11 国际企业的财务管理 国际企业的财务管理国际企业的税收管理国际融资战略与渠道国际企业的资金运用外汇风险与防范 Accountinginformationandcapitalflows Determinantsofnationalaccountingstandards Relationshipbetweenbusinessandprovidersofcapital Threeexternalsourcesofcapital IndividualinvestorsBuyingsharesandbondsBanks LoancapitalGovernmentMakeloansorinvestment Importanceofeachvariesfromcountrytocountry Politicalandeconomictieswithothercountries Accountingconvergence InfluenceofNAFTAInfluenceoftheformerBritishEmpireInfluenceoftheEuropeanUnion Inflationaccounting Historiccostprinciple AssumescurrencyisnotlosingvaluetoinflationMostsignificantimpactintheareaofassetvaluationAppropriatenessvarieswithinflationCurrentcostaccounting FactorsoutinflationUsedinGreatBritainuntilinflationratedeclined Levelofdevelopment DevelopedcountrieshavemoresophisticatedaccountingproceduresAccountingproblemsaremorecomplexSophisticatedcapitalmarketsLendersrequirecomprehensivereportsEducatedworkforcecanperformcomplexaccountingfunctions Culture Hofstede suncertaintyavoidancehasanimpactonaccountingsystemsLowuncertaintyavoidance thesecountriestendtohavestrongindependentauditingprofessionsthatensureafirm scompliancewithrules Accountingclusters Fewcountrieshaveidenticalaccountingsystems Similaritiesexistinclusters British American DutchGroup Firmsraisecapitalfrominvestors Accountingsystemsdesignedtoinforminvestors Haveclosetiestobanks Accountingpracticesmeetbank sneeds SouthAmericanGroup Countrieshaveexperiencedpersistentandrapidinflation Accountingprinciplesreflecttheinflation Accountingclusters Europe JapanGroup Nationalandinternationalstandards DiverseaccountingpracticesareenshrinedinnationalaccountingandauditingstandardsAccountingstandards RulesforpreparingfinancialstatementsAuditingstandards Specifyrulesforperforminganaudit Lackofcomparability OneresultofnationaldifferencesinauditingandaccountingstandardsislackofcomparabilityoffinancialreportsWithgrowthofglobalcapitalmarketsbothtransnationalfinancingandtransnationalinvestmenthavegrownFirmhastoexplaintoinvestorswhyitsfinancialpositionlooksdifferentintwoaccountings Internationalstandards EffortstoharmonizeaccountingstandardsacrosscountriesFormationofInternationalAccountingStandardsBoardMembersrepresent79countriesResponsibleforformulatinginternationalaccountingstandards IAS Hasissuedover30IASDifficulttogetrequisitevotesVoluntarycomplianceRecognitionisgrowing Multinationalconsolidationandcurrencytranslation SubsidiariesofmultinationalsareseparatelegalentitiesbutnotseparateeconomicentitiesTransactionsamongmembersofacorporatefamilynotincludedinconsolidatedfinancialstatements Onlyassets liabilitiesrevenuesandexpensesstatementswithexternaltradepartiesareshownPurposeistoprovideaccountinginfoaboutagroupofcompaniesthatrecognizeseconomicinterdependence subsidiaries Financialstatementsofsubsidiary sarepreparedinthelocalcurrencyFortheconsolidatedaccountsofaMultinationaltheseaccountshavetobethenconvertedintocurrencyofMultinational shomecountry Currencytranslation Thecurrentratemethod ExchangerateatthedateonthebalancesheetisusedtotranslateforeignsubsidiaryfinancialstatementsintohomecountrycurrencyIncompatiblewith historiccostprinciple Thetemporalmethod Translatesforeignsubsidiaryassetsintohome countrycurrencyatthetimeofpurchaseoftheassetChangingexchangeratesmaymeanthebalancesheetmaynotbalance Accountingaspectsofcontrolsystems Annualcontrolprocessinvolvesthreesteps Headofficeandsubunitmanagementjointlydeterminesubunitgoalsforthecomingyear Throughoutyear headofficemonitorssubunitperformanceagainstagreedgoals Ifsubunitfailstoachievegoals headofficeintervenestodeterminewhytheshortfalloccurred takingcorrectiveactionwhenappropriate Exchangeratecombinationsinthecontrolprocess Fig19 3 Accountingaspectsofcontrolsystems Lessard LorangeModel Threeexchangeratesusedtotranslateforeigncurrencyintocorporatecurrencyforbudgetandperformancepurposes Theinitialrate thespotexchangeratewhenthebudgetisadopted Theprojectedrate thespotexchangeforecastfortheendofbudgetperiod i e theforwardrate Theendingrate thespotexchangeratewhenthebudgetandperformancearebeingcompared Transferpricingandcontrolsystems TransferpricesintroducesignificantdistortionsintothecontrolprocessTransferpricemustbetakenintoaccountwhensettingbudgetsandevaluatingasubsidiary sperformance Separationofsubsidiaryandmanagerperformance ValuationofasubsidiaryshouldbeseparatefromtheevaluationofthesubsidiarymanagerManager sevaluationshouldtakeintoconsiderationhowhostileorbenignthecountriesenvironmentisforbusinessandmakeallowancesoveritemsthemanagerhasnocontrole g inflationrates interestratesexchangerates 11 2国际企业的税收管理 11 2 1国际税收及制度 双重课税 单边方式 抵 免扣 多边方式 协商分配 防偷漏税等 经济全球化和税收制度 资金与劳务流动自由且加快 税率趋同 从对收入增税改为对消费和固定财产增税 11 2国际企业的税收管理 11 2 2国际税收的类型 公司所得税 Corporateincometaxes 预提税 Withholdingtaxes 股息 利息 特许权使用费等 增值税 Value addedtaxes 关税 Tariffs 11 2国际企业的税收管理 11 2 3国际企业避税与避税港国际企业避税 Taxavoidance 的方法 转移生产和价格 利用避税港 选择合适的机构身份 11 2国际企业的税收管理 避税港 InternationalTaxHavens 类型 没有所得税 资本收益税或商业 房产税的避税港 大部分分布在加勒比海地区 如巴哈马 百慕大和开曼群岛征收一定税收 但税率很低 如英属维尔京群岛 BritishV