Samenvatting Internationaal Financieel Management Volledig

2017/18




Internationaal Financieel
Management
ACADEMIEJAAR 2017-2018
PROF D. HEYMAN

,Inhoudsopgave
1 Globalisatie en de multinational ............................................................................................................................... 6
1.1 Inleiding ..................................................................................................................................................................... 6
1.1.1 Soorten globalisatie .......................................................................................................................................... 6
1.1.2 Financieel management.................................................................................................................................... 7
1.1.3 Financiële markten en hun verbondenheid met elkaar .................................................................................... 7
1.2 Wat is er speciaal aan internationale finance ........................................................................................................... 8
1.2.1 Wisselkoersrisico .............................................................................................................................................. 8
1.2.2 Politieke risico’s ................................................................................................................................................ 8
1.2.3 Marktimperfecties ............................................................................................................................................ 9
1.2.4 Uitgebreide kansen ........................................................................................................................................... 9
1.3 Doelstellingen van internationaal financieel management ....................................................................................... 9
1.4 Globalisatie van de wereldeconomie: trends en ontwikkelingen............................................................................. 10
1.4.1 Opkomst van geglobaliseerde financiële markten ......................................................................................... 10
1.4.2 Opkomst van de euro als globale munt .......................................................................................................... 10
1.4.3 Economische integratie en deregulering van de handel................................................................................. 11
1.4.4 Privatisering .................................................................................................................................................... 12
1.5 Multinationals (MNC: Multinational Corporations) ................................................................................................. 12
2 Internationaal monetair systeem ............................................................................................................................ 13
2.1 Zwevende wisselkoersen .......................................................................................................................................... 13
2.2 Huidige wisselkoersovereenkomsten ....................................................................................................................... 13
2.3 De kost van een monetaire unie .............................................................................................................................. 14
2.4 Mexican Peso crisis .................................................................................................................................................. 14
2.5 Asian currency crisis ................................................................................................................................................. 15
3 Niet kennen ............................................................................................................................................................ 16
4 Corporate governance in de wereld ........................................................................................................................ 16
4.1 Corporate governance bij publieke ondernemingen ................................................................................................ 16
4.2 Het Agency-probleem .............................................................................................................................................. 16
4.3 Oplossingen voor het agency-probleem .................................................................................................................. 18
4.3.1 Board of directors ........................................................................................................................................... 18
4.3.2 Incentive contracts ......................................................................................................................................... 19
4.3.3 Concentrated ownership ................................................................................................................................ 19
4.3.4 Schulden ......................................................................................................................................................... 19
4.3.5 Overseas stock listing ...................................................................................................................................... 19
4.3.6 The market for corporate control ................................................................................................................... 19
4.3.7 Law and corporate governance ...................................................................................................................... 20
4.3.8 Ownership and control pattern ...................................................................................................................... 20
4.3.9 Kapitaalmarkten en waardering ..................................................................................................................... 21
4.4 Enron case ............................................................................................................................................................... 21
4.4.1 Grootste fouten .............................................................................................................................................. 21
4.4.2 Hoe kon dit gebeuren? ................................................................................................................................... 22
4.5 Hervorming van corporate governance ................................................................................................................... 23
4.6 Getroffen maatregelen ............................................................................................................................................ 24
4.6.1 SOX-wet: Sarbanes-Oxley ............................................................................................................................... 24
4.6.2 CFA-institute: ethische en professionele normen voor corporate governance .............................................. 24
4.6.3 Cadbury code of best practice ........................................................................................................................ 25
4.6.4 Dodd-frank act ................................................................................................................................................ 25
4.7 Empirisch onderzoek - Ammann, Oesch and Schmid (2009) .................................................................................... 25
5 De markt voor vreemde valuta ................................................................................................................................ 26
5.1 Inleiding ................................................................................................................................................................... 26
5.1.1 Zaken doen in het buitenland ......................................................................................................................... 26
5.1.2 Variabiliteit van wisselkoersen ....................................................................................................................... 26
5.2 Forex markt.............................................................................................................................................................. 27
5.2.1 Kenmerken ...................................................................................................................................................... 27
5.2.2 Gecentraliseerde markt versus gedecentraliseerde markt............................................................................. 28
5.2.3 Two-tier market .............................................................................................................................................. 29
5.3 Mogelijke transacties............................................................................................................................................... 30
5.3.1 De instrumenten ............................................................................................................................................. 30
5.3.2 Belang van de instrumenten ........................................................................................................................... 30
5.3.3 De belangrijkste tegenpartijen ....................................................................................................................... 31



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, 5.4 Technische aspecten ................................................................................................................................................ 32
5.4.1 Valutasymbolen .............................................................................................................................................. 32
5.4.2 Spot-rate quotations ....................................................................................................................................... 32
5.4.3 Bid/ask spread ................................................................................................................................................ 33
5.4.4 Cross rates ...................................................................................................................................................... 34
5.4.5 Cross rates met bid/ask spread ...................................................................................................................... 34
5.4.6 Triangular arbitrage ........................................................................................................................................ 35
5.5 De forward markt .................................................................................................................................................... 36
5.5.1 Forward Rate Quotations ............................................................................................................................... 36
5.5.2 Long and Short Forward Positions .................................................................................................................. 36
5.5.3 Forward Cross Exchange Rates ....................................................................................................................... 37
5.5.4 Forward Premium ........................................................................................................................................... 37
6 Futures and options on the foreign Exchange Market ............................................................................................. 38
6.1 Futures Contracts: inleidend .................................................................................................................................... 38
6.2 Daily resettlement of Futures .................................................................................................................................. 38
6.3 Currency Futures Markets........................................................................................................................................ 38
6.4 Options Contracts: Preliminaries ............................................................................................................................. 39
6.5 Basic Option Pricing Relationships at Expiry ............................................................................................................ 39
6.5.1 Call long profit graph ...................................................................................................................................... 40
6.5.2 Call short profit graph (writer’s perspective) .................................................................................................. 40
6.5.3 Put short profit graph ..................................................................................................................................... 41
6.5.4 Put long profit graph (writer’s perspective) ................................................................................................... 41
6.5.5 Amerikaanse call optie: waarde ...................................................................................................................... 42
7 Management of transaction exposure ..................................................................................................................... 43
7.1 Export ...................................................................................................................................................................... 43
7.1.1 Forward Market Hedge ................................................................................................................................... 43
7.1.2 Money Market hedge ..................................................................................................................................... 45
7.1.3 Options market hedge .................................................................................................................................... 45
7.1.4 Samenvatting export hedges .......................................................................................................................... 46
7.2 Import ...................................................................................................................................................................... 47
7.2.1 Forward market hedge ................................................................................................................................... 47
7.2.2 Money Market Hedge ..................................................................................................................................... 48
7.2.3 Options market hedge .................................................................................................................................... 48
7.3 Cross-hedging: minor currency exposure ................................................................................................................. 49
7.4 Hedging contingent exposure .................................................................................................................................. 49
7.5 Hedging adhv valuta op de factuur ......................................................................................................................... 49
7.6 Hedging via lead & lag ............................................................................................................................................. 50
7.7 Exposure netting ...................................................................................................................................................... 50
7.8 Moet het bedrijf wel hedgen? .................................................................................................................................. 50
7.9 Producten gebruikt door bedrijven .......................................................................................................................... 50
8 Management of economic exposure ....................................................................................................................... 51
8.1 Het meten van economic exposure .......................................................................................................................... 52
8.2 Operating exposure ................................................................................................................................................. 53
8.2.1 Determinanten van operationele blootstelling .............................................................................................. 54
8.2.2 Beheersen van de operationele blootstelling ................................................................................................. 55
8.3 Corporate governance derivaten op vreemde valuta .............................................................................................. 55
9 Internationale kapitaalstructuur en de kapitaalkost ................................................................................................ 56
9.1 De kapitaalkost ........................................................................................................................................................ 56
9.2 De kapitaalkost en de investeringsbeslissing ........................................................................................................... 56
9.3 Kapitaalkost in gesegmenteerde vs. geïntegreerde markten .................................................................................. 57
9.3.1 Internationale verschillen ............................................................................................................................... 57
9.3.2 Grensoverschrijdende notering van aandelen ................................................................................................ 58
9.3.3 Het effect van restricties op bezit van buitenlandse aandelen ...................................................................... 59
9.3.4 Pricing to market phenomenon ...................................................................................................................... 59
10 Internationale aandelenmarkt ............................................................................................................................ 59
10.1 Marktkapitalisatie ............................................................................................................................................... 59
10.1.1 Emerging markets ........................................................................................................................................... 60
10.1.2 Maatstaven voor liquiditeit ............................................................................................................................ 60
10.1.3 Maatstaven voor marktconcentratie .............................................................................................................. 60
10.1.4 Marktconsolidaties en fusies .......................................................................................................................... 61




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, 10.2 Handel in internationale aandelen ...................................................................................................................... 61
10.2.1 Omvang van het internationaal handelen in aandelen .................................................................................. 61
10.2.2 Cross-listing van aandelen .............................................................................................................................. 61
11 De internationale obligatiemarkt ........................................................................................................................ 62
11.1 De globale obligatiemarkt: statistisch bekeken .................................................................................................. 62
11.2 Internationale obligaties ..................................................................................................................................... 63
11.2.1 Foreign bond ................................................................................................................................................... 63
11.2.2 Eurobonds ....................................................................................................................................................... 63
11.2.3 Bearer bonds vs registered bonds .................................................................................................................. 63
11.2.4 Nationale veiligheidsmechanismen: ............................................................................................................... 63
11.2.5 Global bond .................................................................................................................................................... 63
11.3 Soorten instrumenten .......................................................................................................................................... 64
11.3.1 Straight fixed rate debt ................................................................................................................................... 64
11.3.2 Floating rate notes .......................................................................................................................................... 64
11.3.3 Equity-related bonds ...................................................................................................................................... 64
11.3.4 Zero-coupon bonds ......................................................................................................................................... 64
11.3.5 Dual-currency bonds ....................................................................................................................................... 64
11.4 Internationale obligatiemarkt: kredietscore’s ..................................................................................................... 65
11.5 Paper: hoe gebruiken bedrijven inheemse en internationale bedrijfsobligatiemarkten ..................................... 66
11.5.1 Evolutie van de obligatiemarkt ....................................................................................................................... 66
11.5.2 Kenmerken ...................................................................................................................................................... 67
12 Foreign direct investment and cross-border acquisitions..................................................................................... 68
12.1 Inleiding ............................................................................................................................................................... 68
12.2 Wereldwijde trends in FDI ................................................................................................................................... 68
12.3 Waarom investeren bedrijven in het buitenland? ............................................................................................... 70
12.3.1 Omzeilen van handelsbarrières ...................................................................................................................... 70
12.3.2 Imperfecties op de arbeidsmarkt.................................................................................................................... 70
12.3.3 Immateriële activa .......................................................................................................................................... 71
12.3.4 Verticale integratie ......................................................................................................................................... 71
12.3.5 Productlevenscyclus ....................................................................................................................................... 71
12.3.6 Diversificatie voor de aandeelhouders ........................................................................................................... 71
12.4 Soorten FDI’s ....................................................................................................................................................... 72
12.5 Politiek risico en FDI’s .......................................................................................................................................... 72
12.5.1 Soorten politieke risico’s................................................................................................................................. 72
12.5.2 Politiek risico gaan meten ............................................................................................................................... 73
12.5.3 Hedgen van politiek risico ............................................................................................................................... 73
12.5.4 Politieke visies op FDI ..................................................................................................................................... 73
12.5.5 Beleidsinstrumenten en FDI............................................................................................................................ 75
12.6 Drivers van FDI .................................................................................................................................................... 75
12.6.1 FDI: index voor opgelegde restricties ............................................................................................................. 76
12.7 Cross-border mergers and acquisitions ............................................................................................................... 77
12.7.1 Waarde creatie ............................................................................................................................................... 77
12.7.2 Managerial self-interest .................................................................................................................................. 77
12.7.3 Bedrijfsspecifieke kenmerken ......................................................................................................................... 78
12.8 M&A facts ........................................................................................................................................................... 78
12.8.1 Golven in de M&A business ............................................................................................................................ 78
12.8.2 M&A deals en de performantie van aandelenmarkten .................................................................................. 79
12.8.3 M&A performance .......................................................................................................................................... 79
13 International banking and money markets.......................................................................................................... 83
13.1 Internationale bankdiensten ............................................................................................................................... 83
13.2 Soorten internationale banken ............................................................................................................................ 83
13.2.1 Correspondent bank ....................................................................................................................................... 83
13.2.2 Representative offices .................................................................................................................................... 83
13.2.3 Foreign branches ............................................................................................................................................ 83
13.2.4 Subsidiary and affiliate banks ......................................................................................................................... 84
13.2.5 Offshore banking centers................................................................................................................................ 84
13.2.6 Shell branches ................................................................................................................................................. 84
13.3 De internationale geldmarkt ............................................................................................................................... 84
13.3.1 Kenmerken ...................................................................................................................................................... 84
13.3.2 Eurocredits ...................................................................................................................................................... 85
13.3.3 Euronotes........................................................................................................................................................ 85
13.3.4 Eurocommercial paper ................................................................................................................................... 85



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, 13.3.5 Eurodollar intrest rate futures contract.......................................................................................................... 85
13.3.6 FRA (Forward Rate Agreement) ...................................................................................................................... 85
14 International trade finance ................................................................................................................................. 87
14.1 Typical foreign exchange transaction.................................................................................................................. 87
14.1.1 Letter of credit (LC) ......................................................................................................................................... 88
14.1.2 Banker’s acceptances...................................................................................................................................... 88
14.2 Overheidsbijstand inzake export ......................................................................................................................... 88
14.3 Forfaiting ............................................................................................................................................................. 88
14.4 Countertrade ....................................................................................................................................................... 89
14.4.1 Soorten ruilhandel .......................................................................................................................................... 89
14.4.2 Voor- en nadelen van ruilhandel .................................................................................................................... 90
15 Multinational cash management ........................................................................................................................ 90
15.1 Beheer van de internationale kassaldi ................................................................................................................ 90
15.1.1 De grootte van kassaldi................................................................................................................................... 90
15.1.2 Wisselkoerskeuze ........................................................................................................................................... 90
15.1.3 Waar kassaldo localiseren? ............................................................................................................................. 90
15.2 Netten ................................................................................................................................................................. 90
15.2.1 Voorbeeld Telrex: ........................................................................................................................................... 91
15.2.2 Voordelen ....................................................................................................................................................... 93
16 Belasten van de multinational ............................................................................................................................ 94
16.1 Tax considerations............................................................................................................................................... 94
16.2 Belastingsuitzonderingen en de klassieke theorie ............................................................................................... 94
16.3 Tarieven ............................................................................................................................................................... 94
16.4 Belastingontwijking/winstversluizing: methoden ............................................................................................... 97
16.4.1 Tax exemption/deferral .................................................................................................................................. 97
16.4.2 Transfer pricing ............................................................................................................................................... 97
16.4.3 Royalties ......................................................................................................................................................... 99
16.4.4 Intracorporate loans ..................................................................................................................................... 100
16.4.5 Parent overheads and costs .......................................................................................................................... 100
16.4.6 Round tripping .............................................................................................................................................. 100
16.4.7 Tax inversions ............................................................................................................................................... 101
16.5 Link belastingvoeten en gebruik belastingparadijsen ....................................................................................... 101
16.6 Opinies inzake belastingontwijking ................................................................................................................... 102
16.7 BEPS Action plan (OESO) ................................................................................................................................... 102
16.7.1 BEPS Indicator 1 ............................................................................................................................................ 102
16.7.2 BEPS Indicator 2 ............................................................................................................................................ 103
16.7.3 BEPS Indicator 3 ............................................................................................................................................ 103
16.7.4 BEPS Indicator 4 ............................................................................................................................................ 103
16.7.5 BEPS Indicator 5 ............................................................................................................................................ 104
16.7.6 BEPS Indicator 6 ............................................................................................................................................ 104
16.7.7 Besluit ........................................................................................................................................................... 104




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,1 Globalisatie en de multinational
Internationaal financieel management => door de globalisatie
• Verbondenheid van landen, regio’s en mensen op globaal vlak
• Voorbeelden:
o Smartphones en computers uit het buitenland
o Skypen met collega’s in Singapore
o Belgische chocolade eten in Dubai
o Administratie uitbesteden aan een firma in India



1.1 Inleiding

1.1.1 Soorten globalisatie




• Vooral de economie is dus geglobaliseerd


1.1.1.1 Economische globalisatie




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,1.1.1.2 Sociale globalisatie




1.1.1.3 Politieke globalisatie




1.1.2 Financieel management

• Welke investeringen maken we en hoe gaan we ze financieren?
• Criteria: NPV (net present value), IRR (internal rate of return)
• Financiering: aandelen (EV) of obligaties (VV)
o Aandelen: op welke aandelenmarkt uitgeven?
o Obligaties: vast rendement of variabel? Welke valuta gebruiken we?
• Beslissingen over verdeling van het resultaat (dividenden, aandelen inkopen)


1.1.3 Financiële markten en hun verbondenheid met elkaar




7

,1.2 Wat is er speciaal aan internationale finance
• Wisselkoersrisico
• Politieke risico’s
• Marktimperfecties
• Uitgebreid aantal kansen


1.2.1 Wisselkoersrisico

Het risico dat winsten in vreemde valuta verdwijnen bij het omzetten naar je eigen valuta.
ð Stel je koopt 100 tesla aandelen aan $200 op 1 juli 2017. De wisselkoers is 1€ = 1$ dus in eigen
valuta heb je ook 200€ geïnvesteerd.
ð Op 1 september 2017 verkoop je de aandelen aan $210. Dit is dus een winst van $10 per
aandeel. Maar, op de dag van verkoop is 1$ nu €0,9 waard. Die 210$ omgezet is dan 189€, dit
betekent dus een verlies van 11€ <=> in $ heb je wel een winst van 10$...

Het risico dat je producten niet meer competitief zijn geprijsd in het buitenland:
ð Stel je hebt een product dat 100€ kost en exporteert het naar de UK.
De kost voor je klant in de UK zal afhangen van de wisselkoers. Stel dat de pond sterk
deprecieert, bijvoorbeeld GBP wordt de helft minder waard. Dan worden je producten ook
dubbel zo duur om te importeren!




ð 1970: stijging van de volatiliteit op de wisselkoersmarkt door verdwijning vaste wisselkoersen


1.2.2 Politieke risico’s

Buitenlandse overheden kunnen regels opmaken inzake
ð De import en export (verkeer van goederen)
ð De kapitaalstromen
ð Migratie (verkeer van personen)

Door nieuwe regeringen of politieke tendensen kunnen deze regels significant wijzigen.
ð Brexit
ð Donald Trump
ð ...




8

,1.2.3 Marktimperfecties

• Wettelijke beperkingen op geld-, goederen- en personenverkeer
• Transactiekosten
• Verzendkosten
• Discriminerende belastingen
o Tax havens (Bahama’s, Ierland, ...)



1.2.4 Uitgebreide kansen

Een onderneming kan
ð zijn productiviteit verhogen door actief te zijn in het buitenland;
ð Kapitaal ophalen op financiële markten in het buitenland waar de kapitaalkost het laagst is
ð Schaalvoordelen door op globale basis te werken

Deze voordelen gelden niet alleen voor bedrijven maar ook voor particulieren! Door in vreemde valuta te
beleggen (via aandelen of andere instrumenten) kan je je portfolio verder diversifiëren.



1.3 Doelstellingen van internationaal financieel management
De waarde voor de aandeelhouders maximaliseren OF andere doelen?

Shareholder’s wealth maximization:
Alle beslissingen in het bedrijf worden gemaakt met als ultiem doel de waarde van de aandelen te
verhogen en zo het vermogen van de aandeelhouders te vergroten.
ð Vooral in Angelsaksische landen
Door liberalisering: ook andere landen

ð Problemen:
o Wie zijn de aandeelhouders? Vaak anoniem via de beurs...
o In welke valuta optimaliseren we de waarde?


In Europa daarentegen gaat men vaker uit van een stakeholder’s approach:
Welzijn van iedere stakeholder proberen te verhogen (van klant tot leverancier, personeel, ...)


In Japan zijn bedrijven vaak verenigd onder zakengroepen: keiretsu genaamd.
Hier probeert men steeds de waarde van de groep te vergroten en niet de individuele waarde
(bijvoorbeeld het maximale marktaandeel bereiken).


Andere doelen?
ð Managers kunnen soms proberen hun eigen doelen na te streven ipv in functie van de
shareholders te werken (agency probleem)
ð Toont het belang van corporate governance: het financiële en juridische raamwerk om de
relatie tussen management en aandeelhouder te reguleren.
ð Zeker belangrijk in landen waar aandeelhouders niet voldoende beschermd zijn! Indonesia,
Korea, and Russia




9

, 1.4 Globalisatie van de wereldeconomie: trends en ontwikkelingen
• Opkomst van geglobaliseerde financiële markten
• Opkomst van de euro als globale munt
• Economische integratie en deregulering van de handel
• Privatisering


1.4.1 Opkomst van geglobaliseerde financiële markten

Vanaf jaren 80 begonnen overheden van grote landen hun financiële markt te dereguleren.
ð 1986, Londen: Big Bang: afschaffing van de vaste commissiebedragen voor beursmakelaars
ð US schafte de Glass-Steagall Act af: hierdoor konden commerciële banken ook activiteiten van
investeringsbanken uitvoeren

Technologische vooruitgang zorgt dan weer voor een sterke daling in de kost voor het winnen van
informatie alsook in de transactiekost.

Door deze deregulering en technologische vooruitgang kwam er plaats voor financiële innovatie:
ð Currency futures and options
ð Multi-currency bonds
ð Cross-border stock listings
ð Crypto-currencies



1.4.2 Opkomst van de euro als globale munt

Lancering van de euro is een mijlpaal in de financiële geschiedenis.
ð Euro wordt gebruikt door 300 miljoen Europeanen!
ð Door toenemende interesse in de euro binnen Europa kan de positie nog versterkt worden en het
transactiedomein kan zelfs dat van de USD overtreffen!




ECB: Monetaire beleidsmaker voor alle eurolanden. Voornaamste doel: prijzen binnen de eurozone
stabiel houden.




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