2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：MultinationalCashManagementConglomerateDiscountsintheEuroZoneIntroductionWediscussinthispapertheconsequencesofthechangingfinancialmarketcircumstancesfmultinationalcompanies.Inparticularwewillconcentra

2、teontheconsequencesfcashmanagementwithinmultinationaleurozonefirms.Cashmanagementisatopicthatisaddressedmainlybypractitionersbyscholarswhostudycashmanagementpracticesconductfinancialmodellingbutitcanalsobeapproachedfroma

3、theeticalperspective.Inthisrespecttwodistinctapproachescanbedistinguished.Firstlycashmanagementcanbeconsideredasastalonetopicwithinthemanagementofshttermassetsthequestionisaddressedhowmuchcashisneededincomparisontootherl

4、iquidassets.Itisthemainapproachintextbooksonshttermfinancialmanagement(e.g.HillSartis1995ManessZietlow1998).SecondlycashmanagementtheiescanstartwiththeperfectmarketsassumptionsofModiglianiMiller(ModiglianiMiller1958Mille

5、rModigliani1961).Thetheythensuggeststhatcompaniesneednocashatallunlessmarketimperfectionsurgecompaniestoholdit(VanHne2002).Transactioncostsinvolvedinfrequentlyattractingadditionaldebtequitye.g.ifcashfundsareneededtopaysu

6、ppliersemployeesarehigh.Therefeitmaybewthwhiletoholdcashfundsevenifthesefundsdonotgenerateanyreturn.Alsobankruptcycostscometothefeasareasonfcashholdings.Ifcreditsarenotpaidintimetheymayfcethecompanyintobankruptcytheshare

7、holdersmanagerstrytoavoidtheconcomitantcosts.Inthispaperwefollowthelatterapproach.Thedevelopmentswithintheeuropower.Secondlybecausecashbalancescashflowsriskexposuresaredecreasedfinancingcostsarereducedfurther.Thirdlylead

8、inglaggingofintracompanycashflowscanmeeasilybetracedcontrolled.Fourthlyanoverallreductionoftreasurypersonnelthroughoutthefirmmaybepossible.Fifthlytheservicesofbanksintransferringcashmaybereducedtheconcomitantcostscanbere

9、duced.Meoverthebenefitsofinternalfinancingmaybemeeasilyreapedastheconcentrationoffinancialknowhowhelpstoimproveinvestmentdecisionmaking.Therearehoweveralsovariousdisadvantages.Localmanagersmaylosethemotivationtocontrolca

10、shflowsadequately.Whenthecashmanagementfinancefunctionsareinthehsofheadquartersthecodinationbetweenthefinancialdisciplinesthelocalknowledgemaymeeasilybefrustrated.Meoveracentralizedcashsystemrequiresahighlyfmalizedcashba

11、lancecontrolsystemthusraisingregulativeadministrativeinfmationcosts.Finallyinternalizingreganizingthecashbalancesmaydisturbrelationshipsofsubsidiarieswithlocalbanks.ThedisadvantagesofcentralizedEuropeancashmanagementhowe

12、verdecline(VanAlphen1998).Meovertingpoolingofcashpositionsgainattractivenessatrendtowardscentralizedtreasuriesisalreadyapparent(Peters1999).InfactevennonEuropeanmultinationalshavereganizedtheirEuropeantreasuryoperationsa

13、longPanEuropeanlines.FexampletheGoodyearTyreRubberCompanyfmallyincpatedaEuropeantreasurycentreinLuxembourg.Thattreasurynowprovidesaccesstocapitalmarketsestablishesmaintainsbankrelationshipsmanagescurrencyexchangeriskdeve

14、lopsintercompanytransactionstrategiesnegotiatescredittermswithbanksevaluatescashutilizationestablishesguidelinesfSBUcashmanagementamongothers(Brown1997p.36).Weexpectthatderegulationliberalizationaswellastheintroductionof

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