3.问题与应用 a)What is the role of international financial institutions within the context of a globalised economy b)What are the causes and impacts of the financial crisis? 第五节 1.主要内容 Strategic business and financial planning for multinationals 2.基本概念和知识点 a)Advise on the development of a financial planning framework for a multinational organisation taking into account: i)Compliance with national regulatory requirements (for example the London Stock Exchange admission requirements) ii)The mobility of capital across borders and national limitations on remittances and transfer pricing iii)The pattern of economic and other risk exposures in the different national markets iv)Agency issues in the central coordination of overseas operations and the balancing of local financial autonomy with effective central control. 3.基本概念和知识点 a)What are the patterns of economic and other risk exposures in the different national markets? b)What are the limitations of transfer pricing? 第六节 1.主要内容 Dividend policy in multinationals and transfer pricing 2.基本概念和知识点 a)Determine a corporation's dividend capacity and its policy given i)The corporation's short-and long-term reinvestment strategy ii)The impact of capital reconstruction programmes such as share repurchase agreements and new capital issues on free cash flow to equity iii)The availability and timing of central remittances iv)The corporate tax regime within the host jurisdiction. b)Advise,in the context of a specified capital investment programme, on an organisation's current and projected dividend capacity. 6
6 3. 问题与应用 a)What is the role of international financial institutions within the context of a globalised economy b)What are the causes and impacts of the financial crisis? 第五节 1.主要内容 Strategic business and financial planning for multinationals 2.基本概念和知识点 a) Advise on the development of a financial planning framework for a multinational organisation taking into account: i) Compliance with national regulatory requirements (for example the London Stock Exchange admission requirements) ii) The mobility of capital across borders and national limitations on remittances and transfer pricing iii) The pattern of economic and other risk exposures in the different national markets iv) Agency issues in the central coordination of overseas operations and the balancing of local financial autonomy with effective central control. 3. 基本概念和知识点 a)What are the patterns of economic and other risk exposures in the different national markets? b)What are the limitations of transfer pricing? 第六节 1.主要内容 Dividend policy in multinationals and transfer pricing 2.基本概念和知识点 a) Determine a corporation’s dividend capacity and its policy given : i) The corporation’s short- and long-term reinvestment strategy ii) The impact of capital reconstruction programmes such as share repurchase agreements and new capital issues on free cash flow to equity. iii) The availability and timing of central remittances iv) The corporate tax regime within the host jurisdiction. b) Advise, in the context of a specified capital investment programme, on an organisation’s current and projected dividend capacity
c)Develop organisational policy on the transfer pricing of goods and services across international borders and be able to determine the most appropriate transfer pricing strategy in a given situation reflecting local regulations and tax regimes. 3.问题与应用 a)What impact will the capital reconstruction programmes? b)What is the availability of central remittances? (三)思考与实践 Mezza Co is a large food manufacturing and wholesale company.It imports fruit and vegetables from countries in South America,Africa and Asia,and ns,plastic tubs and as frozen foods,for sale to rkets around Europe suppliers ange dual farmers to Government run cooperatives,and farms run by its own subsidiary companies. In the past,Mezza Co has been very successful in its activities,and has an excellent corporate image with its customers,suppliers and employees.Indeed Mezza Co prides itself on how it has supported local farming communities around the world and has consistently highligh ted these activities in its reports. However,in spite of buoyant stock markets over the last couple of years. Mezza Co's share price has emained static.It is thought that this is be there is little scope for future growth in its products As a result the company s directors are considering diversifying into new areas.One possibility is to commercialise a product developed by a recently acquired subsidiary company.The subsidiary company is engaged in researching solutions to carbon emissions and global warming,and has developed a high carbon absorbing v ety can be grown in wa bio-fuel. widely used,is expected to lower carbon production levels. Currently there is a lot of interest among the world's governments in finding solutions to climate change.Mezza Co's directors feel that this venture could enhance its reputation and result in a rise in its share price. They believe that the company's expertise would be ideally suited to commercialising the product.On a personal level.they feel that the venture s success would enhar e their emuneration package which includes share options.It is hoped that the resulting increase in the share price would enable the options to be exercised in the future. Mezza Co has identified the coast of Maienar,a small country in Asia, as an ideal location,as it has a large area of warm,shallow waters.Mezza 7
7 c) Develop organisational policy on the transfer pricing of goods and services across international borders and be able to determine the most appropriate transfer pricing strategy in a given situation reflecting local regulations and tax regimes. 3. 问题与应用 a)What impact will the capital reconstruction programmes? b)What is the availability of central remittances? (三) 思考与实践 Mezza Co is a large food manufacturing and wholesale company. It imports fruit and vegetables from countries in South America, Africa and Asia, and packages them in steel cans, plastic tubs and as frozen foods, for sale to supermarkets around Europe. Its suppliers range from individual farmers to Government run cooperatives, and farms run by its own subsidiary companies. In the past, Mezza Co has been very successful in its activities, and has an excellent corporate image with its customers, suppliers and employees. Indeed Mezza Co prides itself on how it has supported local farming communities around the world and has consistently highlighted these activities in its annual reports. However, in spite of buoyant stock markets over the last couple of years, Mezza Co’s share price has remained static. It is thought that this is because there is little scope for future growth in its products. As a result the company ’ s directors are considering diversifying into new areas. One possibility is to commercialise a product developed by a recently acquired subsidiary company. The subsidiary company is engaged in researching solutions to carbon emissions and global warming, and has developed a high carbon absorbing variety of plant that can be grown in warm, shallow sea water. The plant would then be harvested into carbon-neutral bio-fuel. This fuel, if widely used, is expected to lower carbon production levels. Currently there is a lot of interest among the world’s governments in finding solutions to climate change. Mezza Co’s directors feel that this venture could enhance its reputation and result in a rise in its share price. They believe that the company ’ s expertise would be ideally suited to commercialising the product. On a personal level, they feel that the venture’ s success would enhance their generous remuneration package which includes share options. It is hoped that the resulting increase in the share price would enable the options to be exercised in the future. Mezza Co has identified the coast of Maienar, a small country in Asia, as an ideal location, as it has a large area of warm, shallow waters. Mezza
Co has been operating in Maienar for many years and as a result,has a well developed infrastructure to enable it to plant,monitor and harvest the crop. Mezza Co's directors have strong ties with senior government officials in Maienar and the country's politicians are keen to develop new industries, especially ones with a long-term future The area identified by Mezza Co is a rich fishing ground for local fishermen, who have been fishing there for many generations.However.the fishermen are poor and have little political influence.The general perception is that the fishermen contribute little to Maienar's economic development.The coastal area.although naturally beautiful.has not been well developed for tourism. is thought that the high carbon absorbing plant, ifg own on a scale,may have a negative area.The resulting decline in fish stocks may make it impossible for the fishermen to continue with their traditional way of life. Required: Discuss the key issues that the directors of Mezza Co should consider when making the decision about whether or not to commercialise the new product, and suggest how these issues may be mitigated or resolved. (四) 教学方法与手段 Teaching methods in this chapter mainly use classroom teaching,group discussion,class discussion,etc. This chapter teaching methods mainly use network-assisted teaching multimedia teaching. (五)课程思政内容和方式：通过国内上市公司以及跨因组织经营热点案例融入 方式：从高级财务主管/顾问的角色和责任、财务战略制定过程中的道德问题培养学 生社会责任感和正确的价值观：从国际贸易和金融管理、跨因组织的战略业务和财务 计划、跨国公司的股息政策和转让定价等讲解中让学生了解在不同文化中交流的差异 比较，遵守当地法律法规、合法经营，着重融入职业道德、法治意识：帮助学生树立 正确的世界观及民族文化自信：坚定诚实守信、遵纪守法的核心价值观。 第二章Advanced investment appraisal (一)目的与要求 1.Discounted cash flow techniques 2.Application of option pricing theory in investment decisions 3.Impact of financing on investment decisions and adjusted present values 4.Valuation and the use of free cash flows 8
8 Co has been operating in Maienar for many years and as a result, has a well developed infrastructure to enable it to plant, monitor and harvest the crop. Mezza Co’s directors have strong ties with senior government officials in Maienar and the country’s politicians are keen to develop new industries, especially ones with a long-term future. The area identified by Mezza Co is a rich fishing ground for local fishermen, who have been fishing there for many generations. However, the fishermen are poor and have little political influence. The general perception is that the fishermen contribute little to Maienar’s economic development. The coastal area, although naturally beautiful, has not been well developed for tourism. It is thought that the high carbon absorbing plant, if grown on a commercial scale, may have a negative impact on fish stocks and other wildlife in the area. The resulting decline in fish stocks may make it impossible for the fishermen to continue with their traditional way of life. Required: Discuss the key issues that the directors of Mezza Co should consider when making the decision about whether or not to commercialise the new product, and suggest how these issues may be mitigated or resolved. (四) 教学方法与手段 Teaching methods in this chapter mainly use classroom teaching, group discussion, class discussion, etc. This chapter teaching methods mainly use network-assisted teaching, multimedia teaching. （五）课程思政内容和方式：通过国内上市公司以及跨国组织经营热点案例融入 方式；从高级财务主管/顾问的角色和责任、财务战略制定过程中的道德问题培养学 生社会责任感和正确的价值观；从国际贸易和金融管理、跨国组织的战略业务和财务 计划、跨国公司的股息政策和转让定价等讲解中让学生了解在不同文化中交流的差异 比较，遵守当地法律法规、合法经营，着重融入职业道德、法治意识；帮助学生树立 正确的世界观及民族文化自信；坚定诚实守信、遵纪守法的核心价值观。 第二章 Advanced investment appraisal （一）目的与要求 1. Discounted cash flow techniques 2. Application of option pricing theory in investment decisions 3. Impact of financing on investment decisions and adjusted present values 4. Valuation and the use of free cash flows