15/11/2013

Chng 6:
QUN TR TI CHNH QUC T (International Financial Management)

Mc tiu mn hc
Phn tch nhng thun li v kh khn ca mt s phng thc thanh ton trong thng mi quc t. Qun tr ri ro ngoi hi. Phn tch cc ngun vn chnh ca hot ng kinh doanh quc t. Qun tr lu chuyn tin mt ton cu M t cc nghip v c s dng qun l ngun vn hot ng ca cc MNEs
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Phn bit ti chnh quc t - ni a

1-3

C ch t gi
Floating exchange rate system
ng tin c th ni hon ton v t gi c xc nh theo quy lut cung cu. $US, Japanese Yen, British Pound, Swiss Franc. Gi tr ng tin c c nh so vi cc ng tin khc. Nu cu ng tin tng (gim), chnh ph s bn (hoc mua) n duy tr t gi c nh. ng tin c th ni c kim sot, nhng ch yu c xc nh trn quy lut cung cu.

Fixed exchange rate system Managed floating rate system

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Mc tiu ca qun tr ti chnh

3 mc tiu chnh:
1. Ti a ha gi tr li nhun hp nht (sau thu). 2. Ti thiu ha chi ph thu doanh nghip ton cu (global tax burden). 3. Qun l tt ngun vn cng ty: li nhun, lu thng vn, qun l qu

Gii php qun tr ti chnh

1. Nhiu mt (polycentric solution)

Chng t & thc hin chung nguyn tc k ton. S phn quyn cho cng ty con linh hot

2. Cc b (Ethnocentric solution)

Hot ng kinh doanh nc ngoi nh l m rng kinh doanh trong nc qun l & kim sot tin mt tt. Cng ty con hot ng km linh hot, c th b hn ch v tip cn ti chnh

3. Trung tm (Geocentric solution)

K hoch ti chnh & kim sot, quyt nh ton cu Phi hp v h tr ti chnh: cng ty m - con
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Qun l dng tin mt ton cu

1. Dng ngn qu ni b 2. K thut ti tr 3. S dng mng a quc gia

Cc ngun vn bn trong ca MNC

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Dng ngn qu ni b
1. Vn lu ng 2. Vay t ngn hng a phng hoc cng ty m
V d: Cng ty con ca cng ty a quc gia Chile c th vay t cng ty m hoc 1 cng ty con khc v tr li vay

3. Tng c phn u t cho cng ty con

u t quc gia c t l thu cao, th cc cng ty ca MNCs s la chn nh th no

C tc
y l phng thc ph bin nht. Mc c tc thay i theo:
Lut thu. Ri ro ngoi hi. Mc ng gp.
Dividends

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Ph tc quyn
Ph tc quyn th hin khon ph phi tr cho ngi s hu cng ngh, bng sng ch hoc nhn hiu m cng ty s dng.
Thng thng ngi c chi tr l cng ty m C th c tnh ton c nh trn mt n v hng ha hoc doanh s bn hng.

Ph c thanh ton cho nhng dch v m cng ty m cung cp cho cng ty con.
Ph qun l, ph t vn ca chuyn gia C nh cho mi dch v cung cp
20-14

K thut ti tr
L chin lc c s dng chuyn tin gia cc cng ty MNCs.
1. Chuyn gi 2. Trnh thu 3. Vay trc (fronting loan)

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Chuyn gi (Transfer Prices)

Chuyn gi l gi ni b m cc hng ha hoc dch v c trao i vi nhau trong mt MNC.
Dch chuyn vn t quc gia c mc ph (thu, ph kinh doanh) chuyn cao sang quc gia c mc ph chuyn thp. c thc hin gia cc cng ty con vi nhau hoc gia cng ty m vi cc cng ty con.
20-15

OECD Corporate Income Tax Rates Top Tax Rate %

60 50 40 30 20 10 0 Germany Japan Finland Sweden USA

Highest and lowest ranked countries and USA.

McGraw Hill Companies, Inc., 2000

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Cc vn lin quan

Ch mt t chnh ph chp nhn.

Gim thu ngn sch t thu

Tc ng ln qun l v nh gi kt qu.
Bo co ti chnh khng chnh xc Khng khuyn khch cc cng ty con kinh doanh hiu qu.
20-17

Vay trc (Fronting Loans)

L mt khon vay gia cng ty m v cng ty con thng qua mt t chc ti chnh trung gian.
Thc hin trong trng hp quc gia s ti c cc gii hn v vic chuyn vn t cng ty con v cng ty m c khu tr thu cng ty m.
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Nghip v qun l dng tin ton cu

Nhu cu d tr tin mt chi tr cc hot ng thng ngy, m bo khng dng tin m (negative cash flows). Mi cng ty con c nn gi trng thi cn bng dng tin nh th no?
Cc cng ty c th gi tin mt nhiu hn c c tin li tit kim cao hn. u t vo cc c hi u t tt trn th trng.

20-20

Centralized Depositories
Day-to-Day Cash Needs (A)
Spain Italy Germany Total $10 $6 $12 $28

One Standar d Deviatio n (B)

$1 $2 $3 $6

Required Cash Balance (A+3xB)

$13 $12 $21 $46

McGraw Hill Companies, Inc., 2000

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Nghip v qun l dng tin ton cu

Gim chi ph giao dch.

Song phng a phng gia cc cng ty con trong mt MNC.

20-22

Qun l dng tin Mng a quc gia

Thanh ton b tr, kt hp dng tin gia cng ty m v cc cng ty con thanh ton cc ngha v ti chnh ni b. Qu trnh to mng a quc gia lin quan n vic xc nh s tin chnh lch rng (nhn/tr) m cc cng ty con s hu thng qua mng giao dch. T , s tin thanh ton c tp trung trung tm thanh ton b tr v t chuyn tr cho ngi nhn. Nh qun l trung tm s chu trch nhim lm cho qu trnh ny din ra mt cch nhanh chng, v chnh xc.

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Bng tnh ton chuyn giao rng ($ Million)

Paying Subsidiary Receiving Total Recei Subsidia Germany France Spain Italy pts ry
Germany France Spain Italy $3 3 5 $11 $4 2 2 $8 $5 $12 9 9 13 $4 5 6 3 1 $9

Net Receipt s* (paymen ($3) ts)

(2) 1 4

Total payments $15

Net receipts = Total payments - total receipts

McGraw Hill Companies, Inc., 2000

Trung tm thanh ton b tr

German Subsidiary
Pay $3 Million

French Subsidiary

TTTT B TR Italian Subsidiary

Spanish Subsidiary Receipt $1

Million

Receipt $4 Million

McGraw Hill Companies, Inc., 2000

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Chin lc qun tr ri ro thanh ton

Khng ging nh kinh doanh ni a, kinh doanh quc t thng xy ra gia cc bn khng bit r v nhau. thc hin cc hot ng kinh doanh quc t ny, cn phi c mt mc tin cy ti chnh. S tin cy ti chnh (Financial trust) l vic ngi bn tin rng ngi mua s thanh ton tin cho h khi h giao hng.

29

Mt s phng thc TTQT

Payment in advance Open account Documentary collection Letters of credit Credit cards Sp xp th t theo: Countertrade Vai tr ca ngn hng
Mc ri ro (ngi mua/bn) Mc tin cy
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Nh xut khu
(Principal)

(1) HH

Nh nhp khu
(Drawee) (7) Thu hi BCT gc

(8) Bo c hoc HP

(2) BCT (HP) + ch th nh thu

(5) Lnh chi

(4) BCT bn sao (HP )

Ngn hng chuyn (Remitting bank)

(3) BCT (HP)

Ngn hng Thu h (Collecting bank)

(6) Chi tr (M/T; T/T)

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Phng thc tn dng chng t

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Cc loi ri ro ngoi hi

Transaction Exposure

Economic Exposure

Translation Exposure

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Cc loi ri ro ngoi hi
Cc ri ro lin quan n s thay i t gi ng tin c th gy tn hi n hot ng cng ty.
Ri ro thanh ton (Transaction exposure): s thay i ca thu nhp theo s bin ng ca t gi. Ri ro chuyn i (Translation exposure): tc ng ca t gi ln kt qu kinh doanh trong cc bo co hp nht. Ri ro kinh t (Economic exposure): tc ng ca vic thay i t gi ln gi bn trong tng lai, doanh s bn hng v chi ph 20-26

Transaction Exposure
Lin quan n kh nng thanh ton cc hp ng k kt bng ngoi t. y l loi ri ro ngoi hi ph bin nht. S dng trong cc trng hp: Mua hng ha, dch v hoc ti sn Bn hng ha, dch v hoc ti sn Cho vay i vay Ri ro ny tn ti do:
1. Vic thanh ton c thc hin bng ngoi t. 2. Qu trnh thanh ton din ra trong tng lai.
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Transaction Exposure (cont.)

Vic qun l ri ro thanh ton ny c thc hin bng hnh thc bo him t nhin (natural hedging) hoc cc hp ng bo him (contractual hedging).
Natural hedging: cng ty s sp xp dng lu chuyn ngoi t (vo/ra) ti cng mt thi im, cng mt s lng bng nhau. Contractual hedging: cng ty s dng cc hp ng bo him trn th trng ti chnh phi sinh bo him ri ro t gi. N c th l cc hp ng k hn, hon i, tng lai, hoc quyn chn.
42

Transaction Risk
Exchange rate risk arises when the value of a companys cash flows can be affected by a change in exchange rates.
An exampleAssume Boeing Company sells an airplane to a Japanese buyer: 1. Boeing must receive $1,000,000 to cover costs and profits. 2. Since payment usually in buyers currency, priced in Yen. 3. Current exchange rate is 100.00/$. 4. Price of airplane therefore 100,000,000. If delivery and payment occur immediately, there is no foreign exchange risk: just exchange 100,000,000 for $1,000,000 on spot market.

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If price is set today, but delivery is in 6 months, Boeing is exposed to significant foreign exchange risk unless it hedges that risk.

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Transaction Risk
If exchange rate in 6 months is 110.00/$:
The dollar appreciates; yen depreciates. Boeing will still receive the same 100,000,000 but these will only be worth $909,091. 1. Boeing will suffer an exchange rate loss of $90,909. 2. Japanese customer is unaffected, since yen price is fixed.

If exchange rate in 6 months is 90/$ instead:

Boeing will receive $1,111,111 for its 100 million payment. 1. Boeing will enjoy an exchange rate gain of $111,111. 2. Japanese customer again unaffected.

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Who would gain/lose if price were set in dollars?

Nghip v kinh doanh hi oi

FOREX
Primary Operations (Nghip v s cp) Derivative Operations (Nghip v phi sinh)

SPOT

FORWARD

SWAP

OPTION

FUTURE

OTC OTC OTC OTC OTC OTC OTC OTC

EXCHANGE

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V d: tnh ton t gi
Ti Lun n ngy 20/06/2013, Ngn Hng Lun n nim yt t gi ngoi t nh sau:
USD/CAD = 1,0185/87 GBP/USD = 1,5548/50

Cng ty A c chi nhnh Canada mun mua 200.000 GBP thanh ton tin nhp hng ha t Anh. Cng ty A phi b ra bao nhiu ng CAD i ly s ngoi t (GBP) trn?

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Hp ng k hn (Forward)
Benefits Elimination of transaction exposure Flexibility in size and timing of contract Costs Fees to banks Lost opportunity for capital gain if home currency rises in value

47

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Hp ng tng lai (Future)

Benefits Elimination of transaction exposure Ease and relative inexpensiveness of futures contracts Costs Small brokerage free Inflexibility in size and timing of contract Lost opportunity for capital gain if home currency rises in value

48

Hp ng quyn chn
Benefits Elimination of transaction exposure Potential for capital gain if home currency rises in value Costs Premium paid up front for option because of its heads I win; tail I dont lose nature Inflexibility in size and timing of option

49

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Nghip v quyn chn

Quyn chn mua: VD: Cng ty A mua quyn chn mua 100.000 USD, k hn 6 thng, ph 100 VND/1 USD, t gi hp ng USD/VND = 17.500. Gi s c 3 trng hp sau:
T gi giao ngay ti ngy o hn Trng hp Gi tr giao dch Gi thc hin Ph quyn chn Li (l) 17.000 1.700 triu Khng thc hin 10 triu 17.500 1.750 triu 10 triu (10 triu) 18.000 1.800 triu 1.750 triu 10 triu 40 triu

Nghip v quyn chn

Quyn chn bn: VD: Cng ty A mua quyn chn bn 100.000 EUR, k hn 3 thng, ph 200 VND/1 EUR, t gi hp ng EUR/VND = 18.500. Gi s c 3 trng hp sau:
T gi giao ngay ti ngy o hn Trng hp Gi tr giao dch Gi thc hin Ph quyn chn Li (l) 18.000 1.800 triu 1.850 triu 20 triu 30 triu 18.500 1.850 triu 20 triu (20 triu) 19.000 1.900 triu Khng thc hin 20 triu

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Economic Exposure
L ri ro i vi cng ty m hot ng trong di hn b nh hng bi s thay i bt li ca t gi trong tng lai. N nhn mnh n kh nng d on hn ch ca cng ty v dng lu chuyn ngoi t hoc t gi trong trung v di hn. Qun l ri ro kinh t nhm mc ch chun b cho nhng thay i khng mong mun ca t gi trong tng lai.
55

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Economic Exposure
Gim ri ro kinh t:
a dng ha cc ngun lc vn, ti sn nhiu a im, gim ri ro ph thuc vo t gi ca mt ng tin.

Phn tn c s sn xut

20-28

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