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1、Chapter14MultinationalCapitalBudgetingMultinationalCapitalBudgeting14ChapterSouth-Western/ThomsonLearning??2003Seec14.xlsforspreadsheetstoaccompanythischapter.ChapterObjectivesTocomparethecapitalbudgetinganalysisofanMNC’ssubsidiarywiththatofitsparent;Todemonstratehowmul
2、tinationalcapitalbudgetingcanbeappliedtodeterminewhetheraninternationalprojectshouldbeimplemented;andToexplainhowtheriskofinternationalprojectscanbeassessed.SubsidiaryversusParentPerspectiveShouldthecapitalbudgetingforamulti-nationalprojectbeconductedfromtheviewpointoft
3、hesubsidiarythatwilladministertheproject,ortheparentthatwillprovidemostofthefinancing?Theresultsmayvarywiththeperspectivetakenbecausethenetafter-taxcashinflowstotheparentcandiffersubstantiallyfromthosetothesubsidiary.SubsidiaryversusParentPerspectiveThedifferenceincashi
4、nflowsisdueto:TaxdifferentialsWhatisthetaxrateonremittedfunds?RegulationsthatrestrictremittancesExcessiveremittancesTheparentmaychargeitssubsidiaryveryhighadministrativefees.ExchangeratemovementsOnlineApplicationForcountry-specificinformationsuchasgeneralbusinessrules,r
5、egulationsandtaxrates,visit:thePriceWaterhouseCooperssiteat//.pwcglobal4>>,//.us.kpmg>/microsite/Global_Tax/CTR_Survey/index.htmltheYahoo!InternationalFinanceCenterat//biz.yahoo>/ifc/.RemittingSubsidiaryEarningstotheParentAfter-TaxCashFlowsRemittedbySubsidiaryCashFlowsG
6、eneratedbySubsidiaryAfter-TaxCashFlowstoSubsidiaryCashFlowsRemittedbySubsidiaryWithholdingTaxPaidtoHostGovernmentRetainedEarningsbySubsidiaryCorporateTaxesPaidtoHostGovernmentConversionofFundstoParent’sCurrencyParentCashFlowstoParentSubsidiaryversusParentPerspectiveApar
7、ent’sperspectiveisappropriatewhenevaluatingaproject,sinceanyprojectthatcancreateapositivenetpresentvaluefortheparentshouldenhancethefirm’svalue.However,oneexceptiontothisrulemayoccurwhentheforeignsubsidiaryisnotwhollyownedbytheparent.InputforMultinationalCapitalBudgetin
8、gThefollowingforecastsareusuallyrequired:1.Initialinvestment2.Consumerdemand3.Productprice4.Variablecost5.Fixe
