摘要
摘要 在企業發展過程中，資金之運用與管理對於企業成長、壯大扮演極其重要角色。企業走向國際化的過程中，支持創新研發、製造生產、運輸配銷等各功能的，除了人力資本之外，莫過於資金的運用與管理，因此，如何善用國際資本市場(如發行 ECB、GDR、ADR及聯貸案)來確保資金之充沛無虞成為本研究關心之重點。相關議題包括：如何在國際間取得成本低廉之資金、如何規避外匯風險與外匯管制、如何規劃跨國租稅、跨國企業其母、子、孫公司在資金調度管理、跨國企業人員外派之考量等等。 本研究採用問卷訪問之方式，針對上述問題訪問中華航空、長榮海運、廣輝電子、必爾斯藍基(NIKE)及普誠科技等五家公司，並搭配個案研究之方式，探討台達電子國際化過程中，資金調度與管理之發展，歸納之後的結論為： 1.集團母子孫公司之資金調度與管理均由總公司集中控管，短期資金融通以銀行信用額度為主，長期資金則以發行 ECB、GDR、ADR及聯貸案等方式為主。 2.除航空業與航海業因飛機、船舶等營運工具所需之資本支出十分龐大、借款金額大、借款期限長，故利率與匯率之避險有其必需，其他產業均視情形而定；在匯率避險上，各公司均以Natural Hedge為主。 3.外匯管制與租稅規劃為跨國企業國際化所需面對之問題。一般皆以當地會計師、律師、銀行、投資銀行及當地已投資之其他公司為諮詢對象，或是事先至當地做實地查核，拜會當地主管機關等方式為之，在這一方面，各公司方式皆大同小異。 4.人員派遺是由母公司指派為主，以利母公司掌握；某些公司，在上軌道後，則在當地聘任。
並列摘要
Abstract The utilization of fund and treasury management plays an important role in the business development process. During the internationalization, business will needs to have enormous human resources and capital to back up the innovation, R&D, production and logistics functions. The utilization of the international capital market (i.e. ECB, GDR, ADR and syndication loan issuances) to secure capital strength is our main concern in this research report. The related subjects include: how to get low cost capital in the international market, how to evade foreign exchange risk and control, how to make cross country tax plan, cross country treasury management for parent company and its subsidiaries, and finance expatriate management. We interviewed 5 companies – China Airlines, Evergreen Marine Corp., Quanta Display Inc., Nike (Taiwan) Company and Princeton Technolosy Corp. by questionnaires for the above subjects. In the meantime, together with case study, we explored the development of treasury management during Delta Electronics internationalization. We came out the summary conclusion as below: 1.Parent company and its subsidiaries’ treasury management are centralized controlled by head office. Short term financing will use mainly by bank credit facilities. Loan term financing will be the ECB, GDR, ADR and Syndication Loan issuances. 2.For airlines and marine cargo businesses, the capital expenditure for purchasing the airplanes and ships are very huge. And normally, the loan amount and tenor tend to be large and long period. Therefore, it is necessary for these kinds of business to take some actions to avoid the interest rate and exchange rate fluctuation. The need to avoid the interest rate and exchange rate fluctuation to other industries may be varied. On exchange rate side, most of the companies take natural hedge. 3.During the internationalization process, a cross country company will be facing various problems. Foreign exchange control and tax planning will be the common ones. Ordinarily, the company will consult with local CAP, attorney, bank and investment banking and other companies already have investment locally. At the same time, they will take due diligence, visit local authorities to know better about the investment environment. 4.Administration – head quarter will send out expatriate to work at local in order to take lead and full control of the subsidiaries. After the subsidiaries go on track, some of the companies may hire local people to take place the expatriate.