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Lecture International business (11/e) - Chapter 21: Financial management and accounting

The main goals of this chapter are to: Explain capital structure choices and their impact on the MNC, describe the process of multilateral netting and its contribution to cash flow management, describe the importance of leading and lagging in cash flow management,. | Financial Management and Accounting McGraw-Hill/Irwin International Business, 11/e Copyright © 2008 The McGraw-Hill Companies, Inc. All rights reserved. chapter twenty-one Learning Objectives Explain capital structure choices and their impact on the MNC Describe the process of multilateral netting and its contribution to cash flow management Describe the importance of leading and lagging in cash flow management Categorize foreign exchange risks into transaction exposure, translation exposure, and economic exposure Describe the basic idea of a swap transaction and its applications 21- Learning Objectives Explain a currency swap contract and its usefulness to the financial manager Recognize the usefulness and dangers of derivatives Explain the role of and approaches to sales without money Identify the major challenges faced in international accounting Describe the international accounting standards’ convergence process and its importance 21- Capital Structure of the Firm Retained earnings Debt Offshore financial center specializes in financing nonresidents, low taxes and few banking regulations Equity American depository receipts (ADRs): foreign shares held by a custodian in the issuer’s home market and traded in dollars on the U.S. exchange 21- Financial Management Decisions In what currency should capital be raised? How structured: equity, debt? What sources of capital? If capital market, which ones? Are other sources of money available? How much and for how long? 21- Cash Flow Management Multilateral Netting Subsidiaries transfer net intracompany cash flows through a centralized clearing center 21- Cash Flow Management Leading and Lagging Timing payments early (lead) or late (lag), depending on anticipated currency movements, so they have the most favorable impact 21- Foreign Exchange Risk Management Transaction exposure Change in the value of financial position created by foreign currency changes between establishment and settlement of . | Financial Management and Accounting McGraw-Hill/Irwin International Business, 11/e Copyright © 2008 The McGraw-Hill Companies, Inc. All rights reserved. chapter twenty-one Learning Objectives Explain capital structure choices and their impact on the MNC Describe the process of multilateral netting and its contribution to cash flow management Describe the importance of leading and lagging in cash flow management Categorize foreign exchange risks into transaction exposure, translation exposure, and economic exposure Describe the basic idea of a swap transaction and its applications 21- Learning Objectives Explain a currency swap contract and its usefulness to the financial manager Recognize the usefulness and dangers of derivatives Explain the role of and approaches to sales without money Identify the major challenges faced in international accounting Describe the international accounting standards’ convergence process and its importance 21- Capital Structure of the Firm .