Task 4. Read the text again and compare it with the translation on the opposite side of the broadside
Task 5. Compare equivalents underlined on both sides of the broadside. Try to memorize them
Task 6. Insert a required word or phrase in the blanks. Consult the dictionary if need be
a) after-tax profits b) cash flow c) equity earnings d) exchange rates e) fundamental goal f) interaffiliate flows g) local restrictions h) multinational corporation i) multinational financial flows j) parent corporation k) planning issues l) secondary goals m) subsidiary companies n) subsidiary earnings distributions o) tax laws p) transfer prices 1. A _________________________ faces a host of complex _______________________when it seeks to optimize medium-and long-term financial performance. 2. Although the _____________________may be to maximize the sum of ___________________________ repatriated to the ________________________over a suitably long-term planning horizon, the MNC must at the same time consider important_______________________, which recognize a range of costs and constraints associated with _____________and profits that are realized abroad by____________________. 3. Constraints associated with cash repatriation are derived from legal and financial conditions extant in the countries where the MNC does business, and the _______________________in the home country of the parent. 4. For MNCs based in the United States, the company's foreign tax credit position with the U.S. Internal Revenue Service is an important factor in optimizing________________________________. 5. Decisions regarding the source, timing, and amount of____________________________, or other financial flows to the parent, often play a key role in generating or absorbing such credits. 6. Strategies regarding product prices, ________________________, license fees, royalties, and other ________________________may be employed to optimize the consolidated results of the MNC, taking into account the impact of_____________________________, incentives, or other conditions. 7. To protect itself against risks, the MNC may impose operating restrictions intended to reduce exposure, such as right limits on cash or _____________________retained in foreign entities. 8. Changes in _____________________may seriously affect the relative attractiveness of a country as a manufacturing site or as a market. Task 7. Checking up: read the text first in English then- its translation pattern to be ready for oral and written test-translation Task 8. Test – translation. Translate the passage from English into Russian: orally -10 min. trying to find appropriate Russian equivalents; in written form- 30 min. Compare your translation with the given sample A multinational corporation (MNC) faces a host of complex planning issues when it seeks to optimize medium-and long-term financial performance. Although the fundamental goal may be to maximize the sum of after-tax profits repatriated to the parent corporation over a suitably long-term planning horizon, the MNC must at the same time consider important secondary goals, which recognize a range of costs and constraints associated with cash flow and profits that are realized abroad by subsidiary companies. These may include the financial performance of such partially or wholly owned foreign subsidiaries as well as alternative goals for the MNC corporation itself on performance measures such as total tax expense, return on assets, and total repatriated income. Constraints associated with cash repatriation are derived from legal and financial conditions extant in the countries where the MNC does business, and the tax laws in the home country of the parent. Decisions regarding the source, timing, and amount of subsidiary earnings distributions, or other financial flows to the parent, often play a key role in generating or absorbing such credits. Strategies regarding product prices, transfer prices, license fees, royalties, and other interaffiliate flows may be employed to optimize the consolidated results of the MNC, taking into account the impact of local restrictions, incentives, or other conditions.
A MNC also faces a wider and deeper range of risks than a national corporation. Government regulations and tax laws may be subject to frequent and abrupt changes in some countries where the MNC has subsidiaries and affiliates. Task 9. Discussion 1.What planning issues MNC face when they try to optimize financial performance? 2.How can MNC consolidated results be optimized? 3.How can MNC protect itself against some risks?
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