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The Multinational Finance Function
- 32 страниц
- 2016 год
- 82 просмотра
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Гарантия сервиса Автор24
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Introduction
Thispaper exploresthe financial operations and risks during company's expansion into the world market, how to successfully manage them and further minimize any risks that may arise. As we become more interconnected globally, the need for firm’s to expand their operations to foreign markets becomes increasing important to remain profitable and competitive.
The structure of paper will follow a theoretical overview that will explore the crucial role of the CFO in the multinational finance function of a firm. Then a theoretical overview of various capital budgeting methods will be explored as well as various issues that may arise.
Following on from this the important financial instruments of debt and equity will be explained in relation to the international finance function and how these instruments can be leverage by firms to ensure profitability in a global setting.
As a firm expands globally, accessing the international capital markets becomes an important factor to its success. Especially in regards to means in which it will sourceits funds and financing it’s projects. Additionally firms need to evaluate the size of global stock market sizing and the region in which it seeks to operate as this can have a bearing on its success.
Offshore Financing is an important and topic issue for firms. Especially as this method of financing is not only profitable but also helps to mitigate risks. CFO’s need to be aware of the benefits and risks associated with offshore financing; especially in light of recent events bring the issue to global attention.
Crucially, as firms expand their operations they can be exposed to greater risk. Risks can come in numerous forms and it is important for firms to implement strong risk management strategies to remain competitive.
The aforementioned theoretical analysis will be applied in a contemporary contemporary setting, focusing mainly from a European perspective in light of the recent economic developments in Russia. This case analysis will highlight the difficulties the finance function of a firm faces as it tries to remain profitable in a global setting
Furthermore some strategic insights and recommendations will be determined from both a theoretical perspective and from a contemporary standpoint in light of how the finance function a firm can ensure a global firm remains competitive.
Content
Content 2
Introduction 3
Theoretical overview 5
Function of the CFO 5
Global Capital Budgeting Methods and Issues 7
Accessing the International Capital Market and Capital Structure 10
Capital structure - Financing and potential fund sourcing 12
Global stock market sizing 13
Offshore financing strategies 14
Managing Risk Globally 16
Creating a Global Finance Function 17
Case application of Raiffeisen Bank in Eastern Europe 21
Conclusion 28
References 31
Conclusion
This paper explores the theme of the multinational finance function of the firm that seeks to grow its operations in foreign markets. To provide a theoretical overview for the theme, various facets of the finance function of a firm were explored.
This included beginning the analysis with the CFO and the crucial role they play in the decision making process of the financial management team of the firm. They are required to make three key decisions to achieve a firm’s overall goal of maximizing profit for the shareholders. This includes the investment decision; the finance decision and the managing the short term cash needs. The CFO needs to manage all these functions on a global level.
A key component of this analysis is understanding how a firm generates revenue from capital budgeting techniques. These techniques involve analyzing the costs, revenues, depreciation, tax and interest factors to determine how much cash is available for the firm to spend. The finance function needs to determine this accurately to ensure the firm remains healthy financially as it growths internationally.A firm needs to fund its projects and investments to grow and capital budgeting techniques to crucial in achieving this.
To create capital, a firm needs to have the right mix of debt and equity instruments to finance its cash flows. Equity is accrued from issuing stocks and debt is raised through debt instruments. A firm can access these through the capital market. However, when expanding on a global level, the finance manager needs to be aware of various issues accessing the capital market in foreign markets. In some countries, firms can have a hard time accessing capital and this can have a negative affect on their forecasted cash flows.
Furthermore, management needs to be aware of the advantages in operating in different financial markets, especially in non-traditional markets. Traditional western markets account for huge proportion of the global market. However, firms can leverage the lack of competition in smaller markets to create a strong market share and presence in a new market.
Offshore financing has become a crucial element in the profitability of modern firms. This is especially crucial in mitigating the numerous risks of operating globally. However, managers need to be aware a shifting global responses to this practice and ensure they are compliant and leveraging this function to greatest effect.
The most critical aspect of the financial function as the firm becomes global is mitigating risk. This can be achieved through numerous means such as offshore financing, fixing currency rates through contracts and internal capital market financing. As a firm expands globally, it is exposed to more financial risks and uncertainty on global level, and the finance function needs to be aware of these risks to mitigate them.
In the case of Austrian bank Raiffeisen, it was exposed to the financial risk in its Russian market as the political situation hurt its profits. The devalued rouble, non-performing loans and false strategy of expanding away from the safer market of the capital city of Moscow left it exposed when the recession hit. This was an example of unforeseen risks that the finance function needs to be prepared for in the eventuality that the risk may unfold. Raiffeisen were able to reduce the profit loss through seeking alternative revenue streams, altering its strategy and cost cutting.
The aforementioned example is a depiction of how crucial the finance function is to ascertain risk and mitigate it as a firm seeks to grow in the global market.
Оглавление
ВВЕДЕНИЕ 3
ГЛАВА 1 ОБЩЕТЕОРЕТИЧЕСКИЕ ПРЕДПОСЫЛКИ ИССЛЕДОВАНИЯ ТИТУЛОВ, РАНГОВ И ЗВАНИЙ В СОВРЕМЕННОМ НЕМЕЦКОМ ЯЗЫКЕ 5
1.1 Антропоцентризм как ведущий подход современной лингвистики 5
1.2 Системный характер лексики 8
1.3 Понятия титула, ранга и звания в современном немецком языке 11
1.4 Пути пополнения лексического состава названий титулов, рангов и званий в современном немецком языке 22
ГЛАВА 2. 27
2.1 Общая характеристика материала исследования и методика отбора 27
2.2 Структурные особенности названий титулов, званий и рангов 35
современного немецкого языка 35
Глава III. Методика обучения на уроках немецкого языка лексики с названиями титулов, рангов и званий современного немецкого языка 39
ЗАКЛЮЧЕНИЕ 58
СПИСОК ЛИТЕРАТУРЫ 59
ПРИЛОЖЕНИЕ А. 62
Список титулов, званий, рангов современного немецкого языка 62
ВВЕДЕНИЕ
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