostfinancing.Impactofhostcountry-host-countrymayrequireprojectstobelocallyfinancedthroughdebtorequityLimitedliquidityraisesthecostofcapital.Host-governmentmayofferlowinterestorsubsidizedloanstoattractinvestment.Impactoflocalcurrency(appreciation/depreciation)influencescapitalandfinancingdecisionsSourceoffinancingGlobalcapiFinancialstructureFinancialstructure:Debt/equityratiosvarywithcountries.TaxregimesFollowlocalcapitalstructurenorms?MoreeasilyevaluatereturnonequityrelativetolocalcompetitionGoodforcompany’simageBestrecommendation:adoptafinancialstructurethatminimizesthecostofcapitalFinancialstructureFinancialsGlobalmoneymanagement

-TheefficiencyobjectiveMinimizingcashbalances:Moneymarketaccounts-lowinterest-highliquidityCertificatesofdeposit-higherinterest-lowerliquidityReducingtransactioncosts(costofexchange):Transactioncosts:changingfromonecurrencytoanotherTransferfee:feeformovingcashfromonelocationtoanotherGlobalmoneymanagement

-TheeGlobalmoneymanagement

ThetaxobjectiveCountriestaxincomeearnedoutsidetheirboundariesbyentitiesbasedintheircountry.CanleadtodoubletaxationTaxcreditallowsentitytoreducehometaxesbyamountpaidtoforeigngovernmentTaxtreatyisanagreementbetweencountriesspecifyingwhatitemswillbetaxedbyauthoritiesincountrywhereincomeisearnedDeferralprinciplespecifiesthatparentcompanieswillnotbetaxedonforeignincomeuntilthedividendisreceivedTaxhavenisusedtominimizetaxliabilityGlobalmoneymanagement

ThetaCorporateincometaxratesCorporateincometaxratesMovingmoneyacrossborders:

AttainingefficienciesandreducingtaxesUnbundling:

Amixoftechniquestotransferliquidfundsfromaforeignsubsidiarytotheparentcompanywithoutpiquingthehost-countryDividendremittancesRoyaltypaymentsandfeesTransferPricesFrontingloansSelectingaparticularpolicyislimitedwhenaforeignsubsidiaryispartownedbyalocaljoint-venturepartnerorlocalstockholdersMovingmoneyacrossborders:ADividendremittancesMostcommonmethodoftransfer.Dividendvarieswith:taxregulations.Foreignexchangerisk.Ageofsubsidiary.Extentoflocalequityparticipation.DividendremittancesMostcommoRoyaltypaymentsandfeesRoyaltiesrepresenttheremunerationpaidtoownersoftechnology,patentsortradenamesfortheirusebythefirm.Commonforparenttochargeasubsidiaryfortechnology,patentsortradenamestransferredtoit.Maybeleviedasafixedamountperunitsoldorpercentageofrevenueearned.Feesarecompensationforprofessionalservicesorexpertisesuppliedtosubsidiary.Managementfeesor‘technicalassistance’fees.FixedchargesforservicesprovidedRoyaltypaymentsandfeesRoyalTransferpricesPriceatwhichgoodsorservicesaretransferredwithinafirm’sentities.Positionfundswithinacompany.Movefundsoutofcountrybysettinghightransferfeesorintoacountrybysettinglowtransferfees.Movementcanbewithinsubsidiariesorbetweentheparentanditssubsidiaries.TransferpricesPriceatwhichBenefitsofmanipulatingtransferpricesReducetaxliabilitiesbyusingtransferfeestoshiftfromahigh-taxcountrytoalow-taxcountry.Reduceforeignexchangeriskexposuretoexpectedcurrencydevaluationbytransferringfunds.Canbeusedwheredividendsarerestrictedorblockedbyhost-governmentpolicy.Reduceimportduties(advalorem)byreducingtransferpricesandthevalueofthegoods.BenefitsofmanipulatingtransProblemswithtransferpricingFewgovernmentslikeit.Believe(rightly)thattheyarelosingrevenue.Hasanimpactonmanagementincentivesandperformanceevaluations.Inconsistentwitha‘profitcenter’.Managerscanhideinefficiencies.ProblemswithtransferpricingFrontingloansLoanbetweenaparentandsubsidiaryischanneledthroughafinancialintermediary(bank).Allowscircumventionofhost-countryrestrictionsonremittanceoffundsfromsubsidiarytoparent.Providescertaintaxadvantages.FrontingloansLoanbetweenapAnexampleofthetaxaspectsofafrontingloanAnexampleofthetaxaspectsTechniquesforglobalmoneymanagementNeedcashreservestoserviceaccountsandinsuringagainstnegativecashflows.Shouldeachsubsidiaryholditsowncashbalance?Bypooling,firmcandepositlargercashamountsandearnhigherinterestrates.Iflocatedinamajorfinancialcentercangetinformationongoodinvestmentopportunities.Canreducethetotalsizeofcashpoolandinvestlargerreservesinhigherpaying,longterm,instruments.Techniquesforglobalmoneyma11.5外匯風(fēng)險(xiǎn)與防范交易風(fēng)險(xiǎn)轉(zhuǎn)換風(fēng)險(xiǎn)業(yè)務(wù)風(fēng)險(xiǎn)11.5外匯風(fēng)險(xiǎn)與防范交易風(fēng)險(xiǎn)ManagingforeignexchangeriskRiskthatfuturechangesinacountry’sexchangeratewillhurtthefirm.Transactionexposure:extentincomefromtransactionsisaffectedbycurrencyfluctuations.Translationexposure:impactofcurrencyexchangeratesonconsolidatedresultsandbalancesheet.Economicexposure:effectofchangingexchangeratesoverfutureprices,salesandcosts.ManagingforeignexchangeriskStrategiesforreducingforeignexchangerisk(a)Primarilyprotectshort-termcashflows.Reducingtransactionandtranslationexposure:Buyingforwardandcurrencyswaps.Leadstrategy:collectingreceivablesearlywhencurrencydevaluationisanticipatedandpayingearlywhencurrencymayappreciate.Lagstrategy:delayingreceivablecollectionwhenanticipatingcurrencyappreciationanddelayingpayableswhencurrencydepreciationisexpected.StrategiesforreducingforeigStrategiesforreducingforeignexchangerisk(b)ReducingTransactionandtranslationexposureLeadstrategyLagstrategyReducingeconomicexposure:KeyistodistributeproductiveassetstovariouslocationssofirmisnotseverelyaffectedbyexchangeratechangesStrategiesforreducingforeigManagingForeignExchangeExposureNoagreementastohow,butcommonalityofapproachdoesexist:Centralcontrolofexposure.Distinguishbetweentransaction/translationexposureandeconomicexposure.Forecastfutureexchangeratemovements.Goodreportingsystemstomonitorfirm’sexposuretoexchangeratechanges.Producemonthlyforeignexchangeexposurereports.ManagingForeignExchangeExpo推薦圖書BuilttoLast:SuccessfulHabitsofVisionaryCompanies,James,C.

Collins,

Jerry

I.

Porras《基業(yè)長青》合著者杰里·波拉斯推薦圖書BuilttoLast:Successful11.國際企業(yè)的財(cái)務(wù)管理國際企業(yè)的財(cái)務(wù)管理國際企業(yè)的稅收管理國際融資戰(zhàn)略與渠道國際企業(yè)的資金運(yùn)用外匯風(fēng)險(xiǎn)與防范11.國際企業(yè)的財(cái)務(wù)管理AccountinginformationandcapitalflowsAccountinginformationandcapDeterminantsofnationalaccountingstandardsDeterminantsofnationalaccouRelationshipbetweenbusinessandprovidersofcapitalThreeexternalsourcesofcapital:IndividualinvestorsBuyingsharesandbondsBanks.LoancapitalGovernmentMakeloansorinvestmentImportanceofeachvariesfromcountrytocountryRelationshipbetweenbusinessPoliticalandeconomictieswithothercountriesAccountingconvergence:InfluenceofNAFTAInfluenceoftheformerBritishEmpireInfluenceoftheEuropeanUnionPoliticalandeconomictieswiInflationaccountingHistoriccostprinciple:AssumescurrencyisnotlosingvaluetoinflationMostsignificantimpactintheareaofassetvaluationAppropriatenessvarieswithinflation

Currentcostaccounting:FactorsoutinflationUsedinGreatBritainuntilinflationratedeclinedInflationaccountingHistoriccLevelofdevelopmentDevelopedcountrieshavemoresophisticatedaccountingproceduresAccountingproblemsaremorecomplexSophisticatedcapitalmarketsLendersrequirecomprehensivereportsEducatedworkforcecanperformcomplexaccountingfunctionsLevelofdevelopmentDevelopedCultureHofstede’suncertaintyavoidancehasanimpactonaccountingsystemsLowuncertaintyavoidance-thesecountriestendtohavestrongindependentauditingprofessionsthatensureafirm’scompliancewithrulesCultureHofstede’suncertaintyAccountingclustersFewcountrieshaveidenticalaccountingsystems.SimilaritiesexistinclustersAccountingclustersFewcountriBritish-American-DutchGroupFirmsraisecapitalfrominvestors.Accountingsystemsdesignedtoinforminvestors

Haveclosetiestobanks.Accountingpracticesmeetbank’sneeds.South

AmericanGroupCountrieshaveexperiencedpersistentandrapidinflation.Accountingprinciplesreflecttheinflation.AccountingclustersEurope-JapanGroupBritish-American-DutchGroupFiNationalandinternationalstandardsDiverseaccountingpracticesareenshrinedinnationalaccountingandauditingstandardsAccountingstandards:RulesforpreparingfinancialstatementsAuditingstandards:SpecifyrulesforperforminganauditNationalandinternationalstaLackofcomparabilityOneresultofnationaldifferencesinauditingandaccountingstandardsislackofcomparabilityoffinancialreportsWithgrowthofglobalcapitalmarketsbothtransnationalfinancingandtransnationalinvestmenthavegrownFirmhastoexplaintoinvestorswhyitsfinancialpositionlooksdifferentintwoaccountingsLackofcomparabilityOneresulInternationalstandardsEffortstoharmonizeaccountingstandardsacrosscountriesFormationofInternationalAccountingStandardsBoardMembersrepresent79countriesResponsibleforformulatinginternationalaccountingstandards(IAS)Hasissuedover30IASDifficulttogetrequisitevotesVoluntarycomplianceRecognitionisgrowingInternationalstandardsEffortsMultinationalconsolidationandcurrencytranslationSubsidiariesofmultinationalsareseparatelegalentitiesbutnotseparateeconomicentitiesTransactionsamongmembersofacorporatefamilynotincludedinconsolidatedfinancialstatements.Onlyassets,liabilitiesrevenuesandexpensesstatementswithexternaltradepartiesareshownPurposeistoprovideaccountinginfoaboutagroupofcompaniesthatrecognizeseconomicinterdependence(subsidiaries)Financialstatementsofsubsidiary’sarepreparedinthelocalcurrencyFortheconsolidatedaccountsofaMultinationaltheseaccountshavetobethenconvertedintocurrencyofMultinational’shomecountryMultinationalconsolidationanCurrencytranslationThecurrentratemethod:ExchangerateatthedateonthebalancesheetisusedtotranslateforeignsubsidiaryfinancialstatementsintohomecountrycurrencyIncompatiblewith‘historiccostprinciple’Thetemporalmethod:

Translatesforeignsubsidiaryassetsintohome-countrycurrencyatthetimeofpurchaseoftheassetChangingexchangeratesmaymeanthebalancesheetmaynotbalance!CurrencytranslationThecurrenAccountingaspectsofcontrolsystemsAnnualcontrolprocessinvolvesthreesteps:Headofficeandsubunitmanagementjointlydeterminesubunitgoalsforthecomingyear.Throughoutyear,headofficemonitorssubunitperformanceagainstagreedgoals.Ifsubunitfailstoachievegoals,headofficeintervenestodeterminewhytheshortfalloccurred,takingcorrectiveactionwhenappropriate.AccountingaspectsofcontrolExchangeratecombinationsinthecontrolprocessFig19.3ExchangeratecombinationsinAccountingaspectsofcontrolsystemsLessard-LorangeModel:Threeexchangeratesusedtotranslateforeigncurrencyintocorporatecurrencyforbudgetandperformancepurposes.Theinitialrate,thespotexchangeratewhenthebudgetisadopted.Theprojectedrate,thespotexchangeforecastfortheendofbudgetperiod(i.e.,theforwardrate)Theendingrate,thespotexchangeratewhenthebudgetandperformancearebeingcompared.AccountingaspectsofcontrolTransferpricingandcontrolsystemsTransferpricesintroducesignificantdistortionsintothecontrolprocessTransferpricemustbetakenintoaccountwhensettingbudgetsandevaluatingasubsidiary’sperformance.TransferpricingandcontrolsSeparationofsubsidiaryandmanagerperformanceValuationofasubsidiaryshouldbeseparatefromtheevaluationofthesubsidiarymanagerManager’sevaluationshouldtakeintoconsiderationhowhostileorbenignthecountriesenvironmentisforbusinessandmakeallowancesoveritemsthemanagerhasnocontrole.g.inflationrates,interestratesexchangeratesSeparationofsubsidiaryandm11.2國際企業(yè)的稅收管理11.2.1國際稅收及制度:雙重課稅:單邊方式(抵,免扣);多邊方式(協(xié)商分配,防偷漏稅等)經(jīng)濟(jì)全球化和稅收制度:資金與勞務(wù)流動自由且加快;稅率趨同;從對收入增稅改為對消費(fèi)和固定財(cái)產(chǎn)增稅11.2國際企業(yè)的稅收管理11.2.1國際稅收及制度:11.2國際企業(yè)的稅收管理11.2.2國際稅收的類型:公司所得稅(Corporateincometaxes)預(yù)提稅(Withholdingtaxes)(股息,利息,特許權(quán)使用費(fèi)等)增值稅(Value-addedtaxes)關(guān)稅(Tariffs)11.2國際企業(yè)的稅收管理11.2.2國際稅收的類型:11.2國際企業(yè)的稅收管理11.2.3國際企業(yè)避稅與避稅港國際企業(yè)避稅(Taxavoidance)的方法:轉(zhuǎn)移生產(chǎn)和價(jià)格;利用避稅港;選擇合適的機(jī)構(gòu)身份11.2國際企業(yè)的稅收管理11.2.3國際企業(yè)避稅與避稅11.2國際企業(yè)的稅收管理避稅港(InternationalTaxHavens)類型:沒有所得稅,資本收益稅或商業(yè),房產(chǎn)稅的避稅港,大部分分布在加勒比海地區(qū),如巴哈馬,百慕大和開曼群島征收一定稅收,但稅率很低,如英屬維爾京群島(BritishVirginIsland),所得稅率僅12%僅對國內(nèi)來源的收入增稅,如HK和巴拿馬允許稅收特權(quán),(特區(qū),特種行業(yè)等,如希臘的海運(yùn)業(yè),英國的金融業(yè)等)11.2國際企業(yè)的稅收管理避稅港(Internationa11.2國際企業(yè)的稅收管理避稅港的選擇:政治經(jīng)濟(jì)的穩(wěn)定性和政府的公正性稅收情況及優(yōu)惠政策簽訂稅收條約的情況外匯管制公司注冊法銀行機(jī)構(gòu)體系交通通訊設(shè)施11.2國際企業(yè)的稅收管理避稅港的選擇:11.3國際融資戰(zhàn)略11.3.1資金來源:企業(yè)內(nèi)部東道國國際代理機(jī)構(gòu)(WorldBank等)第三國(銀行,證券或債券等)11.3國際融資戰(zhàn)略11.3.1資金來源:11.3國際融資戰(zhàn)略11.3.2對外貿(mào)易融資:預(yù)付信用證(LetterofCredit,L/C)票據(jù)(DocumentagainstPayment,D/P)貼現(xiàn)(Discounting)出售應(yīng)收賬款(Factoring)福費(fèi)廷Forfaiting11.3國際融資戰(zhàn)略11.3.2對外貿(mào)易融資:11.4國際企業(yè)的資金運(yùn)用資金規(guī)模使用決策現(xiàn)金控制11.4國際企業(yè)的資金運(yùn)用資金規(guī)模Case:GlobaltreasurymanagementatProctor&Gamble60%ofP&G’srevenuesfrominternationalsalesProductssoldin130countriesHascentralizedglobaltreasurymanagementfunctionManagementofallforeignexchangetransactionsP&Gtradescurrencybetweensubsidiaries,cuttingoutbanksandsavingontransactioncostsP&GispoolingforeignexchangerisksandbuyinganpurchasinganumbrellaoptiontocoverrisksassociatedwithvariouscurrencyoptionsSubsidiariescaninvestinandborrowmoneyfromotherP&GentitiesinsteadofdealingwithbanksCase:GlobaltreasurymanagemeScopeoffinancialmanagementScopeoffinancialmanagementincludesthreesetsofrelateddecisions:InvestmentdecisionsDecisionsaboutwhatactivitiestofinanceFinancingdecisionsDecisionsabouthowtofinancethoseactivities.MoneymanagementdecisionsDecisionsabouthowtomanagethefirm’sfinancialresourcesmostefficientlyScopeoffinancialmanagementSInvestmentdecisionsCapitalbudgeting:Quantifiesthebenefits,costsandrisksofaninvestmentManagerscanreasonablycomparedifferentinvestmentalternativeswithinandacrosscountriesComplicatedprocess:MustdistinguishbetweencashflowstoprojectandthosetoparentPoliticalandeconomicriskcanchangethevalueofaforeigninvestmentConnectionbetweencashflowstoparentandthesourceoffinancingmustberecognizedInvestmentdecisionsCapitalbuProjectandparentcashflowsProjectcashflowsmaynotreachtheparent:Host-countrymayblockcash-flowrepatriationCashflowsmaybetaxedatanunfavorablerateHostgovernmentmayrequireapercentageofcashflowstobereinvestedinthehostcountryProjectandparentcashflowsPAdjustingforpoliticalandeconomicriskPoliticalrisk:Expropriation-Iranianrevolution,1979Socialunrest-afterthebreakupofYugoslavia,companyassetswererenderedworthlessPoliticalchange-mayleadtotaxandownershipchanges Examples.CollapseofcommunisminEasternEuropeAttackontheworldtradecenterEconomicriskInflationAdjustingforpoliticalandecFinancingdecisionsWhenconsideringoptionsforfinancingaforeigninvestment,Int.businesseshavetoconsidertwofactorsSourceoffinancingFinancialstructureFinancingdecisionsWhenconsidSourceoffinancingGlobalcapitalmarketsforlowercostfinancing.Impactofhostcountry-host-countrymayrequireprojectstobelocallyfinancedthroughdebtorequityLimitedliquidityraisesthecostofcapital.Host-governmentmayofferlowinterestorsubsidizedloanstoattractinvestment.Impactoflocalcurrency(appreciation/depreciation)influencescapitalandfinancingdecisionsSourceoffinancingGlobalcapiFinancialstructureFinancialstructure:Debt/equityratiosvarywithcountries.TaxregimesFollowlocalcapitalstructurenorms?MoreeasilyevaluatereturnonequityrelativetolocalcompetitionGoodforcompany’simageBestrecommendation:adoptafinancialstructurethatminimizesthecostofcapitalFinancialstructureFinancialsGlobalmoneymanagement

-TheefficiencyobjectiveMinimizingcashbalances:Moneymarketaccounts-lowinterest-highliquidityCertificatesofdeposit-higherinterest-lowerliquidityReducingtransactioncosts(costofexchange):Transactioncosts:changingfromonecurrencytoanotherTransferfee:feeformovingcashfromonelocationtoanotherGlobalmoneymanagement

-TheeGlobalmoneymanagement

ThetaxobjectiveCountriestaxincomeearnedoutsidetheirboundariesbyentitiesbasedintheircountry.CanleadtodoubletaxationTaxcreditallowsentitytoreducehometaxesbyamountpaidtoforeigngovernmentTaxtreatyisanagreementbetweencountriesspecifyingwhatitemswillbetaxedbyauthoritiesincountrywher