国际企业的财务管理

11.国际企业的财务管理①国际企业的财务管理②国际企业的税收管理③国际融资战略与渠道④国际企业的资金运用⑤外汇风险与防范AccountinginformationandcapitalflowsDeterminantsofnationalaccountingstandardsRelationshipbetweenbusinessandprovidersofcapitalThreeexternalsourcesofcapital:–Individualinvestors•Buyingsharesandbonds–Banks.•Loancapital–Government•MakeloansorinvestmentImportanceofeachvariesfromcountrytocountryPoliticalandeconomictieswithothercountriesAccountingconvergence:–InfluenceofNAFTA–InfluenceoftheformerBritishEmpire–InfluenceoftheEuropeanUnionInflationaccountingHistoriccostprinciple:–Assumescurrencyisnotlosingvaluetoinflation–Mostsignificantimpactintheareaofassetvaluation–AppropriatenessvarieswithinflationCurrentcostaccounting:–Factorsoutinflation–UsedinGreatBritainuntilinflationratedeclinedLevelofdevelopmentDevelopedcountrieshavemoresophisticatedaccountingprocedures–Accountingproblemsaremorecomplex–Sophisticatedcapitalmarkets–Lendersrequirecomprehensivereports–EducatedworkforcecanperformcomplexaccountingfunctionsCultureHofstede’suncertaintyavoidancehasanimpactonaccountingsystems–Lowuncertaintyavoidance-thesecountriestendtohavestrongindependentauditingprofessionsthatensureafirm’scompliancewithrulesAccountingclustersFewcountrieshaveidenticalaccountingsystems.SimilaritiesexistinclustersBritish-American-DutchGroupFirmsraisecapitalfrominvestors.AccountingsystemsdesignedtoinforminvestorsHaveclosetiestobanks.Accountingpracticesmeetbank’sneeds.SouthAmericanGroupCountrieshaveexperiencedpersistentandrapidinflation.Accountingprinciplesreflecttheinflation.AccountingclustersEurope-JapanGroupNationalandinternationalstandardsDiverseaccountingpracticesareenshrinedinnationalaccountingandauditingstandardsAccountingstandards:RulesforpreparingfinancialstatementsAuditingstandards:SpecifyrulesforperforminganauditLackofcomparabilityOneresultofnationaldifferencesinauditingandaccountingstandardsislackofcomparabilityoffinancialreportsWithgrowthofglobalcapitalmarketsbothtransnationalfinancingandtransnationalinvestmenthavegrownFirmhastoexplaintoinvestorswhyitsfinancialpositionlooksdifferentintwoaccountingsInternationalstandardsEffortstoharmonizeaccountingstandardsacrosscountriesFormationofInternationalAccountingStandardsBoardMembersrepresent79countriesResponsibleforformulatinginternationalaccountingstandards(IAS)Hasissuedover30IAS–Difficulttogetrequisitevotes–VoluntarycomplianceRecognitionisgrowingMultinationalconsolidationandcurrencytranslationSubsidiariesofmultinationalsareseparatelegalentitiesbutnotseparateeconomicentitiesTransactionsamongmembersofacorporatefamilynotincludedinconsolidatedfinancialstatements.Onlyassets,liabilitiesrevenuesandexpensesstatementswithexternaltradepartiesareshownPurposeistoprovideaccountinginfoaboutagroupofcompaniesthatrecognizeseconomicinterdependence(subsidiaries)Financialstatementsofsubsidiary’sarepreparedinthelocalcurrencyFortheconsolidatedaccountsofaMultinationaltheseaccountshavetobethenconvertedintocurrencyofMultinational’shomecountryCurrencytranslationThecurrentratemethod:–Exchangerateatthedateonthebalancesheetisusedtotranslateforeignsubsidiaryfinancialstatementsintohomecountrycurrency–Incompatiblewith‘historiccostprinciple’Thetemporalmethod:–Translatesforeignsubsidiaryassetsintohome-countrycurrencyatthetimeofpurchaseoftheasset–Changingexchangeratesmaymeanthebalancesheetmaynotbalance!AccountingaspectsofcontrolsystemsAnnualcontrolprocessinvolvesthreesteps:–Headofficeandsubunitmanagementjointlydeterminesubunitgoalsforthecomingyear.–Throughoutyear,headofficemonitorssubunitperformanceagainstagreedgoals.–Ifsubunitfailstoachievegoals,headofficeintervenestodeterminewhytheshortfalloccurred,takingcorrectiveactionwhenappropriate.ExchangeratecombinationsinthecontrolprocessFig19.3AccountingaspectsofcontrolsystemsLessard-LorangeModel:–Threeexchangeratesusedtotranslateforeigncurrencyintocorporatecurrencyforbudgetandperformancepurposes.•Theinitialrate,thespotexchangeratewhenthebudgetisadopted.•Theprojectedrate,thespotexchangeforecastfortheendofbudgetperiod(i.e.,theforwardrate)•Theendingrate,thespotexchangeratewhenthebudgetandperformancearebeingcompared.TransferpricingandcontrolsystemsTransferpricesintroducesignificantdistortionsintothecontrolprocessTransferpricemustbetakenintoaccountwhensettingbudgetsandevaluatingasubsidiary’sperformance.SeparationofsubsidiaryandmanagerperformanceValuationofasubsidiaryshouldbeseparatefromtheevaluationofthesubsidiarymanagerManager’sevaluationshouldtakeintoconsiderationhowhostileorbenignthecountriesenvironmentisforbusinessandmakeallowancesoveritemsthemanagerhasnocontrole.g.inflationrates,interestratesexchangerates11.2国际企业的税收管理11.2.1国际税收及制度:–双重课税:单边方式(抵,免扣);多边方式(协商分配,防偷漏税等)–经济全球化和税收制度:•资金与劳务流动自由且加快;•税率趋同;•从对收入增税改为对消费和固定财产增税11.2国际企业的税收管理11.2.2国际税收的类型:公司所得税(Corporateincometaxes)预提税(Withholdingtaxes)(股息,利息,特许权使用费等)增值税(Value-addedtaxes)关税(Tariffs)11.2国际企业的税收管理11.2.3国际企业避税与避税港国际企业避税(Taxavoidance)的方法:转移生产和价格;利用避税港;选择合适的机构身份11.2国际企业的税收管理避税港(InternationalTaxHavens)类型:没有所得税,资本收益税或商业,房产税的避税港,大部分分布在加勒比海地区