多國籍企業의 資本豫算에 관한 考察 = Capital Budgeting for the Multinational Corporation

다국어 초록 (Multilingual Abstract)

Capital Budgeting for the multinational corporation presents many elements that rarely exist in domestic capital budgeting.
This paper examines a number of such problems, including differences between project and parent company cash flows, foreign tax regultions, expropriation, blocked funds, exchange rate changes, inflation, and segmented capital markets.
Although the basic concepts underlying financial management in a mutinational firm are esentially the same as those for a domestic company, a mutinational finacial manager must make decisions within the framework of at least three separate economic and political environments : his own country's, the international economy, and that of at least one foreign country.
Expropriation or blocked funds, the extreme and direct political risk, for example, is not only a risk peculiar to the multinational firms but also the risk of vital importance for the project's investment abroad.
It does not seem to feel keenly the necessity of careful conoiderations about the political risks that might be encoutered by Korean firms in business operations abraod. But these political risks can not be overlooked in view of the facts that the increasing necessity of internationalizing tendecy.
The models used in this paper is mostly reffered to Alan C. Shapiro's work. He asserts that the major principle behind methods proposed to cope with complications of economic and political risks is to maximize the use of available information while reducing arbitrary cash flow and cost of capital adjustments. That is, the primary thrust of his paper has been to adjust project cash flows instead of the discount rate to reflect the key political risks and economic risks that multinational corporations face abroad. Tax factors and segmented capital markets are also incorporated via cash flow instead of cost of capital adjustents.

목차 (Table of Contents)

• Ⅰ. 序 言
• Ⅱ. 프로젝트 現金흐름과 母企業에의 現金흐름
• Ⅲ. 國外源泉所得에 대한 課稅
• Ⅳ. 政治的危險과 經濟的 危險의 分析
• Ⅴ. 資産沒收
• Ⅵ. 資金封鎖
• Ⅶ. 換率變動과 인프레션
• Ⅷ. 인프레션
• Ⅸ. 資本市場分割
• Ⅹ. 結 言