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Файл:Chapter 20 Outline.doc
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- •Introduction
- •Investment Decisions
- •Capital Budgeting
- •Project and Parent Cash Flows
- •Economic Risk
- •Table 20.1
- •Financial Structure
- •Table 20.2
- •Reducing Transaction Costs
- •Global Money Management: the Tax Objective
- •Table 20.3
- •Moving Money Across Borders: Attaining Efficiencies and Reducing Taxes
- •Dividend Remittances
- •Royalty Payments and Fees
- •Transfer Prices
- •Benefits of Manipulating Transfer Prices
- •Problems with Transfer Pricing
- •Fronting Loans
- •Figure 20.1
- •Multilateral Netting
- •Figure 20.2a
- •Managing Foreign Exchange Risk
- •Translation Exposure
- •Economic Exposure
- •It may make sense to accelerate dividend payments from subsidiaries based in countries with weak currencies.
- •Reducing Economic Exposure
- •Developing Policies for Managing Foreign Exchange Exposure
- •Chapter Summary
- •Critical Discussion Questions
- •Closing Case
- •Accounts Receivable
- •Case Discussion Questions
Case Discussion Questions
What are the strategic benefits to Motorola of the global cash management system described in this case?
How important is the relationship between Citibank and Motorola to the development, implementation, and smooth functioning of this system?
What factors helped Motorola to implement this system in a company where treasury operations had been decentralized to various national operations?
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