国际企业财务管理在线视频

同学们好
Hello, everyone

我是云南财经大学国际工商学院的尹豪老师
I am Dr. Yin Hao from the International Business School of Yunnan University of Finance and Economics

这节课
In this class

我们继续学习国际商务课程
we will continue to study the international business course

有关国际企业财务管理的知识
on international corporate financial management

国际企业的财务管理包括三个方面的决策
The financial management of international enterprises includes three aspects of decision-making

它们是投资决策
which are investment decision-making

融资决策和货币管理决策
financing decision-making and currency management decision-making

这三个决策分别要解决企业从事何种财务活动
These three decisions have to solve the three major issues of what financial activities the enterprise engages in

如何最佳地为这些财务活动融资
how to best finance these financial activities

如何最有效地管理公司财务资源等三大问题
and how to best manage the company’s financial resources

第一个决策是投资决策
The first decision is the investment decision

它是对投资某一项目可能产生的各种风险 收益
which is a quantitative analysis of the various benefits

成本等方面进行定量分析
costs, and risks that may be generated by investing

来做出项目优选或取舍的决策
in a project to make a decision on project selection

企业使用资本预算的方法进行决策
Companies use capital budgeting methods to make decisions

具体可以使用净现值指标进行项目取舍的评价
Specifically, they can use net present value index to evaluate project choices

但是在国外环境中资本预算的难度
However, the difficulty of capital budgeting in a foreign environment is much greater

要比国内投资大许多
than that of domestic investment

主要的影响因素有国外项目现金流
The main influencing factors are the relationship between the cash flow of foreign projects

和母公司现金流的关系
and the cash flow of the parent company

境外风险因素对投资项目价值的影响
and the impact of overseas risk factors on the value of the investment project and the relationship

返回母公司现金流量与项目资金来源的关系等
between the cash flow return to the parent company and the sources of funds of project, etc

由于东道国的政策限制
Due to the policy restrictions of host country

国外项目的现金流量
the cash flow of foreign projects may not be fully

不一定能全部返给母公司
returned to the parent company

比如对利润汇回征收高额税收
For example, high taxes are imposed on the repatriation of profits

要求一定比例的利润再投资等
and a certain percentage of profits is required to be reinvested

母公司收到的利润汇回会小于国外项目的利润
The repatriation of profits received by the parent company will be less than the profits of foreign projects

进而影响到股东和债权人的利益
which will affect the interests of shareholders and creditors

对项目的资本预算产生不利影响
adversely affect the capital budget of the project

甚至否定项目的投资决策
and even negate the investment decision of the project

在全球化的趋势中
In the trend of globalization

这种阻碍子公司利润返回的投资壁垒逐渐降低
this investment barrier that hinders the return of profits of subsidiaries is gradually reduced

母公司也有一些策略来绕过政策障碍
and the parent company also has some strategies to bypass policy barriers

国外的风险因素一直是投资决策需要重点考虑的
Foreign risk factors have always been key considerations in investment decisions

其中国外的政治风险和经济风险尤其突出
Among them, political risks and economic risks abroad are particularly prominent

东道国的政权更迭
Regime changes

政府换届
government changes

政策变动和社会动乱
policy changes and social unrest in the host country will all trigger political risks

都会引发国外投资和经营的政治风险
in foreign investment and operations

比如2011年
For example, in 2011

中国在缅甸投资的密松水电站项目
China's investment in Myanmar's Myitsone Hydropower Project

在利比亚投资的多个基础设施建设项目
and multiple infrastructure construction projects in Libya

都因为政治风险遭受了重大损失
suffered heavy losses due to political risks

经济风险是一个国家经济环境的急剧变动
Economic risk is the possibility that the rapid changes in a country's economic environment

使国际企业的海外利益遭受损失的可能性
will cause losses to overseas interests of international companies

东道国的高通货膨胀
High inflation in the host country

汇率下跌
falling exchange rates

生产要素供给量和价格的急剧变动
and rapid changes in the supply of production factors and prices

都是引发经济风险的导火索
are all triggers for economic risks

但是对经济风险的预测
However, there are general deviations in the prediction

和量化分析也存在普遍的偏差
and quantitative analysis of economic risks

面临国外投资风险
When facing foreign investment risks,

国际企业通常采用两种方法来应对
international companies usually adopt two methods to deal with it

第一种是在高风险国家提高贴现率
The first is to increase the discount rate in high-risk

来反映较高的投资风险
countries to reflect higher investment risks

并希望在较短的时间里取得正的净现值
and hope to obtain a positive net present value in a shorter period of time

第二种方法是降低项目的未来现金流量
The second method is to reduce the future cash flow of the project

以反映未来的高风险
to reflect the high risk in the future

调查表明
The survey shows that

两种方法在跨国公司的实务操作中都有普及使用
both methods are widely used in the practice of multinational companies

第二个决策是融资决策
The second decision is a financing decision

就是要考虑国外投资项目的资金来源问题
which is to consider the source of funds for foreign investment projects

决策的目标就是融资成本最小化
The goal of the decision is to minimize financing costs

如果国际企业选择外部融资
If international companies choose external financing

可以考虑从全球资本市场获得资金
they can consider obtaining funds from the global capital market

或者从东道国借款
or borrowing from the host country

全球资本市场凭借资金规模和流动性优势
The global capital market relies on the advantages of capital scale and liquidity

其资金成本比东道国国内资本市场要低
and its capital cost is lower than the domestic capital market of the host country

但是当东道国要求外国企业在本国融资
However, this will increase the financial cost of the project

以促进当地的资本市场发展
when the host country requires foreign companies to finance in their own countries

这会提高项目的融资成本
to promote the development of the local capital market

面对这种情况
It is necessary to increase the discount rate in the capital budget

在资本预算时要提高贴现率来应对
to deal with this situation

或者寻求当地政府的优惠贷款以降低成本
or seek preferential loans from the local government to reduce costs

在东道国融资还有考虑汇率风险问题
Financing in the host country should also consider exchange rate risks

当东道国货币有贬值的趋势时
When the currency of the host country is depreciating

在当地借款可以降低资金成本
borrowing locally can reduce the cost of funds

第三个决策是货币管理决策
The third decision is the currency management decision,

就是要在全球范围更有效地管理企业的现金资源
which is to manage the company's cash resources more effectively on a global scale

决策的目标是要做到现金余额最小化
The goal of the decision is to minimize the cash balance

降低交易成本和公司税负最小化
reduce transaction costs and minimize corporate tax burden

企业将各个子公司的现金余额集中存放在存款中心
Enterprises can minimize the cash balance by centrally depositing the cash

可以做到现金余额最小化
balance of each subsidiary in the deposit center

其理由来自三个方面
The reason comes from three aspects

一是现金储备集中存放扩大了现金量
firstly, the centralized storage of cash reserves expands the amount of cash

企业可以获得更高的利率
and companies can obtain higher interest rates

二是集中存款中心一般位于金融中心
The second is that centralized deposit centers are generally located in financial centers

可以利用短期投资机会获利
and can take advantage of short-term investment opportunities to make profits

三是现金集中储备
Third, concentrated cash reserves

可以缩小高度流动性账户中的现金规模
can reduce the size of cash in highly liquid accounts

其余的现金储备可以投到高利率
and the remaining cash reserves can be invested in high-interest

长期性的金融工具中
long-term financial instruments

交易成本包括外汇兑换的成本
Transaction costs include the cost of foreign exchange

和向银行支付的现金转移费用
and cash transfer fees paid to the bank.

只要减少外汇兑换和现金跨国转移
As long as the reduction of foreign exchange and cross-border cash transfers

就可以减少交易成本
can reduce transaction costs.

跨国公司内部各公司之间的交易
Transactions between companies within a multinational company

可以通过双边净额和多边净额的计算
can be calculated through bilateral net

减少交易次数
and multilateral net to reduce the number of transactions

降低交易成本
and reduce transaction costs

双边净额是两家子公司之间相互抵消债务后的余额
Bilateral net is the balance after offsetting the debts between the two subsidiaries

多边净额是多家子公司之间相互抵消债务后的余额
Multilateral net is the balance after offsetting debts between multiple subsidiaries

国际企业管理税负
It is a very policy and technical task

使其最小化是政策性和技术性很强的工作
for international companies to manage and minimize their tax burden

通过避免或减轻双重纳税的方式可以减少税负
The tax burden can be reduced by avoiding or reducing double taxation

通过调整企业内部的支付系统来适应
The tax burden can be reduced by adjusting the company's internal payment system

不同国家的税收体制和税收条款可以减少税负
to adapt to the tax system and tax provisions of different countries

利用转移价格和弗罗廷贷款使企业全球纳税义务最小化
Use transfer prices and Flotin loans to minimize corporate global tax liabilities

设计利润返回形式可以起到降低税负的效果
Designing the profit return form can reduce the tax burden

在避税港设立子公司可以避免或推迟缴纳所得税
Establishing a subsidiary in a tax haven can avoid or delay the payment of income tax

全球货币管理还有一项重要任务
Another important task of global currency management is

就是能够做到在全球范围实现资金转移
to be able to transfer funds on a global scale

资金转移的技术包括股利返回
The technology of fund transfer includes dividend returns

特许权使用费和费用
royalties and fees

转移价格
transfer prices

弗罗廷贷款等
Frotin loans, etc

这些技术往往被非捆绑式综合利用
These technologies are often used in a non-bundled manner

以上我们学习了国际企业财务管理的决策问题
Above we have studied the decision-making issues of international corporate financial management

至此国际商务课程的全部内容就讲解完毕了
That’s all about the contents of the international business course

希望同学们及时完成作业
I hope you can complete homework in time

取得好的成绩
and achieve good grades

再次感谢大家积极参与
Thank you again for your active participation