Tài chính công ty đa quốc gia - Bài tập nhóm: MNC

Nội dung text: Tài chính công ty đa quốc gia - Bài tập nhóm: MNC

1. Bài tập nhóm MNCs Trình bày: VCF
2. Dorchester 65.000 pound 290.000 390.000 pound, tăng trưởng 5%/ năm 225.000 pound
3. Các mức tỷ giá kỳ vọng Năm 1 2 3 4 5 6 7 0.6764 0.6863 0.6963 0.7064 0.7167 0.7271 0.7377
4. Năm Sản lượng bị mất NămNămNăm thththứứứtbahaiư nămnhất 1 232,000 2 174,000 3 116,000 4 58,000 5 0 6 0 7 0
5. Dòng tiền thuần từ hoạt động kinh doanh
6. Sản lượng Phần lợi Dòng tiền Năm Lợi nhuận Sản lượng tiêu thụ nhuận bị thuần kinh tạo ra bị mất mất doanh 1 0.6764 390,000 1,160,718 232,000 727,320 433,398 244,964 2 0.6863 409,500 1,236,503 174,000 570,037 666,466 327,564 3 0.6963 429,975 1,317,236 116,000 397,126 920,110 393,242 4 0.7064 451,474 1,403,240 58,000 207,498 1,195,742 444,385 5 0.7167 474,047 1,494,859 0 0 1,494,859 483,086 6 0.7271 497,750 1,592,460 0 0 1,592,460 447,502 7 0.7377 522,637 1,696,434 0 0 1,696,434 414,539 Tổng 2,755,281
7. Lá chắn thuế khấu hao Năm 1 0.6764 1,000,000 213,761 2 0.6863 1,000,000 195,837 3 0.6963 1,000,000 179,404 4 0.7064 1,000,000 164,340 5 0.7167 1,000,000 150,552 6 0.7271 1,000,000 137,911 7 0.7377 1,000,000 126,340 Tổng 1,168,146
8. Huy động vốn cho dự án Số vốn cần huy động là 2,000,000£ (tương đương 3,000,000$). Trong đó 1,500,000$ được vay tại chính quyền địa phương với lãi suất 7.75%/ năm. Khoản 1,000,000£ còn lại sẽ được vay bằng cách phát hành trái phiếu trong nước hay phát hành trái phiếu Eurodollar sẽ tùy thuộc vào việc tính toán lãi suất thực của 2 khoản vay này.
9. Thanh toán nợ vay Khoản vay chính phủ nước ngoài Nợ gốc trả trong Năm Nợ gốc đầu kỳ kỳ 1 0.6764 1,500,000 214,286 116,250 223,566 201,866 2 0.6863 1,285,714 214,286 99,643 215,426 175,635 3 0.6963 1,071,429 214,286 83,036 207,001 152,385 4 0.7064 857,143 214,286 66,429 198,285 131,800 5 0.7167 642,857 214,286 49,821 189,271 113,597 6 0.7271 428,571 214,286 33,214 179,953 97,521 7 0.7377 214,286 214,286 16,607 170,323 83,343 Phát hành trái phiếu trong nước Nợ gốc trả trong Năm Nợ gốc đầu kỳ kỳ 1 0.6764 1,000,000 0 107,500 97,065 2 0.6863 1,000,000 0 107,500 87,644 3 0.6963 1,000,000 0 107,500 79,137 4 0.7064 1,000,000 0 107,500 71,455 5 0.7167 1,000,000 0 107,500 64,519 6 0.7271 1,000,000 0 107,500 58,257 7 0.7377 1,000,000 1,000,000 107,500 541,923 Tổng 1,956,144
10. Các thành phần khác
11. Nếu không tính đến giá trị thanh lý
12. Kết luận
13. Quan điểm của nhóm Dorchester Ltd., is an old-line confectioner specializing in high-quality chocolates. Through its facilities in the United Kingdom, Dorchester manufactures candies that it sells throughout Western Europe and North America (United States and Canada). With its current manufacturingDorchesterfacilities, Dorchester has presentlybeen unable to supply realizesthe U.S. market £3.00with more thanper225 ,pound000 pounds of oncandy itsper year . This supply has allowed its sales affiliate, located in Boston, to be able to penetrate the U.S. market no farther west than St. Louis and only as far south as Atlanta. Dorchester believes thatNortha separate Americanmanufacturing facility exports.located in the United States would allow it to supply the entire U.S. market and Canada (which presently accounts for 65,000 pounds per year). Dorchester currently estimates initial demand in the North American market at 390,000 pounds, with growth at a 5 percent annual rate. A separate manufacturing facility would, obviously, free up the amount currently shipped to the United States and Canada. But Dorchester believes that this is only a short-run problem. They believe the economic development taking place in Eastern Europe will allow it to sell there the full amount presently shipped to North America within a period of five years. Dorchester presently realizes £3.00 per pound on its North American exports. Once the U.S. manufacturing facility is operating, Dorchester expects that it will be able to initially price its product at $7.70 per pound. This price would represent an operating profit of $4.40 per pound. Both sales price and operating costs are expected to keep track with the U.S. price level; U.S. inflation is forecast at a rate of 3 percent for the next several years. In the U.K., long-run inflation is expected to be in the 4 to 5 percent range, depending on which economic service one follows. The current spot exchange rate is $1.50/£1.00. Dorchester explicitly believes in PPP as the best means to forecast future exchange rates. The manufacturing facility is expected to cost $7,000,000. Dorchester plans to finance this amount by a combination of equity capital and debt. The plant will increase Dorchester’s borrowing capacity by £2,000,000, and it plans to borrow only that amount. The local community in which Dorchester has decided to build will provide $1,500,000 of debt financing for a period of seven years at 7.75 percent. The principal is to be repaid in equal installments over the life of the loan. At this point, Dorchester is uncertain whether to raise the remaining debt it desires through adomestic bond issue or a Eurodollar bond issue. It believes it can borrow pounds sterling at 10.75 percent per annum and dollars at 9.5 percent. Dorchester estimates its all-equity cost of capital to be 15 percent. The U.S. Internal Revenue Service will allow Dorchester to depreciate the new facility over a seven-year period. After that time the confectionery equipment, which accounts for the bulk of the investment, is expected to have substantial market value. Dorchester does not expect to receive any special tax concessions. Further, because the corporate tax rates in the two countries are the same 35 percent in the U.K. and in the United States transfer pricing strategies are ruled out. Should Dorchester build the new manufacturing plant in the United States?
14. Capital Budgeting from the Parent Firm’s Perspective T S OCF (1 – t) T S t D T S t I APV = t t + t t + t t S t S t S t t = 1 (1 + Kud) t = 1(1 + id) t = 1 (1 + id) T StTVT S + – S C + S RF + S CL - t LPt T 0 0 0 0 0 0 S (1 + Kud) (1 + i )t The operating cash flows must t = 1 d be translated back into the The operating cash flows parent firm’s currency at the must be discounted at the spot rate expected to prevail unlevered domestic rate in each period. 18-15
15. Capital Budgeting from the Parent Firm’s Perspective T S OCF (1 – t) T S t D T S t I APV = t t + t t + t t S t S t S t t = 1 (1 + Kud) t = 1(1 + id) t = 1 (1 + id) S TV T t T St LPt + – S0C0 + S0RF0 + S0CL0 - (1 + K )T S t ud t = 1(1 + id) OCFt represents only the The marginal corporate tax portion of operating cash flows rate, t, is the larger of the available for remittance that parent’s or foreign can be legally remitted to the subsidiary’s. parent firm. 18-16
16. Capital Budgeting from the Parent Firm’s Perspective T S OCF (1 – t) T S t D T S t I APV = t t + t t + t t S t S t S t t = 1 (1 + Kud) t = 1(1 + id) t = 1 (1 + id) S TV T t T St LPt + – S0C0 + S0RF0 + S0CL0 - (1 + K )T S t ud t = 1(1 + id) S0RF0 represents the value of Denotes the present value accumulated restricted funds (in the parent’s currency) (in the amount of RF0) that are of any concessionary freed up by the project. loans, CL0, and loan payments, LPt , discounted at i . 18-17 d