CH21InternationalCashManagement(国际金融管理,英.ppt
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1、,International Cash Management,21,Chapter,South-Western/Thomson Learning 2003,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 i
2、n optimizing cash flows;andTo explain the potential benefits and risks of foreign investments.,Cash Flow Analysis:Subsidiary Perspective,The management of working capital has a direct influence on the amount and timing of cash flow:inventory managementaccounts receivable managementcash managementliq
3、uidity management,Subsidiary ExpensesInternational 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 inve
4、ntory demands.,Cash Flow Analysis:Subsidiary Perspective,Subsidiary RevenueInternational sales are more likely to be volatile because of exchange rate fluctuations,business cycles,etc.Looser credit standards may increase sales(accounts receivable),though often at the expense of slower cash inflows.,
5、Cash Flow Analysis:Subsidiary Perspective,Subsidiary Dividend PaymentsForecasting cash flows will be easier if the dividend payments and fees(royalties and overhead charges)to be sent to the parent are known in advance and denominated in the subsidiarys currency.,Cash Flow Analysis:Subsidiary Perspe
6、ctive,Subsidiary Liquidity ManagementAfter accounting for all cash outflows and inflows,the subsidiary must either invest its excess cash or borrow to cover its cash deficiencies.If the subsidiary has access to lines of credit and overdraft facilities,it may maintain adequate liquidity without subst
7、antial cash balances.,Cash Flow Analysis:Subsidiary Perspective,Centralized Cash Management,While each subsidiary is managing its own working capital,a centralized cash management group is needed to monitor,and possibly manage,the parent-subsidiary and intersubsidiary cash flows.International cash m
8、anagement can be segmented into two functions:optimizing cash flow movements,andinvesting excess cash.,Cash Flow of the Overall MNC,Centralized Cash Management,The centralized cash management division of an MNC cannot always accurately forecast the events that may affect parent-subsidiary or intersu
9、bsidiary cash flows.It should,however,be ready to react to any event by consideringany potential adverse impact on cash flows,andhow to avoid such adverse impacts.,Techniques to OptimizeCash Flows,Accelerating Cash InflowsThe more quickly the cash inflows are received,the more quickly they can be in
10、vested or used for other purposes.Common methods include the establishment of lockboxes around the world(to reduce mail float)and preauthorized payments(direct charging of a customers bank account).,Minimizing Currency Conversion CostsNetting reduces administrative and transaction costs through the
11、accounting of all transactions that occur over a period to determine one net payment.A bilateral netting system involves transactions between two units,while a multilateral netting system usually involves more complex interchanges.,Techniques to OptimizeCash Flows,Intersubsidiary Payments Matrix,Man
12、aging Blocked FundsA government may require that funds remain within the country in order to create jobs and reduce unemployment.The MNC should then reinvest the excess funds in the host country,adjust the transfer pricing policy(such that higher fees have to be paid to the parent),borrow locally ra
13、ther than from the parent,etc.,Techniques to OptimizeCash Flows,Managing Intersubsidiary Cash TransfersA subsidiary with excess funds can provide financing by paying for its supplies earlier than is necessary.This technique is called leading.Alternatively,a subsidiary in need of funds can be allowed
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