1 / 14

Financing Foreign Operations

外国事業の融資. Financing Foreign Operations. S. Mark Barnes September 2009. 外国事業の融資. Sources of Funds Internal Private Placement/Venture Capital Banks Insurance Companies Pension Funds Endowment Funds Capital Markets Governments. 外国事業の融資. Internal Sources

kai-clayton
Download Presentation

Financing Foreign Operations

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 外国事業の融資 Financing Foreign Operations S. Mark Barnes September 2009

  2. 外国事業の融資 • Sources of Funds • Internal • Private Placement/Venture Capital • Banks • Insurance Companies • Pension Funds • Endowment Funds • Capital Markets • Governments

  3. 外国事業の融資 • Internal Sources • A company may have sufficient cash that it can finance a foreign investment without going to external sources

  4. 外国事業の融資 • Debt • Debt financing is accomplished by way of a contract between the borrower and lender • Borrower pays interest to the lender • The lender has priority over equity holders • The lender does not share in the profits of the business

  5. 外国事業の融資 • Equity • Ownership interest in the enterprise • Shareholders • Members of LLCs • Sole proprietors

  6. 外国事業の融資 • Preferred Shares • Hybrid instruments • Higher priority than shareholders • Lower priority than creditors • Dividend is normally specified as an annual percentage amount (like interest)

  7. 外国事業の融資 • Private Placement • Obtain funds directly from other parties • Can be either an equity interest or a debt interest • Limited number of parties involved • Not regulated like public offerings • Banks often involved in arranging transactions, but the funds do not come from a bank

  8. 外国事業の融資 • Financial Intermediaries • Banks • Insurance Companies • Pension Funds

  9. 外国事業の融資 • Capital Markets • Stock Markets • Equity interest • Bond Markets • Debt interest

  10. 外国事業の融資 • Interest Rates • Nominal Rate • The numerical rate specified in the contract • Real Rate • Nominal Rate – Inflation Rate = Real Rate

  11. 外国事業の融資 • Debt Matching Rule • Traditionally, the term of the loan was thought best matched to the length of the project • Short-term borrowing for short-term needs • Long-term borrowing for long-term needs • Banks = Short-term • Life Insurance Companies, Pension Funds, Long Term Credit Banks = Long-term

  12. 外国事業の融資 • Yield Curve Arbitrage • Borrow short term • Lend long term

  13. 外国事業の融資 • Carry Trade • Borrow short term in low interest rate country • Invest in high interest rate country • http://marketplace.publicradio.org/display/web/2009/06/26/whiteboard_the_repo_market/

  14. 外国事業の融資 • Repo Market • http://marketplace.publicradio.org/display/web/2009/06/26/whiteboard_the_repo_market/

More Related