International Cash Management - Cengage（国际现金管理- Cengage）.pdf

CHAPTER 21 International Cash 7 Management 0 0 2 , n r e t s e W - h t u o S n he term cash management can be broadly The specific objectives of this chapter are to: o s m defined to mean optimization of cash flows and in- ■ explain the difference in analyzing cash flows from a sub- o h sidiary perspective and from a parent perspective, T : Tvestment of excess cash. From an international per- H ■ explain the various techniques used to optimize cash O, spective, cash management is very complex because laws flows, n o s pertaining to cross-border cash transfers differ among coun- ■ explain common complications in optimizing cash flows, a M and e, tries. In addition, exchange rate fluctuations can affect the / ■ explain the potential benefits and risks from foreign 8 d value of cross-border cash transfers. Financial managers e investing. g d need to understand the advantages and disadvantages of in- i r b A, vesting cash in foreign markets so that they can make inter- t n e national cash management decisions that maximize the m e g value of the MNC. a n a M l a i c n a n i F l a n Cash Flow Analysis: Subsidiary Perspective o i t a n r e t