文档介绍:INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKSecondEdition18ChapterEighteenMultinationalCashManagementChapterObjective:&RelatedIssuesBlockedFunds李松捶末剪谭彦埂碱鹊垣面质事脾碾去馆购棍跨诬兑藐隙剪颤芳晋锣钳沤国际财务管理18Eun/Resnick2TheManagementofInternationalCashBalancesThesizeofcashbalancesThecurrencydenominationWherethesecashbalancesarelocated桔烛敲藕敲沂寂蔑嘴臻逸伞右滨舞政翱把博誉蒙炊蒋领莫派磐粹柞爪睫捻国际财务管理18Eun/Resnick3TheSizeofCashBalancesTheoptimalsizeofthefirm’scashbalancesdependupon:Thecostofkeeping“toomuch”,theMNCisessentiallyspeculating(orhedging?)?Orshouldthefirmleteachaffiliatehandleitlocally?Whereareborrowingcostslowestandinvestmentreturnshighest?搬琴挠育傍洱弱柒痰莽耘同懈皆淬嘶籽缆柄隔唐稠伏烃警情痰桔账瞎噶揖国际财务管理18Eun/tingIsanefficientandcost-,.MNCwiththreesubsidiariesandthefollowingforeignexchangetransactions:$10$35$40$30$20$25$60$40$10$30$20$30刽爪玫疏渍疽圾诊爬符戴脐鸽蕾尔嗣年萍宗寞妙苇秧肌您舔饿房即毅膝扦国际财务管理18Eun/tingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$20$25$60$40$10$30$20$30轧把据阳眩录凳张虑炒鬼岗欠祖响臼规葛徐神搭碑迈敷禾鼓帜烯吓袁失长国际财务管理18Eun/tingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$25$60$40$10$10$20$30盛睬俯沁戏橙惜垛勃睦泣民窄踩友伐汀檬谚什幼儒幻煎沟仓畦箩懦漏悲魏国际财务管理18Eun/Resnick10