跨國企業的資金調度與管理之研究－以台達電子為例

• Main Authors: Su-Lin Wang, 王淑玲
• Other Authors: Tsun-Siou Lee
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/55739086419245077399

碩士 === 國立臺灣大學 === 財務金融學研究所 === 92 === Abstract The utilization of fund and treasury management plays an important role in the business development process. During the internationalization, business will needs to have enormous human resources and capital to back up the innovation, R&D, production and logistics functions. The utilization of the international capital market (i.e. ECB, GDR, ADR and syndication loan issuances) to secure capital strength is our main concern in this research report. The related subjects include: how to get low cost capital in the international market, how to evade foreign exchange risk and control, how to make cross country tax plan, cross country treasury management for parent company and its subsidiaries, and finance expatriate management. We interviewed 5 companies – China Airlines, Evergreen Marine Corp., Quanta Display Inc., Nike (Taiwan) Company and Princeton Technolosy Corp. by questionnaires for the above subjects. In the meantime, together with case study, we explored the development of treasury management during Delta Electronics internationalization. We came out the summary conclusion as below: 1.Parent company and its subsidiaries’ treasury management are centralized controlled by head office. Short term financing will use mainly by bank credit facilities. Loan term financing will be the ECB, GDR, ADR and Syndication Loan issuances. 2.For airlines and marine cargo businesses, the capital expenditure for purchasing the airplanes and ships are very huge. And normally, the loan amount and tenor tend to be large and long period. Therefore, it is necessary for these kinds of business to take some actions to avoid the interest rate and exchange rate fluctuation. The need to avoid the interest rate and exchange rate fluctuation to other industries may be varied. On exchange rate side, most of the companies take natural hedge. 3.During the internationalization process, a cross country company will be facing various problems. Foreign exchange control and tax planning will be the common ones. Ordinarily, the company will consult with local CAP, attorney, bank and investment banking and other companies already have investment locally. At the same time, they will take due diligence, visit local authorities to know better about the investment environment. 4.Administration – head quarter will send out expatriate to work at local in order to take lead and full control of the subsidiaries. After the subsidiaries go on track, some of the companies may hire local people to take place the expatriate.