第一节国际商务谈判的概念及特点 一、国际商务谈判的定义 1 谈判 2 商务谈判 3 国际商务谈判

Term loans Characteristics of Term Loans Secured loans 1-to 10-year maturity Repaid in periodic installments

Corporate restructuring 1960s- Mergers of unrelated firms formed huge conglomerates 1980s-Investors purchased conglomerates and sold off the pieces as independent companies. 1990s- Strategic mergers of related firms to create synergies

International Business finance Exchange Rate: the price of one currency in terms of another

Innovations in Risk Management Futures contract a contract to buy or sell a stated commodity or financial claim at a specified price at some specified future time

Accounts receivable Management Size of Investment in Accounts Receivable Percent of credit sales to Total sales Level of sales Terms of sale Quality of customer Collection Efforts

Liquid asset management S CASH- motives for holding casha Transactions: to meet cash needs that arise from doing business. Precautionary: having cash on hand for unexpected needs Speculative: to take advantage of potential profit-making situations

Working-Capital Management Current assets cash, marketable securities, inventory accounts receivable Long- Term Assets equipment, buildings, land Which earn higher rates of return? Which help avoid risk of illiquidity?

Dilemma: Should the firm use retained earnings for: a) financing profitable capital inⅴ estments? b)Paying dividends to stockholders

Balance sheet Current Current Assets Liabilities Debt and Fi Ixed Preferred Assets Shareholders