跨国资本预算(30).ppt

跨国资本预算(30).ppt

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页数:30页

时间:2020-03-14

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1、Chapter19MultinationalCapitalBudgetingMultinationalCapitalBudgeting:LearningObjectivesExtendthedomesticcapitalbudgetinganalysistoevaluateaGreenfieldforeignprojectDistinguishbetweentheprojectviewpoint&theparentviewpointwhenanalyzingapotentialforeigninvestmentAdjus

2、tthecapitalbudgetinganalysisofaforeignprojectforriskIntroducetheuseofrealoptionanalysisasacomplementtoDCFanalysisintheevaluationofpotentialinternationalinvestments2Copyright©2009PearsonPrenticeHall.Allrightsreserved.MultinationalCapitalBudgetingLikedomesticcapita

3、lbudgeting,thisfocusesonthecashinflowsandoutflowsassociatedwithprospectivelong-terminvestmentprojectsCapitalbudgetingfollowssameframeworkasdomesticbudgetingIdentifyinitialcapitalinvestedorputatriskEstimatecashinflows,includingaterminalvalueorsalvagevalueofinvestm

4、entIdentifyappropriatediscountrateforPVcalculationApplytraditionalNPVorIRRanalysis3Copyright©2009PearsonPrenticeHall.Allrightsreserved.ComplexitiesofBudgetingforaForeignProjectSeveralfactorsmakebudgetingforaforeignprojectmorecomplexParentcashflowsmustbedistinguis

5、hedfromprojectParentcashflowsoftendependontheformoffinancing,thuscannotclearlyseparatecashflowsfromfinancingAdditionalcashflowsfromnewinvestmentmayinpartorinwholetakeawayfromanothersubsidiary;thusasstandalonemayprovidecashflowsbutoveralladdsnovaluetoentireorganiz

6、ationParentmustrecognizeremittancesfromforeigninvestmentbecauseofdifferingtaxsystems,legalandpoliticalconstraints4Copyright©2009PearsonPrenticeHall.Allrightsreserved.ComplexitiesofBudgetingforaForeignProjectAnarrayofnon-financialpaymentscangeneratecashflowstopare

7、ntinformoflicensingfees,royaltypayments,etc.ManagersmustanticipatedifferingratesofnationalinflationwhichcanaffectdifferingcashflowsUseofsegmentednationalcapitalmarketsmaycreateopportunityforfinancialgainoradditionalcostsUseofhostgovernmentsubsidiescomplicatescapi

8、talstructureandparent’sabilitytodetermineappropriateWACCManagersmustevaluatepoliticalriskTerminalvalueismoredifficulttoestimatebecausepotentialpurchasershavewi

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